Earlier this week, we were pleased to announce that the University of New Mexico, through its STC.UNM Co-Investment Fund, has invested $89,000 in EcoPesticides. This is great news for a startup company like ours, but for a startup company in New Mexico, it’s even better news.
Why’s that? The State of New Mexico is ranked 50th in the country in job growth. Forbes ranks New Mexico 47th in the nation among best places to do business and 46th in the nation for economic climate.
Anyone who lives and works in New Mexico knows it’s high time we changed this. New Mexico is perhaps the country’s best-kept secret in terms of places to live and work. So the establishment of the STC.UNM Co-Investment Fund by the UNM Board of Regents – and its subsequent investment in EcoPesticides and two other companies to date – was both visionary and the right thing to do for New Mexico. The Fund is specifically designed to co-invest with local angel firms (in our case, the New Mexico Angels) and venture capital funds in startup companies using technology developed at the University of New Mexico. The hope is that these startup companies will create jobs in New Mexico, and help ignite a more positive business and economic climate.
At this point in our young life, EcoPesticides has just a handful of employees, but with the STC.UNM investment and others, we will have the capital we need to accelerate the development of our green encapsulation technology for biopesticides and bioherbicides and ultimately to hire more people in New Mexico. We’re working toward that goal daily.
Thank you STC.UNM for your investment in EcoPesticides, but also thank you for investing in New Mexico!