<ul><li>OneFarm, a Netherlands-based hydroponic vertical farming operator, has raised GBP 7.5 million (~USD 8.78 million) in a funding round, completing the initial funding requirement for the first phase of the company’s 70,000 sq ft farm in Newmarket, Suffolk. </ul>

• The funds will support the construction activities of the first seven nine-meter-high controlled environment growth towers of the farm, allowing the first harvest date to be brought forward to Q4 2022 from the previous target of Q2 2023.

Analyst QuickTake: The fundraise follows the tradeable debenture offering the company launched in March 2022 with an aim to raise a minimum of GBP 4.0 million (~USD 4.69)  and up to GBP 6.7 million (~USD 7.86) to fund the construction of the Suffolk farm. This will be OneFarm’s first vertical farm in the UK which will be followed by the company’s plans to build 25 farms in total across the UK. OneFarm competes with vertical farming operators in the UK such as Jones Food Company (2 farms, 1 under construction as of April 2022)  and GrowUp Urban Farms (1 farm).