AgriBusiness Emerging Markets

26 Seasons Reportedly Falls Short on $5.5M Funding Round

26 Seasons Vertical Farm

The New Zealand Herald reported that 26 Seasons a vertical farming company with facilities in Auckland, Foxton, and Wellington fell short of NZ$ 1M on its previously announced NZ$ 5.5M funding round that would’ve fuelled its expansion and development across the nation as well as in South East Asia. 

Indeed, the company co-founded by Matthew Keltie, an agronomist with 20 years of experience in the agriculture sector working for various companies such as Pamu Farms, ABN Amro, and Rvendown Fertiliser, seeked to expand within New Zealand and in South East Asia as the demand for fresh produce expands with a planned NZ$ 5.5M that fell short of NZ$ 1M as reported by the New Zealand Herald.

The New Zealand vertical farming company produces Strawberries & Microgreens out of 3 facilities located in Auckland, Foxton, and Wellington. The Foxton facility was built in partnership with the Government to grow using a controlled environment growing system and find cost-effective methods.

A strong horticulture industry

The Ministry for Primary Industries of New Zealand recently published a report titled Situation and Outlook for Primary Industries presenting various forecasts on the agriculture segments in New Zealand. The horticulture sector, representing a prominent aspect of New Zealand agriculture, is expected to progress this year by 5% by the end of year June 2023 despite the severe frosting experienced in the country in October. For the year ending June 30, 2022, horticulture export income increased by 2% to $6.8 billion. High yields from the 2022 grape vintage are expected to cause a 5% increase to $7.1 billion by June 2023.

Image provided by 26 Seasons 

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