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Vertical Farming Startup Oishii Raises $50m In Series A Funding
“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.”
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.
The Stock Market Discovers Indoor Ag In A Big Way
Special purpose acquisition companies are a faster cheaper way to raise company funds than the traditional IPO process. What role may they play in our ever growing vertical farming industry?
Robinhood antics aside, there’s no hotter topic in finance right now than SPACs (special purpose acquisition companies), and even indoor agriculture has become caught up in the buzz.
SPACs, or special purpose acquisition corporations, are a shell company that lists itself on a stock exchange and then uses the listing proceeds to acquire or merge with another company. It’s an attractive route to raising funds for companies looking for a faster and cheaper way to list than the rigours of the traditional IPO process.
Though SPACs have been around since the 1990s, they have had a reputation for being “the buyer of last resort”, primarily owing to a spate of failures in the early 2000s. The approach has once more taken off in recent years. There was nearly 8x as much raised in 2020 as in 2018, and 2021’s total has already surpassed last year’s[1]. The approach has become so hot that even Goldman Sachs junior investment bankers recently complained that they were burned out by the sheer volume of SPACs they’re working on[2].
This newfound enthusiasm is generally traced to a combination of tighter SEC regulations, efforts by cash-rich private equity companies to exit portfolio companies and fewer traditional IPO listings. Higher quality sponsors, such as 40-year old private equity firm Thoma Bravo, lead some to believe that things are different this time around. The lustre of famous SPAC participants – such as baseball player A-Rod and basketball legend Shaquille O’Neal – has helped things along.
Detractors point to post-listing underperformance by SPACs, high fees to sponsors and opaqueness around the acquisition of companies. SPAC rules mean that institutional investors sometimes get to see information on potential acquisitions ahead of retail investors.[3] On a recent Clubhouse chat, one investor compared SPACs to the risky no-revenue internet listings of the late 1990s. Another questioned whether retail investors’ appetite for such vehicles would cause greater market volatility[4].
Dan Bienvenue, the interim CEO of mega public pension fund CALPERs, recently described SPACs as “fraught with potential misalignment, potential governance issues”.[5] That said, similar dire warnings have accompanied the rise of many a new approach in finance, most recently equity crowdfunding, and have proven wrong as often as right.
As is so often the case in indoor agriculture, cannabis companies have led the way when it comes to SPACs, generally listing in Canada owing to the US federal prohibition on the crop. One example is Choice Consolidation Corp, which raised $150mm in February, and says that it plans to acquire “existing strong single-state operators”[6].
Historically, food-focused indoor agriculture companies have sourced little of their capital from public markets, preferring instead to work with private equity and strategic investors. To be sure, there is a small cadre of listed CEA firms, such as Canadian greenhouse operator Village Farms (TSE: VFF) and Canadian grow system tech company CubicFarm Systems Corp (TSXV: CUB) are exceptions to this rule.
All of that changed last month when Kentucky-based greenhouse company AppHarvest raised $475mm through NASDAQ listed SPAC Novus Capital. The funds will fuel the expansion of up to a dozen new farms through 2025.
Naturally, the move has led to speculation that vertical farms and greenhouses will follow suit, though it’s worth noting that the rules that govern SPACs aren’t necessarily friendly to CEA companies. They favour large, highly valued companies that easily capture the attention of retail investors, and those are not plentiful in CEA.
Regardless of whether the SPAC trend becomes a permanent feature of the indoor farm fundraising landscape, one more method of accessing capital for CEA can only be a good thing. For the moment at least.
For more information:
Contain
www.contain.ag
Note: None of the above constitutes investment advice.
Sources:
[1] SPACInsider figures
[2] “Goldman’s junior bankers complain of crushing workload amid SPAC-fueled boom in Wall Street deals”, CNBC, March 18, 2021
[3] For instance, where a PIPE is being considered by the SPAC
[4] “SPACS: IPO 2.0 & Agrifoodtech Exits”, March 4, 2021
[5] “CalPERS’ Bienvenue: SPACs are fraught with potential misalignment”, Private Equity International, March 16, 2021
[6] “New cannabis SPAC raises $150 million in IPO for US acquisitions”, Marijuana Business Daily, February 19, 2021
Publication date: Wed 24 Mar 2021
Author: Rebekka Boekhout
© VerticalFarmDaily.com
CALS Researchers Imagine Future of Urban Farming
Making the case for urban agriculture, Cornell researchers have presented a vision for greener cities and a more equitable future for farmers
March 26, 2021
By Rory Sheppard
Making the case for urban agriculture, Cornell researchers have presented a vision for greener cities and a more equitable future for farmers.
The Cornell Small Farms Program, housed in the College of Agriculture and Life Sciences, is responsible for a body of research that advocates for the development of viable small farms throughout New York State.
