AgraQuest Inc., a Davis, Calif.-based maker of environmentally-friendly pesticides, has raised $20 million in a mezzanine round. Loudwater Trust Ltd. was joined by return backer TPG Ventures.
AgraQuest, Inc. announced today the completion of a $20 million round of mezzanine financing with Loudwater Trust Limited of the
“The ability to attract the support of a discerning investor such as Loudwater Trust exemplifies AgraQuest's status within the biopesticide industry,” said CEO/COO of AgraQuest, Dr. Mike Miille. “Global demand for biopesticides in general, and AgraQuest's products specifically, is accelerating. As a result, the investment community is enthusiastic about our prospects.”
In part, the new funds will provide AgraQuest with the capital needed to develop its product line and expand its international footprint. Over the next two years the company anticipates bringing five new products to the
“AgraQuest has just begun to scratch the surface of the vast global opportunities for growth,” said Edward Forwood, Managing Director for Loudwater Investment Partners Limited. “The European market in particular is moving rapidly in support of cleaner, more environmentally sensitive, and safer food inputs that deliver efficacy. AgraQuest's existing products and the products in development meet or exceed the efficacy of traditional chemicals and are, therefore, very exciting.”
According to a recent report from BCC Research, the global biopesticide market is expected to nearly double between 2005 and 2010 to more than $1 billion. As demand increases for effective pesticides that address growing concerns about resistance, residue and worker safety, AgraQuest has positioned itself as the recognized innovation leader in the industry with both broad-spectrum and targeted products that are safe, effective, and approved for use on a wide range of crops.
Also participating in the deal with Loudwater Trust Limited and TPG Ventures are current AgraQuest investors Otter Capital, Halcyon Capital, Foragen Technologies Management Inc., Swiss Re, Emerald Technologies, and SPG Private Investment Inc. Based in
About AgraQuest, Inc.
AgraQuest is a biotechnology company that focuses on developing, manufacturing and marketing effective, safe and environmentally friendly natural pest management products for agricultural, institutional and home markets. The company sells SERENADE