BASF Venture Capital Invests In Indian Startup UrbanKisaan

Startup optimizes sustainable agriculture without soil in tropical climates

■   BASF Venture Capital’s first investment in this early stage Indian business strengthens AgTech activities in Asia

Hyderabad, India, and Ludwigshafen, Germany, July 13, 2021 – BASF Venture Capital GmbH (BVC) is investing in the Indian startup UrbanKisaan, which specializes in hydroponic cultivation of various types of vegetables, greens and herbs in tropical urban environments. This is BVC’s first investment in an early stage business focusing on India. Conceptualized in 2017, UrbanKisaan operates several suburban greenhouses and vertical indoor farms in Hyderabad and Bangalore. The company sells the fresh produce, some of which is grown directly in the shops, in its franchise-owned brick-and-mortar stores and via an app and website. Both parties agreed not to disclose financial details of the investment.

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UrbanKisaan has optimized hydroponics technology for use in tropical climates such as India. With only one tenth of the costs, the proprietary technology is significantly more efficient than conventional global standards in hydroponics cultivation. The company is also capitalizing on the trend of online food retailing, which is booming on the subcontinent. “Our approach in hydroponics enables us to produce our food cost-effectively and with relatively little effort,” said Vihari Kanukollu, co-founder and CEO at UrbanKisaan. “Our produce also contributes towards sustainability as it is grown in clean, hygienic farms in and around the city, thus minimizing the total carbon footprint. Use of IoT (Internet-of-Things)-enabled technology for monitoring the farms ensures pesticide-free produce. The growing demand from our customers shows that our idea is well-received,” he added.

UrbanKisaan’s farms are managed through their proprietary technology. Nutrient content, pH levels, atmospheric humidity, CO2 concentration, light concentration and other important parameters are controlled and adapted to the needs of the particular plants with an app.

“UrbanKisaan, as a pioneer in the hydroponics space, has developed a unique growing method and combines this with a compelling business model for sales,” commented Markus Solibieda, Managing Director of BASF Venture Capital GmbH. He added: “AgTech is one of our key investment focus areas worldwide. This includes, in particular, our goal of supporting innovative agricultural and food-related businesses in Asia. We look forward to learning more about hydroponic farming and exploring its potential through a close collaboration between UrbanKisaan and BASF’s agriculture experts.”

With the investment from BASF, UrbanKisaan plans to further expand its market presence in India, deploy its farming technology to work with thousands of farmers, and bring fresh, local, sustainable produce to urban dwellers.

Hydroponic farming – an efficient way to use limited resources

The world’s population is expected to reach 10 billion by 2050 1 while the area available for farming and freshwater reserves are becoming increasingly scarce. Hydroponics offers a sustainable way to grow crops without soil and using vertically stacked layers while reducing water usage by about 90 percent 2. Especially in densely populated urban areas, this presents a more efficient way to use limited resources like water, space and manpower. Water that is not absorbed by the plants is captured, purified and fed back into the farm’s water circulation system, minimizing wastage significantly.

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India is the second-largest producer of fruits and vegetables in the world, with a production value of about $64 billion3. It is also a large consumer of fruits and vegetables, and while much of this is through unorganized channels (local vegetable markets, hand-pulled carts and neighborhood stores), organized channels (modern trade and online retail) account for a little over 20 percent of the market4. Thus, hydroponics is a fast growing and efficient alternative to traditional supply chains in the organized fresh produce market.

About UrbanKisaan

UrbanKisaan was conceptualized in 2017 in Hyderabad, India. The company began as a farming enterprise but wanted to grow more than just fresh and nutritious food. They wanted to create a sustainable future for farming and feed the world in a way that is good for both people and planet. Today, with its hyper-local urban farms the company is creating a transparent supply chain with a low carbon footprint, leveraging on proprietary growing technology that helps save 90% of water yet grow 30 times more crops compared to traditional farms of similar area. Further information at www.urbankisaan.com.

About BASF Venture Capital

At BASF, we create chemistry for a sustainable future. BASF Venture Capital GmbH (BVC) also contributes to this corporate purpose. Founded in 2001, BVC has offices in Europe, the U.S., China, India, Brazil, and Israel. BVC’s goal is to generate new growth potential for current and future business areas of BASF by investing in young companies and funds. The focus of investment is on new materials, AgTech, Digitization and new, disruptive business models. Further information at www.basf-vc.com.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 110,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59 billion in 2020. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

3 Fruits & Vegetables Production value at Current Prices for 2015-16, Horticultural Statistics at a Glance 2018, Government of India, Ministry of Agriculture and Farmers Welfare

4 Avalon Consulting - http://www.fruitnet.com/asiafruit/article/178572/india-on-the-move

INDIA: Gourmet Garden Raises Over USD 3 Million Funding

Gourmet Garden aims to expand their zero-contamination farming operations, broaden their portfolio with additional fresh categories, boost customer experience by deploying India’s first end-to-end B2C tech-enabled cold-chain, and improve ease of ordering with a mobile app and refreshed website.

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01 July, 2021

by BW Online Bureau

Arjun Balaji Co-founder and Director Gourmet Garden and Vishal Narayanaswamy Co-founder Gourmet Garden.png

Gourmet Garden, the first full-range zero-contamination F&V brand in the country, has announced its latest round of funding of Rs 25 Crores led by Beyond Next Ventures, M Venture Partners, and existing investors Incubate India & Whiteboard Capital among others.

Established in early 2019, Gourmet Garden is known for offering the widest range of zero-contamination vegetables and fruits and other curated essential offerings. They stand out on quality and safety owing to their patented naturoponic farming operations, certified organic farming extensions, and a lean 1-day & 2-touch supply chain. Already a leading brand in Bengaluru and Chennai, the start-up is founded by Arjun Balaji, erstwhile a Partner at McKinsey and Company, and Vishal Narayanaswamy who launched among the first hydroponic farms in India.

With this funding, Gourmet Garden aims to expand their zero-contamination farming operations, broaden their portfolio with additional fresh categories, boost customer experience by deploying India’s first end-to-end B2C tech-enabled cold-chain, and improve ease of ordering with a mobile app and refreshed website.

Arjun Balaji, Co-founder, and Director, Gourmet Garden said, "We are fulfilling the consumer need-gap for a brand offering wholesome, distinctly fresh and safe food essentials for everyday consumption. Most other offerings are aggregating commodity supply, however, our focus has been to operate end-to-end and focus disproportionately on source quality and safety, which is at the core of overall customer experience and differentiation.”

"We wish to be the favoured brand destination for all things wholesome, fresh and curated. Our patented Naturoponic farming yields the highest quality vegetables and is our customers’ most loved offering. Essentials grown in certified organic farms along with an assortment of imported fruits make up our extended safe F&V range. In addition, we also offer a selection of authentic spices and dry fruits, and will soon be launching wholesome breads and organic sauces & dips for a wider range in fresh” said Vishal Narayanaswamy, Co-founder, Gourmet Garden.

The company now spans 60,000 customers in Bengaluru and Chennai alone. Over 75% orders, every month come from repeat customers, a testimony to their loyalty-building quality.

Tsuyoshi Ito, CEO, and Akito Arima, Agri/FoodTech Lead Capitalist, Beyond Next Ventures said, “We are delighted to see that their sustainable cultivation techniques and quality of succulent vegetables are comparable to those in Japan. The focus on affordable, high-quality and safe fruits and vegetables is rising in urban India. Gourmet Garden possesses a full basket of high-quality produce, delivered in shortest time keeping their loyal customers happy.”

“Simply put, we partner with great founder entrepreneurs,” commented Mayank Parekh, Founder - M Venture Partners, a Singapore-based venture capitalist. “The distinctive talent combination of Arjun and Vishal is the perfect formula to scale this incredible offering for consumers”

The existing investors are very excited by the progress thus far and have extended their commitments further. Nao Murakami, Founder - Incubate Fund India, said, “Since our initial investment in the start-up a few months ago, the founders and the team have shown a very strong execution capability. Even under COVID-19 pandemic and the series of lockdowns, the team managed to operate with full intensity despite a leaner covid-impacted team, showing agility to solve challenges. This is clearly backed by their passion and conviction”

"We continue to be very excited by the organic growth and customer love that has become the cornerstone of Gourmet Garden's promise. The offering has scaled well and is all set to become the largest clean and contamination-free fresh essentials D2C brand in India and we are looking forward to the journey ahead with Arjun, Vishal, and our co-investors" said Anshu Prasher, General Partner at Whiteboard Capital.

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USDA Announces Grants For Urban Agriculture And Innovative Production

Editor’s note: The following information is derived from an interview Agritecture conducted with Leslie Glover of the USDA Natural Resources Conservation Service Office of Urban Agriculture and Innovative Production. Read the USDA's News Release to learn more about the grants, or reach out directly to urbanagriculture@usda.gov with any application-related questions. Apply here!

