Rich Lister helps take robotic farm’s funding to $98m
Summary
Stacked Farm CEO Conrad Smith (no relation to Richard or Kerry Smith) did not disclose the size of Taysides investment, but said the family had become one of the companys largest investors alongside US-based Magnetar Capital, which has so far tipped $40 million into the business.Ive known the family for a long time and have so much respect for what they have achieved with PFD, Mr Conrad said.They also understand the pain points and the cost of logistics from traditional farms into cities ... our ability to grow a multitude of products close to distribution centres and close to urban consumption is very, very appealing.Vertical farming involves growing crops indoors in vertically stacked layers, and requires vastly less water than regular farming, and no pesticides or agrochemicals.The operations are also less vulnerable to fires, floods and droughts.Stacked Farm has developed its own structures, lighting, seeding and harvesting machines, which means from seed to packaging, the produce is not touched by a human.The company has previously disclosed investment of $56 million in mid-2022, which was composed of equity, debt and convertible notes.Sydney-based Stratos Capital was involved in the earlier funding, along with local funds Tribeca Investment Partners and Glen Richards and Paul Wilsons Founder Led Investments.Our mandate has always been that if it makes sense for investors to invest into our business, the door is always open, Mr Smith said.As well as Ms Smith, Bob East, the chairman of KKR-backed Australian Venue Co and the Gold Coast Suns, has also been appointed to Stacked Farms board.Founded in 2017, Stacked Farm has outgrown its first 200-square-metre location in Burleigh Heads and is preparing to ship the first commercial products from its new 4000sq m facility in Arundel on the Gold Coast in September.The fresh capital will also be used to begin construction on a new 7200sq m facility in Melbourne later this year.The first products from the Queensland facility will be cos lettuce, baby spinach, basil and coriander, but the start-up is also investing in ways to grow strawberries, blueberries and tomatoes.