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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fdfbfb;"><strong>Greetings from Serra! With the weather beginning to turn, it is only appropriate to highlight and celebrate the successes of our Ag Tech companies and a new investment in our Serra Ag &amp; Food Tech Fund II. We also had a delightfully engaging month of events, and we are busily preparing for our Mid-Year LP Meeting. Read below for the latest!</strong></p></div>
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  <a href="https://www.dropbox.com/scl/fi/sm4ta0x6brmlpn9au7eft/Serra-Ag-Food-Tech-Fund-II-April-2025.pdf?dl=0&amp;rlkey=b7gbko72iq1737oxwqwgqtw99&amp;st=gmb6ydee" style="color:#fcffff !important;"><img class="section-scaleable-image" src="https://images.squarespace-cdn.com/content/60ad4fe4626450470591cc7c/47ad8de7-cc9f-413c-bdd2-acd577187bf2/Frenzy.png?content-type=image%2Fpng&amp;format=750w" width="594" alt="" style="font-size:.625em;display:block;border:0;text-decoration:none;line-height:0;background-color:transparent;font-weight:normal;height:auto;width:100%;max-width:100%;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;"></a>


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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefefe;"><strong>Serra is very pleased to announce its latest investment in the Serra Ag &amp; Food Tech Fund in Champaign-based </strong><a href="https://frenzyag.com" rel="nofollow" style="color:#fcffff !important;"><strong>Frenzy</strong></a><strong>. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefefe;"><strong>Frenzy Crop Systems is commercializing a novel biological crop input that unlocks a plant’s natural ability to “overcompensate” following stress—leading to dramatic yield increases. Originating from over 40 years of academic research by Chief Science Officer Dr. Ken Paige, the Frenzy system combines proprietary seed selection, a foliar spray, and supportive companion products to trigger a physiological response in soybeans that increases branching, reproductive nodes, and ultimately yields. In trials, the system has delivered yield gains of 30% or more, with some varieties showing up to 75% increases. This biological response is driven by enhanced endoreduplication and related gene pathways—scientifically validated but never previously commercialized at scale.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefefe;"><strong>Frenzy is headed up by CEO Chris Harbourt, who was the founding CEO of Agrible, which sold to Nutrien in 2019. Chris is also on the advisory board of Serra, specializing in Ag companies. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefefe;"><strong>Dennis Beard, Managing Partner at Serra, commented, "We've had the privilege to work with Chris for over a decade and have been impressed with his terrific work ethic as well as successful track record. The opportunity to invest in Frenzy aligns well with our Fund thesis as it represents a breakthrough technology that will have a tremendous impact on row crop agriculture."</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefbfb;"><strong>The second week in March marked Ag Tech Week in Champaign. </strong></p><p style="font-size:.9375em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefbfb;line-height:1.618em;margin-top:0px;margin-bottom:1.25em;" class=""><strong>The University of Illinois Research Park hosted the Ag and Food Regional for Startup World Cup. The Startup World Cup was part of the 11th Annual AgTech Innovation Summit, with Serra Ventures being a proud sponsor of this event.</strong></p><p style="font-size:.9375em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefbfb;line-height:1.618em;margin-top:0px;margin-bottom:1.25em;" class=""><strong>This pitch competition gave 10 entrepreneurs the opportunity to showcase their ideas at the AgTech Summit and compete to attend the Startup World Cup Grand Finale in October 2026. This year’s winner was </strong><a href="https://www.c16bio.com" rel="nofollow" style="color:#fcffff !important;"><strong>C16 Biosciences</strong></a><strong>, pictured below.</strong></p><p style="font-size:.9375em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefbfb;line-height:1.618em;margin-top:0px;margin-bottom:1.25em;" class=""><strong>The Champaign Agriculture and Food Regional competition is a partnership between Serra Ventures, the University of Illinois Research Park, Pegasus Tech Ventures and Startup World Cup. The national competition culminates in a Grand Finale in Silicon Valley in October, where the top startups from each region will compete for a $1 million investment prize.</strong></p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fefbfb;"><strong>On March 9, 2026, Serra hosted its second investor retreat, designed to stress-test venture theses and sharpen fund management through experience—not slides. Serra also hosted an investor retreat in 2025. This year’s program featured Venture Games, a game-based simulation that compressed an entire venture fund lifecycle into a single afternoon. Participants operated as fund managers, deploying capital, managing reserves, and making follow-on decisions as market signals emerge and conditions shift over time.  The winning team is pictured below.</strong> </p></div>
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              <div class="section-caption-text" style="position:relative;"><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-top:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fdfcfc;"><strong>Fast Company released the 2026 World’s Most Innovative Companies list in the month of March, and the team at Serra is excited to see two portfolio companies included. Fast Company’s annual ranking includes the World’s 50 Most Innovative Companies, as well as lists for 59 industries and sectors, from advertising to video. </strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fdfcfc;"><a href="https://opendorse.com" rel="nofollow" style="color:#fcffff !important;"><strong>Opendorse</strong></a><strong>, the company that connects marketers with athletes to secure sponsored social media activations from the world's most influential athletes, was listed among the companies in the Sports category. Opendorse is a Serra Capital III and III SBIC company. Serra also manages two special purpose vehicles that facilitated direct investment in the company for our Limited Partners.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fdfcfc;"><a href="https://www.mastreforest.com" rel="nofollow" style="color:#fcffff !important;"><strong>Mast Reforestation</strong></a><strong>, the company that is restoring forests after wildfires, was listed among the companies in the sustainability category. Mast Reforestation is a Serra Capital Ag Tech Fund company.</strong></p><p class="" style="font-size:.9375em;line-height:1.618em;margin:0 0 1.25em 0;font-weight:normal;margin-bottom:0;font-family:'DejaVu Sans Condensed', 'Liberation Sans', 'Nimbus Sans L', 'Helvetica Neue', Helvetica, Arial, sans-serif;color:#fdfcfc;"><strong>To view the entire list, follow </strong><a href="https://www.fastcompany.com/most-innovative-companies/list" rel="nofollow" style="color:#fcffff !important;"><strong>here</strong></a><strong>. Congratulations to Opendorse and Mast Reforestation!</strong></p></div>
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