Intelligent Growth Solutions (IGS) has announced the conclusion of its Series B funding round with a total raise of £42.2m.
The latest investment was supported by a conglomerate of new investors including COFRA, Cleveland Avenue and DC Thomson.
They were joined by existing institutional investors Ospraie Ag Science, S2G Ventures, AgFunder and Scottish Enterprise, with private shareholders and IGS staff also contributing.
COFRA director Donald Brenninkmeijer and Ospraie Ag Science founder Jason Mraz have both been appointed to the IGS board as non-executive directors.
The Scottish agritech business confirmed the funding at the COP26 summit in Glasgow, with First Minister of Scotland Nicola Sturgeon stating: “This investment will enable its next stage of global growth - the success of IGS shows that the transition to net zero can create new opportunities for fair work and prosperity.”
IGS designs and builds vertical farms for farmers and growers in food, pharmaceutical and fragrance markets around the world.
It has deployed the technology to customers across four continents to date, with a sales pipeline that has quadrupled in the past 12 months.
A statement explained that the investment should allow faster market penetration, 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.
IGS is also expanding rapidly and now has nearly 150 staff.
Chief executive David Farquhar said: “The conclusion of a hugely over-subscribed Series B round represents another exciting step for IGS and our investors.
“There is growing realisation in all regions of the world that sustainable, deliverable and scalable food production is fundamental to the future of the planet and its people.
“The challenge to deliver this is more important than ever, with the backdrop to this announcement coming at COP26 and the pivotal actions being agreed here.”
The funding round was overseen by Alistair Lang and Victoria McLaren of Thorntons Solicitors.
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