UrbanFarmers AG, the global pioneer in Aquaponic rooftop farming, today announced the closing of a Series A financing round of CHF 2.1m. Proceeds will be used to develop a robust project portfolio, build internal capabilities in engineering, procurement & contracting, and strengthen UF proprietary operating technology and brand assets.
In 2012, UrbanFarmers AG opened UF001 LokDepot in Basel, the worldwide first commercial Aquaponic rooftop farm. Operating a fully climate controlled rooftop greenhouse, UF serves leading restaurant and food retailers such as Migros Basel and excited Basel’s customers with its ultra-local, ultra-fresh fish and vegetables.
Roman Gaus, CEO of UrbanFarmers AG comments: “Raising a Series A is a tough entrepreneurial challenge, and I am glad we have reached a critical milestone and came closer to crossing the “valley of death” of a tech start-up. With this new funding, we can now fast-track our international farm development projects, build strong internal capabilities to engineer, procure and contract rooftop farms and invest strategically into our IP and operating technology. We will also strategically invest into the UF brand to provide a strong price umbrella for our produce. Our goal to scale urban farming on a global basis with a profitable business case has come a step closer.”
New investors include Eckenstein-Geigy-Stiftung in Binningen, Switzerland, and Walden Woods Holdings LLC from Boston, USA. Mr. Gabriel Eckenstein, principal investor behind the foundation will also join the UF Board of Directors. He explains: “We believe UrbanFarmers is the ideal impact investment combining a strong business model with our sustainability criteria. We want to provide growth capital where it helps accelerate robust business opportunities and sustainable solutions for a healthier planet and the next generation.”
Mr. Brett Hershey, principal investor of Walden Woods Holdings LLC adds: “In the U.S., urban farming has already met strong consumer demand and clearly addresses major market challenges in the fresh produce supply chain, such as high transportation cost, product shrinkage and waste. It’s evident that UrbanFarmers is at the forefront of a global trend that will change the way we grow food in the city and excite consumers with a new ultra-fresh product experience.”
Current investors have also joined and significantly added to the round. Previous investments were rolled into the Series A through a convertible bond offering issued last year.
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