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Tuesday 18 December 2018

Dublin-based agri-tech company MagGrow raises €3m in funding

To date the company has raised in excess of €10m (Stock image)
To date the company has raised in excess of €10m (Stock image)
Ellie Donnelly

Ellie Donnelly

MagGrow, a Dublin-based agricultural technology company, has raised €3m in funding.

The capital will be used to accelerate growth in target markets.

Funds will also be allocated to research and development initiatives both internally, and with third party research partners, to further explore the science behind the company’s technology.

The company, which works on solving the issues of spray drift and poor coverage in the spraying of pesticides on crops for customers, said that the funds had come from both new and existing investors.

"We are delighted with the support our existing investors have shown for the MagGrow business and we welcome our most recent new investors," Gary Wickham, CEO of MagGrow, said.

"To date the company has raised in excess of €10m to fund the development of its current product portfolio and successfully launch in a number of key markets."

"This latest investment will allow us to support our customers increasing requirements, accelerate our sales growth and ensure we continue to invest in the development of the underlying technology which has been a core strength of this business since the start," he added.

Since its establishment in 2013 the business has worked with a number of academic institutions including Wageningen University in the Netherlands, Harper Adams University in the UK, and most recently Trinity College.

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Additionally, it has launched its own crop science centre at Farm 491 where the company’s latest product innovations are tested and released.

The group employs over 25 people and currently operates in the USA, Canada, Europe and South Africa.

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