Ikea GreenTech, a corporate venturing subsidiary of homeware supplier Ikea, has invested an undisclosed amount in Canada-based sustainable pest control technology developer Terramera.
The capital will be added to the reported $10m closed by Terramera in a May 2016 round featuring ACA Investments, an affiliate of diversified conglomerate Sumitomo, and Maumee Ventures, the strategic investment arm of agribusiness The Andersons.
The round, led by venture capital firm Seed 2 Growth Ventures, also includes Bold Capital Partners, Export Development Canada and Renewal Funds.
Terramera is developing pest and disease control products made from biological material like plant extracts which it claims will be more effective and less harmful to the environment than existing synthetic methods.
The funding will be put towards research and development and the advance of more of the company’s products to market.