UK’s Vertical Future harvests £21 million in Series A round
Hailed at the largest Series A round to ever reach European shores in the controlled environment agriculture space, southeast London’s Vertical Future has raised £21 million in a Series A round. The funds will be used to move along the deployment of Vertical Future’s farms, integrate specific manufacturing capabilities,, and bolster the team numbers, with a headcount of over 60 expected by the end of Q2 2022. To date, Vertical Future has grown £26.1 million.
Founded in 2016 by Jamie Burrows, former Ernst & Young life sciences consultant and Ph.D. health economist, and Marie-Alexandrine Burrows Vertical Future might not have the same brand recognition of competitors such as Infarm, but that doesn’t mean they’re not playing on the same pitch.
Verical Future both builds vertical farming hardware and software technologies and offers operational support and consulting services. Moreover, the company has an active R&D programme in conjunction with the University of Cambridge, Loughborough University, and NIAB, conducting a variety of research projects including explorations into the role of vertical farming in phytopharmaceuticals as well as in the maximising yield and nutritional profile of vertically grown food crops.
With a pipeline that includes projects in the UK, Ireland, Italy, and Singapore, Vertical Future aims to eventually dwarf the scale of those seen and imagined so far for indoor agriculture, and advanced discussions are already underway with several major UK 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. This is achieved through a combination of technology, scale, and data insights,” commented CEO Jamie Burrows.
Vertical Future’s £21 million Series A round included funding from Pula Investments, environmentalist Gregory Nasmyth, Nickleby Capital (representing various UHNW family offices), Dyfan Investment, and additional undisclosed investors. SFC Capital, the company’s second-largest shareholder, also participated in the round.
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