GrowUp funding news – London-based GrowUp Raises £38Million in Funding

With the support of this finance, Generate Capital and it will continue their collaboration, which started in 2021 and enabled GrowUp to convert a five-acre property into a vertical farm that is comparable to 1,000 acres of prime Kent farmland.

Scott Jacobs, Generate Capital’s CEO and co-founder, says, “GrowUp is one of the UK’s most exciting and innovative vertical farming operations, experiencing nearly 800 per cent sales increase year over year. Their ability to quickly earn the trust of the UK’s largest retailers shows 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 keep accelerating the decarbonisation of the food system by providing nutritious, affordable and sustainable greens to UK consumers and food manufacturers.”

Eduardo Clemente, an MD at Generate Capital, adds, “Since our first investment in 2021, GrowUp’s unique approach has demonstrated that producing superior, sustainable leafy greens at scale and at competitive pricing is possible, unlocking the potential to capture significant market share in the UK salad market. In less than a year from starting operations at industrial scale, GrowUp’s success in securing significant interest and volumes from some of the UK largest retailers is a testament to their value proposition.”

It will benefit from the capital in several ways, including increased capacity, strengthened leadership in the UK salad market, support for its Unbeleafable and Fresh Leaf Co. brands, advancement of R&D at its Leaf Lab in Cambridge, and maintenance of its B Corp certification.

Marcus Whately, CEO of GrowUp, says, “This investment is a fantastic boost to GrowUp and recognises the team’s passion and talent. We partnered with Generate Capital because, as a $10B sustainable infrastructure investor with a mission to ‘rebuild the world together’, Generate Capital aligns with our ethos. With Generate Capital’s support, 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.”

About GrowUp

GrowUp Farms is a certified B Corp and a purpose-driven vertical farming company that was founded in 2013 by Kate Hofman and Tom Webster. The business began in a tiny London space, growing salad greens for Borough Market and neighbourhood eateries.

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GrowUp extended to a five-acre vertical farm in Kent, growing salad leaves all year round, after receiving over £100 million in funding eleven years later. The farm creates ideal growing conditions with technology and 100% renewable electricity.