Econostrum | Economic News in the Mediterranean

French agrotech Jungle raises €42 million to expand its roots in Europe

Written by Frédéric Dubessy on Tuesday, March 23rd 2021 à 14:47 | Read 1043 times

Gilles Dreyfus and Nicolas Séguy want to develop their vertical farming process in Europe (photo: Jungle)
Gilles Dreyfus and Nicolas Séguy want to develop their vertical farming process in Europe (photo: Jungle)
FRANCE. Founded in 2016 in Portugal by two Frenchmen, Gilles Dreyfus (President) and Nicolas Séguy (CEO), the company Jungle is proceeding with its first fundraising for an amount of €42M. Founders Future, Demeter Partners and its historical investors - Alain Dinin (CEO of Nexity), Christian de Labriffe (Tikehau, LVMH), Serge Papin (ex-CEO of Système U) - bring 7 M€ in equity. Atlante Gestion takes care of the 35 M€ of debts. This new money will allow the company to accompany its commercial and industrial development in Europe.

The agritech specializes in vertical agriculture, a technique that allows to produce ten to thirty times more than in greenhouses or in open ground.

Research and development took place in Portugal, where the first commercialization began in 2019 in Sintra (25 km northwest of Lisbon) with the installation of a first 15 m² container in the parking lot of an Auchan store in the capital.
Jungle is headquartered in Château-Thierry (100 km east of Paris) and delivers by container from a warehouse to several Monoprix and Intermarché stores. 

Jungle is building the largest vertical farm in Europe

In April 2021, following construction work, it will have a cultivable area of 5,500 square meters on 17 floors (nine meters high ceilings) and will become, according to its managers, the largest vertical farm in Europe. Jungle will then have a delivery capacity of 100 tons of fresh produce per year to serve more than 950 points of sale. Four more vertical farms are planned to be set up by 2024.

Its aromatic herbs (coriander, parsley, basil, chives, etc.), salads (lettuce, arugula), young shoots (purple radish, Shiso, mustard, wasabi, etc.) and flowers, which do not use pesticides or herbicides, are sold with their growing media in the fresh produce section of some stores. The development of the commercial strategy, thanks to the fund raising, should allow to seduce, at the European level, more than 2 000 points of sale during the next 24 months. At the same time, the company intends to double its workforce in 2021 from the current 25 employees (19 by the end of 2020) to 100 by 2024.

Jungle achieved a turnover of €70,000 in 2020 with a total production of 50,000 plants. From the next fiscal year, the agritech hopes to achieve €3 million in sales, then €10 million in 2022 with the sale of 10 million plants.



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