This article is from the Australian Property Journal archive
AUTOMATED indoor vertical farming technology company Stacked Farm’s capital raising has reached $98 million after a major investment from Tayside Investments Australia.
Tayside Investment Australia, from the country’s largest family-owned foodservice distributor, PFD Food Services, is now one of the largest investors in the Gold Coast-headquartered Stacked Farm.
Stacked Farm launched the capital raise in 2021 with a $10 million goal to fund its first commercial-scale vertical farms.
Another major investor in the capital raise was alternative asset manager Magnetar Capital, who contributed $40 million.
“To raise almost $100 million when we set out with a $10 million target – it’s been the strongest possible statement of confidence in Stacked Farm’s future,” said Conrad Smith, CEO at Stacked Farm.
Kerry Smith, director at Tayside and departing CEO at PFD Food Services, has also joined the Stacked Farm board.
“Vertical farm technology is producing greens that are inherently safe and high quality through environmental and sustainable production methods,” she said.
“Customers will enjoy the benefits of unparalleled reliability and availability while knowing they are doing the right thing by the planet. We are excited to be part of the journey.”
Bob East, Chairman at KKR-backed Australian Venue Co and newly appointed chairman of AFL team Gold Coast Suns, is also joining the board.
East, alongside a group of private investors, also created the Mantra Group, developing the company into Australia’s largest hotel and resort business before it was acquired for $1.3 billion by AccorHotels in 2018.
“I am delighted to join the Stacked Farm board. Having observed the remarkable development of the business over the past five years, I am eager to work with the highly skilled team responsible for this cutting-edge, world-leading technology,” said East.
Both Smith and East are set to help in the commercial expansion of Stacked Farm’s proprietary technology across Australia and eventually globally.
This will include the commencement of production at Stacked Farm’s 4,000sqm Gold Coast facility in mid-2023, with construction starting on a new 7,200sqm facility in Melbourne in late-2023.
The produce at the Gold Coast facility is handled end-to-end without touching a human hand in a safe, temperature-controlled environment.
“We’ve made great strides within our research and development chambers, now operating and delivering excellent results,” added Conrad Smith.
“These learnings will be fed into the development of new commercial farms for production tailored to growing the best healthy food.”
