A London-based food technology company that aims to spearhead sustainable food production has closed a £4m seed funding round.
Vertical Future secured the investment in a round led by impact investor Earthworm Capital, with support from corporate finance adviser Acceleris Capital, consultancy Amberley Advisory and legal firm Gateley.
The company uses technology to produce food - primarily baby leaf vegetables and herbs - in controlled environments using sustainable methods, with a long-term commitment to improving health and reducing CO2 emissions in cities.
The seed funding will be used to support the first phase of Vertical Future’s long-term growth strategy, including a 25-fold increase in crop production capacity across its London operations through the development of two new ‘ethical’ plant factories in London Fields and Mayfair, as well as developing its existing site in Deptford.
Jamie Burrows, founder and CEO of Vertical Future, commented: “Following several years of hard work, today’s raise validates our growth strategy and strong position in the London market, furthering our mission to improve the food and health of urban inhabitants, starting in London.”
Ben Prior, CEO of Earthworm, added: “Vertical farming offers huge potential in solving one of the biggest issues of our time – how to feed a growing population sustainably.
“We are really impressed with Jamie’s vision and work ethic, and the team at Vertical Future has a very special business poised for growth.”