On 29 March, Calculus completed two follow-on investments into portfolio companies Weedingtech and Quai. These investments represent further funding and support for businesses we have previously backed as they continue to grow. Weedingtech is a multi-award winning cleantech company and Quai are specialists in digital administration.
Weedingtech is a world leader in herbicide-free weed and moss control, and has earned multiple awards for sustainable innovation.
This investment forms part of an an oversubscribed investment round by existing shareholders and represents further support for a world leader in an attractive, growing market, driven not only by general environmental trends, but also by increasing health concerns relating to chemical herbicides. The company is performing strongly with a unique technology, launched products and sales enquiries at record levels.
The company’s proprietary Foamstream technology uses a combination of heat and chemical-free foam to kill weeds and moss, offering municipal and agricultural markets a viable and sustainable alternative to commonly-used herbicides which are increasingly associated with serious health issues. Since Calculus Capital’s first investment in December 2016, Weedingtech has performed strongly, launching a significantly improved product (Foamstream M1200), extending sales reach in Europe and North America, strengthening management and doubling turnover.
Significant customers now include the Cities of Munich, Porto, Barcelona and Florence and the Swedish MOD in Continental Europe; London Borough of Hammersmith and Fulham, Wessex Water and AMEY in the UK; and Toronto Metro (Canada), the Cities of Seattle (WA) and Orange Town (NY), the NY State Department of Environmental Protection and Central Park, New York City in North America.
The new investment will be used to support the launch of Foamstream M600 (a lighter, lower flow model), to enhance North American and European sales capabilities further and to ensure the company has sufficient working capital for its growth.
Weedingtech process video:
Quai Administration Services, a digital administration company which provides an integrated, simplified administration platform for the high-volume personal savings industry. Quai’s platform administers thousands of individual savings plans at a fraction of the cost incurred by established insurance companies and wealth managers. Quai was founded in 2011 by a team of industry experts who previously led the savings and investment administration business of BNP Paribas in the UK. This investment will provide support for the business as it continues to grow.
For more information about Quai, click here.