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- Intelligent Growth Solutions
Intelligent Growth Solutions Funding, Investors & Competitors
Intelligent Growth Solutions has raised $113M across 6 funding rounds, most recently a $29M Series C in January 2024.
Last Intelligent Growth Solutions funding round
$29M
Series C · Jan 2024
Cumulative funding Intelligent Growth Solutions raised
$113M
across 6 funding rounds
Key investors in Intelligent Growth Solutions
S2G Investments
AgFunder
Cleveland Avenue
Ospraie Ag Sciences
Scottish Enterprise
DC Thomson
COFRA Holding
Scottish Investment Bank
About Intelligent Growth Solutions
Intelligent Growth Solutions is an Edinburgh-headquartered developer of vertical farming platforms that optimize climate conditions for crop production. The company's modular systems integrate LED lighting, precise nutrient delivery, and AI-driven environmental controls to grow leafy greens and herbs year-round. Deployed in urban farms across the UK and Europe, IGS platforms reduce water usage and enable local food supply chains.
Founded
2013
HQ
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Intelligent Growth Solutions Funding History
Intelligent Growth Solutions has raised a total of $113M across 6 funding rounds.
Intelligent Growth Solutions' first fundraising round was a $7M Series A in June 2019. The most recent completed round was a $29M Series C in January 2024.
Intelligent Growth Solutions funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2024 | Series C | Cleveland Avenue; Ospraie Ag Sciences; DC Thomson; COFRA Holding; S2G Investments; Scottish Enterprise | $29M | Intelligent Growth Solutions (IGS) is an agritech company founded in 2013, specializing in vertical farming technology. It develops highly controlled, scalable growing systems that optimize conditions for crop production in vertical farms and greenhouses, positioning itself as a product-focused business rather than project-based, enabling global deployment of standardized technology. IGS has 101-200 employees and operates from Inverkeithing, Scotland. On January 18, 2024 (or February 18, 2024 per some sources), IGS raised $28.56 million in a Series C round from investors including Cleveland Avenue, COFRA Holding (or Cofra), DC Thomson Ventures, Ospraie Ag Sciences, S2G Ventures (or S2G Investments), Scottish Enterprise, and undisclosed angel investors. The funds aim to strengthen the balance sheet for supply chain commitments, support revenue growth, and finance parts for customer deployments, notably ReFarm in the UAE. Total funding across rounds reaches approximately $43.3M to $94.23M depending on source aggregation. The company anticipates significant revenue uptake post-funding. IGS differentiates by focusing solely on technology science, allowing farmers to benefit from its R&D. Leadership transition noted with Andrew Lloyd as CEO and Sonya appointed, following David Farquhar. Investors highlight proven technology in demand globally for vertical farming and greenhouse operations. |
| Jan 2023 | Series B | Cleveland Avenue | $15M | Intelligent Growth Solutions (IGS) is a Scottish agri-tech company founded in 2013 that specializes in vertical farming technology and controlled environment agriculture. The company develops advanced indoor farming systems designed to optimize growing conditions and create commercially viable vertical farm operations for global customers. By March 2024, IGS had raised approximately $94.23M across six funding rounds, with major investors including Cofra Holding, DC Thomson Ventures, S2G Ventures, and Cleveland Avenue. The company's most recent announced funding milestone was a Series C round in January 2024 that closed at £22.5 million, which followed its Series B raise of £42.2 million in November 2021. IGS announced plans to build a GigaFarm facility in Dubai Food Tech Valley and underwent leadership changes, with Andrew Lloyd becoming CEO in 2024 to lead the company's international expansion efforts. The company operates in a growing market, with industry forecasts projecting the global vertical farming produce market to reach $1.5 billion by 2030. |
| Nov 2021 | Series B | COFRA Holding (lead); Cleveland Avenue; AgFunder; Ospraie Ag Sciences; DC Thomson; S2G Investments; Scottish Enterprise | $56M | Intelligent Growth Solutions is a Scottish agritech company founded in 2013 that designs and builds vertical farming technology for customers in food, pharmaceutical, and fragrance markets globally. The company specializes in patented vertical farm technology and controlled environment agriculture solutions. On November 4, 2021, IGS closed its Series B funding round with £42.2 million in total capital raised (approximately $56.7 million USD). The round was led by COFRA AG (Zug, Switzerland), Cleveland Avenue LLC (Chicago), and DC Thomson (Dundee, Scotland), with participation from Ospraie Ag Science (New York), S2G Ventures (Chicago), AgFunder (San Francisco), and Scottish Enterprise. As part of the transaction, Donald Brenninkmeijer and Jason Mraz from Ospraie Ag Science were appointed to the IGS board as non-executive directors. At the time of the Series B closing, IGS reported that it had deployed its technology to customers across four continents and noted that its sales pipeline had quadrupled in the prior 12 months, indicating significant commercial traction. The company would go on to raise additional capital, including a Series C round of GBP 22.5 million in January 2024 led by COFRA's Sustainable Food Group alongside DC Thomson and S2G Ventures. |
| Dec 2020 | Series A | S2G Investments | $5M | Intelligent Growth Solutions (IGS), a Scottish vertical farming technology provider, raised £5.4 million in a Series A funding round led by S2G Ventures, with participation from AgFunder and Scottish Investment Bank. The investment supports job creation in software development, engineering, robotics, and automation, as well as product development in AI, big data, and IoT, and expansion of global marketing, sales, and customer support teams across three continents. Over 95% of IGS's sales are expected to be exported directly or through regional channel partners, amid a vertical farming market projected to grow at 24% per annum over the next three years. |
| Sep 2019 | Series A | AgFunder (lead); Ospraie Ag Sciences (lead) | $2M | - |
| Jun 2019 | Series A | AgFunder (lead); S2G Investments (lead); Scottish Investment Bank (lead) | $7M | Intelligent Growth Solutions (IGS) develops vertical farming technology, including a sophisticated 'in a box' system that addresses high energy costs, inconsistent plant growth, and labor challenges in indoor agriculture. The company creates optimal conditions for vertical farming through controlled technology solutions, with a focus on AI, big data, IoT, software, engineering, robotics, and automation. On June 18, 2019, IGS raised £5.4 million in Series A funding led by AgFunder, S2G Investments, and Scottish Investment Bank. The funds support job creation, product development, and building global marketing, sales, and customer support teams across three continents, with over 95% of sales expected to be exported. Global vertical farming market growth is projected at 24% per annum over the next three years from 2019. |
Who has invested in Intelligent Growth Solutions?
