IGS raises £22.5 million in Series C fundraise

January 31, 2024

Intelligent Growth Solutions (IGS) has raised £22.5 million in a Series C fundraise to support 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 900,000 square foot GigaFarm in the United Arab Emirates, capable of replacing one percent of food imports to the country. The 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 ScottishEnterprise. 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.

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