Scottish agritech company Intelligent Growth Solutions (IGS) has raised £42.2 million in a recent Series B funding round. The latest round was backed by new investors, including COFRA AG, Cleveland Avenue LLC and DC Thomson.
IGS designs and builds vertical farms for farmers and growers in the food, pharmaceutical and fragrance sectors globally.
The funding raised during the round will support IGS’ technical development and enhance the company’s scientific understanding.
It will also expand the company’s marketing as demand for its technology increases from growers, retailers and governments, aiming to address food security issues, mitigate environmental concerns and develop sustainable methods of production and new business models.
David Farquhar, IGS’ chief executive officer, said: “The conclusion of a hugely over-subscribed Series B round represents another exciting step for IGS and our investors. We have been supported with this investment by well-established, globally recognised and highly ethical investors in COFRA, Cleveland Avenue and DC Thomson, who understand the transformational potential of our technology for controlled environment agriculture.”
IGS announced the investment as it showcased its technology at COP26 in Glasgow.
© FoodBev Media Ltd 2021
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