This Entrepreneur Raised Over $60 Million To Develop Natural, Biological Crop Protection Solutions Using Micropeptides

Thomas Laurent’s story is one of resilience, adaptability, and learning through experience. From his early days in Lyon, France, to leading Micropep Technologies as a pioneer in sustainable agriculture, he has gained valuable insights into entrepreneurship, leadership, and innovation.

Here’s an in-depth look at Thomas’ journey and the lessons he’s learned along the way. He talks about raising money in tough environments, the challenges he faced during COVID-19, achieving growth in unexplored markets, and knowing how to time the market and leadership.

Listen to the full podcast episode and review the transcript here.

A Foundation in Generalism and Problem-Solving

Growing up in Lyon, Thomas had a strong academic foundation and a natural curiosity. Encouraged by a philosophy teacher, he chose a path in business, becoming what he describes as a “good generalist.” He remembers being good at mathematics.

Thomas was always interested in understanding and tapping into different fields like science, psychology, HR, and communications. He enjoys learning multiple things, even if it doesn’t translate into taking up a scientific career.

Thomas’ studies at ESSEC Business School in Paris in 2006 provided broad exposure to various fields, setting the stage for a versatile career. He started consulting at L.E.K. Consulting, a deliberate decision inspired by guest speakers in his entrepreneurship courses.

Before launching into entrepreneurship, Thomas saw consulting as a way to build critical skills—market analysis, compiling market information, financial modeling, and strategic problem-solving.

His experience at a consulting firm became a professional “business school,” while earning some money. Through the four-year stint, Thomas mastered classifying and breaking complex problems into actionable components and synthesizing insights into clear, concise presentations.

These hardcore lessons would be helpful down the line when raising funding or launching products. Thomas still does a lot of financial modeling using Excel spreadsheets and considers himself a PowerPoint geek.

First Steps into Entrepreneurship: The Wind Turbine Venture

After consulting, Thomas took his first entrepreneurial leap by co-founding a small wind turbine startup with his father-in-law in 2012. It was a bold move that defied conventional advice to avoid mixing family and business. Building Anemo Energy was a valuable learning experience.

Thomas reveals how his wife was finishing her Ph.D. when her father invented a prototype for a small wind turbine. However, he struggled with pitching investors and raising funding for his design. Thomas opted to help and successfully raised capital for the project.

Thomas learned the importance of understanding market conditions and regulatory environments. The startup struggled due to IP patenting issues, a lack of regulatory incentives, and market traction in France, a common pitfall for capital-intensive projects.

Reflecting on this, Thomas emphasized the need for more than just a great idea: “You need a good idea, but also a market that’s ready to support it.”

Co-Founder Alignment: A Pivotal Lesson from Urban Farming

Undeterred by his first venture’s challenges, Thomas co-founded Macadam Gardens, an urban farming startup in Toulouse. He partnered with a younger co-founder, a Toulouse business school graduate working on a similar project.

Later, Thomas added an agronomy expert, and although the team initially aligned on their vision, it eventually diverged. Thomas sought to create a scalable model replicable in multiple cities, while his co-founders prioritized localized production for nearby restaurants.

Recognizing the misalignment, Thomas made the difficult decision to step away, allowing his co-founders to pursue their vision while securing a full return on his investment.

His takeaway from the project was that aligning visions and values with co-founders early on is crucial to avoid conflicts later.

Micropep Technologies: Building a Biotech Business

Thomas’s entrepreneurial journey came full circle with Micropep Technologies, a biotech company focused on sustainable agriculture. The venture emerged from his role at a tech transfer office, where he met his scientific co-founders for Micropep.

Thomas recalls enjoying his position as an observer at the tech transfer office. He remembers watching new technologies and laboratories developing in France. The job exposed him to IP patterns and assets that were different from products from the marketing perspective.

Together with Jean-Philippe Combier and Dominique, Thomas sought to commercialize a breakthrough discovery of small proteins for crop protection, offering alternatives to traditional pesticides sometime at the end of 2016.

The Micropep Business Model

As Thomas explains, Micropep is a biotech company developing alternatives to pesticides, fungicides, herbicides, and other chemicals. Its business model mirrors that of pharmaceutical biotech companies, requiring years of R&D and regulatory approval before commercialization.

Then again, Micropep couldn’t sell fungicide products to farmers without getting approval from regulatory bodies for the active ingredients in the products. Thomas talks about how they developed assets in two ways.

Firstly, they have a proprietary discovery platform. They can find active ingredients using the knowledge they’ve gained in the space. Micropep partners with established companies and R&D organizations to develop products.

Thomas reveals that Micropep has developed its first product, an active ingredient that they are marketing. This product has successfully validated the platform portfolio. However,. this high-risk, high-reward approach demanded significant capital.

Raising Funding for Micropep in Tough Markets

Tracing their fundraising journey, Thomas explains that the company has raised over $60M from seed to Series B. Initially, they raised a $4M seed round in 2018 from a local fund in Toulouse and Sofinnova Partners, a big biotech fund from Europe.

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The initial round helped the first layer of the company’s foundation–the Discord platform. Micropep raised a series A after COVID-19 in 2021 and developed the first product. Extending the series A resulted in a follow-on investment from a US firm, Fullon Capital.

Most recently, their Series B focused on scaling manufacturing and validating the company’s market potential. Thomas points out that lots of pharmaceutical companies are developing small proteins. So, marketing them is not an issue.

