Foodtech Company, Vertical Future, Announce £4m Fundraise
Vertical Future raises £4m to accelerate London expansion plans and further technological innovation
Earthworm Capital and High-Net-Worth Investor-base invest in high-growth food production for Urban Environments
London gains two new “Ethical Plant Factories” in London Fields and Mayfair
Fundraising brokered by lead advisors, Acceleris Capital
Vertical Future is a London-based FoodTech company producing high-quality, ethical food, with a high degree of precision and control. Their focus is the development of efficient and sustainable methods of food production and supply systems, with a long-term commitment to improving health and reducing C02 emissions in cities.
Today (date) Vertical Future has announced the completion of its Seed Round, which has raised £4 million of equity finance - with further investment expected in the coming months.
The £4m investment was led by Earthworm Capital - a fast-growing impact investor with a portfolio across waste, energy and now, food - and supported by corporate finance advisor , Acceleris Capital,. Also supporting the raise was Amberley Advisory and Gateley.
The capital raised will be used to support the first phase of Vertical Future’s decade-long growth strategy. The company will realise a 25x increase in crop production capacity across its London operations, aided by the development of two new “Ethical Plant Factories” in London Fields and Mayfair, as well as further developing its existing site in Deptford. This heightened production will lead to an increase in staffing, with roles focusing on the development of in-house growing tech, robotics, and process management.
The substantial increase in output that the new factories will produce, will enable a 10x increase in B2B restaurant and food brand customers - from 100 to over 1,000. Current customers include Tom’s Kitchen, Mindful Chef, Chop’d, Kaleido, Lahpet, and Quaglino’s, to name a few.
Lord Nigel Crisp, Former Head of the NHS and Non-Executive Board Member at Vertical Future, commented that: “This is our first major move in this sector, building on three years of hard work and proof of concept. Sustainable food will be one of society’s biggest challenges in future years and we are at the forefront of the effort for better, long-lasting solutions”
Ben, 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.”
Simon Thorn, CEO of Acceleris said: “We are delighted to complete this transaction with Jamie and the team at Vertical Future. We believe that we have secured an excellent investment partner in Earthworm and we look forward to supporting the Company’s growth over the coming years. The team have attracted an impressive customer base so far and we see plenty of areas for growth.
Jamie Burrows, Founder and CEO of Vertical Future commented on the raise: “We are elated to announce our raise today and further our mission to change the future of our cities across the UK - starting in London.”
“FoodTech can improve the sustainability of our food by transforming the way it is produced, increasing health-benefits and decreasing our carbon ‘foodprint’, and nowhere is this more essential than in urban areas”.