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Kalamazoo-based Vestaron Corp. is commercializing a biopesticide based on spider venom. Kalamazoo-based Vestaron Corp. is commercializing a biopesticide based on spider venom. COURTESY PHOTO

Vestaron raises $40 million in Series B round

BY Wednesday, June 12, 2019 07:49am

KALAMAZOO — Vestaron Corp. plans to use $40 million in new capital to expand commercialization and accelerate the development of an additional line of environmentally friendly pesticides.

Novo A/S, a Denmark-based holding company for a group of health care firms, led the Series B capital round for the Kalamazoo-based Vestaron, which recently brought to market two biopesticides under the Spear brand name. The products protect crops grown in greenhouses and fields.

The investment was Novo’s first in agricultural technology.

“We believe that Vestaron’s platform has the potential to make a positive and meaningful impact on agriculture, the environment and society. We have deep conviction about Vestaron’s prospects and look forward to supporting the company and its team going forward,” Anders Spohr, senior director at Novo Holdings, said in a statement.

Joining Novo A/S in the capital round were existing investors in Vestaron, including Anterra Capital, Cultivian Sandbox, Open Prairie Ventures and Pangaea Ventures.

Formed in 2005, Vestaron developed the biopesticide based on spider venom.

CEO Ann Rath, who joined the company a year ago, described Vestaron place “at the forefront of a revolutionary transition in crop protection, from an industry based predominantly on small molecule synthetics to one where biologic molecules with proven modes of action as well as great safety and environmental attributes will play a major role.”

Read 4423 times Last modified on Wednesday, 12 June 2019 10:01