February 28, 2020

By Lynda Kiernan

Tech-based vertical farming company Elevate Farms announced it has raised $1.8 million in funding led by Brightspark Ventures. 

Based in Toronto, 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 of Elevate Farms, on the company website. “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.”

Through its production methods, Elevate is 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. 

“Elevate Farms represents the next generation of indoor farming: their system solves some of the biggest problems the first wave of vertical farms experienced,” said Mark Skapinker, managing partner, Brightspark Ventures.

“Their edge is their ability to cost-effectively create a tasty and nutritious product – and grow it at a mass-market scale. We invested because we saw meaningful potential, being a team of world leading experts that can execute proven technology and true science being applied into a massive marketplace.”

The company plans to use this capital to advance its North American operations by executing on its currently secured flagship facilities in New Jersey and Niagara – both of which will have the capacity to produce more than one million pounds of leafy greens per year.

“With the new funding, the company is now ready to scale significantly,” said Jadavji.  “The funding will also fuel our plans to scale the business, grow our team, build and secure new and existing IP, prepare for business partnership opportunities, as well as finalize initial major orders and operational financing.”

This fresh funding also will enable Elevate Farms to pursue a wider, more global strategic growth plan, according to company chief strategy officer, Travis Kanellos, who said, “This is a major milestone for our North American operations. It also allows us to forge ahead on our global partnerships, as well as execute our global plan to build out facilities internationally over the next 12 months.”

– Lynda Kiernan is Editor with GAI Media and daily contributor to the GAI News and Agtech Intel platforms. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at lkiernan@globalaginvesting.com.