Dublin, Ireland – 12th November, 2018– MagGrow, the Dublin based agtech pioneer that is solving the global issues of spray drift and poor coverage in the spraying of pesticides on crops for our customers,has today announced the completion of its 2018 funding round. This latest investment, which has been supported by existing and new investors, will finance MagGrow to accelerate growth in target markets. Funds will also be allocated to several research and development initiatives both internally and with third party research partners to further explore and validate the science behind the MagGrow technology.
MagGrow has successfully recruited key customers and channel partners for its patented and proprietary spray technology in a number of large agricultural markets including the USA, Canada, Europe and South Africa. The funding announced today will enable MagGrow to invest further in its distribution platform to service customers in both existing and new markets.
MagGrow’s current product portfolio provides a unique solution for its customers seeking to address the global issue of drift reduction and poor coverage experienced with pesticide spraying in agriculture. Resulting third party and customer studies across different crop types and multiple geographies have consistently demonstrated the benefits of the MagGrow technology, including water and chemical savings, extended spray windows and lower labour costs.
In addition to developing its sales distribution further, MagGrow is committed to expanding the use of its technology in other spray applications and agricultural uses. The company has a strong pedigree in research and development since its inception in 2013. MagGrow has focused on working with industry leading academic institutions such as Wageningen University, Harper Adams and most recently Trinity College. Additionally, it has launched its own crop science centre at Farm 491 where the company’s latest product innovations are tested and released.
“We are delighted with the support our existing investors have shown for the MagGrow business and we welcome our most recent new investors,”said Gary Wickham, Chief Executive Officer, MagGrow. “To date the company has raised in excess of €10 million 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.
“The board and investors are excited by the commercial success of core products launched for the pesticide spraying market in 2018. The feedback from customers and channel partners has been overwhelmingly positive with customer testimonials in particular giving us huge confidence in the potential global demand for our proprietary crop spraying technology. We look forward to the achievement of further commercial and scientific milestones in 2019” said Frank van Bezooijen, a director and investor in MagGrow.
MagGrow, an Irish company, was set up in 2013, employs over 25 people and currently operates in four main territories; the USA, Canada, Europe and South Africa. MagGrow has developed and commercialised a patented, proprietary technology for droplet formation that yields superior drift reduction of over 70% and spray coverage performance of up to 40% compared to conventional spraying for customers. MagGrow has many other benefits to drift reduction and coverage such as significant reduction in water usage by up to 50%, extended spray windows, and reductions in labour. The MagGrow system has no moving parts, is easy to install and maintain, and can be fitted to a new or existing crop sprayer. There is an increasing demand on food & water, and MagGrow’s technology is supporting a more sustainable approach to primary food production.