ACCELERIS WORKS ON INITIAL FUNDRAISE FOR FOOD TECHNOLOGY FIRM

Laurence Kilgannon
14 Oct 2019
insidermedia.com

North West corporate finance firm Acceleris Capital has worked as lead adviser on a fundraising round by Vertical Future, a London-based food technology company.

Delivered by bicycle and electric van, Vertical Future uses technology to produce primarily baby leaf vegetables and herbs in controlled environments. It also develops sustainable methods of food production and supply systems.

Current restaurant customers include Quaglino's, Tom's Kitchen, Mindful Chef, Chop'd, Kaleido, Sartoria, Lahpet, and more than 100 other dining establishments across London.

The business has completed a seed round, raising £4m of equity finance, with further investment expected in the coming months.

"We are elated to announce our raise today and further our mission to change the future of our cities across the UK - starting in London,"

said Vertical Future founder and chief executive Jamie Burrows.

"FoodTech can improve the sustainability of our food by transforming the way it is produced, increasing health-benefits and decreasing our carbon ‘foodprint’, and nowhere is this more essential than in urban areas."

The investment round was led by Earthworm Capital – an impact investor with a portfolio across food, energy and waste – and was supported by Acceleris Capital. Also supporting the raise was Amberley Advisory and Gateley.

Acceleris chief executive Simon Thorn said: "We are delighted to complete this transaction with Jamie and the team at Vertical Future.

"We believe that we have secured an excellent investment partner in Earthworm and we look forward to supporting the company's growth over the coming years.

"The team have attracted an impressive customer base so far and we see plenty of areas for growth."

The capital raised will be used to support the first phase of Vertical Future's growth strategy, including a 25x increase in crop production capacity across its London operations, aided by the development of two new ethical plant factories in London Fields and Mayfair, as well as further developing its existing site in Deptford.