Supporting Innovation In Urban Agriculture

The U.S. Department of Agriculture (USDA) recently announced the availability of up to US$4 million for grants to further support urban farming entrepreneurs and businesses looking to innovate. 

“The number of individuals, groups, and community organizations seeking to build stronger local food systems is growing. It is encouraging to see the USDA continue to provide financial support to city stakeholders as applicants around the country aim to improve their communities through urban agriculture.”

— JEFFREY LANDAU, AGRITECTURE’S DIRECTOR OF BUSINESS DEVELOPMENT

Considering that over 6.7 billion people are projected to live in urban areas by 2050, these grants are essential to ensuring greater food security in the urban context and helping support food justice and equity. This enables farmers to better educate and unify communities to improve the locals’ overall health and permit them greater nutritional access.

As part of the USDA Natural Resources Conservation Service Office of Urban Agriculture and Innovative Production, Leslie Glover comments that “the purpose of UAIP competitive grants are to support the development of urban agriculture and innovative production activities by funding planning projects and implementation projects. Planning projects may be designed to initiate or support projects in the early stages of development, while Implementation projects may be designed to accelerate existing and emerging models of urban, indoor, and other agricultural practices that serve multiple farmers or gardeners or improve access to local food in the target area(s).”

Who Is Eligible To Apply?

Awarded by the USDA’s Natural Resources Conservation Service, this grant opportunity “is only eligible to nonprofit organizations, local or tribal governments, and any schools that serve any of the grades kindergarten through 12 in areas of the United States.” 

More specifics on eligibility can be found in the Notice of Funding Opportunity (NFO), and supporting documents can be found here. Although seemingly limiting for non-eligible parties, Leslie adds that “non-eligible entities can be partners on a project” in order to benefit from this grant. 

“This is a really great opportunity for for-profit businesses to partner with nonprofits to meet shared goals. For example, a school that wants to set up a small vertical farm as part of their science curriculum could apply for funds and partner with a local vertical farm operator for technical expertise. A city that is looking to promote various aspects of urban agriculture within its jurisdiction could be the lead and partner with a software designer to develop an online platform that helps facilitate the various aspects of urban agriculture that it wants to promote. The possibilities are endless, and for creative organizations, this is a golden opportunity.”

— DAVID CEASER, AGRITECTURE'S LEAD AGRONOMIST

Inspiring A Change

Previously awarded grants have seen great success in reshaping food production in built-up urban cities. Leslie shares that “last year’s grants were used in several ways from creating a citywide Agriculture Master Plan in New Haven, Connecticut, to providing fresh produce to food deserts and food insecure areas in targeted urban zip codes in Wichita and Sedgwick Counties in Kansas.” 

VIEW MORE GRANT RECIPIENT PROJECTS

As for this new $4 million made available for grants this year, the USDA wants to continue inspiring and encouraging change. Leslie adds that “like last year, the goal is to serve communities in urban areas, suburbs, or urban clusters where access to fresh foods are limited or unavailable.” This is planned to be done “by leveraging collaboration, information sharing, and reporting on evidence-based impacts.”

If you’re interested in applying, reach out to Agritecture to be a supportive partner and strengthen your application! With our 10+ years of experience in local food systems planning, and our portfolio of 130+ clients in over 50 cities, our team of agricultural experts can help you make the strongest application.

Pure Harvest Is Not Just A Vertical Farm, But A ‘Veridical’ One, Says CEO

May 7, 2021

Jack Ellis

With desert making up the vast majority of its land – and most of the rest taken up by urban development – it’s easy to see why the UAE imports as much as 90% of its food from abroad. Just 5% of the country is considered cultivable.

The story is the same across much of the arid Middle East. But with the emergence and continued improvement of technologies in areas like indoor farming, irrigation, and water desalination, the region is beginning to contemplate a future in which it no longer relies as desperately on imports from more temperate, fecund climes.

While they’re short on arable land, something that the UAE and several of its neighbors do have in abundance is the money needed to invest in these technologies – or bring them in from overseas.

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Pure Harvest “grows 26 commercial varieties of tomatoes, including six that have never before been seen,” according to CEO Sky Kurtz. Image credit: Pure Harvest Smart Farms

In 2019, the government of UAE constituent Abu Dhabi committed $272 million in financing and tax incentives to the development of a local agtech ecosystem. In April last year, the emirate’s Abu Dhabi Investment Office pumped $100 million of grant funding into startups including local controlled environment agriculture (CEA) grower Pure Harvest Smart Farms, with the startups sharing in a further $41 million injection last December. Also in April 2020, nearby Kuwait invested $10 million in Pure Harvest to bring the company’s desert-customized smart farming solutions to its own shores.

In March this year, Pure Harvest announced that it had closed a $60 million growth funding round, including a $50 million sharia-compliant, structured sukuk financing led by SHUAA Capital and anchored by Franklin Templeton. Sancta Capital made a “sizable” investment in the round, the startup said at the time.

AFN recently interviewed Pure Harvest founder and CEO Sky Kurtz about the company’s funding frenzy, its plans for expansion in the Middle East and beyond, and how it has managed to grow ‘green gold’ in the desert. Read on to hear more from Kurtz.

AFN: Pure Harvest recently raised $60 million in growth funding. How will Pure Harvest use this capital?

SK: This complements our earlier $29.3 million Series A capital to fund capital expenditures that will complete three new high-tech hybrid greenhouse projects, including two in the UAE and a beachhead in Saudi Arabia. The two farms in the UAE are nearly complete and will harvest late-Q2, while the Saudi Arabian farm is to be completed by Q3 and harvesting in Q4.

[We’re also making] additions to headcount, including key functions that further our capabilities, such as data science, machine learning, agronomists with specializations in new crops such as leafy greens and berries, and other high-skilled personnel.

The funding complements sizable R&D incentives received from the Abu Dhabi Investment Office to fund and further develop pilots of new technologies, enhancements to our climate control systems, and product development of new tools, equipment, and sub-systems that will improve the efficiency of our production systems.

AFN: What makes Pure Harvest different from competing indoor farming players in the market

SK: Pure Harvest Smart Farms designs, constructs, and operates high-tech growing systems equipped with proprietary climate management technology to enable year-round production of local, affordable, premium-quality fresh fruits and vegetables in the world’s harshest climates. We are also committed to supporting public initiatives focused on improved food security, water conservation, economic diversification, and sustainability. Through constant engagement with governments, schools, and research institutions, we believe that together, we can lead the Middle East into the next generation of sustainable agriculture.

Our representative differentiators are our proprietary climate management system design and system integration. We buy what we can build what we must. This is heavily informed by data from nearly three years of continuous production and operation in the UAE’s extreme heat and humidity. This is an extreme laboratory and we have unmatched insight into how to design systems to operate here and how to actually grow in this environment.

We have an exclusive design and IP [intellectual property] partnership with Larssen Greenhouse Consulting. [Its CEO Thomas Larssen] is a world-leading design consultant to the high-tech horticulture industry with over 30 years of experience and 1,000 successful projects worldwide. We co-develop designs and solutions; however, Pure Harvest maintains the IP. Thomas Larssen also serves as a director on our board and is a significant investor in the company.

We have regionally exclusive technology licenses with certain sub-suppliers that supply equipment or solutions that we deem to be head-and-shoulders above comparable solutions providers. With these partners we enter mutually exclusive relationships for [our] markets [and collaborate on R&D] efforts to modify their solutions for extreme climates.

We leverage our incumbency [in terms of] data, knowledge, and learning curves to both inform our future designs and procurements, but also to train agronomists. We can deploy them into existing assets within the extreme environment to train them before inserting them into new farms, benefiting from our institutional know-how and de-risking new projects and new market entry.

AFN: What differentiates Pure Harvest from a tech perspective?

SK: The technologies being utilized in Pure Harvest’s growing systems differ from existing systems used by growers in the Gulf region and abroad. Pure Harvest’s solution features an overpressure climate control system that not only serves to maintain the most optimal growing conditions but also helps to keep insects and diseases from breaching the growing area.

As pressurized air escapes from the rooftop vents [it] resists entry from particles and insects. This is a first-of-its-kind in the Gulf region but indeed exists in other parts of the world.

We also recapture condensation water created by our system to ‘create’ water, reducing our reliance upon groundwater and municipal water.

To maximize yields, carbon dioxide dosing is injected into the greenhouse which stimulates the photosynthesis process. Advanced hydroponic irrigation systems recirculate 100% of excess water, while sensors and advanced data analytics provide climate management. Many of these solutions are used in the Netherlands or the US, but are truly novel for the markets that we serve.

AFN: Are Pure Harvest products already available on general sale to the consumer? At what price point?

