Future Crops latest investment round to scale up vertically farmed crops
14 Mar 2022 --- Israeli-Dutch venture, Future Crops has developed advanced vertical farming from cutting-edge technology that uses a unique soil-like substrate to better reproduce the natural environment. The high-tech farm grows fresh, clean, ultra-sustainable, high quality crops at competitive price points and has just netted more investment to drive its innovation forward.
The war in Ukraine is putting a strain on the food supply chain which is further exacerbated by the sharp rise in fuel prices. This calls for thinking outside the box in finding ways to ensure food security and bring communities closer to the food source.
Chinese multinational Tencent has led Future Crops latest investment to accelerate growth of its vertical farming concept, crops and facilities. The value of the investment has not been disclosed.
“The purpose is to expand our activities, build and operate new farms around the globe. So far US$30 million has been invested in the company to build our first mass scale production farm and is almost fully automated,” Gary Grinspan, CEO and co-founder of Future Crops tells FoodIngredientsFirst.
The investment will be spent toward the technology and IP to grow crops at the right yield, cost and quality.
Future Crops' indoor vertical farm in Westland, Netherlands is known as the “greenhouse hub” of Europe. This investment allows the venture to scale-up mass production of its products, including premium herbs.
Vertical farming can help ensure food security in challenging conditions.
The tech-operated farm grows clean, fresh crops at competitive price points. The Agricultural Research Organization (ARO) of Israel has been integral in developing the technology used by Future Crops. Future Crops also closely collaborates with Netherlands-based Wageningen University.
Investment on time for mass production scale-up
The prior funding raised by Future Crops financed the construction of the facility and to build the team. It is the first time Future Crops has sought investment beyond its initial round of funding.
“The timing of this investment round is perfect for us as Future Crops has recently scaled up to mass production capacity,” adds Grinspan.
“We’re already supplying fresh, high-quality herbs to leading European retailers, both under private label and our brand. Currently, we market all our products, so this investment will allow us to expand our capacities to meet demand and continue to increase our R&D capabilities and develop proprietary technology,” he says.
The vertical farm is built on 4.000 square meters and has 9 floors.
"We mainly produce fresh herbs and leafy greens but new products are under development as well. All our produce is sold in Holland and neighboring countries, and most of our sales are currently targeting retailers and wholesalers,” Grispan explains.
The multistorey indoor facility is equipped with high-precision agricultural technology and creates optimal climatic conditions to suit each crop. The platform can grow a comprehensive range of herbs and leafy greens all year round without pesticides or biological substances and in climate-protected conditions.
Grispan says: “We are completely changing the food value chain for fresh crops. It starts by reducing the food mileage footprint. It makes no sense to travel thousands of kilometers for a salad to reach the market. This is not sustainable but also impacts the freshness and quality of crops.”
“When growing crops in ideal conditions we create a new standard for quality, freshness and shelf life,” he concludes.
By Inga de Jong
