Spread

The company operates in the controlled environment agriculture (CEA) market, specifically focusing on large-scale, automated vertical farms. Its business model integrates the entire value chain, from production and processing to distribution and sales. Revenue is generated through the sale of its produce under the flagship brand "Vegetus" to approximately 5,000 supermarkets and retailers across Japan, with about 70% of sales from retail and 30% from food service and ready-to-eat meal producers. Spread also pursues growth through a partnership model, offering its technology and operational know-how via joint ventures and franchise-like agreements to expand its "Techno Farm" concept globally.

Spread's core product is pesticide-free lettuce, grown in multi-tiered racks under custom LED lighting. The company's key innovation is its "Techno Farm" system, a next-generation agricultural production platform. This system automates a significant portion of the cultivation process, from seeding to harvest, and incorporates proprietary technologies for precise environmental control, IoT-based farm management via the 'Techno Farm Cloud', and water recycling that uses over 90% less water than conventional farming. A major milestone was achieved in 2013 when its first facility, the Kameoka Plant, reached profitability, a significant accomplishment in the vertical farming industry. Its second and more advanced facility, Techno Farm Keihanna, opened in 2018 and is one of the world's largest automated vertical farms, capable of producing 30,000 heads of lettuce daily with an operating rate of 99%. Following a $30 million Series A funding round in 2022, Spread is expanding its R&D into new products like strawberries and alternative meats.