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08/07/2008 06:16 AM

Organic Weed and Pest Control Receives $10M Funding

SustainableBusiness.com News

Marrone Organic Innovations, Inc. (MOI) closed a $10 million private round of financing led by Stuart Mill Venture Partners (SMVP). A second closing for an additional $1 million is anticipated for later this month.

MOI develops and markets environmentally responsible products for weed, plant disease and pest management--through a combination of in-licensed technology and its own R&D.

The financing will enable MOI to fund the development and commercialization of its pipeline of more than six natural pest management products. While building the commercial side of the company, MOI said it will continue its discovery of natural products for controlling weeds, plant parasitic nematodes and insects.

Lawrence A. Hough, managing director of Stuart Mill and former president and CEO of Sallie Mae, will join MOI's Board of Directors. Co-investing with SMVP is Contrarian Group (Newport Beach, CA).

MOI's existing investors were also significant participants in the Series B round, including One Earth Capital, Saffron Hill Ventures, Clean Pacific Ventures, Wavepoint Ventures and prominent local angel investors (including members of the Sierra and Sacramento Angels). Ranjeet Bhatia from Saffron Hill Ventures will also join the Board of Directors. Vice Chairman Rich Rominger will become Chairman.

Website: http://www.marroneorganicinnovations.com

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