Irish agtech startup MagGrow is one of 12 companies selected to participate in the 2016 Thrive Accelerator programme in California this year, the only Irish business to make the grade.

Thrive Accelerator, an initiative driven by SVG Partners, is an international business programme for promising startups in the areas of food and agtech.

Companies participating on the programme have the opportunity to pitch to leading agriculture VCs for funding that can range from seed funding up to $5m.

MagGrow, which is headquartered at NovaUCD, has developed a magnetic spraying technology system for the arable and horticulture sectors.

The technology reduces drift by over 80%, while delivering better coverage, a key challenge for existing drift control technology. Benefits of the technology include increased profitability through chemical savings, increased productivity through increased spray windows and spray capacity, and a healthier environment.

In Association with

High-Level Mentors

Through the eight-week Thrive Accelerator, participating companies will receive high-level mentorship, collaboration and direct access to the world’s top fresh agriculture companies in and around Salinas and the central California growing region.

More than 200 startups from 35 countries applied to take part in the 2016 programme.

Gary Wickham, CEO and co-founder of MagGrow, said: “We are truly delighted to be selected […] on the 2016 Thrive Accelerator Programme. It is a great testimony to the transformational benefits which MagGrow has to offer the arable and horticulture sectors.”

The 2016 Thrive Accelerator will end with participants delivering a final pitch at a Demo Day event to be held in June. The winning companies will then participate in the 2016 Forbes AgTech Summit taking place in July.

Nuritas Research, an Irish bioinformatics startup, participated on the 2015 Thrive Accelerator and was the winner of the 2015 Thrive Accelerator Award.

MagGrow was founded in 2013 by Gary Wickham, Derek Wickham and David Moore, and now employs a staff of 12 people.

Accounts filed for the 12 months to December 2014 show that MagGrow’s operating company, Agricultural Magnetics Ltd, booked a loss of €370,000 and had a year-end net deficit of €132,000.

The startup secured equity investments of more than €1.2m in 2015, including €250,000 from Enterprise Ireland.

MagGrow is currently trading in East Africa and is launching in Europe in 2016.

Photo: Gary Wickham, CEO and co-founder of MagGrow (pic: Nick Bradshaw, Fotonic)