Redag Crop Protection Ltd has boosted its growth plans by raising more than USD 2 million from the current round of fund raising.
The investment will create up to 20 new science posts at the business, which creates best-in-class crop protection products for the agrochemical industry from a base at the Alderley Park life science complex in Cheshire.
Redag is also adding breadth and depth to its board and management team, recruiting a Chief Operating Officer and two non-executive directors.
The backing will support new senior management, chemistry and biology posts and allow Redag to take up more office and laboratory space within Alderley Park’s BioHub facility.
The fundraising was completed through Manchester-based corporate finance boutique Acceleris Capital. The investment was sourced from existing investors, the North West Fund for Venture Capital, managed by Enterprise Ventures along with further investment from the Seneca EIS Portfolio Service.
CEO Bill Thompson said: “We are delighted with the outcome of the funding round that generated strong interest from investors and will allow us to now realise the ambitious plans we have for Redag Crop. We have continued to build on our technical success in our first 12 months increasing our pipeline of novel active candidates for the agrochemical industry and further developing commercial relationships.”
The discovery activity in the industry is highly concentrated in a handful of companies and lacks the diversity which Redag Crop’s approach brings targeting emerging crop protection candidates, giving them new functionality and creating novel intellectual property. The company uses the Redox Switch™ platform to create compounds one or more oxidation state removed from the original.
The agrochemical industry has a diminishing source of innovation and has a strategic need to acquire novel compounds which reduce the overall risk profile, reduce development times, and lower the cost of the discovery to market cycle. Redag Crop is poised to be the engine of discovery.
Norman Molyneux at Acceleris said: “There’s a great deal of interest in Redag and we were delighted to help Bill and his team secure the funding to take the company into the next stage of development.”
Alongside this there has been a growth in interest in investing into the agritech sector which has now established itself as its own distinct sector. We believe that Redag has a particular expertise that we think can bring new compounds to market quickly and efficiently. It is ideally positioned to grow further and this investment will help the Company to further commercialise its technology”.