French urban agriculture start-up Agricool has secured $28 million in its latest funding round, including an investment from Danone’s investment arm, Danone Manifesto Ventures.
In the past three years, Agricool has developed a technology to grow local fruits and vegetables more productively and within small and controlled spaces, known as ‘Cooltainers’ (recycled shipping containers transformed into urban farms).
The Paris-based business said it is responding to reports which suggest that by 2030 20% of products consumed worldwide will come from urban farming – compared to 5% today.
Other investors in the round – which adds to $13 million previously raised – include Bpifrance Large Venture Fund, Antoine Arnault via Marbeuf Capital, Solomon Hykes and a dozen other backers.
With the new funding, Agricool aims to position itself as a key player in the vertical farming sector. The start-up hopes to multiply its production by 100 by 2021, in Paris first, then internationally, starting in Dubai, where a container has already been installed in The Sustainable City.
Agricool said that its challenge, and that of urban farming, is to help develop the production of food for a growing urban population which wants to eat quality produce, while limiting the ecological impact of its consumption.
In a statement, the start-up said: “Agricool strawberries are harvested when perfectly ripe and contain on average 20% more sugar and 30% more vitamin C than supermarket strawberries.
“The production technique makes for strawberries which require 90% less water to grow compared to traditional agriculture, with zero pesticides, and a reduced transportation distance reduced to only a few kilometers between the place of production and point of sale.”
Agricool co-founder and CEO Guillaume Fourdinier said: “We are very excited about the idea of supporting urban farming towards massive development, and it will soon no longer be a luxury to eat exceptional fruits and vegetables in the city.”
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.