Filaction, a Quebec development fund, and Natural Products Canada (NPC), a national not-for-profit, have announced an investment in BioTEPP Inc, a Canadian biotechnology company. Details of the deal were not disclosed.
The groups says the deal reflects the growing demand for innovation and natural approaches to agri-tech and other sectors. BioTEPP’s VirosoftTM CP4 biopesticide uses a naturally occurring microorganism which is intended to reduce codling moth damage on apple, pear, plum, prune, and walnut trees.
“Companies like BioTEPP that have capitalized on this advanced technology to create a natural solution show great potential for investors,” says Christophe Roubinet, Investment Director of Filaction. “We are pleased to invest in their future growth.”
The investment represents the first partnership between Filaction and NPC.
“Investments such as those of NPC and Filaction, will help BioTEPP grow further and develop new insecticides in the highly efficient sector of entomopathogenic viruses," said Claude Gagnon, president of BioTEPP. “We’re privileged to have such experienced partners to accompany us.”
BioTEPP said it will use the capital to accelerate its expansion and increase commercialization of its flagship product Virosoft™ CP4 into promising new markets.
The BioTEPP investment is the fifth addition to the NPC investment portfolio, which was started in 2017 to help innovative Canadian natural product companies attain the capital necessary to achieve growth milestones.
“NPC is proud to invest in BioTEPP and their innovative biopesticide technology,” says Shelley King, CEO, NPC. “The quality of their product is a direct reflection of the passion of the entrepreneurs and the depth of experience in the innovation ecosystem that surrounds them.”