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Agriculture Markets

Biotechnology company raises cash to tackle £361.7 billion crop pest problem.

“This additional investment will accelerate ongoing product development and take advantage of the growing biopesticide market.”

Bionema, a biotech company which specialises in the development and sales of biopesticides in the agri-food sector, has raised £180,000 to boost its development and tackle a crop pest problem that causes $361.7 billion worth of damage worldwide annually.

The investment will be used to develop innovative biopesticides that will significantly reduce the need for chemical pesticides in crop pest control.

The UK-headquarted company, which is a Swansea University-based (@SwanseaUni) company, raised the money with the help of private investors and co-investment from the Development Bank of Wales.

It is estimated that crop pests and pathogens cause more than £361.7 billion worth of 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 (@Bionema)  already has a number of products in the market and intends to launch its new bioinsecticide products by 2021.

Dr Minshad Ansari, 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.”

Richard Salvage, Biotechnology Entrepreneur businessman with established companies in related fields, and 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.”

Dr Phil Barnes, Investment Executive at Development Bank 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.”

The news of the investment comes as a California jury has recently ordered chemical pesticide producer Monsanto to pay more than $2bn to a couple that got cancer after using its weedkiller, marking the third and largest verdict against the company over Roundup.

The biopesticide industry could see growth in the next few years as more and more companies start to switch from chemical pesticides to biopesticides.

If you were interested in reading in this biopesticide story, you may also be interested in reading the below stories:

Read: US researchers find new way to use the sun and bio-waste to control pests on farms.

Read: EU lawmakers green light new rules on organic and waste-based fertilisers.

Read: Project Focus: Converting dairy by-products into high value bio-based chemicals.

Visit: SynBio Markets (Berlin, 18-19 November 2019) 

NEW!: And available to download issue #13 of the Bio Market Insights Quarterly

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