Legal business DWF advised Redag Crop Protection Ltd on funding to enable it to boost its growth plans. More than USD 2 million was raised from a recent round of fundraising led by Acceleris Capital Limited.
The investment will create up to 20 new science posts at the business, which creates new compounds for the agrochemical industry from a base at the Alderley Park life science complex in Cheshire.
Redag will also be recruiting a Chief Operating Officer and two Non-Executive Directors to its board and management team.
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 Acceleris Capital and 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.
Redag’s 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.”
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”.
Doug Stellman, Investment Director at Enterprise Ventures said: “We are very pleased that the North West Fund for Venture Capital has been able to invest in the continued development of Redag Crop Protection. There is already commercial interest in the novel chemistries developed to date, and we are delighted to be able to back such an innovative business in this sector”.
The core DWF team consisted of Nicholas Hawthorne and Frank Shephard.
Nicholas, who led the deal at DWF, said “We are delighted to have assisted and worked with Redag Crop Protection Limited on its latest funding round. Having advised the company from its inception, it is fantastic to see it secure further funding to allow it to develop and we look forward to continuing to advise the company as it continues on its upward trajectory.”
Brabners advised Enterprise Ventures.