Phytoponics secures £300,000 extra funding

Aberystwyth-based agricultural technology firm Phytoponics has received a further £300,000 in a funding round led by Smart Anchor Capital.

Insider Media reports it follows on from a £200,000 funding round completed earlier this year.

Phytoponic’s patented Hydrosac technology recently produced two tonnes of high quality tomatoes through a pilot project housed at the company’s glasshouse facility at Aberystwyth University.

The company was co-founded by Adam Dixon and Luke Parkin during Adam Dixon’s studies at Cardiff University with the aim of delivering highly optimised hydroponic systems designed to produce better crop yields than traditional systems and with the potential to meet global food demand with sustainability in mind.

The latest injection comes from existing investors and a number of new angel investors.

Chief executive Adam Dixon said “We’re so pleased to have secured this funding from such prominent supportive investors. These new funds will provide us 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.”

Existing investor David Kremer 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.”

Founder Partner of Smart Anchor Capital, Mark Hindmarsh, said “The team have achieved an amazing amount in the last 12 months and with little resource. Despite that 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.”

The Phytoponics investment process was facilitated and managed by Smart Anchor Ventures with legal support provided by Acuity Legal.

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