October 10, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Tech-driven vertical farming company Elevate Farms raised in excess of C$26 million (US$19 million) in capital – consisting of equity and secured project finance – through a series of global investments anchored by long-time investor Brightspark Capital. 

Based in Toronto, Canada, Elevate Farms’ novel business model uses hydroponics and a proprietary automation system, partnered with photobiology and blockchain to cost effectively grow leafy green vegetables, such as arugula, kale, and basil, at mass scale.

“The world’s resources are decreasing and our population is increasing and we feel technology and research need to keep up,” said Amin Jadavji, CEO, Elevate.

“Elevate has the highest plant density we know of in the vertical farming space and we believe with our tech, IP and 25 years of research we will push forward to everyday consumers at wholesale market prices, something no one is talking about…getting food to actual consumers across the globe.”

Using its novel production methods, Elevate was the first vertical farming operation to commercially implement a robotically-automated, climate-controlled environment for growing produce that requires significantly less labor than other indoor farming models. Its system allows for optimal  growing conditions to produce sustainable, zero-pesticide greens that are tracked by blockchain from seed to sale.

Commenting on this latest tranche of raised capital, Jadavji said, “We are now exceptionally well capitalized and buoyed by outstanding institutional backing through commercial and corporate governance expertise.”

Partnering with Elevate since its earliest days is Brightspark Capital, a veteran venture capital firm based in Montreal and Toronto, Canada, that is represented on Elevate’s Board by founding partner Mark Skapinker.

“The farming industry is going through massive changes as the effects of weather change, standardization and modernization are rapidly becoming reality,” said Mark Skapinker, partner, Brightspark.

“Elevate Farms’ solution addresses the market need and its unique approach sets it up for market leadership. We are very excited by the prospects of the company.”

Jadavji added, “Brightspark’s return as a significant investor in our most successful period of fundraising, along with the election of Douglas Janzen to our Board at the last meeting of shareholders, speaks to the exceptional growth of profile and institutional support, both internally and externally, Elevate has received in the capital markets industry.”

Additionally, Elevate announced that on September 22, 2022, the company was affirmed as a founding and leading member of the Vertical Farming World Congress, having been one of the first farming companies to sign the Vertical Farming Manifesto – a declaration outlining the impact and contribution the industry intends to bring to bear to transform current food systems, providing food for a growing population in a sustainable and circular way. 

“Elevate Farms has been committed to developing food production systems designed to produce a high volume of leafy greens at a competitive cost,” said Jadavji. “We are excited to be part of the solution to use emerging technology in order to feed people for a sustainable future.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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