Brightspark Returns to Lead C$26M in Funding for Vertical Farming Company Elevate Farms
Summary
Its system allows for optimal growing conditions to produce sustainable, zero-pesticide greens that are tracked by blockchain from seed to sale.Commenting on this latest tranche of raised capital, Jadavji said, We are now exceptionally well capitalized and buoyed by outstanding institutional backing through commercial and corporate governance expertise.Partnering with Elevate since its earliest days is Brightspark Capital, a veteran venture capital firm based in Montreal and Toronto, Canada, that is represented on Elevates Board by founding partner Mark Skapinker.The farming industry is going through massive changes as the effects of weather change, standardization and modernization are rapidly becoming reality, said Mark Skapinker, partner, Brightspark.Elevate Farms solution addresses the market need and its unique approach sets it up for market leadership. We are very excited by the prospects of the company.Jadavji added, Brightsparks return as a significant investor in our most successful period of fundraising, along with the election of Douglas Janzen to our Board at the last meeting of shareholders, speaks to the exceptional growth of profile and institutional support, both internally and externally, Elevate has received in the capital markets industry.Additionally, Elevate announced that on September 22, 2022, the company was affirmed as a founding and leading member of the Vertical Farming World Congress, having been one of the first farming companies to sign the Vertical Farming Manifesto a declaration outlining the impact and contribution the industry intends to bring to bear to transform current food systems, providing food for a growing population in a sustainable and circular way.Elevate Farms has been committed to developing food production systems designed to produce a high volume of leafy greens at a competitive cost, said Jadavji. We are excited to be part of the solution to use emerging technology in order to feed people for a sustainable future.~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvestings AgInvesting Weekly News and Agtech Intel News, as well as HighQuest Groups Unconventional Ag. *The content put forth by Global AgInvesting News and its parent company HighQuest Partners is intended to be used and must be used for informational purposes only. Global AgInvesting and HighQuest Partners are not a fiduciary in any manner, and the reader assumes the sole responsibility of evaluating the merits and risks associated with the use of any information or other content on this site.