London-based food technology company Vertical Future has announced a £4m seed round of equity finance, with further investment expected in the coming months.
Vertical Future uses technology to produce high-quality, ethical food in controlled environments. They also develop efficient and sustainable methods of food production and supply systems, with a long-term commitment to improving health and reducing CO2 emissions in cities.
“Following several years of hard work, today’s raise validates our growth strategy and strong position in the London market, furthering our mission to improve the food and health of urban inhabitants, starting in London” said Jamie Burrows, Founder and CEO of Vertical Future.
The capital raised will be used to support the first phase of Vertical Future’s long-term, ambitious growth strategy. The company will see a 25x increase in crop production capacity across its London operations, aided by the development of two new ethical plant factories in London Fields and Mayfair, as well as further developing its existing site in Deptford.
The fund raise will strengthen Vertical Future’s ability to produce significantly more crops as they target a 10x increase in its B2B restaurant business as well as an expansion of the direct to customer business, both sold under the MiniCrops brand. Current restaurant customers include Quaglino’s, Tom’s Kitchen, Mindful Chef, Chop’d, Kaleido, Sartoria, Lahpet, and over 100 other dining establishments across London.
Simon Thorn, CEO of Acceleris added: “We are delighted to complete this transaction with Jamie and the team at Vertical Future. We believe that we have secured an excellent investment partner in Earthworm and we look forward to supporting the company’s growth over the coming years.
“The team has attracted an impressive customer base so far and we see plenty of areas for growth.”
The investment round was led by Earthworm – a fast-growing impact investor with a portfolio across food, energy and waste – and supported by corporate finance adviser, Acceleris Capital. Also supporting the raise was Amberley Advisory and Gateley.