GrowUp, the UK’s best-selling vertical farm, has announced a major £38m investment from Generate Capital, a leading sustainable infrastructure and operations investment firm.
The investment is aimed at meeting the growing demand for GrowUp’s ready-to-eat salads, which are known for being locally grown and pesticide-free.
Generate Capital’s investment will primarily support the expansion of GrowUp’s vertical farm in Kent, strengthen the company’s leadership in the UK salad category, support the Unbeleafable and Fresh Leaf Co. brands, drive R&D at GrowUp’s Leaf Lab in Cambridge, and enhance GrowUp’s position as a Certified B Corporation.
This funding extends the existing partnership between Generate Capital and GrowUp, following a seed funding round in 2021. The previous investment enabled GrowUp to validate its energy-efficient farming system and begin transforming a five-acre derelict site into the equivalent of 1,000 acres of prime farmland in Kent. GrowUp has since become the first vertical farm to supply branded packaged salads to the UK’s largest supermarket chain, Tesco, as well as to Iceland, SPAR and other major food service customers.
“This investment is a great boost for GrowUp and recognizes the passion and talent of the team,” commented Marcus Whatley, CEO of GrowUp. “We partnered with Generate Capital because Generate Capital, as a $10 billion sustainable infrastructure investor with a mission to ‘rebuild the world together,’ aligns with our ethos. With the support of Generate Capital, we have proven that vertically grown salads are sustainable, cost-competitive, and commercially viable, as well as delicious, healthy, and long-lasting. Together, we can open up a new salad category and meet growing consumer demand.”
“Consumers want sustainable leaves that last longer and are grown in the UK – without pesticides,” Whatley added. “With this additional investment, we can expand production to meet demand and continue to transform food production in the UK. We’ve been growing for over 11 years now. With the support of Generate Capital, we’ve come a long way since Kate Hoffman and Tom Webster set up their first vertical farm in 2013, supplying salad leaves to London’s markets and restaurants.”
Scott Jacobs, CEO and co-founder of Generate Capital, said: “GrowUp is one of the most exciting and innovative vertical farming operations in the UK, seeing sales increase by almost 800% year-on-year. Their ability to quickly gain the trust of the UK’s largest retailers demonstrates the appeal of their product lines, the strength of their team and their ability to meet the growing consumer demand for healthy, locally grown food. We look forward to working with them to continue to accelerate the decarbonisation of the food system by providing nutritious, affordable and sustainable vegetables to UK consumers and food manufacturers.”
Eduardo Clemente, Managing Director at Generate Capital, added: “Since our first investment in 2021, Grow Up’s unique approach has proven that producing sustainable, superior leafy greens at scale and at competitive prices is possible, opening the door to capturing a significant market share in the UK salad market. In less than a year of commencing industrial-scale operations, Grow Up’s success in securing significant interest and volume from some of the UK’s largest retailers is testament to their value proposition.”