Cornell Small Farms continues to advocate for urban agriculture through emerging projects such as Urban Ag, which focuses on highlighting the considerations farmers need to make to farms in urban environments and cites examples of successful urban farming.
As part of the program’s mission to ensure a future of rural and urban agriculture through research and educational opportunities, Director of the Cornell Small Farms Program, Dr. Anusuya Rangarajan and Urban Agriculture Specialist of the Cornell Small Farms Program, Molly Riordan published “The Promise of Urban Agriculture” in 2019.
The authors argue in the report that urban farms have the potential to become commercially viable, adding that up to now, much of the existing research has focused on the impact of urban agriculture on social indicators, such as community development and educational attainment.
According to Riordan, the make of a viable urban farm depends on factors such as the laws and regulations of a municipality, the availability and affordability of land, and opportunities available for season extension.
To produce a more comprehensive picture of the future of urban agriculture, Rangarajan and Riordan started by collecting data, speaking to an active network of growers.
“Every time we spoke with someone, we asked, ‘Who else should we speak with about commercial farming in cities?’” Riordan said in an email. “Inevitably that led us to more conversations that broadened and deepened our understanding. We spoke with over 160 individuals in the course of the study.”
Since publication, the multiple findings and recommendations of the report have started to take effect. Partnering with Rooted, an urban agriculture training organization, Cornell Small Farms has been working to introduce training for urban farmers to help improve commercial viability.
Riordan said that the farms, specifically those in controlled environments, have been known to generate considerable finances and interest from venture capital, alongside the development of more technology-focused urban farms. Likewise, technical assistance, research, and training will be essential in increasing the number of urban farms in the coming years.
As the researchers envisioned the future of urban agriculture, they were acutely aware of the concerns that still impact the field. One of the major challenges for urban farmers is, despite the typically smaller nature of the farms, urban land access.
“Knowing that urban growers struggle for access to land, especially Black, Indigenous, immigrant and other farmers of color, institutions can do more to lift up their voices and put the weight and the funding of the
Lead photo: Ben Parker/Sun Senior Photographer -
Housed in CALS, the Cornell Small Farms Program seeks to build more diverse, equitable, and sustainable food systems.
WEBINAR: Learning Transfer From The Cannabis Industry To The Vertical Farming Industry
We are thrilled to organize a Webinar focusing on the technical aspects and experience of these experts
MARCH 3, 2021
AT 16:00 Central European Time
ONLINE
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Critical Lessons: Learning Transfer from the Cannabis Industry to the Vertical Farming Industry
We are thrilled to organize a Webinar focusing on the technical aspects and experience of these experts:
Our speaker Emil Breza is Co-Founder, President, and CEO of AgricUltra™ Advancements Inc. Bringing together his interdisciplinary technical expertise and many years of product development and innovation he introduced to AgricUltra a PlantFirst™ design approach to create one of the industries most advanced Turn-Key Vertical solutions for Controlled Environment Agriculture applications.
Prior to founding AgricUltra, Emil had years of experience in Process Engineering, the Automotive Industry, Professional consulting, and the Military where he honed his ability to identify the root cause of problems and develop solutions that are outside the box.
Our speaker Buck Young is co-founder and Executive Director at CannTx Life Sciences Inc, a Canadian LP focused on leveraging innovation and science to produce exceptional cannabis products and provide solutions to the industry. He is also the CEO of Saed Technologies Ltd, which develops and licenses technologies related to plant propagation, a Board member of Mary Agrotechnologies, and sits on the management committee for a cannabis botanical drug strategic alliance with Devonian Health Group. He is passionate about translating research findings into commercial outcomes, advancing the adoption of precision agriculture, and understanding nature’s pharmacopeia.
Emil Breza
Buck Young
Dr. Joel Cuello
Please register here, there is only a limited number of tickets available.
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How This Vertical Farm Grows 80,000 Pounds of Produce per Week
To some, the pristine growing conditions and perceived mechanical interference of a vertical farm can seem unnatural, but at Bowery Farming “interference” is actually not the goal at all. “We don’t really think about how people are involved in the growing process, but how to take people out of the growing process”
Bowery Farming uses technology to prioritize accessibility and sustainability in their produce growing operations
To some, the pristine growing conditions and perceived mechanical interference of a vertical farm can seem unnatural, but at Bowery Farming “interference” is actually not the goal at all. “We don’t really think about how people are involved in the growing process, but how to take people out of the growing process” says chief science officer Henry Sztul. “Our goal is actually to have as few people walking around our plants as possible.”
Bowery Farming is a network of vertical farms working to reengineer the growing process. Using a system of light and watering technology, Bowery is able to use 95 percent less water than a traditional outdoor farm, zero pesticides and chemicals, and grow food that tastes as good as anyone else’s.
