Scottish agritech business IGS achieves £42 million Series B fundraise with announcement at COP 26
GLASGOW, Scotland, Nov. 4, 2021 /PRNewswire/ -- Intelligent Growth Solutions Ltd (IGS), the UK agritech business, has today announced the conclusion of its Series B funding round with a total raise of £42.2 million. The latest investment round has been supported by a conglomerate of new investors including COFRA AG (Zug, Switzerland), Cleveland Avenue LLC (Chicago) and DC Thomson (Dundee, Scotland).
For lead investor COFRA, a sixth-generation family-owned business, this is a first investment into sustainable food systems and agritech as part of its strategy to contribute to the food system transition. The investment is part of COFRA's broader commitment to contribute positively to society and the environment through its businesses and investments.
COFRA, Cleveland Avenue and DC Thomson were joined by existing institutional investors Ospraie Ag Science (New York City), S2G Ventures (Chicago), venture capital firm AgFunder (San Francisco); and Scottish Enterprise in the Series B investment round, with private shareholders and IGS staff also contributing.
Donald Brenninkmeijer, Director appointed by COFRA, commented: "With a growing population putting ever greater strain on resources and the environment, there is an urgent need for sustainable, high-yield forms of food production. We're excited to support IGS on its journey to resolve the dual challenge of food insecurity and environmental degradation through its vertical farming technology.
"IGS's technology is unique, its growth plan solid and we are confident in its potential to rethink the future of agricultural food systems. This first investment in sustainable food systems is consistent with COFRA's longstanding commitment to using business and capital as a force for good and I look forward to working with the IGS Board and management team to further support their growth."
Donald Brenninkmeijer and Jason Mraz from Ospraie Ag Science LLC have both been appointed to the IGS Board as non-executive directors.
IGS designs and builds award-winning vertical farms for farmers and growers in food, pharmaceutical and fragrance markets around the world. It has deployed its technology to customers across four continents to date, with a sales pipeline that has quadrupled in the past 12 months.
IGS Chief Executive Officer David Farquhar said: "The conclusion of a hugely over-subscribed Series B round represents another exciting step for IGS and our investors. We have been supported with this investment by well-established, globally recognised and highly ethical investors in COFRA, Cleveland Avenue and DC Thomson, who understand the transformational potential of our technology for controlled environment agriculture."
About IGS:
Founded in 2013, IGS brought together decades of farming and engineering experience to create an agritech business with a vision to revolutionise the indoor growing market. Its commitment to innovation has continued apace to develop patented plug-and-play technology which delivers solutions designed to drive efficiency and create an indoor environment with economy and simplicity at its heart.
IGS launched its first crop research centre in August 2018 and has since deployed to customers across four continents.
About COFRA:
COFRA is a privately held group of companies active in various business sectors, including asset management (Anthos Fund & Asset Management), private equity investment management (Bregal), apparel retail (C&A), real estate investments (Redevco) and renewable energy (Sunrock). Headquartered in Zug, Switzerland, the group employs more than 74,000 people across its business operations in Europe and the Americas. Each business operates independently in a spirit of engaged entrepreneurship while striving to be a "force for good" in the world – a guiding principle that has characterised the Brenninkmeijer family owners' activities for six generations, since the founding of C&A in 1841. For more information, see www.cofraholding.com.
About Cleveland Avenue, LLC:
Founded by Don Thompson, the former President and CEO of McDonald's Corporation, Cleveland Avenue is a venture capital firm that invests in food and beverage brands, and technology companies that positively disrupt large and growing markets. Learn more about Cleveland Avenue at clevelandavenue.com and follow us on Twitter, LinkedIn, and Instagram.
About DC Thomson:
DC Thomson a leading media and technology group in the UK with a proud heritage of creating trusted brands that enlighten and entertain audiences across the globe. Established in 1905, it is a privately owned, family-run business with people, customers and communities at its heart. DC Thomson Capital invests in pre-IPO and future facing industries on behalf of the group with specific focus on E-commerce/Retail, Agtech, the Circular and Blue Economies and Water. Consistent with the company's values, our desire is to collaborate and invest alongside other family offices and professional investors and to actively support the companies we invest in over the long-term.
About Ospraie Ag Science:
Ospraie Ag Science LLC (OAS) identifies solutions to help farmers "Do More With Less". By increasing profitability, improving quality-adjusted yield, and reducing environmental impact, OAS's companies not only benefit producers, but generate smarter, healthier, and more efficient food for consumers globally. Utilizing its extensive network and 25 years of experience investing in agriculture, OAS is positioned to help farmers achieve a sustainable future.
About S2G Ventures:
S2G Ventures is a multi-stage venture fund investing across the food, agriculture, oceans and seafood markets. The fund's mission is to catalyze innovation to meet consumer demands for healthy and sustainable food systems. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, oceans, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. S2G Ventures is a part of Builders Private Capital, the direct investment arm of Builders Vision, an impact platform dedicated to building a humane and healthy planet. For more information about S2G, visit s2gventures.com, tune-in to our podcast, or connect with us on LinkedIn.
About AgFunder
AgFunder is a global Venture Capital Platform investing in the bold and exceptional entrepreneurs transforming our food and agriculture system. Our in-house technology enables us to invest globally and at scale, make better investment decisions, and support our portfolio companies. Through media and research, AgFunder has built a community of over 90,000 members and subscribers, giving us the largest and most powerful network in the industry.
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About Scottish Enterprise
Scottish Enterprise is Scotland's national economic development agency. We're committed to growing the Scottish economy for the benefit of all, helping create more quality jobs and a brighter future for every region.
SOURCE IGS Limited
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