GrowUp secures £38m investment from capital generation to expand vertical farming operations

GrowUp, Britain’s best-selling vertical farm, has announced a substantial £38 million investment from Generate Capital, a leading sustainable infrastructure investment and operating company

This investment aims to meet the growing demand for GrowUp’s ready-to-eat salads, which are known for being locally grown and pesticide-free.

Generate Capital’s investment will primarily support the expansion of GrowUp’s vertical farm in Kent, strengthening the company’s leadership in the UK salad category, supporting the Unbeleafable and Fresh Leaf Co brands. supporting, driving research and development at GrowUp’s Leaf Lab in Cambridge and GrowUp’s status as a certified B corporation.

This financing extends Generate Capital’s existing partnership with GrowUp, following an initial financing round in 2021. The previous investment enabled GrowUp to validate its energy-efficient cultivation system and begin transforming a five-hectare brownfield site into the equivalent of 1,000 hectares of prime agricultural land. in Kent. GrowUp has since become the first vertical farm to supply branded bagged salads to Britain’s largest supermarket chain, Tesco, as well as Iceland, SPAR and other major foodservice customers.

Marcus Whately, CEO of GrowUp, commented: “This investment is a fantastic boost for GrowUp and recognizes the passion and talent of the team. We partnered with Generate Capital because, as a $10 billion sustainable infrastructure investor with a mission to “rebuild the world together,” Generate Capital aligns with our ethos. With the support of Generate Capital, we have proven 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 added: “Consumers want British-grown, sustainable, longer lasting leaves – grown without pesticides. This further investment will allow us to expand production to meet demand and continue to transform British food production. We have been growing for over 11 years now. With the support of Generate Capital, we have come a long way since Kate Hofman and Tom Webster set up their first vertical farm in 2013, supplying lettuce leaves to London’s markets and restaurants.”

Scott Jacobs, CEO and co-founder of Generate Capital, said: “GrowUp is one of the most exciting and innovative vertical farming companies in the UK, with sales increasing almost 800% year on year. Their ability to quickly gain the trust of Britain’s largest retailers demonstrates the appeal of their product lines, the strength of their team and their ability to meet rising consumer demand for healthy, locally grown food. We look forward to working with them to continue to accelerate the decarbonisation of the food system by delivering nutritious, affordable and sustainable vegetables to UK consumers and food producers.”

Eduardo Clemente, Managing Director at Generate Capital, added: “Since our first investment in 2021, GrowUp’s unique approach has demonstrated that producing superior, sustainable leafy greens at scale and at competitive prices is possible, unlocking the potential to ​​to gain significant market share in the British salad market. In less than a year since commencing industrial scale operations, GrowUp’s success in securing significant interest and volumes from some of the UK’s largest retailers is testament to their value proposition.”