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MLS Capital Fund II Initiates Investment Activity With Funding of Two Transformative Biotechnology Companies

20:00 EDT 20 Jul 2015 | Marketwired

SAN FRANCISCO, CA and KUALA LUMPUR, MALAYSIA -- (Marketwired) -- 07/21/15 -- MLS Capital Fund II, co-managed by Spruce Capital Partners and Xeraya Capital, announced at the 12th Annual BIO World Congress on Industrial Biotechnology that it had initiated its investment activities by serving as lead investor in funding rounds of two innovative companies harnessing biotechnology to fundamentally transform the industries they serve.

MLS Capital Fund II led a Series A round in Santa Monica, Ca-based Provivi, Inc., which is developing innovative, bio-based pest control technologies for agriculture, commercial, household, and public health pest management. The round included investment from both new and existing investors.

Provivi, founded in 2013, is leveraging disruptive scientific breakthroughs at the California Institute of Technology and its own technological developments to use biological and innovative chemical processes to make supply-limited products. Within Crop Agriculture, leveraging molecules, used by insects for communication, Provivi aspires to develop pest control solutions that are safe, efficacious and fit into all agricultural practices -- Organic, Conventional and GMO.

MLS Capital Fund II also served as lead investor in Medford, Mass.-based GreenLight Biosciences' Series C round, which has developed a cell-free approach to microbial chemical production, enabling a clean, sustainable, and economical bio-based manufacturing platform to produce chemicals from renewable, non-petroleum based resources. The round included investment from both new and existing investors. GreenLight Biosciences, if successful will establish a new paradigm for production of biochemicals that have applications in both specialty and fine chemicals industry.

The companies have not disclosed the size of the investment rounds.

"With these initial investments in the fund, we are setting the tone for the types of breakthrough technologies we are targeting within the Bioeconomy," said Dr. Ganesh Kishore, Managing Partner of Spruce Capital Partners. "They represent large potential markets that address significant global societal needs while replacing unsustainable and potentially toxic alternatives. We believe that we have to leverage technology to reduce the capital barriers for building successful, profitable, and large businesses. By improving functionality, we can also reduce the scale at which molecules need to be produced."

About Spruce Capital Partners
The principals and founders of Spruce Capital Partners, Dr. Ganesh Kishore, Dr. Roger Wyse, and Greg Young, are well known investors and thought leaders in the biogreentech sector. They bring a wealth of experience as investors, advisers, and domain experts in helping entrepreneurs build the next generation of successful biogreentech companies. They formed Spruce Capital Partners not only to manage venture funds, but also to develop new talent for the industry, provide thought leadership, and promote innovation in companies and countries. The principals have worked together for more than 10 years and have shepherded investments across multiple funds and multiple sectors. They are also active in advising, partnering, and shaping the life sciences industry globally and, especially in Malaysia and United States. Spruce Capital Partners is a co-manager of the MLS Capital Fund II. Additional information is available at www.sprucecp.com.

About Xeraya Capital
Xeraya Capital is a venture capital and private equity firm focused exclusively on Life Sciences investments. From its base in Malaysia, Xeraya's investment activities span the globe with current investments in the US, Europe and Asia. Beyond capital, the firm leverages its experiences, affiliations and networks to enable startups' successes. While the firm manages multiple pools of funds each with its own objectives, the Malaysian Life Sciences Capital Fund and MLS Capital Fund II embody Xeraya's biogreentech endeavors. Xeraya Capital is led by Fares Zahir, who is also the Co-Chair of MLSCF. Additional information is available at www.xeraya.com.

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