Bowery Farming uses vertical farm-specific seeds that are optimized for flavor instead of insect resistance and durability. Seeds are mechanically pressed into trays of soil, and sent out into growing positions, or racks within the building that have their own lighting and watering systems. Each tray gets its own QR code so that they can be monitored and assigned a customized plan for water and light until they’re ready to be harvested.
Irving Fain, Bowery Farming’s founder and CEO contemplates the prediction from the United Nations that 70 to 80 percent of the world’s population will be living in and around cities in the next 30 years. “Figuring out ‘how do you feed and how do you provide fresh food to urban environments both more efficiently as well as more sustainably?’ is a very important question today, and an even more important question in the years to come.”
Bringing The Future To life In Abu Dhabi
A cluster of shipping containers in a city centre is about the last place you’d expect to find salad growing. Yet for the past year, vertical farming startup Madar Farms has been using this site in Masdar City, Abu Dhabi, to grow leafy green vegetables using 95 per cent less water than traditional agriculture
Amid the deserts of Abu Dhabi, a new wave of entrepreneurs and innovators are sowing the seeds of a more sustainable future.
Image from: Wired
A cluster of shipping containers in a city centre is about the last place you’d expect to find salad growing. Yet for the past year, vertical farming startup Madar Farms has been using this site in Masdar City, Abu Dhabi, to grow leafy green vegetables using 95 per cent less water than traditional agriculture.
Madar Farms is one of a number of agtech startups benefitting from a package of incentives from the Abu Dhabi Investment Office (ADIO) aimed at spurring the development of innovative solutions for sustainable desert farming. The partnership is part of ADIO’s $545 million Innovation Programme dedicated to supporting companies in high-growth areas.
“Abu Dhabi is pressing ahead with our mission to ‘turn the desert green’,” explained H.E. Dr. Tariq Bin Hendi, Director General of ADIO, in November 2020. “We have created an environment where innovative ideas can flourish and the companies we partnered with earlier this year are already propelling the growth of Abu Dhabi’s 24,000 farms.”
The pandemic has made food supply a critical concern across the entire world, combined with the effects of population growth and climate change, which are stretching the capacity of less efficient traditional farming methods. Abu Dhabi’s pioneering efforts to drive agricultural innovation have been gathering pace and look set to produce cutting-edge solutions addressing food security challenges.
Beyond work supporting the application of novel agricultural technologies, Abu Dhabi is also investing in foundational research and development to tackle this growing problem.
In December, the emirate’s recently created Advanced Technology Research Council [ATRC], responsible for defining Abu Dhabi’s R&D strategy and establishing the emirate and the wider UAE as a desired home for advanced technology talent, announced a four-year competition with a $15 million prize for food security research. Launched through ATRC’s project management arm, ASPIRE, in partnership with the XPRIZE Foundation, the award will support the development of environmentally-friendly protein alternatives with the aim to "feed the next billion".
Image from: Madar Farms
Global Challenges, Local Solutions
Food security is far from the only global challenge on the emirate’s R&D menu. In November 2020, the ATRC announced the launch of the Technology Innovation Institute (TII), created to support applied research on the key priorities of quantum research, autonomous robotics, cryptography, advanced materials, digital security, directed energy and secure systems.
“The technologies under development at TII are not randomly selected,” explains the centre’s secretary general Faisal Al Bannai. “This research will complement fields that are of national importance. Quantum technologies and cryptography are crucial for protecting critical infrastructure, for example, while directed energy research has use-cases in healthcare. But beyond this, the technologies and research of TII will have global impact.”
Future research directions will be developed by the ATRC’s ASPIRE pillar, in collaboration with stakeholders from across a diverse range of industry sectors.
“ASPIRE defines the problem, sets milestones, and monitors the progress of the projects,” Al Bannai says. “It will also make impactful decisions related to the selection of research partners and the allocation of funding, to ensure that their R&D priorities align with Abu Dhabi and the UAE's broader development goals.”
Image from: Agritecture
Nurturing Next-Generation Talent
To address these challenges, ATRC’s first initiative is a talent development programme, NexTech, which has begun the recruitment of 125 local researchers, who will work across 31 projects in collaboration with 23 world-leading research centres.
Alongside universities and research institutes from across the US, the UK, Europe and South America, these partners include Abu Dhabi’s own Khalifa University, and Mohamed bin Zayed University of Artificial Intelligence, the world’s first graduate-level institute focused on artificial intelligence.
“Our aim is to up skill the researchers by allowing them to work across various disciplines in collaboration with world-renowned experts,” Al Bannai says.
Beyond academic collaborators, TII is also working with a number of industry partners, such as hyperloop technology company, Virgin Hyperloop. Such industry collaborations, Al Bannai points out, are essential to ensuring that TII research directly tackles relevant problems and has a smooth path to commercial impact in order to fuel job creation across the UAE.
