(Adds detail, CEO comments)
By James Davey
LONDON, Jan 18 (Reuters) - Vertical Future, which grows
crops without soil and with artificial light, said on Tuesday it
had secured 21 million pounds ($29 million) in what it said was
Europe's largest ever "Series A" fundraising in the emerging
vertical farming sector.
The company said the funding round gave it a valuation of
100 million pounds ($136 million).
Vertical farming produces crops on a series of stacked
levels and has been promoted as a sustainable way of growing
fruit and vegetables closer to the point of consumption without
pesticides and using less water.
Vertical Future develops and deploys vertical farming
hardware and technology. It has a range of projects in Britain
and overseas, including in Ireland, Italy and Singapore.
"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, said Jamie
Burrows, who founded the company in 2016 with his wife,
Marie-Alexandrine.
"Over the next few years, we will be doing this at an
industrial scale.”
Investors in the fundraising included Pula Investments Ltd,
environmentalist Gregory Nasmyth, Nickleby Capital, Dyfan
Investment and existing shareholder SFC Capital.
Vertical Future is in talks with several major British
retail and logistics brands to further accelerate growth.
"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," Burrows
said.
He said the UK market alone was potentially worth 6-8
billion pounds, including growing crops for pharmaceuticals,
nutraceuticals and phytopharmaceuticals.
In 2019, British online supermarket Ocado, invested
17 million pounds into vertical farming, forming a joint venture
with U.S. based 80 Acres Farms and Dutch company Priva Holding.
Ocado also acquired a 58% stake in vertical farm operator Jones
Food Company.
Last year, Tesco, Britain's biggest supermarket
group, was supplied with strawberries vertically-grown by Direct
Produce Supplies Ltd.
($1 = 0.7352 pounds)
(Reporting by James Davey. Editing by Jane Merriman)