Ocado announced a £17 million investment into the vertical farming industry, including an investment into Jones Food Company, Europe’s largest vertical farm. The investment into Jones Food Company represents one of the largest investments into a UK agritech company so far this year. Schofield Sweeney advised a consortium of private investors as well as the management team of Jones Food Company on the transaction.
Vertical farming involves producing food indoors, with crops grown on a series of stacked levels in a controlled environment. Ocado has stated that it will use its know-how in automation and distribution to make Jones Food Company more efficient and potentially integrate it with other Ocado services to be able to deliver fresh products to customers within an hour.
David Strachan, Partner at Schofield Sweeney commented: “We’re delighted to have worked with Jones Food Company on this transaction. Vertical farming is addressing consumers’ concerns over the freshness and sustainability of produce. We are looking forward to seeing how the company develops with Ocado’s backing”.