Redag Crop to create 20 jobs with £1.43m funding boost

UK agrochemical firm Redag Crop Protection Ltd is looking to drive its growth plans after securing over $2m (£1.43m) in its latest round of fundraising.

The Alderley Park-based business has confirmed it will create 20 new science jobs with the cash boost, in addition to shoring up its senior team with two new non-executive directors and a chief operating officer.

The funding will also allow Redag to increase its office and laboratory space at Alderley Park’s BioHub centre.

Redag 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."

Completed through Manchester-based corporate finance firm Acceleris Capital, the fundraising saw investment sourced from the Seneca EIS Portfolio Service and the North West Fund for Venture Capital, which is managed by lender Enterprise Ventures.

Norman Molyneux, the founder of Acceleris, commented: "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."

He continued: "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."