Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced its 13th deal for the Low Carbon Innovation Fund 2 (LCIF2), a £300,000 investment in Weeding Technologies. LCIF2 led the £890,000 equity round, which included Calculus Nominees and SFC Nominees as co-investors.
Weeding Technologies sells market-leading, herbicide-free weed control machines to municipal organisations. Their technology – Foamstream – uses organic-certified foam and hot water to kill weeds, providing an effective alternative to chemical herbicides, which are alleged to be carcinogenic and have been subject to both over $10bn in successful compensation claims and to increasing legislation globally.
The company has over 600 customers in North America and Europe, including New York City Parks, Princeton University, The London Borough of Hammersmith and Fulham and Real Madrid FC. In addition to weeding, the machine can be used for graffiti and gum removal and sanitisation of outdoor areas, is effective against all viruses including COVID-19 and verified to European standards.
Francis Wright, Managing Director at Turquoise, commented: “Weeding Technologies makes innovative weeding machines that are cost effective, reliable and easy to use, providing the amenity market with a safe and effective alternative to herbicides. The technology is already selling to customers in 19 countries, and we expect significant growth over the coming years.”
Leo de Montaignac, CEO of Weeding Technologies added: “We are delighted to be joined by LCIF2 and welcome them on our exciting journey. The investment means we can scale up our sales activities and accelerate new product development.”
LCIF2 is funded by European Regional Development Fund, with the UK Department for Levelling Up, Housing and Communities as the Managing Authority.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.