Intelligent Growth Solutions announced closing series B at £42m

Intelligent Growth Solutions, an Edinburgh, UK-based producer of vertical farming solutions, announced that it secured series B in equity fundimg closed at £42m ($56.7M).

The money was raised from investors led by COFRA AG (Zug, Switzerland), Cleveland Avenue LLC (Chicago) and DC Thomson (Dundee, Scotland), joined by Ospraie Ag Science (New York City), S2G Ventures (Chicago), venture capital firm AgFunder (San Francisco); and Scottish Enterprise.

In conjunction with the closing, Donald Brenninkmeijer and Jason Mraz from Ospraie Ag Science LLC have both been appointed to the IGS Board as non-executive directors.

Intelligent Growth Solutions, founde in 2013 by Dave Scott and Henry Aykroyd, designs and builds vertical farms for farmers and growers in food, pharmaceutical and fragrance markets around the world. It says it has deployed its technology to customers across four continents to date, with a sales pipeline that has quadrupled in the past 12 months.