Scotland’s Intelligent Growth Solutions (IGS) has today announced £22.5 million in a Series C fundraise to support significant global expansion as the business deploys its vertical farming technology to customers worldwide.
At COP28 in December, IGS revealed that it would be joining Dubai-based partner ReFarm to build a game-changing 900,000 square foot GigaFarm in the United Arab Emirates, capable of replacing 1% of food imports to the country.
Andrew Lloyd, former Deputy CEO, takes over from David Farquhar as CEO to lead IGS as it readies to deliver the GigaFarm.
“This year will be transformational for IGS as we prepare to deploy the most advanced indoor farm in the world. The scale and scope of the opportunity in the Middle East promises to be market-defining and will begin to make a genuine difference to food security. With the backing of our institutional investors and shareholders, we are equipped to deliver this game-changing project.” said Lloyd “I would like to extend my sincere thanks to David Farquhar, under whose visionary leadership IGS has grown from an innovative concept to a world leader in vertical farm technology.”
Sonya Hotson, who has supported IGS as interim CFO since July, also joins the company full time, she will join the IGS board alongside the new CEO.
“Working with our institutional investors, Sonya has been instrumental in securing this funding, and I am delighted to confirm her appointment. Her experience, alongside the talents of the IGS team and our partners, combine to deliver the essential ingredients for scale-up success.” added Lloyd.
Participants in the Series C include COFRA Holding AG, DC Thomson, S2G Ventures, Cleveland Avenue, Ospraie Ag Science, and Scottish Enterprise, as well as private shareholders and IGS staff.