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$160 Million Funding Round Secured To Expand Operations
80 Acres Farms, a vertical farming producer, has secured $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, the U.S. financing arm of tech company Siemens.
August 10, 2021
80 Acres Farms, a vertical farming producer, has secured $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, the U.S. financing arm of tech company Siemens.
The company intends to use the capital for continued expansion and product development, building from its current footprint of vertical farms that yield a diverse offering of high-quality produce.
Thriving for impact
Mike Zelkind, CEO of 80 Acres Farms, said: "We are proud of what our team has been able to accomplish and enthusiastic about the road ahead. We are also honored to be supported by such a high-caliber group of strategic investors who are enabling us to continue to lead this evolving and fast-growing industry." Mike said the investment is a quantum leap for the business to build more farms both nationally and globally.
"80 Acres Farms is building an incredibly exciting vertical farming business that provides high-quality produce through innovative practices," noted Shaw Joseph, Managing Director of General Atlantic.
Shaw said that with global food consumption increasing and growing threats impacting supply chains and food security, there is a pressing need for healthy, fresh and local foods that are grown in more sustainable and cost-effective ways. He added, "We look forward to working closely with Mike, Tisha and the broader 80 Acres Farms' team as they scale."
"The new investment positions the company as the leading proven and profitable technology provider prepared for rapid
expansion," said Tisha Livingston, CEO of Infinite Acres, and Co-founder of 80 Acres Farms. "In addition, this enables 80 Acres to focus on their operational expertise and deep research and development capabilities beyond leafy greens."
Combining capital and tech know-how
Jason Thompson, Vice President of Sustainability and Growth Equity at Siemens Financial Services, said, "We are committed to helping scale sustainable vertical farming technology. 80 Acres has demonstrated their ability to build and operate profitable farms."
According to Jason, Siemens is enthusiastic about the opportunity to support its global expansion with both its capital and technical know-how. Including, their recently established Center of Competence dedicated to supporting companies in realizing their digital transformation.
"We are excited to be partnering with General Atlantic and Siemens to provide growth capital and support to Mike, Tisha and the entire 80 Acres team to help scale their operations within existing and new markets," said Kayode Akinola, Head of Private Equity Directs at Blue Earth Capital.
New board member
As part of this funding round, Shaw Joseph will join the 80 Acres Farms board. Eli Aheto, former 80 Acres Farms board member, led BeyondNetZero's contributions to this round. He noted, "I am pleased to be able to continue and grow my support of 80 Acres with this contribution from the BeyondNetZero team. 80 Acres has proven a farm design that is poised to reduce food miles, food waste and the
resulting in negative carbon emissions that exist within our food supply chain."
For more information:
80 Acres Farms
Rebecca Haders, VP Marketing
rebecca.haders@eafarms.com
www.80acresfarms.com
Lead Photo: Mike Zelkind and Tisha Livingston
Four Vertical Growers Collaborating To Deliver Social-Impact Projects in Wales
Four UK vertical farming companies, LettUs Grow, Digital Farming, Farm Urban and GrowStack, are collaborating to bring the benefits of CEA to Welsh communities
July 9, 2021
Four UK vertical farming companies, LettUs Grow, Digital Farming, Farm Urban, and GrowStack, are collaborating to bring the benefits of CEA to Welsh communities. This is one of the widest collaborations between leading CEA tech providers in the UK to date, with a focus on delivering vertical farms across different locations in Wales as part of a social impact and community-focused project called Crop Cycle.
Crop Cycle is looking to bring the benefits of vertical farming directly to communities that could benefit most and is being funded by the Welsh Government through the Foundational Economy Challenge Fund. The project is being led by Social Farms and Gardens, supported by Welsh Government's NutriWales CEA Special Interest Group and BIC Innovation.
The project enables multiple different CEA systems to be tailored to fit different community settings, whilst also allowing them to be assessed in coordination across the pilot sites. This approach is unique, facilitating the testing of new socially focused business models, the engagement of the local communities and businesses with CEA and the development of new technical solutions. LettUs Grow, Digital Farming, GrowStack and Farm Urban are working together to share their specialisms and apply different technologies to where they are best suited within four sites in Wales, two of which are in the Valleys.
This project will introduce year-round food growing right into the heart of Welsh communities, where they’ll be connected to the particular dynamics of the local area. Activities will test new community-based engagement models, focusing on social well-being, local entrepreneurship and environmental impact. In this way, the project will be bringing together community, businesses and local public sector organizations.
Gary Mitchell, the Wales Manager for Social Farms and Gardens who is leading the project team stated, "we are excited to be running the pilot project across a diverse set of sites to gain insight and further knowledge into how new agricultural systems can successfully support communities in delivering local, fresh and nutritious foods as well as important social benefits in a sustainable manner."
Read the complete article at: Vertical Farm Daily
For more information:
LettUs Grow
info@lettusgrow.com
lettusgrow.com
GrowStack
www.growstack.co.uk
Digital Farming
www.digitalfarming.io
Farm Urban
www.farmurban.co.uk
Space To Grow, or Grow In Space – How Vertical Farms Could Be Ready To Take-Off
Vertical farms with their soil-free, computer-controlled environments may sound like sci-fi, but there is a growing environmental and economic case for them, according to new research laying out radical ways of putting food on our plates
JOHN INNES CENTRE
14 JULY 2020
Image: Vertical Farming -- economic and environmental benefits. (Credit: LettUs Grow)
Vertical farms with their soil-free, computer-controlled environments may sound like sci-fi, but there is a growing environmental and economic case for them, according to new research laying out radical ways of putting food on our plates.
Vertical farms with their soil-free, computer-controlled environments may sound like sci-fi, but there is a growing environmental and economic case for them, according to new research laying out radical ways of putting food on our plates.
The interdisciplinary study combining biology and engineering sets down steps towards accelerating the growth of this branch of precision agriculture, including the use of aeroponics which uses nutrient-enriched aerosols in place of soil.
Carried out by the John Innes Centre, the University of Bristol, and the aeroponic technology provider LettUs Grow, the study identifies future research areas needed to accelerate the sustainable growth of vertical farming using aeroponic systems.
Dr Antony Dodd, a Group Leader at the John Innes Centre and senior author of the study, says: “By bringing fundamental biological insights into the context of the physics of growing plants in an aerosol, we can help the vertical farming business become more productive more quickly while producing healthier food with less environmental impact.”