Announced at COP 26, Scottish agritech startup Intelligent Growth Solutions (IGS) has announced the close of its Series B funding round at £42.2 million. The company focuses on indoor, vertical farms, and offers a wide range of technical solutions to farmers and growers, the pharmaceutical industry, and fragrance manufacturers. The investment is slated to be used to further push IGS’ technical developments and international expansion plans. To date, IGS has sewn the seeds of $56 million.
In a statement, First Minister of Scotland Nicola Sturgeon praised the Edinburgh-based business, noting, “With a great team behind it and support from Scottish Enterprise, IGS is expanding rapidly and now has nearly 150 staff. 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.”
Founded in 2013, IGS provides growth towers alongside a host of plug-and-play options under its TCEA (Total Controlled Environment Agriculture) moniker. Through a series of innovations, IGS is aiming to provide food growers with the ability to have complete and total control over growing conditions, all the while maximising the impact of each crop with a minimal footprint.
The startup works with customers on four continents around the globe, and saw a sales pipeline that has quadrupled over the past 12 months.
As a strong vote of confidence, Zug, Switzerland’s COFRA lead the round, the office’s very first investment into sustainable food systems, and were joined by a conglomerate including Cleveland Avenue and DC Thomson. The new investors join existing investors Ospraie Ag Science, S2G Ventures, AgFunder, and Scottish Enterprise. Private shareholders and IGS staff members also contributed to the raise.
“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 COP 26 and the pivotal actions being agreed here,” said CEO David Farquhar. “An Agriculture 4.0 future must revolutionise crop production and the science behind it, and with high levels of investor confidence in the future of indoor and vertical farming and the brilliant innovation taking place, this vision can become a certainty.”