Provivi’s crop protection products use pheromones to disrupt the common insect mating cycle and minimise crop infestation
Provivi is engaged in the development of cost-effective natural crop protection products. (Credit: Frauke Riether from Pixabay)
Crop protection company Provivi has secured a $20m venture loan facility from speciality finance company Horizon Technology Finance.
Horizon Technology will initially provide $10m to Provivi, which is involved in the development of cost-effective natural crop protection products.
Provivi to use the funds to diversify growth
The crop protection company intends to use the proceeds of the loan facility for the growth of the company, in addition to general corporate purposes.
Horizon president Gerald Michaud said: “Our loan facility will provide financial resources for Provivi to rapidly scale production and introduce its pheromone products to the global market.
“We are pleased to add our support to Provivi as it prepares to launch its crop protection product suite across the globe.”
Provivi’s crop protection products use pheromones to disrupt the common insect mating cycle, as well as minimise crop infestation for better quality crops and higher yields.
Its patented process is said to minimise the cost of manufacturing environmentally friendly pheromones by up to 80%, enabling to use for a range of crops such as corn, rice, soy and cotton.
The firm’s syndicate of investors comprise of life science and ag-tech speciality companies such as Kairos Ventures, Pontifax AgTech, Spruce Capital, Temasek, Tybourne and BASF Venture Capital.
Armentum Partners acted as financial advisor to Provivi in connection with the latest loan facility.
Provivi CEO and co-founder Dr Pedro Coelho said: “Provivi’s proprietary production technique greatly reduces the cost of manufacturing pheromones, making it possible to significantly expand their utilization to a much wider variety of crops.
“Horizon’s investment will help us launch and effectively market the Provivi product suite, and will enable us to rapidly grow our business.”
In October 2019, the crop protection company secured $85m in financing to advance the commercialisation of its pheromone products to combat pests.
The company will use proceeds from the Series C financing to support the launch of pheromone products to benefit farmers across the world.