Redag Crop Protection Ltd, an agrochemical discovery company, has secured £1.5 million in funding from existing shareholders which include institutional funds managed by Seneca Partners, and private individuals. Manchester-based corporate finance boutique Acceleris Capital arranged the funding.
Redag Crop addresses the declining innovation in the agrochemical sector through the use of world-class chemistry to develop a range of highly effective crop protection products for a global market. The company’s unique approach reduces development times, redundancy in biology testing and the cost of the discovery-to-market cycle.
The Company has made impressive progress in the development of its portfolio of assets since the previous capital raising in 2016. The lead asset, a fungicide aimed at controlling Oomycete diseases, is undergoing field trials in the UK currently.
According to Bill Thompson, Redag Crop’s CEO, the Company’s approach to improve agricultural productivity remains the go-to technology for proven results in weed disease and pest control;
“It is possible for agrochemicals to deliver up to 100% control reliably in a wide range of cultural and environmental conditions, however, to be truly effective, rapid innovation and cost savings are essential to combat the 30—40% reduction in yield caused by weed competition, diseases and insects.”
Already revenue generating with this new round of funding, Redag Crop will be able to advance its lead assets further and, by licensing these products for further development, bring new innovative products to customers seeking novel compounds to commercialise.
“Following a period of success in discovering active compounds, protecting the IP and securing collaboration deals, this current fundraise enables us to accelerate development and address the global challenge of food security”. Thompson added that the industry has seen a declining number of compounds in development following a period of consolidation across large agrochemical companies, alongside an increasing number of compounds being deregistered or withdrawn for health, safety or environmental reasons.
“Right across the industry there is a strategic need for new compounds to replace the older compounds,” he said, explaining it could be in the provision of greater safety or new modes of action. “Redag Crop will play its part as the engine of discovery. We will continue to do what we do best and grow our business to provide competitive solutions for our industry partners.”
Norman Molyneux, founder of Acceleris Capital and non-executive director of Redag Crop has been involved in multiple several funding rounds for the company since incorporation. He said: “There is a clear product innovation requirement within the agrochemical industry and a ready base of customers seeking novel compounds to commercialise in the market. Following a successful period for Redag Crop, Acceleris are delighted to have arranged a further development fundraise for the Company and we look forward to another period of growth for the Company.”
Redag Crop boasts a highly experienced and skilled management team whose previous roles including senior positions at Syngenta and Dow across both research and commercial areas.
The Company will be attending the World Agri-Tech Innovation Summit in London on 17th and 18th of October.