A Scottish agri-tech business behind ground-breaking “vertical farming” technology has attracted fresh seven-figure funding.
Intelligent Growth Solutions (IGS) said it had raised £1.6m in the second and final close of its Series A funding round.
The latest investment comprises £1.5m from global agri-investor Ospraie Ag Science (OAS), coupled with an additional £100,000 from Agfunder, bringing IGS’s total Series A fundraising to £7m.
OAS joins existing investors S2G Ventures (Chicago), online venture capital firm AgFunder and the Scottish Investment Bank in the investment round.
Vertical farming involves growing crops in stacked indoor layers, using less land than traditional methods, enabling year-round production, and making use of abandoned or unused properties.
Dwight Anderson, chief investment officer at Ospraie Ag Science, said: “IGS has tremendous potential to transform the way food is produced and supplied, and our investment – Ospraie’s first in the indoor agriculture market and in Scotland – is a testament to our strong belief in the success of IGS’ technology.
“The benefits of IGS’s vertical farming align well with our mission of helping farmers do more with less,” he added.
IGS chief executive David Farquhar said: “The further investment of £1.6m is a hugely exciting one, not only for our business, but also for the Scottish economy.
“Ospraie has chosen IGS as its initial investment target in the indoor agriculture market, and also as its first investment in Scotland, which is a substantial endorsement of our technology and approach to date.
“Working alongside our other investors in this funding we are in a really strong position to take our offering to a global market and meet the demand that is growing almost daily. The pressures of climate change are real and clear and our technology and systems have the ability to play a part in addressing how we produce and supply food sustainably and productively all over the world.”
Intelligent Growth Solutions is headquartered in Edinburgh with its technology demonstrated at the James Hutton Institute, Invergowrie.