MagGrow develops magnetic spray hardware (Tractor Boom) designed to create and disperse finer droplets that reduce drift and increase crop coverage. The product is hardware-focused with virtually no moving parts, aiming to cut chemical use, labour and fuel while improving crop health. The company has spent €10 million to date on the science behind its technology and partnered with research institutions including AMBER, Harper Adams University, and Farm 491. MagGrow has moved to commercial roll-out through channel partners such as Trimble Ag. It anticipates opening a UK agricultural research facility in early August and is exploring spraying-as-a-service models for emerging economies and smallholder farms. The company states farmers typically see a return on investment of one year or less from chemical savings. MagGrow, founded in 2013 and based in Dublin, develops a spraying technology that uses magnetic fields to make sprayed liquids cling better to plants and land. Its flagship product targets the pesticide spraying market and the board highlighted commercial success of core products launched in 2018. The company says it has raised more than €10m since founding and serves clients in the US, Canada, Europe and South Africa. The operating company, Agricultural Magnetics Limited, reported a €2m loss in 2017 and accumulated losses of more than €4m. MagGrow’s year-end debtor book value tripled to €1.9m compared with the prior year. The company raised additional capital in 2018 and continues to receive investment from existing and new backers.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2020