Environmental investment for vertical farming
Environmental fund manager Earthworm has provided £1.1m of follow on investment for Vertical Future, a London-based food technology business which specialises in vertical farming.
Earthworm only backs projects that will have a positive social or environmental impact. It has a portfolio across food, energy and waste, and was the lead investor in Vertical Future’s £4m seed round in autumn 2019.
Vertical Future produces sustainable, pesticide-free produce for the food sector. Its technology team is building what is expected to be the most sophisticated vertical farm in the world, which will be fully automated, sensor and software-driven. The company has several vertical farming licensing deals in the pipeline and a growing number of national and international projects across an increasingly diversified portfolio.
Ben Prior, CEO of Earthworm, said: “Vertical farming will be at the forefront of food production in the years to come; it is poised to help solve one of the biggest issues of our time – how to feed a growing population sustainably.
“We were impressed by Jamie’s vision and the company’s potential from their seed round and are looking forward to supporting this very special business in its rapid growth.”
Jamie Burrows, Founder and CEO of Vertical Future, said: “Earthworm’s commitment to our business and the food sector during such an uncertain and turbulent time for the economy is very encouraging.
"This investment will allow us to accelerate growth of our operations and further validates our long term view that vertical farming will be integral to food systems of the future.”
Earthworm’s vision is to make the UK a more sustainable place to live by enabling environmental projects in the food, energy and waste sectors. They do this by developing and nurturing early-stage and scale-up businesses with huge commercial potential, redefining the traditional investment model to become both personally and globally impactful.