“By engaging with top global talent, universities and research institutions and industry players, TII connects an intellectual community,” he says. “This reinforces Abu Dhabi and the UAE’s status as a global hub for innovation and contributes to the broader development of the knowledge-based economy.”
Forget Politics, Danny Ayalon Wants to Effect Change on The Ground
Having transitioned from politics to agriculture, Danny Ayalon shares how vertical farming, which provides fresh fruits and vegetables all year round, and lab-grown meat can rehabilitate the environment and dramatically reduce household expenditures
Having transitioned from politics to agriculture, Danny Ayalon shares how vertical farming, which provides fresh fruits and vegetables all year round, and lab-grown meat can rehabilitate the environment and dramatically reduce household expenditures.
Image from: Yehoshua Yosef
The coronavirus pandemic has drawn attention to humankind's carbon footprint. More than ever before we ask ourselves, how can we become more sustainable? Can we prevent pollution? How can we minimize waste? What about lowering emission levels? Will there be enough food for everyone in the future?
Danny Ayalon, a former ambassador and foreign policy adviser to three prime ministers-turned entrepreneur, believes that the answer to many of the world's problems lies in modern agriculture.
Having transitioned from politics to agriculture, he works with Future Crops, an Amsterdam-based company focused on vertical farming – the practice of growing crops in vertically stacked layers that often incorporates controlled-environment agriculture, which aims to optimize plant growth – and MeaTech, a company that creates lab-grown meat.
"Ever since the coronavirus came into our lives, we realized that man is not in charge of the universe," Ayalon told Israel Hayom.
"Our control over the forces of nature, of Earth, of our future is more limited than we had thought. And when we are no longer in charge of the world, only three things guarantee our lives here: food, water, and energy security. Food, water, and energy are three resources that can be depleted and therefore literally cast a cloud on our world.
"Experts have come to a conclusion that one of the most important fields to focus on is agriculture, and indeed we are currently witnessing the most significant agricultural revolution ever since the first agricultural revolution that took place about 10,00 years ago."
Q: Back then, in the first agricultural revolution, there was a need for a lot of land.
"But today we have technology. The name of the game is to reach maximum output with minimum input in the smallest space possible. This is the holy grail of the new revolution. And that is how technology enters the picture. To grow fruits, vegetables and spices today requires lots of space. The technology we developed at Future Crops allows us to minimize the space, increase production and redefine the food supply chain."
Q: How exactly?
"We have a nine-story hangar in Amsterdam to grow crops like coriander, basil, dill, and parsley. It has LED lights, and each plant gets exactly the amount of light it needs. We are the plant psychologists, [we] listen to all its needs and do everything to make sure the plant grows in the most optimal way.
Image from: Future Crops
"If it lacks something, it immediately receives water. Everything is done without a human's touch. We use algorithms and big data in collaboration with world-class researchers from the Weizmann Institute. It is essentially the application of vertical farming, growing various crops in vertically stacked layers, in enclosed structures, on soil platforms.
"For example, if it takes a month to grow lettuce in an open field, in a vertical farm, it takes two weeks, half that time. There's also a significant reduction in water consumption, and no pesticides or sprays are used at all. Also, the produce is available in all seasons; it does not depend on the temperature. Whoever likes mangos and strawberries, for example, will be able to enjoy them all year round."
Q: So if produce is grown faster and within a smaller space, is it going to cost less?
"The prices might be a bit higher today because this technology and the various infrastructures require an economic return of the initial investment in them. With time, the process will become more efficient, and the investments will be repaid, so in the end, the prices that the consumer will need to pay will be lower than today.
"Let me give you a simple example. Do you know how much a kilogram [2.2 pounds] of basil costs in Europe today? €90 ($108). In Israel, the price is €20 ($24). In the [United Arab] Emirates, where almost everything connected to food is imported – the prices go accordingly as well. Once you have more innovative vertical farms, consumers will pay much less."
Q: Should we expect vertical farm skyscrapers to pop up all over?
"I'm not sure that we will need skyscrapers, as with time the facilities will become smaller. Imagine that in every supermarket there will be a vertical produce stand with all the vegetables and spices, and later also fruits which you pick on the spot, without the need to move the produce from place to place. That is why vertical farming is also called urban farming, meaning there is no need for fields; you can grow [produce] on the rooftop. No resource limits you."
Q: What about the taste?
"Ours is a fresher and tastier product. I ought to give credit to the Weizmann Institute here. The challenge for them wasn't the quality of the vitamins but the taste, and they managed to achieve a great taste. In the Netherlands, Future Crops already sells parsley, and it tastes outstanding."
Q: Regular parsley lasts for about two weeks in the fridge. What about Future Crops parsley?
