AgraQuest, Inc., announced the completion of a $14.35 million private round of financing.
The deal was co-led by Otter Capital LLC and new investors Texas Pacific Group (TPG) and Halcyon Capital. William E. McGlashan, Jr. of TPG and Payman Pouladdej of Halcyon have joined the Board of Directors.
The new funds will enable AgraQuest to expand its current products into additional crops and countries, commercialize new products in its pipeline, and expand its manufacturing plant. The company will also use funds for continued development and launch of a biofumigant product as an alternative to methyl bromide, which is being phased out because it disrupts the ozone layer.
The company recently launched Sonata for 14-day mildew control in fruit, vine and vegetable crops, and Ballad, for prevention of Asian soybean rust in organic soybeans. In addition, AgraQuest recently expanded the potential use of its flagship product Serenade Biofungicide, from 8 crops to over 100 crops including citrus, peaches and strawberries, and expanded its retail product line to home gardeners. In 2005, AgraQuest sold Serenade for the first time in France and Italy, two of the largest fungicide markets in the world and expects approvals in other European countries and South Korea later this year.
Several other existing investors participated in the financing, including Switzerland-based SAM Sustainability Private Equity LP, Sustainable Performance Group (Unlisted) N.V., and Swiss Re Investors, Berndt Trusts, JSS Management, Vivo Ventures and Boldcap Ventures.
AgraQuest is a biotechnology company focused on discovering, developing, manufacturing and marketing effective, safe and environmentally friendly natural pest management products for agricultural, institutional and home markets The company sells Serenade and Rhapsody Biofungicides and recently launched Sonata and Ballad for mildews and rusts on fruit, vegetables and soybeans. Pending at the EPA are Arabesque? Biofumigant and Virtuoso? Bioinsecticide. In 2003, AgraQuest won the prestigious Presidential Green Chemistry Award for the discovery and commercialization of Serenade Biofungicide. In 2004, AgraQuest received a Red Herring Top 100 Private Company Award and the World Technology Award for the Environment.