Key Takeaways
- 26 Seasons, a New Zealand vertical farming company, raised less than NZ$ 1M of its targeted NZ$ 5.5M funding round.
- The shortfall impacts plans for expansion within New Zealand and South East Asia to meet growing fresh produce demand.
- The company operates facilities in Auckland, Foxton, and Wellington, producing strawberries and microgreens.
- The Foxton facility was built in partnership with the government, focusing on controlled-environment farming and cost efficiency.
- Despite challenges like frost, New Zealand’s horticulture industry is projected to grow 5% by June 2023, with export income forecasted to reach NZ$ 7.1B.
26 Seasons’ Funding Challenges
26 Seasons, co-founded by agronomist Matthew Keltie, aimed to secure NZ$ 5.5M to support its expansion plans. However, the company raised less than NZ$ 1M, as reported by The New Zealand Herald.
- Expansion Goals:
- Scaling operations in New Zealand.
- Entering the growing fresh produce market in South East Asia.
- Current Operations:
- Facilities in Auckland, Foxton, and Wellington.
- Focus on strawberries and microgreens through controlled-environment agriculture.
The Foxton facility, a collaboration with the government, explores cost-effective methods for vertical farming, emphasizing sustainable growth strategies.
A Resilient Horticulture Industry
The Ministry for Primary Industries’ Situation and Outlook for Primary Industries report highlights positive forecasts for New Zealand’s horticulture sector:
- Growth Despite Challenges:
- A severe frost in October impacted yields.
- Nonetheless, horticulture income is projected to grow by 5% by June 2023.
- Export Performance:
- Horticulture exports increased by 2% to NZ$ 6.8B for the year ending June 2022.
- High grape yields in 2022 are expected to push exports to NZ$ 7.1B by June 2023.
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