"Our parsley has a two-month shelf life, and it does not oxidize within a week or two."
Q: If every country will be self-reliant in terms of agriculture, do you think it will affect relations between countries?
"Economies will become self-sufficient eventually, which will ensure security with far fewer conflicts. There is less and less water in the Middle East, which might someday lead to tensions. We hope technology will reduce the tensions between countries, and territory will be less critical. Our world faces crucial challenges. Food and water security have the potential to either divide or bring us together and ensure our long-term existence.
"By the way, in every developed Western country, like the United States, Australia, and also in Europe, issues of food security, climate, and greenhouse emissions are on the top of the political agenda. We are not talking about it [in Israel,] as security and foreign affairs take the central stage, but Israel does have a lot to offer here."
Q: Do we have the potential to become the Silicon Valley of advanced agriculture?
"Israel takes tremendous pride in its actions that help save the world. Will we become the Silicon Valley of agriculture? There is no doubt about it. We can already see foreign investors who come here to look for opportunities, including my business partner Lior Maimon, co-founder and CEO of Silver Road Capital, and Steven Levin, one of the leaders of the US food industry. Silver Road Capital is a holdings and financial advisory firm with a broad portfolio of high-tech companies, as well as agricultural and food technologies, and represents international companies and funds in investments in Israel and the world.
"Future Crops's goal is to raise 35 million shekels on the Israeli stock exchange to invest in enlarging the existing facilities and [set up] other production lines and facilities in Europe and other continents. We cooperate with the Albert Heijn supermarket chain [in the Netherlands] and a leading food chain in France."
Q: Vertical farming is estimated at $3 billion. Google and Amazon have invested hundreds of millions in the field as well. What is their goal?
"A simple answer would be profit. A longer answer is that they [large corporations] understand that food has the highest demand. People cannot live without food and water, and Google and Amazon understand that potential."
Q: US President Joe Biden took office with the largest team of climate experts ever. That ought to give the field momentum.
"Green energy and vertical farming will get a considerable boost. Climate change and green energy are well-rooted in the Democratic Party's ideology.
"It is also possible that large companies entered the agriculture fields precisely because of the Biden administration; they are worried about their future. They are afraid of a certain dismantling, so focusing on secondary fields is part of a security scenario for them."
Q: Biden also wants to address greenhouse emissions, which are the result of the food production industry, mainly meat. Are Amazon and Google's food counterparts - McDonald's and Burger King - looking for meat substitutes?
"Firstly, cultured [lab-grown] meat does not require grazing land, cows do not need to be fed, and so much land can instead be turned into forests that support the environment. This is an optimistic industry that leaves us with a better world.
"As for the meat alternatives market, there are two major companies in the US that produce plant-based protein, Beyond Meat, and Impossible Foods.
"Impossible's burgers are already at Burger King, McDonald's has partnered up with Beyond Meat, and last November, it announced that it would create its own plant-based burger.
"The problem is that pea protein [used in plant-based burgers,] does not have all the amino acids that animal protein contains. Also, they need to add additives to supplement for taste and smell.
"At MeaTech, where I'm a director, we are on our way to producing animal meat, cultured meat, real stakes: we take a cow's own stem cell from which meat can be produced in almost unlimited quantities. We also use 3D digital printing technology. And we also created a thin layer of meat, carpaccio. Needless to say, no cow was harmed in the process."
Image from: MeaTech
Q: Why do you use 3D printers?
"Because there is no need for a human being's involvement. It is relevant now during the coronavirus pandemic when the food supply chain is disrupted. With such printers, your production can continue without delays, whenever you want.
Also, it is theoretically possible to provide food for space flights. Astronauts who go out into space will not have to take food with them; rather, they will be able to produce it on the spot.
"People understand that crises like the coronavirus can disrupt the supply chain and are looking for alternatives. A 3D printer allows restaurants, supermarkets, and butcher shops to have meat without relying on the supply chain."
Q: The death rate from obesity is higher than the death rate from hunger. How will cultured meat affect these statistics?
"It is possible to create meat with much less fat and more protein in each portion and add various nutrients in the future to strengthen the immune system and prevent disease. This, of course, requires a lot of research and approvals. Just like there's talk about customized medicine, so it will be possible to produce food that suits a person's genetic structure and body in the most optimal way."
Q: Will the cost of this meat also be optimal?
"They will cost more in the beginning compared to regular meat because there are initial costs that have to be repaid. When it becomes a mass production, prices will drop over time."
Q: With your vast experience in politics, what do you think of Israeli politics these days? Do you ever consider a political comeback?
"No election campaign goes by without someone making me an offer [to return to politics] but I'm not interested. Unfortunately, the Israeli government, and all governments in the Western world, have not been able to run their countries properly in recent years.