SK: Pure Harvest products are found in some of the most respected and far-reaching retailers in the Middle East — such as Spinneys, Waitrose, and Carrefour — as well as numerous reputable hotels and restaurants in the UAE. The company currently grows 26 commercial varieties of tomatoes — including six that have never before been seen — and six varieties of strawberries. Leafy greens, baby spinach, and much larger production of strawberries are coming by mid-year.

By early next year, upon completion of the company’s Kuwaiti facility, the product portfolio will broaden even further, including raspberries, blackberries, additional vine crops, and additional lettuces.

Pure Harvest’s products are typically at 20% to 40% lower cost versus comparable quality European imports, but a modest premium to lower cost, lower quality, seasonal regional production. We’ve created a new ‘premium local’ category that did not exist in our markets previously.

AFN: Can you explain what a structured sukuk financing is and why it was necessary in this instance?

Sukuks are a novel financial product whose terms and structures comply with Islamic [sharia] law, with the intention of creating risks and returns similar to those of conventional fixed-income instruments like loans or bonds.

Unlike a conventional bond, which represents the ‘debt’ obligation of the issuer, a sukuk technically represents an interest in an underlying funding arrangement structured according to sharia law, entitling the holder to a proportionate share of the returns generated by such arrangement and, at a defined future date, the return of the capital. It’s more like a sale-leaseback transaction, resulting in ‘profits’ being generated from leasing the property, plant, and equipment as opposed to ‘interest’ on capital, which is not permitted in Islam.

For a corporation tapping the sukuk market, there is a potential marketing benefit for issuers active in Islamic markets, if they are seeking investments in those markets. The investor base represented by sharia-compliant investors is still largely untapped and there has traditionally been significant unmet demand for products.

AFN: What is the biggest challenge that Pure Harvest has faced so far – and how has the team overcome that challenge?

The early challenge was securing capital – to convince investors to believe this was possible in unprecedented markets due to the extreme climate + deploying ‘unproven’ assets in an emerging market.

We have now raised approximately $45 million from the US, Asia, Europe, and the Middle East over the past four years. To do so has taken significant time, energy, and conviction in our vision. The GCC [Gulf Cooperation Council] region is a relatively new venture market with a limited number of venture investors, with smaller ticket sizes. We are pioneering agtech in an asset-intensive sector within an emerging market – it’s very, very hard being first. Now that we have proven our solution and our product-market fit, we are able to tap more established institutional investors and capital markets. Early on, however, there were no successful reference cases or analogs to point to. We entered truly uncharted territory.

Now, we are that analog, which new competitors are pointing to when pitching to investors [as to why they] should trust them to enter the GCC markets.

I cannot underscore just how hard it has been to be first. Even with consumers, convincing them that a premium local offering could be better than European imports – it was previously thought impossible, and ‘local’ was looked down on rather than celebrated.

[Operationally] the most difficult issues to overcome in the region are related to heat and humidity during the long summer months, to be able to deliver European product standards to customers. Developing and integrating world-leading horticulture technology has helped us to overcome the challenges presented by the extreme climate.

AFN: Pure Harvest appears to have raised quite a substantial amount of funding to date. What is the total funding figure and how is it all being deployed? Is building indoor farms in the UAE and Saudi Arabia more capital intensive than, say, Europe or the US?

Total funding commitments secured exceeds $216 million, including a performance-contingent $100 million commitment from our Series A lead investor, Wafra International Investment Company. This also includes the sizeable, non-dilutive incentive package received from the Abu Dhabi Investment Office, the exact value of which we can’t disclose.

Our core use of proceeds is indeed capex. Building these high-tech, ultra-high productivity farms is expensive – but it works [because] we have tremendous amounts of sunlight. We are able to harness that light to deliver world-leading yields, which helps absorb that capital and results in a favorable — often much more favorable — unit cost of production versus similar high-tech growing systems in the US, Europe, and Australia, for instance.

We call our solution ‘veridical’ farming rather than ‘vertical’ farming – ‘veridical’ meaning ‘truthful,’ or ‘realistic.’ We actually meet our claims to investors and to our customers, achieving about 10x to 15x the yield per square meter versus incumbent lower-tech CEA solutions while using a seventh to a tenth of the water.

AFN: What’s next for Pure Harvest?

We aim to be a regional leader in agribusiness in five years and to have expanded into at least two to three foreign markets, including within Southeast Asia. We will have advanced our solution to be 20% to 40% cheaper to build, build it in half the time, and deliver 20% to 40% greater output per unit of ‘light — that is, solar energy — that we can harvest. We will standardize our integrations with renewable infrastructure for our power and CO2 requirements, while utilizing treated wastewater in our cooling systems to reduce our environmental impact, and thus that of our customers when they buy our products.

The future of sustainable farming is here. We wish to serve the underserved billions who live within an eight-hour flight of Abu Dhabi and within 2,000 miles of the Equator, who have historically relied upon imports from other markets. Delivering to these nations is a true and tangible food security solution, and contributes to water conservation, economic diversification, and more sustainable, high-quality, safer, and tastier food.

Lead Photo: Pure Harvest founder and CEO Sky Kurtz. Image credit: Pure Harvest Smart Farms

Comment? News tip? Story idea? Email me at jack@agfunder.com or find me on LinkedIn and Twitter

Vertical Farming Startup Oishii Raises $50m In Series A Funding

By Sian Yates

03/11/2021

Oishii, a vertical farming startup based in New Jersey, has raised $50 million during a Series A funding round led by Sparx Group’s Mirai Creation Fund II.

The funds will enable Oishii to open vertical strawberry farms in new markets, expand its flagship farm outside of Manhattan, and accelerate its investment in R&D.

“Our mission is to change the way we grow food. We set out to deliver exceptionally delicious and sustainable produce,” said Oishii CEO Hiroki Koga. “We started with the strawberry – a fruit that routinely tops the dirty dozen of most pesticide-riddled crops – as it has long been considered the ‘holy grail’ of vertical farming.”

“We aim to be the largest strawberry producer in the world, and this capital allows us to bring the best-tasting, healthiest berry to everyone. From there, we’ll quickly expand into new fruits and produce,” he added.

Oishii is already known for its innovative farming techniques that have enabled the company to “perfect the strawberry,” while its proprietary and first-of-its-kind pollination method is conducted naturally with bees.

The company’s vertical farms feature zero pesticides and produce ripe fruit all year round, using less water and land than traditional agricultural methods.

“Oishii is the farm of the future,” said Sparx Group president and Group CEO Shuhei Abe. “The cultivation and pollination techniques the company has developed set them well apart from the industry, positioning Oishii to quickly revolutionise agriculture as we know it.”

The company has raised a total of $55 million since its founding in 2016.

Founders Future: A New Fund For Impact Startups

The Fund's Particularly Interested In

Vertical Farming, Circular Economy,

Mobility, And Alternative Packaging.

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BY FREYA PRATTY

 15 FEBRUARY 2021

Founders Future, a French investment firm for European startups, is launching a new fund focused on supporting the next generation of impact-driven entrepreneurs.

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MARC MENASÉ

Founding partner

The fund is the firm’s second and will focus on seed and Series A investments. It’s targeting a close of €50m and has raised €20m of that so far. Most of the money has come from angel investors, including Thierry Gillier, the founder of clothing brand Zadig and Voltaire; Bris and Yves Rocher, from the French cosmetics brand Rocher; and Michael Benabou.

The fund’s primary goal is finding impact-driven startups that show transformative potential, explains serial French tech entrepreneur Marc Menasé, who started Founders Future.

“Impact is everything now,” he says. “The consumer now wants to buy products that are more respectful across many criteria, and employees want to work for companies that take into account their impact on the planet and other ESG criteria.”

Founders Future is particularly interested in finding startups working on vertical farming, last-mile delivery, mental health, mobility, cleaner alternatives to packaging, and those working on the circular economy.

It’s a slightly different focus to the firm’s first fund, which looked to invest in the future of work, the future of banking, and the future of health. This included investments into French fintechs Lydia, Alma, October, and Memo Bank. 

The food industry

Within the sectors Founders Future is now looking to fund, Menasé is particularly excited by startups looking to transform the food industry. 

“I came to impact investing through the food transition,” he says, “and I’m super keen to fund projects in the food transition, I really have this in the gut — not meaning to make a joke there.”  

One of the companies Menasé founded himself is Epicery, a delivery service for fresh grocery products, and he’s made investments in dark kitchen company Taster and Yuka, an app that tells you what’s in your food. 

Founders Future also has a ‘venture studio’ within it to build new companies. The latest being created is focused on food — dietary supplement company Epycure. 

Analyzing impact

Within its straight investment arm, Founders Future has developed a “highly structured way to invest”, Menasé says. 

