Zug, Switzerland, 18 January 2024: The Sustainable Food Group, part of COFRA Holding AG (“COFRA”), today announces its participation in the latest fundraise of GBP 22.5 million by Intelligent Growth Solutions (“IGS”) – the vertical farming technology provider to customers worldwide. The Series C funding round follows COFRA’s initial investment in IGS in 2021.

The Sustainable Food Group, via COFRA, led IGS’ latest funding round with DC Thomson and S2G Ventures, supported by Cleveland Avenue LLC, Ospraie Ag Science and Scottish Enterprise. In addition, private shareholders and IGS staff took part.

IGS has also announced that Andrew Lloyd has been promoted, effective immediately, from Deputy CEO to CEO, replacing David Farquhar. Sonya Hotson has been appointed to a permanent position as CFO.

David Levin, the Executive Chair of COFRA’s Sustainable Food Group, commented: “IGS is a strong company with proven technology that is in demand by vertical farmers and greenhouse operators globally. We are pleased to join IGS’ latest funding round, with the likes of DC Thomson and S2G Ventures, to ensure the company’s continued growth.

Congratulations to IGS’ new CEO Andrew Lloyd and new CFO Sonya Hotson, whom I am confident are the right appointments to steer the company forward. I also recognise and thank David Farquhar for his remarkable service to IGS over six years and wish him all the best in the future.”

IGS was last month selected to provide vertical farming technology for a planned 900,000 square foot ‘GigaFarm’ being developed in the United Arab Emirates’ Food Tech Valley by ReFarm – a consortium set up by SSK Enterprise and Christof Global Impact.

The Sustainable Food Group’s investment, via COFRA, will not be disclosed.