"For example, more of the government's national taks are transitioning to the private market or the third sector. We see that associations [are the ones] who take care of the needy, establish settlements in the Negev and in the Galilee, bring immigrants to Israel and provide Israelis with information. All these things should be done by the government.
"The Israeli government lacks vision, ideologies, every matter is personal and is charged with negative sentiments. If I do return one day, it will only happen after we change the government system which will take its power from small [political] parties.
"In my opinion, we need to transition to a regional choice, by district. This will result in higher quality politicians. How so? Because whoever wants to be elected will need to run and convince the people who live in his area and district, and they are the ones who know his activities best. Also, closed primaries should be avoided because they make all kinds of deals possible. That needs to change."
Warehouse Becoming Vertical Farms — And They’re Feeding New Jersey
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
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.
Vertical Farming: Ugandan Company Develops Solution for Urban Agriculture
We speak to Lilian Nakigozi, founder of Women Smiles Uganda, a company that manufactures and sells vertical farms used to grow crops in areas where there is limited space
We speak to Lilian Nakigozi, founder of Women Smiles Uganda, a company that manufactures and sells vertical farms used to grow crops in areas where there is limited space.
Image from: How We Made It in Africa
1. How Did You Come Up with the Idea to Start Women Smiles Uganda?
Women Smiles Uganda is a social enterprise formed out of passion and personal experience. I grew up with a single mother and eight siblings in Katanga, one of the biggest slums in Kampala, Uganda. I experienced hunger and poverty where we lived. There was no land for us to grow crops and we didn’t have money to buy food. Life was hard; we would often go to sleep on empty stomachs and our baby sister starved to death.
Growing up like that, I pledged to use my knowledge and skills to come up with an idea that could solve hunger and, at the same time, improve people’s livelihoods, particularly women and young girls living in the urban slums. In 2017, while studying business at Makerere University, I had the idea of developing a vertical farm. This came amid so many challenges: a lack of finance and moral support. I would use the money provided to me for lunch as a government student to save for the initial capital of my venture.
I managed to accumulate $300 and used this to buy materials to manufacture the first 20 vertical farms. I gave these to 20 families and, in 2018, we fully started operations in different urban slums.
2. Tell Us About Your Vertical Farms and How They Work.
Women Smiles vertical farms are made out of wood and recycled plastic materials. Each unit is capable of growing up to 200 plants. The product also has an internal bearing system which turns 360° to guarantee optimal use of the sunlight and is fitted with an inbuilt drip irrigation system and greenhouse material to address any agro-climatic challenges.
The farms can be positioned on a rooftop, veranda, walkway, office building or a desk. This allows the growth of crops throughout the year, season after season, unaffected by climatic changes like drought.
In addition, we train our customers on how to make compost manure using vermicomposting and also provide them with a market for their fresh produce.
Image from: How We Made It in Africa
3. Explain Your Revenue Model.
Women Smiles Uganda generates revenue by selling affordable, reliable and modern vertical farms at $35, making a profit margin of $10 on each unit. The women groups are recruited into our training schemes and we teach them how to use vertical farming to grow crops and make compost manure by vermicomposting. Women groups become our outgrowers of fruits and vegetables. We buy the fresh produce from our outgrowers and resell to restaurants, schools and hotels.
We also make money through partnering with NGOs and other small private organisations to provide training in urban farming concepts to the beneficiaries of their projects.
4. What Are Some of the Major Challenges of Running This Business?
The major challenge we face is limited funds by the smallholder farmers to purchase the vertical farms. However, we mitigate this by putting some of them into our outgrower scheme which helps them to generate income from the fresh produce we buy. We have also linked some of them to financial institutions to access finance.
5. How Do You Generate Sales?
We reach our customers directly via our marketing team which moves door to door, identifying organised women groups and educating them about the benefits of vertical farming for improved food security. Most of our customers are low-income earners and very few of them have access to the internet.
However, we do also make use of social media platforms like Facebook to reach out to our customers, especially the youth.
In addition, we organise talk shows and community gatherings with the assistance of local leaders with whom we work hand in hand to provide educational and inspirational materials to people, teaching them about smart agriculture techniques.
6. Who Are Your Main Competitors?
Just like any business, we have got competitors; our major competitors include Camp Green and Spark Agro-Initiatives.
Image from: The Conversation
7. What Mistakes Have You Made in Business and What Did You Learn From Them?
As a victim of hunger and poverty, my dream was for every family in slums to have a vertical farm. I ended up giving some vertical farms on credit. Unfortunately, most of them failed to pay and we ended up with huge losses.
This taught me to shift the risk of payment default to a third party. Every customer who may need our farms on credit is now linked to our partner micro-finance bank. By doing this, it is the responsibility of the bank to recover the funds from our customers and it has worked well.