“We have new software called Zei which we use to assess businesses. Along with the founders, we plug in all the information we have about a startup and then we can share their impact trajectory, highlighting areas they need to improve on.”

The software could highlight that a company needs to change to a renewable energy supplier for its manufacturing process, for example, and that would be set as a target for a quarter. 

“We want to back products that will make the 21st-century cleaner,” Menasé says. “Tech has incredible leverage in that and there’s a great younger generation of mission-driven entrepreneurs, we see real ambition for income in this group.”

Freya Pratty is Sifted’s news reporter. She tweets from @FPratty

AeroFarms, The World Leader In Indoor Vertical Farming, To Become Publicly Traded Company Through Combination With Spring Valley Acquisition Corp

March 26, 2021

NEWARK, N.J.--(BUSINESS WIRE)--AeroFarms, a certified B Corporation, and leader in vertical farming, announced today it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Spring Valley Acquisition Corp. (Nasdaq: SV) (“Spring Valley”), a special purpose acquisition company. Upon closing of the transaction, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol "ARFM". The combined company will be led by David Rosenberg, Co-founder and Chief Executive Officer of AeroFarms.

Founded in 2004, AeroFarms is widely recognized as the world leader in vertical farming. As a certified B Corporation and public benefit corporation since 2017, AeroFarms is on a mission to grow the best plants possible for the betterment of humanity. Through its innovative growing platform, AeroFarms helps solve issues brought on by macro challenges such as population growth, water scarcity, arable land loss, health consciousness, and supply chain risks like the COVID-19 pandemic. AeroFarms has developed patented and award-winning technology in areas such as plant biology, mechanical design, environmental control, data science, operations, and plant genetics.

Through the integration of these disciplines, AeroFarms achieves up to 390 times greater productivity per square foot annually versus traditional field farming while using up to 95% less water and zero pesticides. With over 250 invention disclosures and a vast library of data collected over 15 years of operations, AeroFarms is continually improving its systems to understand plants at unprecedented levels and solve agriculture-related supply chain issues. Today, AeroFarms sells great-tasting leafy greens products under its Dream Greens brand, which is consistently celebrated by top chefs and tastemakers.

AeroFarms’ Investment Highlights

• AeroFarms is revolutionizing agriculture and has been innovating vertical farming for 15 years.

• $1.9 trillion total addressable market opportunity within its core leafy greens market and other adjacencies.

• Proprietary technology and industry leadership with proven innovation and design evolution through five generations of farm models supported by an experienced team and a robust portfolio of over 250 invention disclosures.

• Data science-driven and fully-controlled technology platform enables AeroFarms to better understand plants and optimize farms while improving quality and reducing costs.

• Commercially selling leafy greens with a brand that is already winning at retail, providing customers with a premium product with superior quality, flavor, taste, and texture.

• Grown over 550 varieties of produce to date and working with key strategic partners to use its growing platform to address broader problems in agriculture.

• Strong projected financial performance driven by demonstrated farm key performance indicators (KPIs) and an accelerated farm rollout schedule.

Management Commentary

Chris Sorrells, CEO of Spring Valley, said, “Our goal was to partner with an industry-leading, best-in-class, sustainability-focused company and we are ecstatic to combine forces with AeroFarms, the market leader in vertical farming, to accomplish this vision. AeroFarms has a technological edge on the industry, developing a world-class innovation team that has fueled a robust and growing intellectual property portfolio of patents and trade secrets. Moreover, their team has been selling commercial product with major retailers, building a trusted brand that is performing well, and developing influential partnerships that will enhance their ability to scale this business quickly. The future is very bright for AeroFarms and we are excited to share this highly compelling ESG investment opportunity by bringing the market leader in the vertical farming industry public.”

David Rosenberg, Co-Founder, and CEO of AeroFarms, added, “At AeroFarms, our mission is to grow the best plants possible for the betterment of humanity, and we are executing on this by taking agriculture to new heights with the latest in technology, innovation, and understanding of plant science. Our technology empowers our operations – this is how we get closer to where the problems, opportunities, and solutions are. We also have the capabilities to innovate fast by turning our crops a typical 26 times per year that allows us to continuously learn and improve yield and quality while simultaneously reducing capital and operating costs. Our business is at an inflection point where we will scale up our proven operational framework and begin our expansion plans in earnest. With the support of Spring Valley, we not only have the capital in place to execute our plan, but also a sponsor who shares the same ESG philosophies to make a positive impact on the world, while serving the interests of our shareholders.”

Transaction Overview

Under the terms of the Merger Agreement, the transaction is valued at a fully diluted pro forma equity value of approximately $1.2 billion assuming no redemptions by Spring Valley shareholders. The PIPE offering was anchored by leading institutional investors, AeroFarms insiders, and Pearl Energy Investments, the sponsor of Spring Valley. The transaction will provide approximately $317 million of unrestricted cash at close to fund future farm development and general corporate purposes.

The transaction has been unanimously approved by the Board of Directors of Spring Valley, as well as the Board of Directors of AeroFarms, and is subject to satisfaction of closing conditions, including the approval of the shareholders of Spring Valley.

Upon completion of the proposed transaction, AeroFarms expects to nominate two of Spring Valley’s existing directors, Debora Frodl and Patrick Wood, III, to its Board of Directors. The remaining directors and officers of Spring Valley are expected to resign and be replaced with AeroFarms nominees, which will be named at a future date.

Additional information about the proposed transaction, including a copy of the Merger Agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Spring Valley with the Securities and Exchange Commission ("SEC") and is available on the AeroFarms investor relations page at https://aerofarms.com/investors and at www.sec.gov.

Advisors

J.P. Morgan Securities LLC is acting as exclusive financial advisor to AeroFarms. Cowen is acting as a financial advisor to Spring Valley. Cowen and Wells Fargo Securities are acting as capital markets advisors to Spring Valley. J.P. Morgan Securities LLC, Cowen, and Wells Fargo Securities acted as placement agents to Spring Valley in connection with the PIPE offering.

DLA Piper LLP (US) is acting as legal counsel to AeroFarms, Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to the placement agents and Kirkland & Ellis LLP is acting as legal counsel to Spring Valley.

Webcast Information

Spring Valley and AeroFarms management will host a webcast to discuss the proposed transaction on March 26, 2021, at 8:00 a.m. ET. Hosting the call will be Chris Sorrells, CEO of Spring Valley; David Rosenberg, Co-Founder and CEO of AeroFarms; and Guy Blanchard, CFO of AeroFarms.

To listen to the prepared remarks via telephone, dial 1-877-407-0784 (U.S.) or 1-201-689-8560 (international) and an operator will assist you, or via webcast which can be found on AeroFarms’ investor relations website at https://aerofarms.com/investors. A telephone replay will be available through April 9, 2021, at 11:59 p.m. ET by using 1-844-512-2921 (U.S.) or 1-412-317-6671 (international) and pin number: 13718018.

About Spring Valley Acquisition Corp.

Spring Valley Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While Spring Valley may pursue an initial business combination target in any business or industry, it is targeting companies focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology-enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, LLC, a Dallas, Texas-based investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry.

About AeroFarms

Since 2004, AeroFarms, through its holding company, Dream Holdings, Inc., has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey, United States. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions, AeroFarms’ patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety and productivity while using up to 95% less water and no pesticides versus traditional field farming. AeroFarms enables local production to safely grow all year round for its commercial retail brand Dream Greens that has peak flavor always®. In addition, AeroFarms has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs.

For additional information, visit: https://aerofarms.com/.

SEC Filing

Additional Information and Where to Find It

In connection with the business combination, Spring Valley intends to file a Registration Statement on Form S-4 (the “Form S-4”) with the SEC which will include a preliminary prospectus with respect to its securities to be issued in connection with the business combination and a preliminary proxy statement with respect to Spring Valley’s stockholder meeting at which Spring Valley’s stockholders will be asked to vote on the proposed business combination. Spring Valley and AeroFarms urge investors, stockholders, and other interested persons to read, when available, the Form S-4, including the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC, because these documents will contain important information about the proposed business combination. After the Form S-4 has been filed and declared effective, Spring Valley will mail the definitive proxy statement/prospectus to stockholders of Spring Valley as of a record date to be established for voting on the business combination. Spring Valley stockholders will also be able to obtain a copy of such documents, without charge, by directing a request to: Spring Valley Acquisition Corp., 2100 McKinney Avenue Suite 1675 Dallas, TX 75201; e-mail: investors@sv-ac.com. These documents, once available, can also be obtained, without charge, at the SEC’s website www.sec.gov.

