Verti has developed a vertical farming technology for the hydroponic cultivation of lettuces, and it wants to reach emerging markets with it, starting with Africa. "There are many vertical farming companies in Europe, but they all make very expensive and complicated technology. As a result, farmers don't buy it. We want to make simple and cheap vertical farming solutions," stated Emmanuel Leconte, the company's co-founder and CEO.
The company, which has reached the first level of development, is preparing a financing round for 500,000 euro that it expects to complete by the end of 2023 to cover the expenses for the improvement of the technology and the cost of the first implementation in Africa, which is scheduled for the end of the year. They also expect to reach the Middle East market by 2024.
"We have historically been engaged in the production of lettuce. We found that importing lettuce in these emerging markets is very expensive and that the imported product is affected by its shipping, so there is a place for a company like Verti there. There is a value proposition," Leconte said.