Imio Raises $12M and Moves to Chicago With Chipotle as a Backer

Agricultural biotech startup Imio has raised $12 million and is relocating its operations to Chicago, with restaurant chain Chipotle among its backers, The Business Journals reports.

The round gives the young company new capital and a high-profile strategic investor at the same time. Chipotle's participation links Imio's technology development to a major food-service buyer — a pairing that signals where the chain sees its supply chain heading.

Why is the relocation to Chicago significant?

The move places Imio in one of the country's established hubs for agricultural and food-industry business. Chicago hosts commodity markets, food processors and a deep pool of ag-tech talent. For a biotech startup building toward commercial scale, the location decision matters as much as the money.

The company hasn't disclosed headcount plans or a specific office site in the city, according to the report.

What does Chipotle's backing mean?

Chipotle has invested in food-adjacent startups before, and its support of Imio extends that pattern into agricultural biotechnology. The investment gives the burrito chain a financial stake in technology that could eventually shape how ingredients are grown or sourced.

The $12 million round's other participants weren't detailed in the report. The total figure and the relocation, however, mark a clear step up for a company that had operated elsewhere before the raise.

What happens next?

The fresh capital will fund Imio's continued buildout from its new Chicago base, with Chipotle watching as both an investor and a potential customer.