Agtech start-up raises £300,000 of funding
Phytoponics, which is the creator of a hydroponic deep-water culture technology solution for sustainable agriculture, has raised £300,000 in new investment.
Having secured £200,000 earlier this year, the start-up has gone on to receive additional funding from existing and new investors in a deal led by Smart Anchor Capital.
Founded by Adam Dixon and Luke Parkin, the company is delivering highly optimised hydroponic systems to produce better crop yields than traditional systems and meet global food demand.
At its glasshouse facility in Aberystwyth, the company has already used the Hydrosac technology to produce two tonnes of high-quality tomatoes. It’s now looking to commercialise this solution.
Adam Dixon, co-founder and CEO of Phytoponics, said the company is pleased to have secured this funding from such prominent and supportive investors.
He said: “These new funds will provide us with the necessary operating cash to scale up trials of our technology whilst experimenting with other high-value crop types.
“We recently signed a contract with a major commercial grower that will use our technology to grow tomatoes for two major supermarkets early next year. We’re also planning to hire new employees to help with technical and commercial development.”
David Kremer, who is an existing investor, said: “When approached, I was more than happy to follow-on fund the team having experienced the progress they’ve made over the last 6 months, not only successfully bringing their concept to market but surrounding themselves with credible industry experts and picking up awards and accolades along the way.”
Incoming Angel investor entrepreneur Melisa Lawton said: “The decision to invest in Phytoponics was quite simple once I’d met Adam and Luke.
“Their vision is compelling, as is the potential for their Hydrosac technology, especially the ability to deploy it in countries where water is scarce or in humanitarian aid situations.”
Mark Hindmarsh, founding partner of Smart Anchor Capital, said the team has achieved an amazing amount of success in the last 12 months and with little resources
He said: “They have attracted the attention of potential partners and customers from the US, India, UAE, Africa, Canada and many other countries.
“As new shareholders, we are all excited to see what the future holds for the company considering the opportunity that lies ahead, and as recently appointed chairman, I personally look forward to playing my part in helping Phytoponics achieve its next milestones in advance of a larger fundraise within the next 12 months.”