The investment reflects the growing demand for innovation and natural approaches to the agri-tech sector
Filaction, a Quebec development fund, and Natural Products Canada (NPC), the national not-for-profit that provides insights, introductions and investment to natural products companies, have announced an investment in BioTEPP Inc, a Canadian biotechnology company with an innovative solution to pest management.
Details of the deal were not disclosed.
The deal reflects the growing global demand for innovation and natural approaches to agri-tech and other sectors.
BioTEPP’s Virosoft CP4 biopesticide leverages a naturally occurring micro-organism for the reduction of codling moth damage on apple, pear, plum, prune and walnut trees.
“Companies such as BioTEPP that have capitalised on this advanced technology to create a natural solution show great potential for investors,” says Christophe Roubinet, Investment Director of Filaction.
“We are pleased to invest in their future growth.”
The investment represents the first partnership between Filaction and NPC, and fully utilised each organisation’s capacity to assess, develop and derisk the opportunity.
“Investments such as those of NPC and Filaction will help BioTEPP grow further and develop new insecticides in the highly efficient sector of entomopathogenic viruses," said Claude Gagnon, President of BioTEPP.
“We’re privileged to have such experienced partners to accompany us.”
BioTEPP will use the capital to accelerate its expansion and increase commercialisation of its flagship product Virosoft CP4 into promising new markets.
The BioTEPP investment is the fifth addition to the NPC investment portfolio, which was started in 2017 to help innovative Canadian natural product companies attain the capital necessary to achieve growth milestones.
“NPC is proud to invest in BioTEPP and their innovative biopesticide technology,” says Shelley King, CEO, NPC.
“The quality of their product is a direct reflection of the passion of the entrepreneurs and the depth of experience in the innovation ecosystem that surrounds them.”