LONDON | Generate Capital, a sustainable infrastructure investment and operating company, and GrowUp, the top-selling vertical farm in the UK, have announced a £38 million investment to meet the increasing demand for ready-to-eat salads from GrowUp.
Generate Capital's investment will help GrowUp expand the capacity at its Kent vertical farm, accelerate its position as a leader in the UK salad category, support the brands Unbeleafable and Fresh Leaf Co., advance research and development at its Leaf Lab site in Cambridge, and strengthen its influence as a certified B Corp.
This funding has extended Generate Capital's ongoing partnership with GrowUp, following an initial financing in 2021 that allowed GrowUp to demonstrate its energy-efficient growing system and convert a five-acre brownfield site into the equivalent of 1,000 acres of grade 1 farmland in Kent.
GrowUp is the first vertical farm to supply branded, bagged salads to the country’s largest supermarket chain, Tesco, Iceland, SPAR, and other major food service customers.
"This investment is a tremendous boost to GrowUp and acknowledges the team's dedication and expertise. We chose to collaborate with Generate Capital because, as a $10 billion sustainable infrastructure investor with a mission to 'rebuild the world together,' Generate Capital aligns with our principles,” said Marcus Whately, CEO of GrowUp.
“With the support of Generate Capital, we have demonstrated that vertically farmed salads are sustainable, cost-competitive, commercially viable, delicious, nutritious, and long-lasting. Together, we can create a new salad category and satisfy the growing consumer demand.”
He added that consumers desired UK-grown, sustainable, longer-lasting leaves grown without pesticides.
“With this additional investment, we can increase production to meet demand and continue to revolutionise UK food production. We have been growing for over 11 years now. We have significantly progressed with Generate Capital's support since Kate Hofman and Tom Webster established their first vertical farm in 2013, supplying salad leaves to London markets and restaurants.”
GrowUp is one of the UK’s most inspiring and innovative vertical farming operations, experiencing nearly 800 per cent sales growth yearly. Their ability to quickly earn the trust of the UK’s largest retailers demonstrated the appeal of their product lines, the strength of their team, and their ability to meet the increasing consumer demand for healthy, locally grown food.
"We look forward to collaborating with them to continue accelerating the decarbonisation of the food system by providing nutritious, affordable, and sustainable greens to UK consumers and food manufacturers,” said Scott Jacobs, CEO and Co-founder of Generate Capital.
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