Vertical farming gets boost with major investment

Intelligent Growth Solutions (IGS), a leading vertical farm technology provider, has secured £22.5m (€26.3m) in Series C funding to support significant global expansion. The announcement comes after IGS​ confirmed to COP28​ that it would be joining Dubai-based partner ReFarm to build a 900,000 square foot ‘GigaFarm’ in the United Arab Emirates. Once completed, the farm will be capable of growing two billion plants each year, equating to enough fresh produce to replace 1% of the country’s current imports.

What is Series C funding?

Series C funding is initiated when a company is preparing to be acquired, go public on the stock market or undergo significant expansion.

What is vertical farming and what are the benefits?

As you may have guessed, vertical farming is the practice of growing crops vertically, rather than horizontally. This unique approach to agriculture sees crops stacked in vertical layers, within a controlled environment. Amongst the many benefits, it allows for the optimisation of growth as plants are provided with the ideal amount of water, air, light, soil nutrients and warmth. As well as maximising the chance of crop success, this method offers further benefits, including and utilisation of soilless farming techniques, such as hydroponics​, aquaponics and aeroponics.

“At its simplest, vertical farming means you can grow crops on a smaller footprint, and that’s going to be more important in a world where arable land is increasingly under more pressure. We’re seeing more and more global incidents of extreme weather each year, with crops damaged or destroyed by drought, flooding, unseasonal cold snaps or wildfires​,” said IGS CEO, Andrew Lloyd.