Weedingtech is planning to build out its main product, Foamstream, following the closing of a new funding round.
Experienced angel backer Jon Moulton has been joined by Chelsea owner Roman Abramovich’s Ervington Investments in the transaction.
Weedingtech’s product claims to be the UK’s only commercially viable herbicide-free weed control product.
The business has now hit its funding target of £2 million, with £1.3 million of it raised in August 2013. Weedingtech will now be investing in its Foamstream product, which kills weeds using an application of hot water, foam and steam. A previous round also saw it raise £500,000 in November 2012.
Moulton, chairman of investment firm Better Capital, comments, ‘This is a sizeable market opportunity that is only going to get bigger as more traditional herbicides are legislated against.
‘Weedingtech have the right products, platform and expertise to capture a commanding position in this new market place.’
Weedingtech chief operating officer Leo de Montaignac says that the new backing will allow the company’s Foamstream product to go from strength to strength.
‘We’re delighted to offer the market more choice, and are already seeing enormous interest from Europe and from distributors around the globe excited about getting involved.’
Companies such as Thames Water and Southern Water are reportedly working with Weedingtech to apply the Foamstream product in clean water sites and other ‘highly sensitive and populated environments’.
New backer Clearly Social Angels is a group of 30 high-net-worth investors which back social businesses and enterprises.
Sophie Marple, investor at Clearly Social Angels, adds, ‘[Weedingtech’s] technology could transform the weedkiller market and by investing in them though Clearly So I hope to become part of their journey to success.’