University of Bristol Enterprise Fund has returned with more cash for irrigation system developer Lettus Grow, founded by Bristol graduates and students.

Lettus Grow, a UK-based irrigation system developer, raised £460,000 ($585,000) yesterday in a round backed by University of Bristol Enterprise Fund (UBEF) II, an investment vehicle managed by Parkwalk Advisors. UBEF II was joined in the round by Bethnal Green Ventures as well as unnamed individual and institutional investors including unnamed affiliates of impact investment bank ClearlySo. Parkwalk Advisors is a fund management division of commercialisation firm IP Group. Founded in 2015, Lettus Grow manufactures irrigation systems intended to improve agricultural yields in vertical farming setups where plants are stacked together, often in indoor environments. The systems are based on an aeroponic technology that exploits LED lighting and moistens plant roots in a nutrient-rich mist rather than soil. Lettus Grow’s approach avoids the need for pesticides or herbicides, and the company claims it could increase yields by more than 70% compared to conventional methods. The company was founded by University of Bristol students and graduates The capital will allow Lettus Grow to scale its operations and bring its products to the market as it looks to fulfil growing global demand for sustainable farming technologies. UBEF II previously supplied Lettus Grow with an undisclosed sum in September 2018. Charlie Guy, co-founder and managing director of Lettus Grow, said: “The global agri-tech industry is very exciting right now, all stemming from the necessity to improve the economic and environmental sustainability of food production. “We are fielding enquiries from all around the world from food producers and farmers who want to experience the benefits of our technology across a growing range of crops. –  Feature image courtesy of Lettus Grow

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?