PRESS RELEASE
Cultivatd has now raised $3.5 million in the past year and is actively expanding into the United States (USA), United Arab Emirates (UAE), and Australia.
[Ontario, Canada. December 2021] — Cultivatd Inc, a Cornwall Ontario based indoor farm brokerage, is announcing today the closing of a Series A round of investment of $3 million USD led by Malcolm Bean of Resilient Earth Ventures (REV) Fund, a California-based firm focused on climate smart solutions and food security projects.
The funds will primarily be used to fuel the company’s expansion plans with new offices coming to Austin Texas, Dubai UAE, and Perth Australia in 2022.
Cultivatd was founded in 2020 and the company’s Managing Partners, Eric Levesque and Eric Bergeron are both industry veterans who have been involved in Agtech for several years. Cultivatd has secured over 40 partnerships with some of the controlled environment agriculture (CEA) industry’s biggest technology providers such as IGS, Elevate Farms, Artechno, Cubic Farms, AmplifiedAg, Netled, RotoGro, and Delta9 in the past year, and intends to continue to expand its roster of partners over the coming year.
These funds will allow us to service our growing list of clients, partners and projects and will help us get right into the middle of the CEA industry. We did not anticipate the market would be this open to our service offering and we have now raised a seed round and a Series A in the same year to expedite that growth.
Eric Levesque, Managing Partner and co-founder at Cultivatd
The company currently has over $250 million in active projects in it’s portfolio and expects that number to increase substantially in 2022. “The industry is growing quickly and more and more people need a better understanding of which technology provider is best for their project. It’s a massive capital commitment to open a vertical farm and we provide the expertise to help with planning and technology selection on behalf of our partners”, says Eric Bergeron, the company’s other co-founder and an AgTech industry veteran since 2014.
Malcolm Bean, Principal at REV Fund says “This investment is strategic in that it allows our fund access to the projects Cultivatd is brokering, helping speed up the process of their clients completing their vertical farming projects. We are very excited to see where this company is headed and to be part of it.” Malcolm will also hold a Board Seat at Cultivatd and help with strategy and growth.
Cultivatd is primarily a broker of technology but also offers a Farming-as-a-Service program in which the company will manage a farm’s operation for their clients. “We believe that success in this industry doesn’t just come from having the right technology (which we can help with) but also in having the right people running that technology. Our client’s success is ultimately our business model”, says Levesque.
The company intends to hire a few more staff to fill some major roles but is planning on staying lean – focusing instead on marketing and sponsorship opportunities to grow the brand into the $50 billion dollar vertical farming equipment market.
For media inquiries:
Eric Levesque
Managing Partner
eric.levesque@cultivatd.com
613-360-5195
About Cultivatd
Cultivatd Inc is a startup that connects people and businesses with the proper vertical farming technology for their needs. The company utilizes its years of experience in the indoor farming industry to assess needs and recommends the best solution for a clients’ budget, type of growing, location and knowledge. The company also offers services such as Farming As A Service, where they deploy farmers to your location and general consulting services through a network of vertical farming experts throughout the world. Cultivatd helps clients get into the vertical farming space by guiding clients through the process of selecting the proper technology solution for their needs.
About REV Fund
Resilient Earth Ventures (REV) is a fund that accelerates sustainable energy and food systems in islands and remote communities. Managed by partners Malcolm Bean and Mark Higgins, the mission is to accelerate clean, sustainable, resilient energy and food. REV does this by investing risk capital in project developers, projects and technologies that can address the unique challenges of islands and remote communities. We’re unique because we’re willing to take carefully considered business model, market and technology risks.