IGS secures £22.5 million after Dubai GigaFarm deal
UK-based vertical farm technology provider Intelligent Growth Solutions (IGS) has secured £22.5 million in Series C funding to support significant global expansion.
The investment came after IGS announced at COP28 it would be joining Dubai-based partner ReFarm to build a 900,000 square foot GigaFarm in the United Arab Emirates, capable of replacing 1% of food imports to the country. The farm will be to recycle more than 50,000 tonnes of food waste and grow two billion plants each year.
The Series C fundraise was led by existing institutional investors, with COFRA Holding AG, DC Thomson, and S2G Ventures, supported by Cleveland Avenue LLC, Ospraie Ag Science, and ScottishEnterprise. Private shareholders and IGS staff also contributed to the Series C raise.
Andrew Lloyd, former Deputy CEO, takes over from David Farquhar as CEO to lead the company. He said: “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.”
Image: IGS
