Neutrog has raked in more than $3m in the largest fundraise of its type so far this year

Fertiliser company Neutrog Australia will pump funds into R&D and capital expenditure after a successful crowdfunding campaign.

Angus Irwin, managing director of Neutrog Australia. Picture: Tricia Watkinson

Neutrog Australia has raised more than $3m from new investors in what is understood to be the largest equity crowdfunding raise in Australia so far this year.

The Kanmantoo-based company raised just more than $3m from 794 investors, with the fund raised to be used for growth capital, to build a new laboratory and visitor centre.

The company, which makes products including Gogo Juice and Rocket Fuel, was founded in 1988 and is majority-owned by managing director Angus Irwin.

The company is profitable, and turned over $17m in FY21, having grown at a compound annual rate of 14 per cent over the past for years.

Mr Irwin said while previous to the raising, the company was regularly approached by potential investors such as private equity firms, the equity crowdfunding approach aligned with his and the company’s values.

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“It was imperative to me that if I was going to invite investors into the business for our next phase of growth, those people needed to really understand who Neutrog are and be genuinely engaged in the ethos of our business – not just the bottom line,” Mr Irwin said.

Mr Irwin said Neutrog was very much a research-driven organisation, which would underpin its growth into the future.

“The strategic direction and growth of Neutrog has become increasingly evident through our commitment to R&D,” Mr Irwin said.

“Research and trials in our onsite laboratory and in the field with R&D partners Elders, have well and truly demonstrated the capacity of products such as our soon-to-be-released advanced biological product POPUL8, to achieve outstanding outcomes in commercial applications.

“ This has obviously become even more relevant with the mounting pressure on global fertiliser supply.”

Nick Motteram from OnMarket said Neutrog was a unique proposition in the crowdfunding space which was normally populated by businesses early in their journey.

“The best part is that Neutrog undertook a crowdfunding offer for the right reasons – to allow their clients and supporters to become part of their business and their success,’’ Mr Motteram said.