London foodtech sows seeds for growth with £1.1m investment
A food technology business that specialises in vertical farming has secured over £1m of follow-on investment from an existing investor.
Vertical Future, which is based in Deptford, has secured £1.1m additional funding from impact investor Earthworm to grow its proposition and support research and development.
The new funds will be used to accelerate Vertical Future’s technology and international growth plans, as well as forming a basis for equipping the UK in the event of future economic shocks.
CEO of Vertical Future, Jamie Burrows, commented: “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, which was the lead investor in Vertical Future’s £4 million seed round last autumn, specialises in funding environmental projects in the food, energy and waste sectors.
Ben Prior, CEO of Earthworm, added: “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.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning London email for free.