TruLeaf Closes $8.5-million Round of Financing
Former executive of Scotiabank joins TruLeaf board of directors.
Press Release:
TORONTO, ON/BIBLE HILL, NS, December 7, 2016- True Leaf Sustainable Agriculture Ltd. (TruLeaf), the indoor, multi-level farming company from Bible Hill, Nova Scotia has closed an $8.5-million equity-finance round. This funding will enable the company to continue its mission of becoming a global leader in vertical farming technology. TruLeaf develops sustainable farming systems that can be built anywhere that enable fresh, nutrient-dense, pesticide-free produce to be grown locally all year round.
Mike Durland, Former CEO and Group Head of Scotiabank’s Global Banking and Markets division led this funding round along with a small group of strategic investors from Toronto. In addition, Mr. Durland and Neil Murdoch, Former CEO Connor, Clark & Lunn Capital Markets, will become members of TruLeaf’s Board of Directors.
“This new round of financing and the additions to our board will help us to expand the breadth of our product offerings and increase the number of markets that we serve, said Gregg Curwin, President & CEO, TruLeaf. “Mike and Neil bring a high level of business acumen and strategic expertise that will help us scale our business.”
TruLeaf is positioned to meet the growing appetite for local food in Canada that has arisen in the last 10 years, by scaling its GoodLeaf Farms consumer brand. A 2013 BMO Food Survey found that Canadians buy locally grown vegetables above all other products. Ninety-seven per cent of those surveyed said they bought local because the food is fresh and tastes better.
TruLeaf is seeking to become a leader in sustainable agriculture through the use of vertical farming. Vertical farming combines proven hydroponic technology with advancements in LED lighting and environmental control to allow year-round propagation and production of plants indoors, inside stackable levels. Vertical farming is nearly ten times more efficient than traditional agriculture and is more productive, takes up less land and uses dramatically less water.
“There are a number of important macro forces which position TruLeaf for success in the coming years,” said Mr. Durland. “Food scarcity, water challenges, the increasing demand for pesticide-free foods, and the environmental impact of large scale farming, all mean that new ways of growing and distributing foods will be key for feeding the world. We want TruLeaf to be a company that achieves a triple-bottom line by creating sustainable - and ultimately carbon neutral - food production, delivering nutrient-rich plants to communities that may not otherwise have access to them, and achieving a strong return for investors and stakeholders. We want to grow the best products for consumers in Canada.”
A native Nova Scotian and Saint Mary’s University graduate, Mr. Durland recently
retired from his executive post at Scotiabank to focus his efforts on fostering growth
and investment in innovative companies across the country. Recently, he provided important funding for Saint Mary’s University’s Masters of Technology, Entrepreneurship & Innovation program, which supports an innovation competition held in Halifax each year. Mr. Durland’s interest and passion for TruLeaf was spawned out of his desire to invest in the local Nova Scotia economy.
“This is a complex business that requires a strong and experienced team,” said Jeff Watson, Board Chair, and fellow Nova Scotian. “TruLeaf has developed innovations in technology that put it ahead of new entrants in the industry. With our knowledgeable management team and shareholder group, highly-skilled board of directors, and strong capital position, TruLeaf is now well-positioned to solve a massive global problem.”
About TruLeaf Sustainable Agriculture Ltd.
Founded in 2011, and located in Bible Hill, Nova Scotia, TruLeaf has developed an indoor farming system that grows fresh plants for food and medicines anywhere in the world, regardless of environment, 365 days a year. The system integrates growing technologies in a controlled environment to grow high quality, predictable yield, and clean plants with innovative and efficient technologies.
Canada-based TruLeaf has spent five years developing an indoor growing system, the Smart Plant System®, for leafy greens. The company’s system leverages vertical farming technology to create efficient, controlled indoor farms that can provide a predictable, year-round supply of fresh, high-nutrient plants to meet the needs of grocery retailers, functional food producers, pharma and health product manufacturers.
Truleaf on AgFunder
TruLeaf is in expansion mode and is building its second indoor farm in Canada (which will be one of the largest vertical farms in North America), and will sell its produce under the GoodLeaf brand, a fully-owned subsidiary it established to grow and market packaged produce in North America and beyond. The company is launching a fundraising campaign to speed up commercialization, hire additional personnel and continue to develop its IP and technology.
TruLeaf is tackling an acute problem in Canada, but it’s building a solution that is flexible, scalable and can be deployed in any region. In Canada, at present, nearly 90% of lettuce comes from California. This reliance on such a concentrated region for crop production is a growing problem because of the increasing demand for greens and the reduction in arable land due to limited supplies of fresh water. Furthermore, because it takes an average of 8-10 days for fresh produce to travel from California to the East Coast of the United States and Canada, the product has a dramatically shorter shelf life, contributing to a shrink/waste rate of nearly 25% for retailers.
A Nova Scotia agri-tech firm is “at the doorstep” of commercialization now that construction of its indoor multi-level growing operation is in full swing.
Renovations began an old vacant school in the AgriTech Park in Bible Hill about a month ago into what will be “one of the largest vertical farms in North America,” Gregg Curwin, president and CEO of TruLeaf Sustainable Agriculture Ltd., said in an interview Tuesday.
The gymnasium of the former school “just so happens to be the ideal size, good ceiling height (with) 24-foot ceilings,” and will house a 10-level completely automated farm.
With the latest in LED technology, the company will grow row upon row of leafy greens using recirculated water, no pesticides or fertilizer runoff.
“We’ll be cropping fresh product every day, 12 months a year,” Curwin said.
This project, expected to cost slightly more than $1.5 million, will see year-round production on a larger scale.
“Without weather, you become remarkably efficient,” Curwin said.
The firm will first focus on what he called the “consumer interests of today” of baby spinach, romaine, basil, argula and lettuce blends, moving into “new emerging greens” such as watercress and mustard greens.
The plan is to introduce mushrooms and strawberries next year, and the company will pursuing other products at its research and development site housed in another building within the park.
The move toward commercial-scale production means the company, which has about 12 employees, is hiring to bring staffing to about 20 people, Curwin said.
Visit Truleaf’s website to learn more. Founding members of the Association for Vertical Farming in Canada.
Today we are showing you a picture of our new office view! We recently completed a major renovation, and decided there was no better way to show visitors the heart of the company than letting them see right into our research lab. Of course, it wouldn't be complete without a TruLeaf style paint job!
A Nova Scotia company developing an indoor farming system for leafy greens is enhancing its product with an investment from the province.
TruLeaf has secured $250,000 in venture capital from Innovacorp. The company's TruLeaf SmartPlant System is a multi-layer plant farm that grows fresh produce anywhere in the world, regardless of environment, 365 days a year. The system integrates growing technologies in a controlled environment to grow high-quality, predictable-yield, price-competitive leafy greens.
