Bionema raises £180,000 for its ongoing biopesticides development
Bionema Ltd, a biotech company, announces the completion of £180,000 equity investment, led by private investors with co-investment from the Development Bank of Wales.
The Swansea University based biotech company specialises in the development and sales of bio-pesticides in the agri-food sector. The investment will be used to develop innovative biopesticides that will significantly reduce the need for chemical pesticides in crop pest control.
It is estimated that crop pests and pathogens cause more than £361.7 billion damage worldwide annually. Bioinsecticide products kill harmful crop pests, in an environmentally-friendly way leaving fruit and vegetables chemical-residue free.
Market research forecasts that the worldwide biopesticide market will be worth more than $6.4 billion by 2023.
This additional investment accelerates the ongoing product development and regulatory registration. Bionema already has a number of products in the market and intends to launch its new bioinsecticide products by 2021.
Dr Minshad Ansari is Founder and CEO of Bionema said:
“We are really pleased that the Development Bank of Wales, private investors, and our overseas existing investor recognise our potential and our achievements to date, as we capitalise on the industry drive to reduce dependence on chemical pesticides with safe and sustainable solutions. This additional investment will accelerate ongoing product development and take advantage of the growing biopesticide market”.
Mr Richard Salvage, Biotechnology Entrepreneur businessman with established companies in related fields, an investor in this round said:
“We believe firmly in the potential to combat crop pests with natural products. We are therefore very pleased to be investing in Bionema with their future technology development.”
Mr Karl Wills Managing Partner at KMCE, and a serial entrepreneur, was also an investor in this round said:
“Bionema has developed a natural solution that will combat major crop pests. This is the future of crop protection industry, as the power of natural micro-organisms is slowly coming to reality and filling the gap where chemical pesticide has been banned.”
Dr Phil Barnes, Investment Executive at Development Bank of Wales, said:
“The investment would allow Bionema to develop their products and take advantage of the growing demands of organic food. We have developed an investment package for Bionema that will support the research, development, and commercialisation of biopesticide products for the horticulture, turf, landscape and forestry sectors. With over 30 years’ experience, we wish Doctor Ansari and his team every success.”
Rachel Hillier of Capital Law advised on the deal. She added:
“We are delighted to have assisted Bionema with this initial investment that will allow the company to meet increasing market demand for green pesticides.”