Exosect Limited, a Winchester, UK-based developer of environmentally-friendly pest control products, has raised over £2m in funding.
The round was led by technology investor MTI Partners, via its UPF fund, which made a £1m commitment.
Existing investors, including Wheb Venture Partners LLP, Oxford Capital Partners Ltd., Entrepreneurs Fund Management LLP and others, all reinvested in the company.
The new funds will enable Exosect, whose products help growers, food manufacturers and processors to reduce their use of pesticides, to bring new products to market across the UK, Europe and the US.
The company is currently launching its moth control product for the food production sector and is also preparing for a European rollout, launching the product initially in Germany, France, Holland and Italy in Spring 2010.
Commenting on the financing, 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”.
In the last two years, funds invested in the company have exceeded £5m.