Aberystwyth-based Phytoponics has raised an additional £300,000 in funding, following the closure of a £200,000 round earlier this year.
The company specialises in the development of hydroponic deep-water culture technology in a bid to make agriculture more sustainable.
Existing shareholders and new Angel investors led by Smart Anchor Capital participated in the investment round.
Co-founded by Adam Dixon and Luke Parkin during Dixon’s studies at Cardiff University, Phytoponics seeks to produce better crop yields.
Dixon, also the CEO, 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.”
“The team have achieved an amazing amount in the past 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,” said Mark Hindmarsh, founder partner of Smart Anchor Capital.
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“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,” he added.
Angel investor entrepreneur Melisa Lawton explained why she backed the startup.
“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.”