Participants in the Solicitation

Spring Valley and its directors and officers may be deemed participants in the solicitation of proxies of Spring Valley’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Spring Valley’s executive officers and directors in the solicitation by reading Spring Valley’s final prospectus filed with the SEC on November 25, 2020, the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Spring Valley’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

No Offer or Solicitation

This press release does not constitute an offer to sell or a solicitation of an offer to buy, or the solicitation of any vote or approval in any jurisdiction in connection with a proposed potential business combination among Spring Valley and AeroFarms or any related transactions, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale may be unlawful. Any offering of securities or solicitation of votes regarding the proposed transaction will be made only by means of a proxy statement/prospectus that complies with applicable rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and Securities Exchange Act of 1934, as amended, or pursuant to an exemption from the Securities Act or in a transaction not subject to the registration requirements of the Securities Act.

Forward Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding Spring Valley’s proposed acquisition of AeroFarms, Spring Valley’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks relating to the uncertainty of the projected financial information with respect to AeroFarms; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s final prospectus dated November 25, 2020 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Related articles: The Spoon - Cheddar - Go Dan River - Food Dive

Contacts

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Spring Valley Acquisition Corp.
www.sv-ac.com
Robert Kaplan
Investors@sv-ac.com

Investor Relations:
Jeff Sonnek
ICR
Jeff.Sonnek@icrinc.com
1-646-277-1263

Media Relations:
Marc Oshima
AeroFarms
MarcOshima@AeroFarms.com
1-917-673-4602

Farmland Asset Class Holds Strong During Volatile Year; Learn More At Global AgInvesting Events

NEW YORK (January 29, 2021) – Global AgInvesting (GAI) will host the preeminent community of agriculture investment stakeholders at a special edition of its flagship U.S. gathering on 13-15 July 2021 at the prestigious Sleepy Hollow Country Club here, just an hour north of NYC. Uncompromising industry-leading content and networking opportunities will be presented in-person while providing extra precautions for safety at this all-outdoor event.

“Through an unprecedented year of challenges across all businesses, farmland investing stayed resilient and gained greater recognition from institutional investors,” said Kate Westfall, COO of GAI for HighQuest Group, the parent company of Global AgInvesting. “And our global GAI community did not waver in its commitment to advancements and investments in the burgeoning sector during a year of virtual events. We are, however, very excited about coming together again this summer in a unique and safe way.”

The conference agenda will provide insight into agriculture as an impact investment, key in on sustainable strategies in the sector such as opportunities in regenerative agriculture and carbon capture, and highlight the value of investing in the stability of ag, as evidenced by NCREIF, the National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Index, numbers.

For the first quarter of 2020, NCREIF cited total returns that were down -0.10 percent – the first negative total return for the Index in nearly 20 years. While this might not seem inspiring at first glance, when compared with other indices, it highlights the strength of farmland as an asset class. For example, the Dow Jones Industrial Average finished Q1 having fallen by more than 23 percent, the Russell 3000 Index fell by 20.9 percent for the quarter and the S&P 500 posted a total return for Q1 of -19.60 percent.

“These factors are not unnoticed by institutions who are increasingly focused on stability in their investment portfolios,” said Westfall. “As the food and ag community comes together to find sustainable solutions through ESG initiatives and a commitment to natural capital, we expect to see growing allocations to agriculture as an asset class. GAI will continue to be the source for unrivaled networking and education in the sector, both through our annual conferences and year-round webinars.”

The GAI Community also will gather later this year for Global AgInvesting Asia, 28-29 October in Tokyo, and Global AgInvesting Europe in London, 6-7 December.

Register here for Global AgInvesting in New York, or here for the latest complimentary webinar, or to view any of the nearly 20 previous webinars on topics such as carbon markets, investing in Australian agriculture, COVID-19 and the impact on the agricultural sector, supply chain disruptions and the latest Global AgInvesting Rankings & Trends Report.

Connect with us on LinkedIn, Twitter or Facebook.

# # #

Global AgInvesting, a brand of HighQuest Group, is the world’s most well attended agricultural investment conference series and leading resource for news and insight into the global agricultural sector. www.globalaginvesting.com

Warehouse Becoming Vertical Farms — And They’re Feeding New Jersey

Image from: New Jersey 101.5

New Jersey's vertical farms are transforming agriculture by helping farmers meet growing food demand.

New Jersey Agriculture Secretary Doug Fisher said that while conventional farming in outdoor fields remains critical, vertical farming has its advantages because of its efficiency and resistance to pests and thus less need for chemicals.

Vertical farming is the process of growing food vertically in stacked layers indoors under artificial light and temperature, mainly in buildings. These plants receive the same nutrients and all the elements needed to grow plants for food.

Vertical farms are also versatile. Plants may be growing in containers, in old warehouses, in shipping containers, in abandoned buildings.

"That's one of the great advantages — that we can put agriculture in the midst of many landscapes that have lost their vitality," said Fisher.

ResearchandMarkets.com says the U.S. vertical farming market is projected to reach values of around $3 billion by the year 2024.

The one drawback is that its operational and labor costs make it expensive to get up and running.

Image from: AeroFarms

In the past decade, however, vertical farming has become more popular, creating significant crop yields all over the state.

AeroFarms in Newark is the world's largest indoor vertical farm. The farm converted a 75-year-old 70,000-square-foot steel mill into a vertical farming operation. AeroFarms' key products include Dream Greens, its retail brand of baby and micro-greens, available year-round in several ShopRite supermarkets.

Kula Urban Farm in Asbury Park opened in 2014. Vacant lots are transformed into urban farms and there's a hydroponic greenhouse on site. That produce is sold to local restaurants.

Beyond Organic Growers in Freehold uses no pesticides and all seeds and nutrients are organic. There's a minimum of 12,000 plants growing on 144 vertical towers. On its website, it says the greenhouse utilizes a new growing technique called aeroponics, which involves vertical towers where the plant roots hang in the air while a nutrient solution is delivered with a fine mist. It also boasts that by using this method, plants can grow with less land and water while yielding up to 30% more three times faster than traditional soil farming.

Vertical farms in New Jersey help feed local communities. Many are in urban areas and are a form of urban farming.

Fisher predicts that vertical farms will be operational in stores and supermarkets around the state.

"It's continued to expand. There's going to be many, many ways and almost any area in the state has the opportunity to have a vertical farm," Fisher said.

Is AppHarvest the Future of Farming?

Special purpose acquisition companies, or SPACs, are red-hot right now, with investors clamoring to get into promising young companies.

In this video from Motley Fool Live, recorded on Jan. 28, Industry Focus host Nick Sciple and Motley Fool contributor Lou Whiteman discuss AppHarvest, one such SPAC that is looking to disrupt the agriculture industry. Here are the details on what AppHarvest wants to do, and a look at whether the company represents the future of farming.

Nick Sciple: One last company I wanted to talk about, Lou, and this is one I think it's -- you pay attention to, but not one I'm super excited to run in and buy. It was a company called AppHarvest. It's coming public via a [SPAC] this year. This vertical farming space. We talked about Gladstone Land buying traditional farmland. AppHarvest is taking a very different approach, trying to lean into some of the ESG-type movements.

Lou Whiteman: Yeah. Let's look at this. It probably wouldn't surprise you that the U.S. is the biggest global farm exporter as we said, but it might surprise you that the Netherlands, the tiny little country, is No. 2. The way they do that is tech: Greenhouse farm structure. AppHarvest has taken that model and brought it to the U.S. They have, I believe, three farms in Appalachia. The pitches can produce 30x the yields using 90% less water. Right now, it's mostly tomatoes and it is early-stage. I don't own this stock either. I love this idea. There's some reasons that I'm not buying in right now that we can get into. But this is fascinating to me. We talked about making the world a better place. This is the company that we need to be successful to make the world a better place. The warning on it is that it is a SPAC. So it's not public yet. Right now, I believe N-O-V-S. That deal should close soon. [Editor's note: The deal has since closed.] I'm not the only one excited about it. I tend not to like to buy IPOs and new companies anyway. I think the caution around buying into the excitement applies here. There is a Martha Stewart video on their website talking up the company, which I love Martha Stewart, but that's a hype level that makes me want to just watch and see what they produce. This is just three little farms in Appalachia right now and a great idea. This was all over my watchlist. I would imagine I would love to hold it at some point, but just be careful because this is, as we saw SPACs last year in other areas, people are very excited about this.

Sciple: Yeah. I think, like we've said, for a lot of these companies, the prospects are great. I think when you look at the reduced water usage, better, environmentally friendly, all those sorts of things. I like that they are in Appalachia. As someone who is from the South, I like it when more rural areas get some people actually investing money there. But again, there's a lot of execution between now and really getting to a place where this is the future of farming and they're going to reach scale and all those sorts of things. But this is a company I'm definitely going to have my radar on and pay attention to as they continue to report earnings. Because you can tell yourself a story about how this type of vertical farming, indoor farming disrupts this traditional model, can be more efficient, cleaner, etc. Something to continue paying attention to as we have more information, because this company, like you said, Lou, isn't all the way public yet. We still got to have this SPAC deal finalized and then we get all our fun SEC filings and quarterly calls and all those sorts of things. Once we have that, I will be very much looking forward to seeing what the company has to say.

