Kent-based vertical farm GrowUp has received a £38 million investment from Generate Capital to help meet growing demand for its ready-to-eat salads.
The funds will help the certified B Corp expand capacity at its farm and Leaf Lab site in Cambridge, as well as help support its Unbeleafable and Fresh Leaf Co. brands.
The investment is the second major foray by Generate Capital into the business. In 2021, it helped finance the startup with money to help convert a five-acre brownfield site into 1,000 acres of grade 1 farmland.
GrowUp not only supplies Tesco, SPAR and Iceland with its bagged salads but it also does so for foodservice clientele.
“This investment is a fantastic boost to GrowUp and recognises the team’s passion and talent,” said Marcus Whately, CEO of GrowUp. “As a $10 billion sustainable infrastructure investor with a mission to rebuild the world together, Generate Capital aligns with our ethos. We have proved that vertically farmed salads are sustainable, cost competitive, and commercially viable, as well as tasty, healthy and long lasting. Together we can unlock a new salad category and meet growing consumer demand.”
Whately said shoppers want salads that are both locally grown and free from pesticides. Generate Capital leaders agree, seeing the investment in sustainability as a win-win for them and for shoppers.
“GrowUp is one of the UK’s most exciting and innovative vertical farming operations, experiencing nearly 800% sales increase year over year,” said Generate Capital’s CEO and Co-founder Scott Jacobs. “Their ability to quickly earn the trust of the UK’s largest retailers shows the appeal of their product lines and their ability to meet rising consumer demand for healthy, locally grown food. We look forward to working with them to keep accelerating the decarbonisation of the food system by providing nutritious, affordable and sustainable greens to UK consumers and food manufacturers.”
GrowUp Farms calls themselves “a purpose-led, award-winning vertical farming business,” one that humble beginnings a little more than a decade ago as a supplier to Borough Market and London restaurants.
Now, that little farm is a much bigger one that operates year-round. And it uses 100% renewable energy from its co-located bioenergy plant which helps its leaves earn “the optimal balance of water, light and nutrients.”
GrowUp projects that the investment and expansion will help them produce 1.4 million bags of salad per week. For more information, go to growupfarms.co.uk.
