Investment & Funding Update: C$26 Million Cash Bankrolled in 2022 and Elevate Farms, affirmed a Founding Member of the Vertical Farming Manifesto signed at the Vertical Farming World Congress in Brussels

TORONTO, Oct. 5, 2022 /CNW/ – Elevate Farms Inc. (“Elevate” or “Elevate Farms“), a tech-based vertical farming company focused on cost-effectively ‎‎growing leafy green vegetables at mass scale, wishes to announce that, as of October 3, 2022, the company has ‎raised in excess of C$26 million in 2022 (“Financing“) consisting of equity and secured project finance through a series of investments worldwide. The Financing was again anchored by long-time supporter, Brightspark Capital Inc. (“Brightspark“), a veteran venture ‎capital firm based in Montreal and Toronto, Canada and represented on the Elevate Farms Board ‎by founding Partner Mark Skapinker.‎

Amin Jadavji, CEO, Elevate Farms, stated “Brightspark’s return as a significant investor in our most ‎successful period of fundraising, along with the election of Douglas Janzen to our Board at the last ‎meeting of shareholders, speaks to the exceptional growth of profile and institutional support, both ‎internally and externally, Elevate has received in the capital markets industry. We are now exceptionally ‎well capitalized and buoyed by outstanding institutional backing through commercial and corporate ‎governance expertise.”

‎‎”The farming industry is going through massive changes as the effects of weather change, ‎standardization and modernization are rapidly becoming reality,” said Mark Skapinker, Partner at ‎Brightspark. “Elevate Farms’ solution addresses the market need and its unique approach sets ‎it up for market leadership. We are very excited by the prospects of the company.” ‎

Also, on September 20 2022, Elevate is proud have been affirmed as a founding and leading member of ‎the Vertical Farming World Congress being one of the first farming companies to sign the Vertical ‎Farming Manifesto highlighting the impact and contribution the industry intends to make to transform ‎current food systems and help to solve one of humanity’s toughest challenges of providing food for a ‎growing population in a sustainable, circular way. Amin Jadavji, noted “Elevate Farms has been ‎committed to developing food production systems designed to produce a high volume of leafy greens ‎at a competitive cost.  We are excited to be part of the solution to use emerging technology in order to ‎feed people for a sustainable future.”‎

More information on the Vertical Farming Manifesto ‎may be found here <https://www.infarm.com/wp-‎content/uploads/2022/09/vertical-farming-manifesto.pdf> and well as more information on the Vertical ‎Farming World Congress Vertical Farming ‎Identity Statement here <https://www.infarm.com/wp-‎content/uploads/2022/09/vertical-farming-identity-statement.pdf>. ‎

Elevate Farms Inc., a patented technology-driven vertically-stacked indoor farming ‎enterprise, is ‎developing high-yield and competitively priced leafy-green food production systems towards realizing a ‎safe and sustainable future.  With well over ‎‎a decade ‎of advanced photobiology research already ‎deployed Elevate Farms has built farms in several countries on multiple continents and offers a truly ‎scalable global solution.   

<www.elevate.farm>

Brightspark is a top performing Canadian early-stage venture firm, actively investing in exceptional ‎entrepreneurs since 1999. They are known to partner early with founders, and to provide capital ‎and support for the long-run. Brightspark manages over $500M across traditional VC Funds, and ‎more recently under an syndicate investment model open to individual and non-institutional ‎investors.

<www.brightspark.com>

SOURCE Elevate Farms Inc.

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