THYMOX™ Closes $4.6M Series B Financing Round
We’re proud to announce the closing of a $4.6 million Series B financing round. The round was led by current investors, Cycle Capital Management and Desjardins Innovatech, and attracted new investors including Germain Benoit from Gercanoit. The funds will primarily be used to accelerate international commercial expansion of THYMOX™ as a disinfectant for animal health and crop protection, and into institutional and retail markets.
“We are entering a very exciting phase of our company’s growth,” said Frank Palantoni, CEO of Laboratoire M2, the makers of THYMOX™. “We’re extremely pleased to welcome our new investors to this round, and also to see our current investors, Desjardins Innovatech and Cycle Capital Management, participate. We now have the resources to globally commercialize our greentech disinfecting technology platform.”
“Bringing a new biological solution with such broad applications into new markets is a significant challenge. We’re proud to partner with a great entrepreneurial team to meet the challenge and pursue commercial growth,” added Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital Management.
Citing the company’s expanding commercial frontiers, Jacques Perreault, Vice President of Desjardins Innovatech, commented, “We are enthusiastic about partnering with the management team and the shareholders of Laboratoire M2 to support their next phase of growth and development. They have a strong business plan, their product, Thymox, is innovative, and they are evolving in a fast growing market close to Desjardin’s values.” Desjardins Group is one of Canada’s leading cooperative financial groups with more than $200 billion in assets.
2017 represents a major milestone year for THYMOX™, as the company successfully pivots from technology development to full scale commercial expansion on three continents. “We remain on track in developing THYMOX sales momentum in our Animal Health business, and we are launching new products for our surface disinfecting markets,” Palantoni added, “and of course, our robust pipeline of innovation includes products to meet the ever increasing demand for botanically derived crop protection products. With our accelerating commercial momentum, we expect to continue to attract partnership interest from major strategic players in the Animal Health sector.”
THYMOX is a highly effective, biodegradable, non-toxic, concentrated disinfectant which is instantaneously dilutable and stable in water, an important advantage for all commercial applications. The effectiveness of THYMOX is based on the action of thymol, a botanically derived, active ingredient found in the plant thyme. THYMOX has strong anti-microbial properties and kills pathogenic microorganisms on surfaces and in agricultural settings without harming living tissue or the environment.
About Laboratoire M2
Laboratoire M2, based in Sherbrooke, Canada, has a well-respected reputation for product innovation and expertise in environmentally sustainable, green disinfection and bio-security technology under the trademark THYMOX™. The company currently markets a range of leading propriety, biodegradable, anti-microbial products which are environmentally compliant (UL Ecologo2794). Its line of animal health products includes THYMOX HOOF® (also sold as THYMOX FOOTBATH™) which is used on dairy cows as an aid to control digital dermatitis (DD). The company estimates that the use of THYMOX™ will remove millions of pounds of toxic chemicals from the farm workplace and the environment as it replaces toxic and heavy metal compound based products. THYMOX™ also distributes products and ingredients under private label agreements in institutional, retail, and crop protection markets. For more information about THYMOX™ visit: thymox.com
About Cycle Capital Management
Cycle Capital Management is the most active cleantech venture capital firm in Canada. Cycle Capital invests in companies developing and commercializing clean technologies and striving to reduce greenhouse gas emissions, optimizing resource use and improving process efficiency throughout a product’s life cycle. With assets of $231M under management, Cycle Capital invests in Quebec and across North America. Cycle Capital Management, which is based in Montreal with an office in Toronto and points of presence in New York, Seattle and Qingdao in China, regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. Cycle Capital Management has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto Alcan, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette, and Hydro-Québec. For more information on Cycle Capital Management visit: cyclecapital.com
Founded in 2005 and managed by Desjardins Business Capital régional et coopératif, Desjardins–Innovatech was formed through a joint initiative of the Québec government and Capital régional et coopératif Desjardins. With commitments of over $55 million in nearly 40 companies and funds, Desjardin–Innovatech’s primary mission is to promote and support venture capital financing for Québec companies working in technology development or industrial innovation, and business succession for Québec innovation entrepreneurs. To fulfil its mission, Desjardins–Innovatech partners with other technology players specialized investment funds, entrepreneurs, angel investors, technology enterprise accelerators to provide even greater outreach to SMEs with promising prospects for driving job creation and economic development.