Generate Capital and GrowUp have announced a £38 million investment aimed at meeting rising demand for GrowUp’s innovative ready-to-eat salads.
Generate Capital, a prominent player in sustainable infrastructure investment, is injecting £38 million into GrowUp, the UK’s leading vertical farm. This significant funding boost will be used to expand capacity at GrowUp’s vertical farm in Kent, enhance the company’s product offerings, and support its ambitious growth plans.
The investment follows GrowUp’s successful launch of the Unbeleafable salad in Tesco stores earlier this year. This salad, which features a unique mix of sorrel leaves and green and red baby lettuce, is grown in GrowUp’s cutting-edge vertical farm and represents a notable innovation in the UK salad market. The farm’s efficient, energy-saving methods and its ability to produce high-quality, pesticide-free salads have made it a pioneer in the industry.
The new funding will enable GrowUp to further its leadership in the UK salad category, support its brands Unbeleafable and Fresh Leaf Co., and drive research and development at its Leaf Lab site in Cambridge. Additionally, the investment will help GrowUp enhance its credentials as a certified B Corp, highlighting its commitment to sustainable and ethical practices.
This investment builds on an initial £15 million financing provided by Generate Capital in 2021. This earlier support was instrumental in developing GrowUp’s vertical farming system and transforming a five-acre brownfield site in Kent into a high-output vertical farm, equivalent to 1,000 acres of traditional farmland. GrowUp has since become the first vertical farm to supply branded bagged salads to major UK retailers, including Tesco and Iceland.
Marcus Whately, CEO of GrowUp, expressed enthusiasm about the investment, stating, “This funding is a fantastic boost and reflects the team’s dedication and talent. Partnering with Generate Capital aligns with our mission to provide sustainable, cost-effective, and high-quality salads. Their support has been crucial in demonstrating that vertical farming is both commercially viable and environmentally friendly.”
Scott Jacobs, CEO and Co-founder of Generate Capital, highlighted GrowUp’s rapid growth and innovation, noting, “GrowUp’s success in securing significant retailer contracts and their nearly 800% sales increase year-over-year showcase their product’s appeal and the strength of their team. We are excited to continue supporting their efforts to revolutionise UK food production.”
Eduardo Clemente, Managing Director at Generate Capital, added, “GrowUp’s ability to scale up and attract major retailers in less than a year is a testament to their unique approach and market potential. This investment will help capture a substantial share of the UK salad market.”
For more information, visit GrowUp’s website or Generate Capital’s official page.