Decoy Smart Control, a startup that uses biotechnology to develop sustainable pest control solutions for the animal health market, has announced, that it has received a R$ 9 million investment.
The round was led by the venture capital firm SP Ventures, with participation from Farmabase’s corporate venture fund, a pharmaceutical company that specializes in animal health.
One of Decoy’s goals with the funds is to obtain commercial registration with regulatory bodies for the company’s main product, Decoy Bovinos, which is aimed at controlling ticks in livestock and is scheduled to be launched in 2023. Decoy’s ambition is to expand its operations across Brazil, beginning in the Rio Grande do Sul.
Aside from that, the funds will be used for new product research and development, expanding the startup’s portfolio. Decoy’s team is expected to more than double by 2024.
“This fantastic partnership we have just celebrated with these two market giants will further reinforce our purpose of using biology to promote health for our entire ecosystem,” summarizes our CEO, Lucas von Zuben
