Stacked Farm, an Australian vertical farming group raised A$56m to fund the facility’s construction and diversify their crop portfolio
Stacked Farm, an Australian automated vertical farm, has successfully raised A$56m to further the expansion of the business throughout Australia. The funding round was led by SeventyTwo Capital with participating investors including US-based Magnetar Capital and Stratos Capital, plus domestic groups Tribeca Investment Partners and Glen Richards and Paul Wilson’s Founder-led investments.
The company also received incentives from The Gold Coast City Council through the Economic Development Program. The incentive will facilitate Stacked Farm’s operations, R&D development, and production site in Queensland. The capital will be used to build the next farm planned for delivery in 2023, with its location to be announced in Q3.
In an interview with Fruitnet.com, CEO Conrad Smit said:
“We are extremely pleased with the caliber of parties that have chosen to invest in our company along with a number of supply chain partners, highlighting the strength of our technology and confidence in our team […] Recent weather events have reinforced the need for a concerted industry approach to defeating the challenges nature throws our way.” He says “Stacked Farm will continue to invest in research and development to extend our commercial capabilities beyond leafy greens and herbs to include the likes of fruits and flowers.”
Chief executive Conrad Smith said Stacked Farm hoped to construct a facility with the largest output of leafy green produce per square meter of any indoor vertical farm in the world. The company plans two new vertical farms in the next year:
- Brisbane, QLD, Australia – Planned for 2023: a 5,000–7,000sqm fully automated commercial farm.
- Melbourne, VIC, Australia – Planned for 2023: a 5,000–7,000sqm fully automated commercial farm.