Intelligent Growth Solutions Ltd (IGS), the Scotland-based agritech infrastructure business, has announced a Series C fundraise of £22.5 million to support significant global expansion as the business deploys its vertical farming technology to customers worldwide.
The investment comes after IGS announced at COP28 it would be joining Dubai-based partner ReFarm to build a game-changing 900,000 square foot GigaFarm in the United Arab Emirates, capable of replacing 1% of food imports to the country.
The innovative waste-to-value farm will have the ability to recycle more than 50,000 tonnes of food waste and grow two billion plants each year.
The Series C fundraise was led by existing institutional investors, with COFRA Holding A/G, DC Thomson and S2G Ventures supported by Cleveland Avenue LLC, Ospraie Ag Science and Scottish Enterprise.
Private shareholders and IGS staff also contributed to the Series C raise.
Andrew Lloyd, former deputy CEO at IGS, now takes over from David Farquhar as CEO to lead the company as it readies to deliver the world’s first GigaFarm.
Sonya Hotson, who has worked as interim CFO at IGS since July, also joins the company full time.
The new CEO and CFO join the IGS board.
Lloyd said: “This year will be transformational for IGS as we prepare to deploy the most advanced indoor farm in the world.
“The scale and scope of the opportunity in the Middle East promises to be market-defining and will begin to make a genuine difference to food security.
“With the backing of our institutional investors and shareholders, we are equipped to deliver this game-changing project.
“I would like to extend my sincere thanks to David Farquhar, under whose visionary leadership IGS has grown from an innovative concept to a world leader in vertical farm technology.
“Working with our institutional investors, Sonya has been instrumental in securing this funding, and I am delighted to confirm her appointment.
“Her experience, alongside the talents of the IGS team and our partners, combine to deliver the essential ingredients for scale-up success.”
Founded in 2013, IGS brought together decades of farming and engineering experience to create an agritech business with a vision to revolutionise the indoor growing market.
Its commitment to innovation has continued apace to develop patented vertical farm technology which delivers solutions designed to drive efficiency and create an indoor environment with economy and simplicity at its heart.
Headquartered in Scotland, IGS launched its Crop Research Centre in Invergowrie, Dundee, in 2018 and Engineering Innovation Centre in Inverkeithing, Fife, in 2021.
The business has active customers in North America, Europe and the Middle East.
IGS holds more than 25 granted patents for its unique vertical farm technology, blending science and agriculture by using smart technology to automatically apply recipes to create the perfect environment for crop growth.
Currently, more than 250 crops can be successfully grown inside an IGS vertical farm.