8. Apart from This Industry, Name an Untapped Business Opportunity in Uganda.
Manufacturing of cooler sheds for the storage of perishable agricultural produce is one untapped opportunity. Currently, Ugandan smallholder farmers lose up to 40% of their fresh produce because of a lack of reliable cold storage systems.
Providing a cheap and reliable 24/7 cold storage system would dramatically reduce post-harvest losses for these farmers.
Is AppHarvest the Future of Farming?
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.
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.
USA (CA) - Iron Ox Raises $20 Million To Grow Robotic Greenhouse Operations
The funding will be used to open additional robotic growing facilities in California and other parts of the U.S., according to company co-founder and CEO Brandon Alexander
Khari Johnson @kharijohnson
September 9, 2020
Robotics farming company Iron Ox today announced the close of a $20 million funding round. The funding will be used to open additional robotic growing facilities in California and other parts of the U.S., according to company co-founder and CEO Brandon Alexander. The funding will also be used to hire additional machine learning and robotics experts as well as growers and scientists who work with plants.
“We’re now competing on price with field farms, but we think we can do even better and take this to more people,” he said.
Iron Ox employs a 1,000-pound mobile transport system roughly the size of a car to move trays of growing vegetables and tend to plants using a robotic grasper while computer vision systems monitor the plant growth cycle. The semi-autonomous system still relies on humans for a part of its seeding, pruning, and inspection process, Alexander said, but the goal is for Iron Ox to someday be fully autonomous.
While startups like Bowery practice indoor vertical farming in urban facilities near New York and Baltimore, Iron Ox has turned its focus toward greenhouse farming since the company was founded in 2015 as a way to lower energy costs. Earlier this year, Iron Ox opened its first greenhouse, a 10,000-square foot facility in Gilroy, California, the company’s second location. Iron Ox currently provides produce to 15 Whole Foods stores in the San Francisco Bay Area.
Though Gilroy is known as the garlic capital of the world, Iron Ox does not currently grow any garlic. Instead, the company focuses on leafy green vegetables like lettuce and some herbs.
Alexander said Iron Ox’s biggest challenge is how to use data collected by sensors to train AI systems that produce higher yields at lower costs.
“I would say in agriculture as a whole it’s not just collecting data, it’s not just taking an image, but it’s actually how do you include that data into the decision making process?” Alexander said. “I would say that is the biggest challenge in ag is how do you respond to these each individual plants and the variety and all these little variables.”
The $20 million funding round was led by Pathbreak Ventures with participation from Crosslink Capital, Amplify Partners, Eniac Ventures, R7 Partners, Tuesday Ventures, and At One Ventures. Iron Ox is based in San Carlos, California. The company currently has 30 employees and has raised $45 million to date.
Field farming today is still the most efficient way to grow produce. However, concern about shrinking field yields and instability due to climate change has spurred interest in indoor farming. In 2018, international teams from companies like Microsoft and Tencent competed against each other to find out who could grow the highest yield of cucumbers inside a greenhouse using AI and automation. (Spoiler: The Microsoft team won.)
In other AI and agriculture news, last month the startup iFarm raised $4 million for its AI-driven urban farming solution, and in June the startup Burro began rolling out its autonomous farm robot in southern California to assist in grape harvesting.
Image credits: Iron Ox
Future of Food Summit
For the first time, EatingWell and the International Food Information Council Foundation are bringing together thought leaders across academia, agriculture, manufacturing, retail and the media to discuss the Future of Food and how our food system needs to change for the better
For the first time, EatingWell and the International Food Information Council Foundation are bringing together thought leaders across academia, agriculture, manufacturing, retail and the media to discuss the Future of Food and how our food system needs to change for the better.
Panel Topics
Sustainable Food Production
Our Protein Obsession
Innovations in Nutrition and Health
The Consumer Experience
With panel members representing GE Appliances, National Cattleman's Beef Association, North Carolina State University, Perdue, Perfect Day and more!
BUY TICKETS
PANEL TOPICS
9:00 – 9:30 AM
OPENING REMARKS JOSEPH CLAYTON, CEO, IFIC
Joseph Clayton is Chief Executive Officer of the International Food Information Council (IFIC) and IFIC Foundation. He joined IFIC in 2016. Clayton previously served as Interim President of the American Frozen Food Institute (AFFI), the trade association representing the public policy and regulatory interests of the frozen food and beverage industry. Prior to AFFI, he served as Executive Vice President at Golin International and CEO of Widmeyer Communications. He began his career in the U.S. Senate, where he worked on the legislative staff of former Illinois Senator Alan Dixon (D-IL). A graduate of the University of Illinois, Clayton serves on the Advisory Board of Illinois in Washington.