Whiteman: Right. Just to finish up along too, the interesting thing here is that it is a proven concept because it has worked elsewhere. The downside of that is that it needed to work there. Netherlands just doesn't have -- and this is an expensive proposition to get started, to get going. There's potential there, but in a country blessed with almost seemingly unlimited farmland for now, for long term it makes sense. But in the short term, it could be a hard thing to really get up and running. I think you're right, just one to watch.

Indoor Farming Services Provider Agrify Sets Terms For $25 Million IPO

Renaissance Capital Renaissance Capital

January 13, 2021

Agrify, which provides turnkey indoor farming solutions, announced terms for its IPO on Wednesday.

The Burlington, MA-based company plans to raise $25 million by offering 2.8 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Agrify would command a fully diluted market value of $115 million.

The company claims to differentiate itself with a bundled solution of equipment, software, and services that is turnkey, end-to-end, fully integrated, and optimized for precision growing. Revenue mainly comes from core hardware products, the Agrify Vertical Farming Unit, as well as facility build-outs. Agrify provides products to a variety of agricultural segments, citing cannabis as a key market opportunity.

Agrify was founded in 2016 and booked $9 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol AGFY. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal.

The article Indoor farming services provider Agrify sets terms for $25 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

“There Is Abundant Liquidity But A Lack of Solid Business Cases”

“I come across many vertical farming concepts. There are some very interesting developments going on in the market. Especially for investors, because vertical farming is future-focused,” says Jobbe Jorna, Founder and Managing Partner at Upstream Capital. The Amsterdam-based organization advisory boutique is specialized in helping companies realize their full potential with performance improvement and corporate finance.  

“Multiple investors are looking into (inter)national vertical farming projects. There’s abundant liquidity but a lack of solid business cases.” According to Jobbe, as a result of the pandemic investors are becoming increasingly critical, also in the Netherlands. They take more time for a thorough analysis, walking through the entire process teaming up closely with stakeholders. In the end, this is only beneficial for farmers because it contributes to the design, build, finance, maintain, and operate a solid foundation to build a successful farm upon. 

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Jobbe Jorna

Sharp review of business cases
Jobbe says that there are three common mistakes that he comes across frequently when reviewing business cases. Firstly, farmers need to develop a strategic competitive advantage with sufficient upside potential. The business case has to be scalable. Secondly, the value proposition has to be validated, tested, and ready-to-market. “Don’t put too much R&D into it, Bear in mind, an idea does not immediately make a working concept. Let alone a winning go-to-market proposition that can be achieved,” Jobbe adds.

“Investors want to see a rock-solid value proposition with upside potential and a powerful management team with strategic business partners, backing up the company. Most investors don’t go onboard if there isn’t a worthy team with a strong and proven track record.” Finally, farmers should look outside the box as in horizontal integration within the value chain, long-term off-take contracts. In the past, we successfully realized sustainable energy projects in greenhouses driven by long-term contracts at a middle price. In this way, we can secure the business case against crop price fluctuations. As a result, the business case attracts more interest from potential financiers, in the wide range of business angels and investors to banks.”

Key takeaways
Cultivation is your core, says Jobbe, then start with the end in mind. Who is the end customer, what are the current needs, and what are tomorrow’s needs? Rethink the value chain and develop your own eco-system of strategic partners. Farmers need to their homework. Start in time, as it’s more challenging than people think. You need to have a rock-solid business plan in place prior to approach potential investors.

Jobbe says that when a business plan is solid enough, farmers should put together a game plan before going out and start to approach potential investors. “If that’s done too early, your process, time and wallet for that matter will take a sufficient hit. When growers are in a negotiation phase with investors, they should follow a structured approach. Keep your options open, your eye on the ball as the negotiation window is a moving target and always respect your walk-away point. Especially now, during the pandemic, growers should not be seduced by an unfair proposal.” 

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For more information:
Upstream Capital
Jobbe Jorna, Founder and managing partner 
+316 1518 4909
jobbe.jorna@upstreamcapital.nl 
www.upstreamcapital.nl 

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Publication date: Thu 7 Jan 2021
Author: Rebekka Boekhout
© VerticalFarmDaily.com

SCOTLAND: Vertical Farming Research Gets Government Funding

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January 7, 2012

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By Claire Taylor @cjtaylor92

Political Affairs Editor

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Light Science Technologies works with growers involved in vertical farming to provide solutions for controlled environment agriculture

EFFORTS to develop vertical farming technology are to get a share in £90million of UK Government funding allocated as part of its drive to get agriculture to 'net zero' carbon emissions by 2040.

Derby-based company Light Science Technologies is one of just 23 feasibility projects which will benefit from this cash pot from the UK’s innovation agency, Innovate UK, as part of its 'Transforming Food Production' challenge.

In partnership with Nottingham Trent University, LST will be leading the project to develop a growing sensor and transmission node for vertical farms over the next six months.

It is hoped that this ‘all in one’ indoor farm sensor will enable farms to monitor and control their environment by measuring key areas including light, water, air, temperature, humidity, oxygen, and soil to ensure optimal plant productivity and yield.

CEO of LST, Simon Deacon, said: “This is an especially important boost to our business. To be selected by Innovate UK is confirmation of the urgent need for more sustainable, productive, and cost-effective solutions in farming. Investment in UK technology and innovation in this sector is crucial in achieving a better approach to agricultural production and reducing emissions.”

Innovate UK executive chair Dr. Ian Campbell added: “There are many innovative projects in our latest feasibility competition showcasing ideas for improving productivity and cutting emissions that range across the whole agricultural sector, from arable to livestock, to sensor technology, and to new biopesticides. Our funding and support for these projects is ongoing.”

Sustainable Agriculture Opportunity Zone Fund Closes Omaha Investment

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Business Industry News

October 26, 2020 Urbanagnews

The Harvest Returns Sustainable Agriculture Opportunity Zone Fund recently funded the first tranches of an investment in a vertical farm and restaurant business that will produce locally-consumed food year-round in Omaha, Nebraska.

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The Sustainable Agriculture Opportunity Zone Fund invests to create a positive impact to the agriculture industry across economically disadvantaged regions of the U.S. The fund seeks to provide investors with tax-favorable, risk-adjusted returns in assets uncorrelated with the stock and bond markets. The fund’s investment objective is to achieve tax-advantaged capital appreciation in production agriculture projects that are economically, socially, and environmentally sustainable.

“Gather Omaha represents exactly the type of project in which we designed this fund to deploy capital,” said Chris Rawley, fund manager of the Sustainable Agriculture Opportunity Zone Fund and CEO of Harvest Returns. “The track record of the Gather management team and Omaha’s local economy makes this an appealing opportunity for investors who seek to diversify their portfolios out of volatile stocks.”

Opportunity Zones were created as part of the 2017 Tax Cuts and Jobs Act to encourage investment in underfunded, low-income, and distressed communities. Opportunity Zones offer a chance for investors to earn significant returns and tax incentives, including delayed and potentially reduced taxes on capital gains.

“We are really excited to work with a fund like the Sustainable Agriculture Opportunity Zone Fund that aligns perfectly with our model of an Opportunity Zone and Urban Agrarian move,” said Graeme Swain, manager of Gather Omaha. “It isn’t too often that you find two companies aligning ideologically on such a specific agenda.”

Gather Omaha will produce locally sustainable food using a vertical hydroponic farming system. Hydroponic production uses fewer resources than traditional farming practices with 95 percent less water usage, zero pesticide use, and a carbon footprint reduction from shorter shipment distances due to local consumption. In addition, to use within their restaurant, the produce will be sold to local schools, hospitals, grocery stores, and farmers’ markets.

About Harvest Returns
Headquartered in Fort Worth, Texas, Harvest Returns, Inc. is a financial technology marketplace created in 2016 by two military veterans to bring agricultural producers together with investors. Through democratizing the agriculture investment process, the online platform provides curated, diversified offerings of farms, ranches, and timberland to qualified investors.

For more information, please visit harvestreturns.com.

May Indoor Science Cafe - Tuesday, May 26th, 11:00 AM EDT - How to Fund Your Indoor Farm

May Indoor Science Cafe
Please sign up!

Tuesday, May 26th, 11:00 AM EDT

How to Fund Your Indoor Farm

Presented by
Nicola Kerslake
(Contain Inc.)

• Please sign up so that you will receive Zoom link info.

• Indoor Ag Science Cafe is an open discussion forum, organized by Chieri Kubota (OSU), Erik Runkle (MSU), and Cary Mitchell (Purdue U.) supported by USDA SCRI grants.

