Davis, California, USA
March 21, 2011
AgraQuest, Inc., a world leader in the research and development of biopesticides and low-chem technologies for sustainable agriculture, announced today that it has raised $17.7 million in a financing round that will further its efforts to develop and market innovative products to feed an expanding global population while preserving environmental resources. The company produces environmentally-friendly biopesticides that can be used for both organic farming and high yielding conventional food production.
London based Generation Investment Management LLP acted as co-lead investor in the round which also included a significant investment from an existing AgraQuest shareholder, Otter Capital. Proceeds from the financing will be used to advance AgraQuest’s biopesticide research and development program as well as to expand technology in-licensing and acquisition efforts.
The company develops products for the control of plant insects and diseases, while minimizing the impact on the environment. AgraQuest’s robust pipeline of new natural product active ingredients features human and environmental safety profiles that are vastly superior to traditional pesticides.
“We are very pleased to complete this round of financing with both inside and new investors,” said Marcus Meadows-Smith, Chief Executive Officer of AgraQuest. “It shows that current investors are excited about our product portfolio – both current and pipeline, and that our strategy is validated with a new investor of the sophistication of Generation Investment Management. As we all work to meet the challenge of responsibly feeding 9 billion people by 2050, AgraQuest is uniquely positioned to bring the benefits of sustainable, low-chem farming to growers around the world.”
John Pasquesi, Chairman of the Board of Directors of AgraQuest added, “We welcome Generation Investment Management to the AgraQuest team. Their commitment to long term investments in sustainable businesses represents a strong endorsement of the future prospects of the company.”
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