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.”
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.”