OPENING REMARKS JESSIE PRICE, EDITOR-IN-CHIEF, EATINGWELL
Editor-in-chief of EatingWell since 2013, Jessie Price oversees the editorial content across all media platforms including the magazine, books and brand extensions. After graduating from Williams College, Jessie cooked in restaurants in California and Colorado and worked in advertising in San Francisco. She began testing recipes for EatingWell when she moved to Vermont in 2003 and soon after joined the team full time. She has worked on more than a dozen EatingWell cookbooks and is the author of the James Beard Award-winning The Simple Art of EatingWell. Jessie has represented EatingWell across national and local media, appearing on NBC’s Today show, TV Land’s Best Night In and video news network Cheddar, among others. Under her leadership, the magazine has been named Publication of the Year twice by the International Association of Culinary Professionals (IACP), in 2016 and 2019 (and was a finalist in 2017 and 2018).
9:30 – 10:45 AM
KEYNOTE ALI BOUZARI, PH.D.
Ali Bouzari is a culinary scientist, author and educator. He is co-founder of Pilot R&D, a culinary research and development company, and Render, a new food company that collaborates with the best restaurant chefs in the country to reinvent the way food lovers eat. As a chef with a Ph.D. in food biochemistry, Ali has helped to lead the charge in changing the way we think about cooking by teaching and developing curriculum at top universities, and collaborating with the country’s most innovative restaurants, including State Bird Provisions, Eleven Madison Park, and the Thomas Keller Restaurant Group.
10:45 AM – 12:00 PM
The Consumer Experience–Shopping, Cooking & Restaurants
Are robots going to be stirring the pots on our stoves? Will grocery store produce departments be stocked straight from vertical farms on their roofs? How will concerns for sustainability, health and social justice reshape both fast-casual and high-end dining? This panel will tap into the changes that will revolutionize how we interact with food every day.
MODERATOR
Jessie Price, Editor-in-Chief, EatingWell
PANELISTS
Chris Bissig, Director Industrial Design, GE
Maisie Ganzler, Chief Strategy & Brand Officer, Bon Appetit Management Co.
Hunter Lewis, Editor-in-Chief, Food & Wine
Mario Ferruzzi, Ph.D., Professor of Food Science & Nutrition, NC State, Plants for Human Health Institute
1:00 – 2:15 PM
Sustainable Food Production
Precision technology, gene editing, vertical farming, regenerative practices and other innovations are helping growers be more productive, use fewer natural resources, sequester carbon, reduce waste and improve soil health. How can we harness technologies like these to make our food system more resilient and healthy in the years to come?
MODERATOR
Dave Kurns, Editor-in-Chief, Successful Farming
PANELISTS
Jason Rowntree, Ph.D., Associate Professor, Animal Science, Michigan State University
Bruce Stewart-Brown, D.V.M., SVP of Food Safety, Quality and Live Production, Perdue
Mark Guiltinan, Ph.D., Professor of Plant Molecular Biology, Penn State University
Marc Oshima, Co-Founder, AeroFarms
2:30 – 3:45 PM
Plants to Animals: Where Is Our Protein Obsession Headed?
Americans love to focus on the health benefits of protein, but we’re worried about its impact on the environment. What’s a thoughtful eater to do? Stick with meat, go lab-grown, turn to plant-based alternatives? The options are evolving by the day, especially with help from an influx of investment capital.
MODERATOR
Sophie Egan, MPH, Author & Director of Health and Sustainability Leadership, Strategic Initiatives Group, The Culinary Institute of America
PANELISTS
Ephi Eyal, CEO, Hinoman USA
Katharine Richards, Senior Director of Marketing, Perfect Day
Renske Lynde, Co-Founder & Managing Director, Food System 6
Jennie Schmidt, M.S., R.D., “The Foodie Farmer”
Sara Place, Ph.D., Senior Director of Sustainable Beef Production, National Cattleman’s Beef Association
3:45 – 5:00 PM
Innovations in Nutrition & Health
What will be the biggest influences on dietary and nutrition science in the next ten years? In 2020 the USDA will release the new Dietary Guidelines for Americans, which help drive food and nutrition policy. What are we likely to see there? Probably small incremental changes. But promising emergent fields including personalized nutrition, microbiome research and sugar replacement alternatives are likely to shake up what we eat to feel our best.
MODERATOR
Lisa Valente, M.S., R.D., Digital Nutrition & News Editor, EatingWell
PANELISTS
Anna Maria Siega-Riz, Ph.D., IFIC Foundation Trustee
Rachel Sanders, CEO, Rootine Vitamins
Megan Meyer, Ph.D., Director of Science Communication IFIC Foundation
Dipnath Baidyaroy, Ph.D., Director of Strategic Alliances, Codexis
Allison Kuhn, Director of Nutrition, Kroger Health