STACKED Farm says it has secured $56 million in funding to accelerate the roll out of its innovative vertical farming system across Australia.
Chief executive officer Conrad Smith said recent weather events had reinforced the need for a concerted industry approach to defeating the challenges presented by nature.
"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," Mr Smith said.
Vertical farming can be described as an indoor, controlled growing system, which grows plants in stacked racks.
Factors including temperature, light, humidity, disease, insect attack and emissions are all controlled, with an objective of growing as much product as possible within each square metre.
The transaction was managed by SeventyTwo Capital and attracted investors including US based alternative asset manager Magnetar Capital in conjunction with Stratos Capital taking a lead role, with domestic groups Tribeca Investment Partners and Glen Richards and Paul Wilson's Founder Led Investments also involved, Mr Smith said.
The Gold Coast City Council had also provided incentives through its Economic Development Program to facilitate Stacked Farm's commercial operations, research and development centre and assembly site located on the Gold Coast, he said.
Mr Smith said the majority of capital would fund construction of the next farm planned for delivery in 2023, at a location to be announced in the next quarter.
"Stacked Farm's proprietary technology enables the growing, harvesting and packaging of a range of crops in a controlled environment delivering superior produce quality and food safety," Mr Smith said.
According to the Stacked Farm website 5000-7000 square metre commercial farms ware planned to be constructed in Brisbane and Melbourne in 2023.
The farming group was founded in 2017 and is headquartered in Queensland.
