Led by the Center for Innovative Technology (CIT), Hull Street Capital, Venture South, and the CVA Angels group, the company's latest funding round will fuel its US growth ambitions for its 'plug and play' indoor farming technology
“2021 is on track to be a year of accelerating growth and major market penetration through national distribution as we continue to focus on deploying our indoor farming service. We’re enabling businesses and communities to grow their own fresh produce and demonstrating the benefits of our fleet of remotely managed vertical farms,” said Alexander Olesen, CEO of Babylon.
Babylon says that it offers the most affordable, efficient, and advanced remote vertical farming platform available (managed through its cloud-based app) for alternative food service channels including senior living communities, hospitals, schools, and hospitality companies. The company offers a 'guided' in-house growing experience providing its customers with all the equipment and know-how to set up their own micro indoor farm.
'The pandemic highlighted a national food-supply system issue'
The need for an accessible way to produce fresh food locally has become even more apparent in the past year, claimed Alex Euler, investment director, CIT GAP Funds.
“The pandemic highlighted a national food-supply system issue, putting the spotlight on a critical need for more locally-grown produce options. Babylon Micro-Farms has found their focus and it is a reflection of their leadership team’s commitment to building a category-defining customer experience while making a positive impact.
“During a time when many people are experiencing isolation, being able to watch your own garden grow can improve one’s quality of life. The company’s innovative approach to developing a technology system that enables its own staff to remotely control the light, water and nutrients for its farming systems is absolutely making them a leader in this space."
Over the next 24 months Babylon said it will triple its workforce to support the scale-up of its operations (the company opened new headquarters in Richmond, Virginia, earlier this year). Babylon added that national distribution to major providers is underway and that it expects to see triple-digit revenue growth in 2021.