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IGS raises GBP 22.5 million in Series C funding for global expansion; appoints Andrew Lloyd as CEO
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Jan 18, 2024
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Vertical Farming

Vertical Farming

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Jan 18, 2024

IGS raises GBP 22.5 million in Series C funding for global expansion; appoints Andrew Lloyd as CEO

Funding
Management news

  • Intelligent Growth Solutions (IGS), a UK-based developer of hydroponic vertical farms, has raised GBP 22.5 million (~USD 28.5 million) in Series C funding led by existing institutional investors, including COFRA Holding AG, DC Thomson, and S2G Ventures, with participation from Cleveland Avenue, Ospraie Ag Science, and ScottishEnterprise. Private shareholders and IGS employees also participated in this round.

  • The company intends to use the funds to support global expansion.

  • Furthermore, Andrew Lloyd, former deputy CEO, has joined the company as CEO, and Sonya Hotson, interim CFO since July, has joined the company full-time.

  • Analyst QuickTake: The investment comes after IGS partnered with ReFarm to build a 900,000 sq ft GigaFarm in the UAE. Previously, in November 2021, the company raised GBP 42.2 million (~ USD 56.8 million) in Series B funding to develop its technology. 

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