Elevate Farms, a Toronto-based farming technology startup, has raised $1.8 million CAD, in what it is calling a pre-Series A round. This represents the company’s first round of venture funding.
Elevate Farms claims to be the first business to commercially offer an automated climate-controlled plant production.
Brightspark Ventures was the sole investor and the funding will be used to fuel the development of the Elevate Farms’ indoor farming facilities over the next year. Two of the facilities will be located in New Jersey and Niagara, and are each projected to produce more than one million pounds of leafy greens annually.
“The funding will also fuel our plans to scale the business, grow our team, build, and secure new and existing IP, prepare for business partnership opportunities, as well as finalize initial major orders and operational financing,” said Elevate Farms CEO Amin Jadavji.
Elevate Farms’ solution uses hydroponics, automation, and photobiology to grow leafy greens in a climate-controlled environment. The solution aims to deliver a product that is larger, tastes better, and is more nutritional, at a lower cost than other methods.
Elevate Farms claims to be the first business to commercially implement an automated climate-controlled environment for plant production that requires less labour than other indoor farms. Managing partner at Brightspark Ventures Mark Skapinker said Elevate Farms’ ‘edge’ is its ability to cost-effectively create a “tasty and nutritious product,” and grow it at a mass-market scale.
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.