Exosect - leading provider of environmentally-friendly, non-chemical Intelligent Pest Management solutions - has successfully secured over £2.25m of funding to support the launch of new products across the UK, Europe and the US.
Exosect welcomed a number of new investors in this latest round of funding. These were led by a £1m commitment from leading technology investor MTI Partners from its UMIP Premier Fund’s Materials Science / Cleantech practice. Other investors included Hygea VCT.
It is significant to also note that all of the existing investors, including Wheb Venture Partners LLP, Oxford Capital Partners Ltd., Entrepreneurs Fund Management LLP and others, all reinvested in Exosect in this difficult economic climate.
Martin Brown, Managing Director at Exosect, said: “This new investment presents a tremendous opportunity for Exosect to bring to market new products. Using our unique technology platform, we have developed a raft of award winning products to which meet the increasing demand for intelligent and informed pest management solutions. The funding from MTI and Hygea, along with existing investors will significantly support our plans to pre-empt and fulfil this demand in both the UK and overseas markets.”
David Ward, Director at MTI Partners, said: “I am impressed by the broad and intense interest shown by the major agro-chemical companies in this platform technology and range of applications for pest control, and also the potential deal flow that will follow”.
A spin out from Southampton University nine years ago, Exosect has rapidly developed a reputation for innovation, based on the unique technology it has developed for a range of pest management solutions. Exosect’s Entostat™ powder was developed by Professor Howse at the University and is derived from a natural carnauba wax, which is sustainably harvested from the leaves of a specific palm tree.
Exosect’s innovative and cost-effective products help growers, food manufacturers and processors to actively reduce their use of pesticides. These products are used globally in a wide range of sectors including crop protection (agriculture, horticulture and stored products), apiculture and public health.
Its new product, Exosex SPTab, which tackles all five of the moths that cause problems in stored food production, is being made available in the UK from February 2010. Exosect is also preparing for a European rollout, launching the product initially in Germany, France, Holland and Italy in Spring 2010.
Exosex SPTab was a SOFHT (Society of Food Hygiene and Technology) award winner in 2008. Its parent company Exosect was a recent category winner in the 2009 Guardian Global CleanTech 100 awards.
To find out more information about Exosect, please visit http://www.exosect.com.
- Ends -
For further information please contact: Louise Perfect or Caroline Searle at Trimedia, on behalf of Exosect. Tel: 02380 382970 or email: louise.perfect@ trimediauk.com
Notes to Editors
About Exosect
Exosect is focused on the development of Intelligent Pest Management solutions. Its innovative and cost-effective products help growers, food manufacturers and processors to actively reduce their use of pesticides. These products are used globally in a wide range of sectors including crop protection (agriculture, horticulture and stored products), apiculture and public health. Exosect was a SOFHT (Society of Food Hygiene and Technology) award winner in 2008.
About The UMIP Premier Fund (“UPF”)
UPF, managed by leading technology investment manager MTI Partners, primarily invests in businesses emerging from The University of Manchester’s “5-star” rated academic departments but also has the remit to invest outside the University in companies that have synergies with other investments from the Fund and with MTI’s sector specialisms. The Fund will primarily make late-seed stage investments and opportunistically fund somewhat more developed but still early stage companies. The Fund portfolio will total of 15 - 20 companies with initial investments ranging from £250k in earlier stage opportunities through to the £750k-£1m range, with both the intention and capacity to provide follow-on investment up to £3m where required.
The UMIP Premier Fund is supported by the European Union through the “Competitiveness and Innovation Framework Programme” (“CIP”).