However, customers and farmers in the agriculture sector don’t have adequate funds. This is why offering economically priced products and goods is a top priority before launching them in the open market. Further, the financial market was down in the biotech and agriculture spheres.

Although some investors were writing small checks, Micropep was at a stage where they needed a bigger series B round. Despite these challenging conditions, Thomas succeeded by emphasizing the strength of Micropep’s technology and its potential to revolutionize crop protection.

Thomas explains how he ran a streamlined and effective funding process. His ability to articulate a clear value proposition about unique products and align with investors’ expectations was instrumental.

Telling investors that Micropep had a projected valuation of $2B in the next three years was not a plausible statement since it had never been done before in the agriculture space. The maximum exit had been $400M.

So, Thomas would talk about the company’s exit potential via an acquisition or IPO. He answered questions centering around rollouts and equity plays, stressing metrics to add credibility. Using his skills and education in mathematics and philosophy, he played on investor psychology.

Lessons in Leadership and Growth

Transitioning from early-stage to growth-stage leadership has been one of Thomas’s most significant challenges. As Micropep expanded to 55 employees, he embraced the need to mentor and empower his team, starting with the core team in France.

Expanding to other locations across Europe was more challenging because of regulatory issues in biotech. Thomas realized they would have to move to the US to scale the company rapidly. Thus, they decided to relocate in 2022 and started recruiting talent.

Currently, Micropep operates out of two time zones, though it is not entirely a remote company. Thomas also explains that similar to the culture of other remote companies, they are not into software development. Most of the team works out of the lab doing experiments.

Thomas reveals how they underwent a cultural shift at Micropep since they had different managers, cultures, and communication channels. They needed to devise strategies to organize their work calendars and the team’s functioning.

Transitioning from Hands-On Leadership to Strategic Guidance

Thomas Laurent reflected on the significant shift from being a hands-on leader to adopting a more strategic and empowering role. “It’s like moving from being an active player on the field to becoming a coach on the bench,” he explained.

Initially, founders often dive into the nitty-gritty details—setting directions, handling tasks, and making decisions. However, as the company grows, the focus shifts to defining top objectives, trusting the team to execute, and providing support only when needed.

This evolution requires not only a mindset change but also a process of reinvention. “You need to accept that others might handle certain tasks better than you,” Thomas shared.

Whether bringing in a Chief Business Officer to lead deals or delegating responsibilities to experienced team members, growth demands relinquishing control. This, in turn, sparks deeper introspection: “What am I useful for now? What skills and value do I bring?”

Driving Positive Environmental Impact

For Thomas, the mission behind Micropep Technologies is deeply personal. As a father of two, he often considers the world his children will inherit amidst the challenges of climate change.

His vision is to revolutionize agriculture by helping farmers protect crops with environmentally friendly and health-conscious solutions.

“Our goal is to contribute massively to the crop protection industry,” Thomas said. Micropep aims to reduce reliance on synthetic chemicals, which pose risks through water runoff and consumer exposure while improving soil health.

These solutions aren’t just for farmers in developed countries but also for growers worldwide. “We hope our products can make a meaningful difference, providing safer, sustainable alternatives for agriculture globally.”

Enjoying the Journey in Entrepreneurship

When asked what advice he’d give his younger self, Thomas highlighted the importance of enjoying the process. “Startups are full of ups and downs,” he noted. From the outside, the narrative often centers on successes—funding rounds, media headlines, and growth milestones.

However, there’s a constant cycle of challenges and triumphs behind the scenes. “If you’re solely focused on the end goals—big funding or exits—you’ll struggle,” Thomas cautioned. Instead, he emphasized finding joy in the day-to-day, even in difficult moments.

Building connections with the team, spending quality time with colleagues, and celebrating small wins are crucial. “You have to enjoy the work and the people you’re surrounded by, even when it’s tough. That’s the only way to go far.”

In sharing his journey, Thomas underscored the balance between ambition and presence. By embracing the highs and lows, entrepreneurs can sustain their passion and resilience for the long haul.

Final Thoughts

Thomas Laurent’s entrepreneurial journey is a testament to the power of learning from failure, aligning visions, and tackling challenges with resilience. From wind turbines to urban farming and now sustainable biotech, he has demonstrated a remarkable ability to pivot, innovate, and lead.

For aspiring entrepreneurs, Thomas’s story offers a wealth of lessons: build foundational skills, understand your market, align with your co-founders, and never stop adapting.

As Micropep Technologies continues to innovate in agriculture, Thomas’s journey serves as an inspiring blueprint for navigating the complexities of entrepreneurship.

Listen to the full podcast episode to know more, including:

• Thomas Laurent’s ventures highlight the importance of learning from setbacks, such as misaligned markets and co-founder conflicts, to refine strategies for future success.
• A great idea needs a market prepared to support it, as seen in his lessons from the wind turbine and urban farming ventures.
• Shared vision and values among co-founders are essential to avoid conflicts and ensure cohesive progress.
• Thomas emphasized clear communication of value propositions, realistic projections, and alignment with investor expectations to secure over $60M in funding.
• Transitioning from hands-on leadership to strategic guidance is critical as a company scales, requiring founders to empower their teams and focus on top-level objectives.
• Micropep’s mission to reduce reliance on synthetic chemicals in agriculture demonstrates the integration of innovation with global sustainability goals.
• Success in startups isn’t just about outcomes; finding joy in the process, team collaboration, and small wins keeps entrepreneurs motivated through challenges.

 

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