Cultivatd has closed a Series A round of investment of $3m USD led by Malcolm Bean of Resilient Earth Ventures (REV) Fund. The funds will primarily be used to fuel the company’s expansion plans with new offices coming to Austin, Texas, Dubai, UAE, and Perth, Australia in 2022.
Cultivatd was founded in 2020 and the company’s Managing Partners, Eric Levesque and Eric Bergeron, are both industry veterans who have been involved in Agtech for several years. Cultivatd has secured over 40 partnerships with controlled environment agriculture (CEA) technology providers such as IGS, Elevate Farms, Artechno, Cubic Farms, AmplifiedAg, Netled, RotoGro, and Delta9 in the past year, and intends to continue to expand its roster of partners over the coming year.
“These funds will allow us to service our growing list of clients, partners, and projects and will help us get right into the middle of the CEA industry,” says Eric Levesque, Managing Partner and co-founder. “We did not anticipate the market would be this open to our service offering and we have now raised a seed round and a Series A in the same year to expedite that growth.”
The company currently has over $250 million in active projects in its portfolio and expects that number to increase substantially in 2022. “The industry is growing quickly and more and more people need a better understanding of which technology provider is best for their project. It’s a massive capital commitment to open a vertical farm and we provide the expertise to help with planning and technology selection on behalf of our partners,” says Eric Bergeron, the company’s other co-founder and an AgTech industry veteran working in the sector since 2014.
Malcolm Bean, Principal at REV Fund, says: “This investment is strategic in that it allows our fund access to the projects Cultivatd is brokering, helping speed up the process of their clients completing their vertical farming projects. We are very excited to see where this company is headed and to be part of it.” Malcolm will also hold a Board Seat at Cultivatd and help with strategy and growth.
“We believe that success in this industry doesn’t just come from having the right technology (which we can help with) but also from having the right people running that technology. Our client’s success is ultimately our business model,” says Levesque. The company intends to hire a few more staff to fill some major roles but is planning on staying lean, focusing instead on marketing and sponsorship opportunities to grow the brand into the $50 billion dollar vertical farming equipment market
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