Bionema Ltd, a biotech company, has completed a £500,000 equity investment, led by an overseas private investor with co-investment from the Development Bank of Wales, Swansea Innovations, Swansea University, and existing investors.
The Swansea University-based biotech company specialises in the development and sale of bio-pesticides in the agri-food sector. The investment will be used to develop organic pesticides that will reduce the use of chemical pesticide for crop pest control.
Our corporate team advised Bionema on its investment.
Dr Minshad Ali Ansari, founder and MD of Bionema, said: 'we are really pleased that the Development Bank of Wales, Swansea Innovation, and our overseas investor, Mrs Shahnan Chowdhury, recognise our potential and our achievements to date as we capitalise on the industry drive to reduce dependence on chemical pesticides with safe and sustainable solutions. Their funding will enable us to further develop our biopesticide products and take advantage of the growing organic market.'
Rachel Hillier, our Corporate Associate who advised on the deal, added, 'It's great to have assisted Bionema with this initial investment that will allow the company to meet increasing market demand for green pesticides.'
It is estimated that crop pests cause more than $50 billion crops damage worldwide annually. Bioinsecticide products kill harmful crop pests in different crops, leaving fruit and vegetables residue free. Market research forecasts that the biopesticide market will be worth more than $8.82 billion by 2022.