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In a significant move for the vertical farming sector, 80 Acres Farms has announced the successful raise of $115 million in capital, alongside the acquisition of Israeli biotechnology firm Plantae Biosciences.

These announcements underscore the growing investor confidence in controlled environment agriculture and the company’s strategic vision for expansion and innovation.

The capital raise was bolstered by a wide range of investors, including notable names such as General Atlantic, Siemens Financial Services and Barclays Climate Ventures.

This influx of funds is earmarked for enhancing 80 Acres’ technological capabilities, expanding its retail presence and developing a new ingredients channel aimed at meeting evolving consumer demands.

"Our ability to raise capital in today's market speaks to the confidence investors have in the need for controlled environment agriculture and our vision and execution," said Mike Zelkind, CEO and co-founder of 80 Acres Farms. "New funding has allowed us to broaden our technology platform, grow our retail footprint, and develop an ingredients channel, all to meet customer needs. We're able to make plans for the long term while delivering results today."

The acquisition of Plantae Biosciences marks a pivotal step in 80 Acres’ efforts to integrate cutting-edge biotechnology into its operations. Plantae has been at the forefront of plant breeding technology, collaborating with the esteemed Weizmann Institute of Science to accelerate plant evolution through innovative genetic techniques.

This partnership has positioned Plantae as a leader in the field, enabling it to enhance crop resilience and adaptability in the face of climate change.

Professor Avraham Levy from the Weizmann Institute highlighted the significance of the research, noting the potential for a new agricultural paradigm: “Combining advances in genetics with precision farming systems that offer unprecedented environmental control, we have the makings of another green revolution that will provide resilience to climate change”.

80 Arces' commitment to creating crops specifically tailored for controlled environments could redefine produce quality. Tisha Livingston, CEO of Infinite Acres, added: “Using advanced plant breeding technology, we can begin to truly differentiate produce by optimising for flavour, texture and nutrition, unlike anything available in the marketplace today”.

The strategic direction taken by 80 Acres Farms aligns with broader industry trends emphasising sustainability and efficiency. The company’s operations use 100% renewable energy and significantly reduce water usage – 95% less water per pound of produce compared to traditional farming methods – while also minimising pesticide use and food waste.

2024 has been a transformative year for 80 Acres Farms, characterised by significant acquisitions and technological advancements.

Earlier in the year, the company acquired Mother Raw, a supplier of dressings for its salad kits, and launched a pioneering vertical farming Field Lab in The Hague in collaboration with technology partners including Siemens and SICK Sensors.

With a reported 60% compound annual growth rate (CAGR) over the past three years, 80 Acres Farms is positioning itself as a leader in the vertical farming landscape, poised to influence not only the future of agriculture but also the broader food and beverage manufacturing sector.

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