Vertical farming start-up Spread raises JPY 4bn in Series A round

Japanese vertical farming start-up Spread has raised JPY 4 billion (approx. $30 million) in a Series A funding round.

The company, based in Kyoto, Japan, received investments from multiple companies and angel investors in the “largest-ever single fundraising” in the Japanese food technology space.

Spread’s first vertical farm – Kameoka Plant – started operating in 2007. In 2018, the company created a next-generation automated vertical farm called Techno Farm Keihanna.

The start-up produces sustainable vegetables under its Vegetus brand, and its lettuce is currently being sold at 4,500 stores across Japan.

The funding will be used to develop technologies for Spread’s new automated vertical farm – Techno Farm Fukuroi – which will begin operations in 2024. Spread will also invest in the marketing of the Vegetus brand, research and development in new fields including strawberries and alternative meats, as well as global business development.

According to the company: “Since its establishment, Spread has always strived to create a sustainable society where future generations can attain peace of mind”.

The statement continued: “To answer [the] world’s growing needs of food supply, Spread is widening its product range by working on fruits and alternative meat, and is looking to expand globally in the future. The ultimate goal is a ‘global food infrastructure,’ where all people are free from the food anxiety”.