AIM-listed crop nutrition and protection specialist Plant Impact has raised £1.5 million from venture capital fund manager Enterprise Ventures.
AIM-listed crop nutrition and protection specialist Plant Impact has raised £1.5 million from venture capital fund manager Enterprise Ventures (EV).
The money was raised by a placing of 4.85 million new ordinary shares and will be used to finance further development and testing of Plant Impact’s range of nutrient products, as well as to recruit new sales staff.
The Lancashire-based business has recently signed a licence agreement with Japanese company Arysta LifeScience for ‘benign pesticide’ BugOil.
Julian Viggars, EV’s head of technology, comments, ‘The deal with Arysta provides a clear pathway to market for BugOil. The proceeds from this placing will enable the company to properly exploit its other technologies, which in our view will provide substantial further value.’
Plant Impact received initial proof of concept funding in 2004 from the EV RisingStars Growth Fund, and has raised further money from EV both before and after its flotation on AIM in 2006.