Sign up for May 26th Cafe

USDA Launches Innovative Ag Office - Announces $3M Grants

By Thomas Wheet and Brian Filipowich

The 2018 U.S. Farm Bill charged the USDA with creating the Office of Urban Agriculture and Innovative Production (“Urban Ag Office”). The Farm Bill noted that urban agriculture can “contribute to the revitalization of abandoned or underutilized urban land, [bring] social and economic benefits to urban communities, and [create] beneficial impacts on the urban landscape.”

After months of navigating the Congressional appropriations process, the necessary funding for the Urban Ag Office was finally signed into law in December 2019.

The Aquaponics Association reached out to the leadership of the Urban Ag Office and Congressional Offices to get a better understanding of the policies, funding opportunities, and timelines that will affect aquaponic growers.

Here is the Urban Ag Office’s Statement to the Aquaponics Association:

“Thank you for your interest in our efforts to stand up the Office of Urban Agriculture and Innovative Production. The Chief of the Natural Resources Conservation Service was delegated responsibility to implement the 2018 Farm Bill provisions on behalf of USDA and I have been designated as the Interim Director for the Office. We are working collaboratively with other USDA agencies to ensure they each have an equal voice in establishing the office, consistent with the 2018 Farm Bill provisions, and they are able to contribute in areas that fall within their respective missions and areas of expertise.

“As you are aware, the 2018 Farm Bill authorized $25 million annually for the Office. However, the Fiscal Year 2020 appropriation was capped at $5 million and limits the degree to which we can implement the authorized activities. We are moving forward with standing up the office and the external federal advisory committee that serves to provide recommendations to the Secretary, forging a path to establish the urban/suburban pilot county committees, and developing announcements for grants and agreements provided for in the Farm Bill.

“We are planning a series of webinars that will be announced soon that are designed to provide interested persons and stakeholders information about the establishment of the office and the functions we anticipate implementing. We will ensure we keep your contact information on file so you receive information about these webinars.

Then, yesterday, as we were about to publish this article, the USDA released a new, $3 million in grants for urban agriculture initiatives that will increase food access, agricultural education, and innovative production methods within urban environments. Stay tuned for much more information on these grants in the coming weeks, and mark your calendars for a June 3, 2020 USDA webinar on the grant process.

Click to see the USDA Press Release on the $3 Million Urban Ag Grants for more information and webinar registration.

Aquaponics is already taking the urban agriculture and controlled environmental agriculture industries by storm. While accounting for $19 million in 2020, the market is expected to climb to $46 million by the end of 2026 (that’s a CAGR of over 11.5%).  This potential impact, however, could be greatly increased with federal guidance, funding, and business support that the Urban Ag Office is intended to provide.

The following list highlights several forms of support that the Aquaponics Association will continue to advocate for on behalf of the entire aquaponics industry: 

• Funding: Due to high startup costs, aquaponics can be unattainable for many individuals and/or communities looking to begin an operation. We will continue to advocate the new Office to support aquaponics initiatives with appropriate levels of funding needed to develop adequate systems that will lead to successful operations (both for non-profit and for-profit organizations).

• Clarity surrounding policies: Though widely understood as beneficial, aquaponics falls within an agricultural ‘no-mans-land’ surrounding guidelines at the local, state, and federal level. This grey-area is partially because aquaculture, food crops, and other crops all fall under different regulatory regimes. Basically the big bureaucracy gets confused and can’t function, like a deer in the headlights. Whether in regards to food safety, greenhouse sterility, organic certification, etc., the Aquaponics Association will promote policies that match the operational realities faced by aquaponic growers across the country.

• Defining value: Beyond the monetary value surrounding the produce and protein sustainably grown in aquaponic operations, there are numerous social benefits to localizing food production in urban spaces. From local job creation and educational opportunities about agriculture/nutrition, to decreasing municipal carbon footprints associated with the traditional agricultural system, the Aquaponics Association will work to ensure that Congress and the USDA fully grasp the true value of aquaponic growing.

Abu Dhabi Investment Office Announces Funding For LED Vertical Farm R&D

AeroFarms, Madar Farms, RNZ, and Responsive Drip Irrigation will receive AgTech-centric funding to further develop vertical farming techniques that can help feed the UAE region.

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Maury Wright

Investment in LED-supported vertical farming begins to bloom in the UAE. (Photo credit: Image by Nattanan Kanchanaprat via Pixabay; used under a free license for commercial or noncommercial purposes.)

Apil 23, 2020

The Abu Dhabi Investment Office (ADIO) has announced $100 million in funding for what it calls “AgTech [agricultural technology] Pioneers,” each of which will build new research and/or growing facilities. The four recipients of the funding are AeroFarms, Madar Farms, RNZ, and Responsive Drip Irrigation (RDI), each of which will build new facilities in the Abu Dhabi emirate. The effort will leverage LED-based horticultural lighting and other technologies in an attempt to solve food supply issues in the UAE region and indeed around the globe.

AeroFarms, based in Newark, NJ, is a vertical farming specialist that we first encountered back in 2016. The company uses what it calls aeroponic technology to spray a mist of water and nutrients on the roots of plants. The company has been the beneficiary of other investment capital including $100 million from retailer Ikea’s investment fund.

In Abu Dhabi, AeroFarms will build a 90,000-ft2 facility that the company said will be the largest of its kind in the world. The company didn’t completely explain that statement, but we have noted of late that vertical farms come in different configurations. AeroFarms utilizes racks or shelves of plants stacked high, each with LED lighting directly over the cultivars. Others such as Plenty rely on plants grown in a vertical series of holes in a plastic pipe of sorts where water and nutrients flow top to bottom. Such a configuration has also been adopted by Freight Farms in shipping-container-based installations.

The UAE AeroFarms facility will grow commercial crops and serve in research. The company will focus on:

• Advanced organoleptic research and precision phenotyping laboratory

• Advanced seed breeding center

• Phytochemical analysis laboratory

• Machine vision and machine learning laboratory

• Robotics, automation, and drones laboratory

“Our mission is to grow the best plants possible for the betterment of humanity, and this new cutting-edge R&D facility leverages our agriculture expertise and science-driven roots,” said David Rosenberg, co-founder, and CEO of AeroFarms. “We will be conducting leading research in plant science, vertical farming, and automation, accelerating innovation cycles and commercializing a diverse range of products. We will be partnering with major international companies, local universities, and AgTech startups to help solve some of the most pressing agriculture needs of our time, and AeroFarms is proud to play a pivotal role to help establish the Emirate of Abu Dhabi as a global hub for AgTech innovation.”

Tomatoes and microgreens

Moving to Madar Farms, months ago the company revealed plans to build an indoor LED-lit farm for tomatoes and microgreens in the Abu Dhabi industrial area near the port called Kizad. The grower will presumably turn to vertical farming techniques with tomatoes — an unusual choice. But we learned at our HortiCann Light + Tech Conference last year that cannabis yields have been shown to increase with shorter, more compact plants. Biomass has typically been the goal for both cultivars, which have traditionally been grown very tall — meaning they were not amenable to stacking in layers as they would in a vertical farm arrangement. However, the evaluated vertical farming techniques applied to those high-yield cannabis grow operations might produce similar results for tomato plants.

The remaining two firms will work more in an R&D capacity. RDI is perfecting a water delivery system designed to minimize water usage in sandy soils and on non-arable land. Meanwhile, RNZ, which is based in the region, will build a new R&D center hoping to increase yield.

Our HortiCann Light + Tech Conference is slated for Oct. 20, 2020, in San Jose, CA. Bruce Bugbee of Utah State University will deliver the keynote.

For up-to-the-minute LED and SSL updates, why not follow us on Twitter? You’ll find curated content and commentary, as well as information on industry events, webcasts, and surveys on our LinkedIn Company Page and our Facebook page.

India’s Answer To Vertical Farming Raises $5.5m Series A

February 13, 2020

Richard Martyn-Hemphill

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India’s fresh produce industry has severe shortcomings. Bottom line: Not enough of it gets produced; nor can its consumers rely on its consistency or freshness. For the producers themselves, getting their tomatoes or lettuce to market at a fair and timely price is fraught with financially hazardous uncertainty.

Does this all herald an opening for vertical farming in India’s vast urban and peri-urban areas? Not quite, says Omnivore’s managing director Mark Kahn, speaking to AFN by phone to disclose his firm’s latest investment deal: “Vertical farming is not especially relevant in India,” he said. “Land is plentiful and the cost of energy is very high.”

$5.5m for ‘India’s Plenty’

Nevertheless, he said, there is still a large and growing demand for more nutritious produce that has not been doused in chemicals and has been grown in a place not far from where it is consumed. There is also an urgent and substantial need for more climate resilience, Kahn noted. So India’s venture capital equivalent to North American indoor farms like Plenty, Bowery or Brightfarms, he concluded, is a company that galvanizes and coordinates the tens of thousands of already existing greenhouses dotted on the outskirts of India’s major cities.

