Vertical Funding

Vertical Funding

Image: Bright Agrotech

US-based Newbean Capital has launched an alternative finance arm, Contain, with a focus on providing funding for vertical farmers. The new unit will deliver lease financing for those practising vertical farming and indoor agriculture using hydroponic aquaponic and aeroponic techniques.

Contain recently arranged a five-year lease agreement for Bright Agrotech’s ZipFarm equipment for MyChoice Programs, an East Coast non-profit supporting individuals with developmental disabilities. MyChoice Programs is transforming one of its buildings into a vertical farm that could feed both the residents of its homes and the local  community.

Bright Agrotech has just been acquired by vertical farming company Plenty as part of the latter’s efforts to build field-scale indoor farms around the world. Plenty farms combine machine learning, IoT, Big Data, sophisticated environmental controls and heirloom seed stock, and the company reckons it can grow fruits and vegetables, using 1% of the water, less than 1% of the land, and none of the pesticides, synthetic fertilisers or GMOs of conventional agriculture.