Farming automation startup Stacked Farm adds $40 million to its stack
Vertical farming just got a large new investment with $40 million going to Aussie startup Stacked Farm.
Queensland agtech startup Stacked Farm has raised another $40 million for its end-to-end farming automation system, according to the Australian Financial Review (AFR).
The funding round was led by Tayside Investments Australia and follows a $56 million raise in 2022. It also brings the total amount the startup has raised to $98 million since 2021.
Previous investors include Magnetar Capital, Tribeca Investment Partners, Founder Led Investments, and Stratos Capital.
Stacked Farm completely removes the human intervention element of farming, using robots for every step of the process, from planting to packing.
It also negates the need to expose crops to unpredictable weather. Instead, it taps into the increasing popularity of indoor vertical farming that sees crops stacked (hence the name) sustainably on top of one another.
“We’re pioneering what’s possible for food production by ensuring consistent year-round growing conditions without contamination,” Stacked Farm says on its website.
The news coincides with some new board members, which Stacked Farm CEO Conrad Smith announced on LinkedIn on Tuesday.
“I am delighted to announce the appointments of Kerry Smith and Bob East to the board of directors at Stacked Farm, joining co-founder Liz Tzvetkoff and myself as non-exec directors,” Smith said.
“Both Kerry and Bob will play active roles is supporting our growth strategy over the coming years as we expand our national footprint alongside exploring offshore opportunities. We continue to attract investment into our business nearing $100 million raised in the last three years through a multitude of instruments.”
Smith went on to say that the company’s success through Covid-19 in particular was an extraordinary effort and highlighted the confidence shown by its investors.
“The founders and team at Stacked Farm are extremely excited about the appointments and the future growth plans of the business,” he said.
According to the AFR, Stacked Farm isn’t considering this fresh cash injection as a new raise, but as an extension of the funding that began in 2021.
