EdenShield raises $2 million
EdenShield raised US$2 million from strategic and financial investors. Kibbutz Yotvata, located in southern Israel, was a lead investor in the round, along with OurCrowd, a venture capital crowd-funding company.
Funds raised in this financing round will be used to accelerate sales, expand farming operations at Kibbutz Yotvata to meet growing sales, and expand EdenShield’s portfolio of natural nontoxic crop protection products. Since its establishment in 2012, EdenShield had raised approximately US$2.8 million.
EdenShield is developing and commercializing natural plant-based crop protection solutions. The Company’s products leverage the characteristics of plants that originate in Israel’s semi-desert region to mask plant odor and significantly lower insect attraction, eliminating the need for harsh pesticides.
According to BBC Research, the global market for biopesticides was valued at US$3.7 billion in 2015 and has been projected to grow to US$7.7 billion in 2021 reflecting a 14.1% compound annual growth rate over the period (“Global Markets for Biopesticides,” January 2017).
According to EdenShield CEO Yotam Gadot, “We are very pleased with the success of this funding round, especially given the participation of our strategic partner, Kibbutz Yotvata, and the ongoing support of OurCrowd. We have proven the success of our products through sales in Israel, Italy, Greece, and Spain and expect a significant increase in sales with our new distributor agreements in the European Union, United States, and Mexico.”
Trendlines’ Chairman and CEO Steve Rhodes, added, “EdenShield exemplifies many of the attributes of the Israeli start-up success story. Its founders took a unique Israeli resource, a plant found only in the Judean desert, and with the expertise of an Israeli chemist extracted a substance that would meet the market need for effective, cost-efficient, nontoxic pest control products. The need to ramp up production to meet increasing global demand for the EdenShield products was met with success not only in the fund raising we announced today but, equally important, in the strategic partnering with Kibbutz Yotvata to facilitate the increase in production.”