Foresight invests in London-based vertical farming firm in fresh boost for fast-expanding sector
Sustainability-led investment manager Foresight has announced it has invested in London-based vertical farming company Harvest London in support of plans to deliver a new 140,000 square foot farming project in South London.
Foresight said its investment, which was for an undisclosed sum, will allow Harvest London to expand its operations which currently comprise two vertical farms in London which supply salads and herbs to customers and businesses across this city and beyond.
The new partners said they have secured a new unit in Beddington, South London, which is now set to house a new vertical farm that will be developed using Foresight's investment.
Harvest London was founded in 2017 and has grown more than 100 crops using a range of hydroponic farming techniques to supply a growing number of London brands and businesses with sustainably-grown salads and herbs, including Pizza Pilgrims and Compass Group.
The investment manager said there is increasing demand for locally grown produce and that its investment into Harvest London will allow the business to expand into key retail markets.
It argued that with concerns growing over the security and sustainability of food systems, new farming methods are needed to reduce the negative environmental impacts of food production, including supply chains emissions, land and water use, and soil degradation.
It said Harvest London's indoor vertical farming approach delivers crops all year round of a consistently high quality, uses no chemical pesticides, significantly reduces the amount of fertiliser needed, avoids agricultural pollution of rivers, and "dramatically" shortens supply chains.
Matt Hammond, partner at Foresight, hailed Harvest London as a "dynamic and growing company that will help the vital push towards a greener future for food production".
"This approach to farming will play a pivotal role in shaping a more sustainable future and meeting the country's food needs," he added. "The next phase of expansion will positively impact job creation and stimulate the local economy."
Chris Davis, founder of Harvest London, said the investment was "a sign that the vertical farming sector in the UK is maturing".
"While you might not yet have tasted something grown in a vertical farm, in the future this type of produce is going to be on your menu, whether that's from a supermarket, in prepared food, or eating out," he said. "Vertical farming is a technology that can complement British agriculture, helping us reduce our reliance on food imports, and give consumers fresher, more local ingredients. We want to make the UK a world-leader in this exciting new industry."
Advocates of verticalt farming maintain that it can slash emissions from food supply chains, while increasing shelf life, reducing wastage, and freeing up agricultural land that can be returned to nature. But some experts have questioned the scalability of the approach, questioning its potential energy costs and the challenges the sector faces in producing more calorific foods.