That resulted in Kahn’s team at Omnivore jointly leading a $5.5 million in Series A into Clover — a greenhouse agritech platform, which partners with farmers across India with the aim of marketing premium quality, branded, greenhouse-grown fresh produce via B2B and B2C channels. Clover “is partnering with the asset owners that are largely disorganized right now. Then aggregating the high-quality produce,” said Kahn. Most of the greenhouse owners are smallholders with about an acre to work with — “not enough to make a brand,” he added. In his due diligence process, Kahn and his fellow investors saw how this platform boosted the yields, the quality, and the profit margins of fresh produce at participating greenhouses. “We visited all the farmers they were working with,” he said. “The farmers we spoke to were all making much more money. There’s a stickiness to the platform.” Consumers, meanwhile, seemed happy with the added reliability of the quality on offer.

Two towering existing investors

Fellow leaders of this round were two towering existing investors: Mayfield and Accel. Both had invested in Clover’s seed round back in December 2018 while the company was still in stealth mode in Bangalore, having been co-founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura

“Clover is transforming the perishables supply chain to better serve the new-age Indian consumer who values high quality produce,” underscored Prashanth Prakash, a partner at Accel, which recently closed its sixth India fund on $550 million.

It is the first time, despite years of investing on similar turf, that Omnivore and Accel have been side by side on an investment round; the same goes for the joint presence Omnivore and Mayfield in an investor lineup — Mayfield has been investing in India since 2006 and cumulatively manages $219 million on the subcontinent. In a statement, Vikram Godse, a managing partner at Mayfield, gave his view on what drew in this gigantic Silicon Valley VC firm: “Clover operates in the highly-fragmented but large agriculture market of India. By using cutting edge technology, systems, and processes, the Clover team, led by Avinash, is disrupting the agriculture value chain for fruits and vegetables. This not only brings about economic benefits to Clover’s B2B customers but also ensures significantly improved quality of produce is delivered to the end B2C consumer.”

Any insights on greenhouses in India? Let us know at richard@agfunder.com

Freight Farms Announces New Horticultural Funding From Ospraie Ag Science

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Maury Wright

Mar 2nd, 2020

A Series B venture round of $15 million will allow Freight Farms to invest in plant science, add features to its software control platforms, and expand the customer base for its vertical farms housed in shipping containers.

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Vertical-farm supplier Freight Farms has received $15M in Series B funding from investment first Ospraie Ag Science for its all-in-one, shipping-container-based agriculture model. (Photo credit: Image courtesy of Freight Farms.)

Shipping-container-based, vertical-farm manufacturer Freight Farms has announced that it received $15 million in Series B venture funding from investment firm Ospraie Ag Science. Freight Farms will use the investment to further optimize its Farmhand software platform, invest in plant science, and expand the customer base for its LED-lit Greenery container farms.

Freight Farms originally branded its container farms The Leafy Green Machine but has since simplified the product name to The Greenery. A Greenery farm includes everything a grower needs to launch a hydroponic farm all integrated into a shipping container. The outfitted Greenery container includes LED lighting, plumbing for nutrient supply, climate, and environmental control, and the Farmhand software to automate the operation of the farm.

The idea of a shipping container for a vertical farm is not a new one. For example, we covered a Dallas grocery store that uses a shipping-container farm to grow some produce right outside the store’s back door. And we covered a Los Angeles area farm using shipping containers right in the downtown metropolitan area back in 2016.

Freight Farms, however, brings unique aspects to its business both in the science behind Greenery and in the company’s business model. Taking the business model first, Freight Farms is specifically in the business of selling turnkey farms. Some other players have vacillated between selling technology and operating as growers.

The configuration of the Freight Farms product is also unique. When we first covered vertical farming back in 2016, the term was primarily utilized to describe growing operations where horizontal trays of plants were stacked in layers vertically to more fully utilize a space, especially for crops such as leafy greens and herbs where there is not much space needed between layers and where LEDs that don’t radiate heat can be placed in close proximity to the plant canopy.

We have since seen other concepts. Plenty, for example, is based in California’s Silicon Valley Area, has received more than 200 million in funding from well-known investors such as Amazon’s Jeff Bezos, and utilizes a system where plants are placed horizontally into the growing structure but run continuously in a vertical row from floor to ceiling.

Freight Farms partitions its systems in the close confines of the shipping container. There is a dedicated area where horizontal racks are used in the initial stages of sprouting. But later plants are transplanted into a vertical row structure where nutrients can drip from the top of each vertical row of plants and unused nutrient is recaptured at the bottom of each row.

Freight Farms said its 328-ft2 container can produce equivalent vegetables to a two-acre outdoor plot. And the container farm uses less than five gallons of water per day. For Freight Farms, the mission is solving the looming issue of feeding a growing global population. “With the Greenery and Farmhand, we’ve created an infrastructure that lowers the barrier of entry into food production, an industry that’s historically been difficult to get into,” said Jon Friedman, Freight Farms COO. “With this platform, we’re also able to harness and build upon a wider set of technologies including cloud IoT, automation, and machine learning, while enabling new developments in plant science for future generations.”

And make no mistake that controlled environment agriculture farming is becoming big business. We recently ran an article that discussed the investment capital coming into the market. Clearly, Ospraie sees an opportunity in the container concept. Freight Farms says it has sold farms into 44 states and 25 countries.

“Freight Farms has redefined vertical farming and made decentralizing the food system something that’s possible and meaningful right now, not in the future of food,” said Jason Mraz, president of Ospraie Ag Science. “Full traceability, high nutrition without herbicides and pesticides, year-round sourcing – these are elements that should be inherent to food sourcing. Freight Farms’ Greenery makes it possible to meet this burgeoning demand globally for campuses, hospitals, municipal institutions, and corporate businesses, while also enabling small business farmers to meet these demands themselves for their customers.”

New Date Announced For Women in Agribusiness Summit Europe: July 2-3

PARIS, March 5, 2020 – A new date has been set for this year’s Women in Agribusiness Summit Europe: 2-3 July at Les Salons Hoche here. Previously scheduled for 9-10 March, the conference was rescheduled out of concern for the welfare of all participants with respect to the coronavirus.

Joy O’Shaughnessy, chief operating officer for HighQuest Group (parent company of WIA) and event director for Women in Agribusiness (WIA) initiatives, explained that while the decision was a difficult one to make, “due to an abundance of caution and concern for the welfare of all of our event participants in regard to the threat of the coronavirus, we felt it was best to postpone the event.” O’Shaughnessy conferred with sponsors, speakers, and attendees, as well as reviewing the recommendations from the World Health Organization, before announcing the postponement.

“We are grateful for the support and collaboration among our participants regarding this decision, and look forward to welcoming the Women in Agribusiness community to Paris in July where they can expect in-depth industry insight, detailed outlooks of the agri-food sector, and boundless opportunities for networking,” said O’Shaughnessy.

The jam-packed agenda will remain the same for the July event and include topics such as:

• Geopolitical Overview of European Agriculture

• Reforming the Agricultural System

• Reducing Food Waste

• Farming 4.0 - Ushering in the Age of Digital Agriculture

• Green Funding: Critical or Counterproductive?

• Agricultural Trade After Brexit

• Executive Roundtable: A Spotlight on Senior-Level Women in Ag

  The annual Women in Agribusiness Summit began in the U.S. in 2012 and is now renowned for annually convening close to 1,000 of the country’s female agribusiness decision-makers, with 30 percent at the CEO/executive level and another 25 percent at department management level. The European event is modeled after this successful series and includes the support of a community that engages 365 days a year via news blogs, social media, content for women-owned businesses, job opportunity postings, scholarships for young women, networking Meet Ups, leadership training and more.

  Find out more about the Women in Agribusiness Summit Europe at womeninag.com, or follow us at @Womeninagri, on Facebook and LinkedIn. Register for the event with a 10% discount using promo code: PARIS2020. Additional sponsors and event partners are welcome for this event.

Farming 4.0 - Ushering in the Age of Digital Agriculture

Green Funding: Critical or Counterproductive?

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About Women in Agribusiness

Women in Agribusiness is a business unit of HighQuest Group, a global agribusiness consulting, events and media firm, based north of Boston, Mass., USA. The Women in Agribusiness initiative took root in 2012, with the first conference held in New Orleans. WIA initiatives have grown to include the WIA Membership, WIA Demeter Award of Excellence, Scholarships, and WIA Today. Learn more at womeninag.com.

CONTACT:

Michelle Pelletier Marshall

Senior PR/Media Manager
10 South Main Street, Suite 209 Topsfield, Mass. 01983 USA mmarshall@highquestgroup.com +1.978.790.0565

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