Private equity investment veteran Jon Moulton has joined Chelsea FC owner Roman Abramovich to invest in herbicide-free weedkiller Weedingtech.
According to the Guardian, Weedingtech first raised financing in August from backers including Abramovich and Ben Goldsmith, founder of green investment firm WHEB. Clearly So, a social finance organisation that taps a network of wealthy investors, also joined the round.
Weedingtech produces a product called Foamstream, which kills weeds using foam, hot water, and steam rather than chemicals. Abramovich made his investment via Ervington Investments, which he set up to fund cleantech ventures.
The company currently sells its weedkiller to local councils and water companies. It has potential for strong growth as governments are currently tightening restrictions on the use of chemical weedkillers.
“This is a sizeable market opportunity that is only going to get bigger as more traditional herbicides are legislated against. Weedingtech have the right products, platform and expertise to capture a commanding position in this new marketplace,” said Moulton.
Weedingtech said it will use the money to expand its product range and to market Foamstream throughout the UK and Europe.
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