Scottish AgriTech Intelligent Growth Solutions has raised £1.6 million in additional Series A funding.
New York City-based Ospraie Ag Science invested £1.5m with an additional £100k from Agfunder, bringing IGS’ total Series A fundraise to £7m.
Ospraie joins existing Series A investors S2G Ventures (Chicago), the most active agri-foodtech investor globally in 2018; online venture capital firm AgFunder (San Francisco); and the Scottish Investment Bank in the investment round.
Ospraie brings 25 years of agriculture investing experience to IGS, and its investment in the company is its first step towards building a global platform in the indoor AgriTech market.
“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,” said Dwight Anderson, chief investment officer at Ospraie Ag Science.
“The benefits of IGS’s vertical farming align well with our mission of helping farmers do more with less. We look forward to leveraging our significant agriculture network to help IGS grow its business to meet the market’s demand for sustainable solutions.”
This latest raise allows IGS to further expand its market presence through global sales operations for both AgriTech and commercial lighting. Demands for its systems are high with the first deployments expected in early 2020.
IGS CEO 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 Series A 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.
“Our customers in the commercial property world are equally keen to adopt IOT-enabled smart lighting to create better indoor climates for their tenants and visitors alike.”
Kerry Sharp, director, Scottish Investment Bank, said: “Intelligent Growth Solutions has made good progress recently. This latest investment is testament to the hard work and vision of the management team and will help the company as it takes its technology to the global marketplace.
“A company like IGS securing three international investors in Ospraie, S2G and AgFunder goes a long way to highlight the strength of opportunities available for Investors outside Scotland looking to invest in innovative Scottish companies.
“We look forward to continuing the journey with the company through our investment and our Scottish Enterprise account management service.”