With backing from impact investors, this brings the total raised by MagGrow to €18m.
Dublin-based agritech business MagGrow has raised €6m in a Series A round of funding. The round was led by Astanor Ventures, with participation from investors such as WakeUp Capital and a number of existing shareholders.
MagGrow, which develops crop-protection tech, was founded in 2013 at NovaUCD. It now has a team of more than 30 people, with operations in Europe, the US, Canada, Australia and more.
This Series A round brings the total raised by the company to €18m. Gary Wickham, co-founder and CEO of MagGrow, said that the new investment can “position the company for rapid growth”.
“These impact investors align with MagGrow’s core values and desire to do our part in feeding this planet sustainably. The way to do this is to ensure farmers are profitable in the first instance and sustainable. This is where MagGrow’s technology steps in.”
‘Transforming our food systems’
MagGrow has invested more than €10m in its tech, which aims to reduce the waste associated with conventional pesticide spray applications, while achieving a reduction in water usage and labour. Its system can be fitted to new or existing crop sprayers.
The fresh funding will be used to accelerate research and development of new products, intellectual property and applications, as well as building up additional manufacturing capability. The company plans to open an agricultural research facility in the UK this month.
Hendrik Van Asbroeck, managing partner at Astanor Ventures, said that MagGrow’s technology is “already playing a pivotal role in transforming our food systems” and will be “crucial” as countries look to reduce pesticide use.
“Governments and consumers alike are looking for innovative solutions which reduce the impact agriculture has on our environment,” he added. “MagGrow’s strong traction and growing presence in countries such as the US, Australia and the Netherlands signals that farmers are embracing this technology.”