Urban farming company Infarm has raised $200 million in Series D funding, as it looks to accelerate the global expansion of its climate-resilient vertical farms.
The round included participation from existing and new investors, including Qatar Investment Authority (QIA), Partners in Equity, Hanaco, Atomico, Lightrock and Bonnier.
Infarm will use the investment to scale the deployment of its vertical farms in the US, Canada, Japan and Europe, while supporting its entry into new markets in Asia-Pacific and the Middle East.
Infarm has also said it will open its first Growing Centre in Qatar in 2023, where it will produce tomatoes, strawberries and other fruiting crops alongside herbs, salads and leafy greens. Growing Centres connect multiple vertical farming modules and offer “the equivalent of about 110,000ft2 of growing capacity, with a distribution centre that ensures quick delivery to supermarkets”.
Erez Galonska, co-founder and CEO of Infarm, said: “The current food system is broken. Vertical farming and the Infarm system provide a sustainable solution to feed a growing population in a way that’s much better for the planet and is far more resilient and flexible in the face of climate uncertainty and supply chain disruption.”
“Building a global farming network of our climate-resilient vertical farms is a core mission at Infarm, which is why we’re excited to announce this latest funding round. This strategic investment will support our rapid global expansion and bolster our R&D so that we can grow more varieties of crops close to consumers across Europe, Asia, North America and the Middle East.”
He continued: “It’s another step towards meeting our ambition of growing the entire fruit and vegetable basket in the near future, providing premium products at affordable prices to everyone”.
© FoodBev Media Ltd 2022
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