Intelligent Growth Solutions (IGS) has today announced that it has raised £22.5 million in a Series C fundraise 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 AG, 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, 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 supported IGS as interim CFO since July, also joins the company full time. The new CEO and CFO join the IGS board.
Andrew 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.”
Source: DIGIT