DAVIS, CA--(Marketwire - 03/21/11) - AgraQuest, Inc., a world leader in the research and development of biopesticides and low-chem technologies for sustainable agriculture, announced today that it has raised $17.7 million in a financing round that will further its efforts to develop and market innovative products to feed an expanding global population while preserving environmental resources. The company produces environmentally-friendly biopesticides that can be used for both organic farming and high yielding conventional food production.
London-based Generation Investment Management LLP acted as co-lead investor in the round which also included a significant investment from an existing AgraQuest shareholder, Otter Capital. Proceeds from the financing will be used to advance AgraQuest’s biopesticide research and development program as well as to expand technology in-licensing and acquisition efforts.
The company develops products for the control of plant insects and diseases, while minimizing the impact on the environment. AgraQuest’s robust pipeline of new natural product active ingredients features human and environmental safety profiles that are vastly superior to traditional pesticides.
“We are very pleased to complete this round of financing with both inside and new investors,” said Marcus Meadows-Smith, Chief Executive Officer of AgraQuest. “It shows that current investors are excited about our product portfolio -- both current and pipeline, and that our strategy is validated with a new investor of the sophistication of Generation Investment Management. As we all work to meet the challenge of responsibly feeding 9 billion people by 2050, AgraQuest is uniquely positioned to bring the benefits of sustainable, low-chem farming to growers around the world.”
John Pasquesi, Chairman of the Board of Directors of AgraQuest, added, “We welcome Generation Investment Management to the AgraQuest team. Their commitment to long term investments in sustainable businesses represents a strong endorsement of the future prospects of the company.”
About AgraQuest, Inc. AgraQuest is a biotechnology company that focuses on discovering, manufacturing and marketing highly effective pest management products for agricultural, institutional and home markets. The company holds a large portfolio of its own proprietary products, as well as actively in-licenses technology that fits into its low chem portfolio. As a leader in green agriculture and the emerging low chem sector, AgraQuest works to provide growers with solutions that offer best in class control while reducing the chemical load on the environment and creating sustainable agriculture opportunities. The Agrochemical division of AgraQuest offers a global portfolio of products - recognized as safer to beneficials, workers and the environment -- that includes SERENADE®, SERENADE® SOIL, SERENADE® Garden, RHAPSODY®, SONATA®, and BALLAD® fungicides and REQUIEM® insecticide. AgraQuest’s BioInnovations division provides the company an avenue to take biological and low-chemical technology created for the agriculture industry and discover innovative uses for it in related markets. The BioInnovations division identifies both appropriate market segments and opportunities for AgraQuest’s intellectual property, while seeking industry leaders in ancillary markets to partner in the commercialization and distribution process. AgraQuest has received several environmental awards including the Presidential Green Chemistry Award from the U.S. EPA for the discovery and commercialization of SERENADE. It also received the prestigious Global Frost & Sullivan Growth Leadership Award in 2009 for the biopesticides market. For more information visit www.agraquest.com.
About Generation Investment Management Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 with offices in London, New York and Sydney. Generation aims to invest in high quality companies at attractive prices that will deliver superior long-term investment returns. Sustainability research plays an important role in forming its views on the quality of the business, the quality of management and valuation. Its performance fees align its interests with that of its clients by being based on long-term performance. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Services Authority.
