Hi-tech specialists, MTI Partners, has announced the investment of £1m from their UPF fund as part of a £2m investment in EXOSECT, a UK developer of environmentally-friendly pest control products, to help bring new products to market across the UK, Europe and the US.
Other investors in Exosect include; Wheb Venture Partners LLP, Oxford Capital Partners Ltd., and Entrepreneurs Fund Management LLP.
Exosect’s innovative 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, amenity and public health.
A new moth control product for the food production sector, Exosex SPTab, 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.
In the last two years funds invested in Exosect - a spin out from Southampton University nine years ago - now exceed £5m.
Martin Brown, Managing Director at Exosect, said: "This new investment presents a tremendous opportunity for Exosect. The funding from both MTI and existing investors will significantly support our ongoing strategy to bring new products to market in the UK and overseas."
David Ward, Managing Partner at MTI, said: "We are delighted to have the opportunity to invest in Exosect which benefits from a strong market presence, an experienced Management team and the ongoing support of top tier co-investors. I am impressed by the broad and intense interest being shown in the Exosect technology by the major agrochemical companies and others. Most importantly as an investor, it is exciting to see the potential deal flow that is being lined up over the coming months."
David continues: "I believe that we will be able to genuinely contribute to the future success of the business not just by the provision of funds but by providing commercial support through MTI’s US operation and by accessing our network in the Materials/Cleantech sector."
The Exosect investment comes hot on the heels of the announcement that the NWDA has awarded a MTI Partners/YFM partnership a £9 million fund management mandate to be invested in North West SMEs.