Private equity veteran Jon Moulton, along with Millhouse LLC owner Roman Abramovich and the late Sir James Goldsmith's son Ben Goldsmith are the latest supporters of a company that producers the only herbicide-free weedkiller throughout Britain. The Guardian reported that Moulton, Abramovich and Goldsmith participated in the £750,000 fundraising of Weedingtech.
Referring to his decision in backing Weedingtech, Moulton said, "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 marketplace."
Moulton and family, made a personal investment to Weedingtech. The Chelsea FC owner made his investment into the green biotech company through Ervington Investments, an investment fund Abramovich has set up to make investments in clean technology.
Meanwhile, the Anglo-French tycoon's son, is the co-founder of the maker of Foamstream, which is a revolutionary product that kills weeds with a mixture of foam, hot water and steam, the Guardian said. Goldsmith, who also has a UK MP as a brother, developed Weedingtech's flagship product together with the department of plant sciences of Cambridge University and peddles the weedkiller to water companies and local councils. According to the Guardian, the product could easily usher Weedingtech as a market leader in a unique market, as governments had been implementing regulations on using chemical weedkillers.
The recent fundraising of Weedingtech has put the company's total funds accumulated to over the £2 million target. Weedingtech is reportedly using the funds raised to expand the range of their product and to market Foamstream in Europe, aside from the UK. The Guardian said Weedingtech is looking to develop weedkillers for commercial uses.
The UK newspaper also noted that Weedingtech also received support from Clearly So, a social finance group that taps a network consists of ultra-rich investors.
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