Vestaron Corporation, a U.S. biological insecticide company, has announced the completion of an oversubscribed Series D round of financing totaling US$18 million. The round was backed by existing investors, including Canadian venture capital firm Pangaea Ventures.
Pangaea participated in a US$14 million Series C round in October 2014 alongside Open Prairie Ventures, Charter Capital Partners, Anterra Capital, Cultivian Sandbox Venture Partners and other undisclosed private investors.
Based in Kalamazoo, Michigan, Vestaron says it plans to introduce its first product, SPEAR™-T, before the first quarter selling season next year. SPEAR™ is believed to be the first biological insecticide that performs with efficacy comparable to that of synthetic insecticides, but with the benign effects of a biological insecticide. Two additional products utilizing the same active ingredient are slated for introduction later in 2017.
“Vestaron’s recent traction with growers, academics, and major agri-chem companies has driven an intense level of investor enthusiasm,” says Keith Gillard, General Partner of Pangaea Ventures and Chairman of Vestaron. “We had multiple competing term sheets, which resulted in a very strong insider-only round. We expect extraordinary things from Vestaron, and they are delivering!”
Pangea Ventures is a member of the Canadian Venture Capital and Private Equity Association.