GrowUp Farms Secures €45M from Generate Capital to Expand Pesticide-Free Greens in the UK

London-based GrowUp Farms, a leading vertical farming company, has secured a significant investment of £38 million (approximately €45 million) from US-based Generate Capital. This substantial funding aims to expand GrowUp's operations at its Kent farm, addressing the increasing demand for its pesticide-free, ready-to-eat salads.

The investment builds on an ongoing partnership between Generate Capital and GrowUp that began in 2021. This collaboration has already transformed a five-acre site into a vertical farm equivalent to 1,000 acres of prime farmland in Kent. Scott Jacobs, CEO and co-founder of Generate Capital, highlighted the success of this partnership by noting, "GrowUp is one of the UK’s most exciting and innovative vertical farming operations, experiencing nearly 800 per cent sales increase year over year. Their ability to quickly earn the trust of the UK’s largest retailers shows the appeal of their product lines, the strength of their team, and their ability to meet rising consumer demand for healthy, locally grown food."

Generate Capital's Managing Director, Eduardo Clemente, emphasized the impact of GrowUp's unique approach, stating, "Since our first investment in 2021, GrowUp’s unique approach has demonstrated that producing superior, sustainable leafy greens at scale and at competitive pricing is possible, unlocking the potential to capture significant market share in the UK salad market."

Utilization of Capital

The newly acquired funds will be used to enhance GrowUp's production capacity, solidify its leadership in the UK salad market, support its Unbeleafable and Fresh Leaf Co. brands, advance research and development at its Leaf Lab in Cambridge, and reinforce its status as a certified B Corp.

GrowUp's CEO, Marcus Whately, expressed enthusiasm about the investment, stating, "This investment is a fantastic boost to GrowUp and recognises the team’s passion and talent. We partnered with Generate Capital because, as a $10 billion sustainable infrastructure investor with a mission to ‘rebuild the world together’, Generate Capital aligns with our ethos."

Expanding Production and Market Presence

The investment will also enable GrowUp to continue proving the viability of vertically farmed salads as sustainable, cost-competitive, and commercially viable alternatives to traditional farming. Whately added, "With Generate Capital's support, we have proved that vertically farmed salads are sustainable, cost competitive, and commercially viable, as well as tasty, healthy and long-lasting. Together we can unlock a new salad category and meet growing consumer demand."

GrowUp has made significant strides since its founding in 2013 by Kate Hofman and Tom Webster. The company began by growing salad leaves for Borough Market and local restaurants in a small unit in London. Over the past 11 years, and with over £100 million in investment, GrowUp has expanded to a five-acre vertical farm in Kent that grows salad leaves year-round using technology and 100 percent renewable energy.

Once fully operational, the Kent site will produce 1.4 million bags of salad per week. GrowUp also made history as the first UK vertical farm to offer branded salads in supermarkets, launching Fresh Leaf Co. in Iceland and SPAR in early 2023, and Unbeleafable in Tesco by mid-2023.

About Generate Capital

Generate Capital is a sustainable investment platform dedicated to accelerating the transition of infrastructure. Since its inception in 2014, the company has invested over $10 billion in sustainable assets across various sectors, including power, mobility, waste, green digital, water, and agriculture.

With more than 50 technology and development partnerships and over 2,000 global assets, Generate Capital provides the necessary capital and support to drive cost savings, resilience, and decarbonization, demonstrating that sustainability delivers tangible results.

GrowUp's commitment to sustainability and innovation continues to drive its growth and success in the UK salad market, supported by strategic investments from partners like Generate Capital. As consumer demand for locally grown, pesticide-free produce increases, GrowUp is well-positioned to meet this demand with its advanced vertical farming techniques and sustainable practices.