Cornwall Ontario, a future vertical farming hub?

Added on 26 July 2022

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Cornwall Ontario, a future vertical farming hub?

For the past couple of weeks, Ontario-based indoor vertical farming companies have been extremely active in appointing new heads, signing strategic partnerships, announcing new products, expanding their facilities, and creating funds for the AgriTech sector. A handful of these companies are based in Cornwall (Ontario), so the question may be asked, is Cornwall becoming a vertical farming hub?

Fieldless Farms announced a $17.5 million Series Funding Round to expand their Cornwall (Ontario) Facility.

In a funding round led by Forage Capital Partners and including Farm Credit Canada (FCC) and BDC, the bank for Canadian entrepreneurs, Fieldless Farms, a controlled environment agriculture company launched in 2019, successfully raised $17.5 million in equity and debt to expand operations at its Cornwall facility by 10 times.

"Since launching across the Farm Boy chain in 2019 we've been propelled by the enthusiasm for our products. Canadians are hungry for better options and we can't keep shelves stocked," said Fieldless CEO, Jon Lomow in a press release. "Fieldless is directly addressing long, complicated and mostly foreign supply chains by offering products that are local and more sustainable, but most of all, that people fall in love with."

"We really like Fieldless' approach and what the company has been quietly and cost effectively building here in Canada," said Jim Taylor, CEO of Forage Capital Partners. "We think the company is well positioned in the current economic climate for steady and significant growth."

BDC participated equally in the debt portion of the fundraise with FCC.

"BDC is thrilled to be working hand-in-hand with FCC to support Fieldless with its expansion plans. A greener future is on the horizon, when we invest side-by-side in projects that are essential for Canada's food sovereignty," said Kunle Tauhid, BDC's Vice President for Eastern and Northern Ontario.

The company's first farm in Cornwall, Ontario, launched in 2019. The operation grows no-need-to-wash leafy greens using highly-controlled environments, renewable energy, and without herbicides or pesticides. Shortly after launching, Fieldless Ontario Sweets and Northern Crunch lettuce mixes obtained listing across Ontario in the rapidly expanding grocer, Farm Boy, in addition to a handful of independent grocers.

Photo by Petr Magera on Unsplash

Source: iGrow News