The company, in collaboration with leading researchers and experts from the Volcanic Institute, has developed innovative technological solutions for the improvement of agricultural crops under controlled conditions, which make it possible to adapt agricultural produce to market needs, in terms of quality and quantity. In the volatile era of epidemics, changing climatic conditions and an unstable environment, technology enables sustainable production in autonomous growing units in urban areas, with much less dependence on manpower relative to traditional agriculture and independent of environmental and land conditions, all while controlling and controlling the growing process. And regular monitoring.
The crop is water-efficient, protected from environmental and weather hazards, and free from the use of pesticides and sprays. The crop provided to the food chains has significant advantages over standard field crops, in that it is of better quality, fresher and has a longer shelf life, all year round and regardless of the season.
Future Crops has a business model based on collaborations with strategic entities and has already begun negotiations with a number of strategic entities for collaborations and commercialization of technology in order to be one of the leading companies in the field. In the last quarter of 2018, the pilot phase for commercial production began in the growing facility in the Netherlands and the group’s first sales following the signing of a pilot agreement with Albert Heijn, the leading retail chain in the Netherlands with over 50% market share in fresh herbs.
At the end of 2019, the pilot was defined as a success and it was decided by the network management to expand the collaboration with the group. The company’s revenue in the first 9 months of 2020 stands at about 630,000 euros, at the same time, and in light of the pilot’s success, the group has contracted with a number of strategic customers including a leading food chain in France and is expected to start selling its products in this chain in the first quarter of 2021.
To date, about $ 30 million has been invested in Future Crops by its shareholders, which have been used, among other things, in the development of the technology and the construction of Future Crops’ facility. Future shareholders of Future Crops include A&F Realty (79.75%), which is owned by the Lerman family, which has been involved in the industry for decades and owns dozens of factories throughout North and South America.
Another shareholder in Future Crops is Shalom Menora (7.25%), a businessman from Chicago who specializes in real estate and high-tech investments. Gary Greenspan, one of the founders of Future Crops, serves as the company’s CEO upon completion of the transaction. Greenspan has 25 years of experience in the field of food products and most recently served as CEO of the Strauss Group, a company held in partnership with the global corporation PepsiCo. Greenspan holds about 5%.
Future Crops has developed a unique technology that redefines the value chain of food products, while optimizing the environment of growing conditions, using the algorithm and big data capabilities, in collaboration with researchers from the Volcanic Institute, who are considered world-class.
The innovative technological solutions enable the improvement of agricultural crops under controlled conditions, and their adaptation to market needs, in terms of quality and quantity. The company implements vertical agriculture, ie growing various agricultural crops in vertically stacked layers, inside closed buildings. , Availability in all seasons and significant reduction of space and water consumption.
The first facility of Future Crops was built in the Netherlands, it is considered one of the largest and most advanced in the world and provides finished products to the company’s customers. The company has successfully completed the challenge of moving from local growth to growth on a commercial scale. The global vertical agricultural market is estimated at about $ 3 billion and its annual growth rate is about 20% -27%.
The company recently signed a LOI to establish a plant that will use the unique technology developed by Future Crops for the cultivation of cannabis in Portugal, in collaboration with the Dutch company Seeds Paradise and the Portuguese company CannThyrso. The intention of the parties is to examine cooperation according to a business model that will be agreed upon for the purpose of establishing a cannabis cultivation facility using the vertical farming method in Portugal using Future Crops technology as a comprehensive solution for the cultivation of cannabis.
Future Crops’ technology addresses the growing need of humanity for alternative and viable alternative solutions to field crops and food supply in the coming decades, in which agriculture is expected to address population-related problems, water and air pollution, water scarcity, environmental hazards, overcoming epidemics and influenza. Global warming and reduction in cultivation areas as a result of urbanization processes.
The company is represented in Israel by Silver Road Capital Investment Bank, owned by Danny Ayalon, Deputy Foreign Minister and former Israeli ambassador to the United States, and his partner Lior Maimon. Signed by Leumi Partners. The investors in the company are the Lerman family and Shalom Menora, with whom Gerry also owns Greenspan, a former CEO of the Elite-Strauss Group, who serves as the company’s acting CEO. The attorney representing Future Crops in the transaction is Zohar Leiss, a partner in Fisher Bachar Chen Wall Orion & Co.