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AgraQuest raises more funds
Dec. 5, 2007
The US biopesticide company, AgraQuest (Davis, California), has raised $20 million from its latest round of financing. Funding comes from the UK Loudwater Trust and existing investors, including TPG Ventures. The funds will be used to develop AgraQuest's product range and expand its international presence.
AgraQuest expects to bring five new products to the US market over the next two years, including the Muscador albus-based biofumigant, QRD 300, and the insecticide/acaricide, QRD 400. The company also plans to expand sales in Europe, Central America and Asia. AgraQuest is exploring the post-harvest fungicide market because of increasing concerns over pesticide residues and a shortage of post-harvest products.
AgraQuest puts its success in securing new investment to the growing demand for biopesticides. "Global demand for biopesticides in general, and for AgraQuest's products specifically, is accelerating," says AgraQuest's chief operating officer and CEO, Dr Michael Miille. "As a result, the investment community is enthusiastic about our prospects." Global sales of biopesticides are expected to double between 2005 and 2010 to over $1,000 million, according to a 2006 BCC Research report cited by AgraQuest. Biopesticides are expected to account for some 4.2% of the global pesticide market by 2010, compared with 2.5% in 2005, the report notes.
Source: AgroNews
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