An Australian vertical farm, Stacked Farm, has just secured $56m in funding from a range of investors, with the transaction managed by SeventyTwo Capital.
The Gold Coast City Council has also provided incentives through its Economic Development Program to facilitate Stacked Farm's commercial operations, research and development center, and assembly site located on the Gold Coast in Queensland.
The majority of the capital secured will fund the construction of the next farm planned for delivery in 2023, the location of which is set to be announced in the coming quarter. The planned 7,000sqm facility will see Stacked Farm deliver the largest output of leafy green produce per square meter of any indoor vertical farm in the world.
Stacked Farm CEO Conrad Smith said, "We are extremely pleased with the caliber of parties that have chosen to invest in our company along with a number of supply chain partners, highlighting the strength of our technology and confidence in our team," said Smith.
Recent weather events have reinforced the need for a concerted industry approach to defeating the challenges nature throws our way," he added.
"Stacked Farm will continue to invest in research and development to extend our commercial capabilities beyond leafy greens and herbs to include the likes of fruits and flowers."
Stacked Farm's proprietary technology enables the growing, harvesting, and packaging of a range of crops in a controlled environment delivering superior produce quality and food safety. The fully automated vertical farming group was founded in 2017 and is headquartered in Queensland, Australia.
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