06 August 2020, Dublin – MagGrow, the Agtech innovator specialises in technology of delivering crop protection products where they matter most (Precision application) while protecting the environment, has completed a €6m Series A round.
Led by impact investor Astanor Ventures and with participation by several strategic international investors, including WakeUp Capital. A number of existing shareholders also contributed to the round. BDO assisted on the Corporate Finance Fundraise.
MagGrow is a patented, proprietary technology that significantly reduces waste associated with conventional pesticide spray applications. Incredibly, approx. 70% of crop protection products when sprayed does not hit or remain on its intended target crop and/or weed. That’s where MagGrow’s award winning science-based technology steps in. It solves the compromise between drift and coverage associated with conventional spraying.
Trimble Ag as channel partner
After spending €10m to date on the Science behind MagGrow’s technology, MagGrow moved to the commercial role out phase of its key Tractor Boom product through various channel partners such as Trimble Ag. This round allows MagGrow to build on that momentum by providing some key additions to the Executive team and Board. In addition, the funding will be used to accelerate research and development of new products, IP and applications as well as building up additional manufacturing capability.
Farmers typically see a return on investment of one year or less just on chemical savings alone as well as healthier and less diseased crops due to the higher crop coverage. The increased coverage also supports a reduction in labour and fuel requirements. A key selling point for farmers is the fact that there is virtually no maintenance with no moving parts, cables, electrical wires, or power supply.
MagGrow has partnered with AMBER, the SFI Research Centre for Advanced Materials and Bioengineering Research, Trinity College, Dublin, a multidisciplinary partnership between leading academics and industry, working collaboratively to answer fundamental research questions. They also have Crop Science and Industrial Engineering, and Research facilities in the UK.
MagGrow’s Agricultural Research Facility will open in the UK in early August 2020. MagGrow was also chosen as a Trimble select business partner for agriculture. The global partnership has allowed MagGrow to accelerate its global expansion through Trimble’s international reseller network.