RICHARD BAKER
Managing Partner
For almost a decade, GrowUp Farms has been developing industry-leading technology to bring customers restaurant-quality leafy greens that stay fresher for longer whilst cutting down on food waste in the supply chain and at home.
The £100m investment in GrowUp Farms will accelerate delivery of the UK-based vertical farming operator’s energy-efficient farms, with GrowUp’s fourth farm – currently under construction in Sandwich, Kent – expected to begin delivering its first harvest to supermarket shelves in the 22/23 winter season. GrowUp’s low-carbon farms will use 95% less water than conventional growing methods with crops being grown without pesticides and powered directly by renewable energy.
“Our team has worked hard to solve the challenges that kept vertically farmed salads from being cost-competitive and sustainable,” said Marcus Whately, Managing Director of GrowUp. “We partnered with Generate Capital because of their long-term focus on both sustainability and economic efficiency, and together we can now bring this model to scale. As we expand in Kent and at other sites, we look forward to becoming a long-term supply partner across multiple categories – helping supermarkets solve environmental and supply chain problems.”
Founded in 2014, Generate Capital, a US Public Benefit Corporation, currently owns and operates more than 2000 sustainable infrastructure projects globally. “We’re thrilled to partner with the expert and innovative team at GrowUp to accelerate sustainable vertical farming infrastructure in the British market,” said Dr. Erich Becker, head of Generate Europe. “Generate is passionate about using our expertise in sustainable infrastructure to build facilities that achieve better land use, improve our resource efficiency, add supply chain resilience and mitigate climate change. Low-carbon vertical farming is a much-needed development and we are pleased to be working to accelerate it across Europe and North America.”
Team Members
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Richard is a Co-Founder and Managing Partner at Acuity Advisors with 25 years’ experience in all aspects of corporate finance.
Having held influential leadership, corporate development and consulting roles at JPMorgan, Monitor and Diageo plc, Richard has had great insight into the world’s most successful businesses. He has extensive experience working alongside investment banks on M&A transactions across the technology sector and has deep-rooted longstanding relationships with many venture capital and private equity investors.
Richard has been instrumental in building Acuity’s Deep Tech Practice which, along with our successes in the semiconductor sector, has firmly established Acuity as the most successful Deep Tech mid-market advisor. With many notable funding and exit mandates completed, clients have come to rely on Richard’s sector insight to help shape and deliver shareholder value.
Insight is one of Richard’s notable strengths. He very quickly grasps what drives a company’s bottom line and growth, an understanding that’s bolstered by his personal experience of running and then exiting his own business. Richard easily builds strong working relationships with potential buyers and has a keen and intuitive sense for what motivates them.
Since securing a first class degree in Economics with Statistics, Richard has worked extensively in Europe, the US and Asia, creating an enviable and comprehensive international network.