UK-based GrowUp Farms has secured £38m ($49.3m) in fresh funding from investment firm Generate Capital “to meet growing demand”.
The vertical-farming business will use the injection to expand capacity at its Kent site as well as “support the Unbeleafable and Fresh Leaf Co. brands”, according to a statement.
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The new funding extends Generate Capital’s existing partnership with GrowUp, following initial financing in 2021, which was used to scale up its new vertical farm in south-east England.
The US-based public benefit sustainability investor then invested a further £100m in 2022.
“With Generate Capital’s support, we have proved that vertically farmed salads are sustainable, cost competitive, and commercially viable, as well as tasty, healthy and long lasting. Together we can unlock a new salad category and meet growing consumer demand,” Marcus Whately, the CEO of GrowUp, said.
“With this further investment, we can expand production to meet demand and continue to transform UK food production.
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By GlobalData“We’ve been growing for over 11 years now. We’ve come a long way with Generate Capital’s support, since Kate Hofman and Tom Webster set up their first vertical farm in 2013, supplying salad leaves to London markets and restaurants.”
Founded by Hofman and Webster in 2013, GrowUp Farms’ Kent farm will produce 1.4 million bags of salad per week once fully operational.
GrowUp Farms launched Fresh Leaf Co. in Iceland stores across the country in February 2023 and in Spar outlets in February this year. The Unbeleafable range launched in Tesco last July.
Generate Capital CEO and co-founder Scott Jacobs said: “GrowUp is one of the UK’s most exciting and innovative vertical farming operations, experiencing nearly 800% sales increase year over year.
“Their ability to quickly earn the trust of the UK’s largest retailers shows the appeal of their product lines, the strength of their team, and their ability to meet rising consumer demand for healthy, locally grown food.”
