The close of this Series A raise would leave Vertical Future with a nine figure post-round valuation, setting up the business with the 'scope and autonomy for rapid expansion'.
Funds raised will be used to accelerate the deployment of Vertical Future’s farms, vertical integration of specific manufacturing capabilities, technological improvement and team build-out – it expected to grow headcount to more than 60 by the end of Q2 2022.
Wider net
Founder and chief executive Jamie Burrows (pictured) said: “Unlike others in the vertical farming sector whose technologies and ambitions are restricted to growing only premium-priced salad and microgreens for a premium domestic and restaurant market, we are aiming to feed everyday working families with fairly-priced, higher-quality produce. This is achieved through a combination of technology, scale, and data insights."
“Our indoor vertical farms offer a cost-effective way to dramatically increase output and productivity per cubic metre, enhance nutrient profiles, and improve flavour; all through an approach that is completely free from pesticides and thus better for human health. Over the next few years, we will be doing this at an industrial scale.”
Spread across the UK
Founded in 2016, Vertical Future’s soilless farms are being deployed across the UK and internationally, with ‘advanced discussions’ already underway with several major UK retail and logistics brands.
Food and drink manufacturers have started to incorporate vertical farming into their production plants in an effort to cut down on their environmental impact and reliance on third parties to supply added value items such as salads.
Sausage maker Heck’s £3.5m expansion of its Kirklington, North Yorkshire factory included the installation of a new vertical farm to grow herbs and vegetables for its Italia and Veg with Edge product lines.
Co-founder Jamie Keeble described the vertical farm as a ‘world first’, allowing the manufacturer to be the first food brand in the world to grow herb and vegetables onsite to put into its products.