8 investors have backed Intelligent Growth Solutions across its funding rounds, including S2G Investments, AgFunder, Cleveland Avenue, Ospraie Ag Sciences, Scottish Enterprise and DC Thomson.
Lead investors include COFRA Holding, AgFunder, Ospraie Ag Sciences, S2G Investments and Scottish Investment Bank.
Intelligent Growth Solutions Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jun 2019 | ||
| 3 | Participant | Nov 2021 | ||
| 3 | Lead | Jun 2019 | ||
| 3 | Lead | Sep 2019 | ||
| 2 | Participant | Nov 2021 | ||
| 2 | Lead | Nov 2021 | ||
This data is available for Pro users. Sign up to see all 8 Intelligent Growth Solutions investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialIntelligent Growth Solutions Competitors
Intelligent Growth Solutions competitors include listed companies like Johnson Controls and Samsara, and private ones like Greenlabs, Verkada, Distynct and eFishery.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $218M | $145M | $840M | 3.9x | ||
| Private | - | - | $5.8B | - | ||
| Private | - | - | $1.8B | - | ||
| Private | $157M | - | $1.4B | - | ||
| Publicly listed | $24B | $3B | $85B | 3.7x | ||
| Publicly listed | $1.6B | ($29M) | $23B | 12.0x |
Intelligent Growth Solutions Public Comps
Intelligent Growth Solutions is still privately-owned, but its public comps include Amphenol, Foxconn Industrial Internet, Hitachi, Keyence, Johnson Controls, Lumentum, Honeywell, TE Connectivity, Corteva and AMETEK.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $23B | $6.9B | 9.0x | 6.5x | 30.0x | 19.8x | |||
| $135B | $7.7B | 1.4x | 0.9x | 23.8x | 16.6x | |||
| $68B | $11B | 2.2x | 2.2x | 13.8x | 13.5x | |||
| $7.5B | $4.1B | 14.5x | 13.2x | 26.6x | 24.5x | |||
| $24B | $3B | 4.0x | 3.7x | 31.0x | 20.0x | |||
| $3B | ($6.9B) | 26.2x | 21.3x | (11.4x) | 56.6x | |||
| $37B | $7.8B | 2.4x | 3.6x | 11.6x | 16.1x | |||
| $17B | $4B | 3.7x | 3.3x | 15.9x | 12.2x | |||
This data is available for Pro users. Sign up to see all Intelligent Growth Solutions competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Intelligent Growth Solutions
| When was Intelligent Growth Solutions founded? | Intelligent Growth Solutions was founded in 2013. |
| Where is Intelligent Growth Solutions headquartered? | Intelligent Growth Solutions is headquartered in Edinburgh, United Kingdom. |
| Is Intelligent Growth Solutions publicly listed? | No, Intelligent Growth Solutions is a private, VC-backed company. |
| How much funding has Intelligent Growth Solutions raised? | Intelligent Growth Solutions has raised $113M across 6 funding rounds. |
| What was Intelligent Growth Solutions' last funding round? | Intelligent Growth Solutions' last funding round was a $29M Series C in January 2024. |
| Who are Intelligent Growth Solutions' investors? | Intelligent Growth Solutions' investors include S2G Investments, Cleveland Avenue, AgFunder, Ospraie Ag Sciences, DC Thomson, COFRA Holding, Scottish Enterprise and Scottish Investment Bank. |
| Which companies are comparable to Intelligent Growth Solutions? | Companies comparable to Intelligent Growth Solutions include Greenlabs, Verkada, Distynct, eFishery, Johnson Controls and Samsara. |
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