MagGrow, the Dublin based agriculture technology company, said that it raised €3 million in funding.
This latest investment, which has been supported by existing and new investors, will finance the company’s accelerated growth into new target markets.
Funds will also be allocated to several research and development initiatives both internally and with third-party research partners.
“The board and investors are excited by the commercial success of core products launched for the pesticide spraying market in 2018,” said Frank van Bezooijen, a director and investor in MagGrow.
“The feedback from customers and channel partners have 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.”
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.
The group has 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.
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.
“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,” Gary Wickham, Chief Executive Officer, MagGrow, added.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.