Weedingtech secures £750,000 in round led by Roman Abramovich and private equity veterans
Ben Goldsmith and Jon Moulton join Chelsea billionaire in backing of UK’s “only herbicide-free weedkiller”
British weedkiller start-up Weedingtech has raised £750,000 in a deal backed by private investors including Chelsea football club owner Roman Abramovich, through his venture firm Millhouse LLC.
Said to be the UK’s “first and only” herbicide-free weedkiller, the biotech company also secured backing from well-known venture capitalist Jon Moulton and the late Sir James Goldsmith’s son Ben Goldsmith, founder of green investment firm WHEB Group.
Founded in 2011, Weedingtech specialises in non-toxic chemical-free weedkillers with its flagship product Foamstream using just foam, hot water and steam to kill weeds.
Its investment, which takes its overall funding to date to £2m, will see it expand its range and take Foamstream to market.
It also intends to use the finance to develop weedkillers for commercial use.
Weedingtech CEO, Leo de Montaignac, commented:
“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.”
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Discussing his decision to back Weedingtech, Moulton said:
“This is a sizeable market opportunity that is only going to get bigger as more traditional herbicides are legislated against. Weedingtech has the right products, platform and expertise to capture a commanding position in this new marketplace.”