Business: Agri-tech firm MagGrow raises €3m for expansion
DUBLIN agricultural technology company MagGrow has raised €3m in funding.
The capital will be used to accelerate growth in its target markets.
Funds will also be allocated to R&D initiatives both internally and with third party research partners to further explore the science behind the company’s technology.
The business, 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,” said CEO Gary Wickham.
“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,” he added.
Since its establishment in 2013, the business has worked with a number of academic institutions.
These include Wageningen University in the Netherlands, Harper Adams University in the UK, and Trinity College.
The group employs over 25 people and currently operates in the US, Canada, Europe and South Africa.