Berlin-based vertical farming company Infarm has raised $170 million in a Series C funding round led by LGT Lightstone.
Founded in 2013, Infarm is a vertical farming ‘network’ which has developed a modular farming system. This solution allows the creation of ‘farms’ in urban environments such as supermarkets, restaurants and distribution centres, so that produce grows and is harvested close to the moment of purchase or consumption.
Funding raised through the Series C round is expected to reach $200 million, with new investments from Hanaco, Bonnier, Haniel, and Latitude, and further investments from existing Infarm investors Atomico, TriplePoint Capital, Mons Capital and Astanor Ventures.
The company anticipates that this would bring the total funding raised by Infarm to more than $300 million to-date.
Infarm claims that this latest funding round will accelerate the company’s investment in infrastructure, research and development and hiring to drive its global growth strategy. The firm anticipates that it will have approximately 500,000 square-feet of connected farms active by the end of 2020, and aims to increase this to 5 million square-feet by 2025.
The overarching aim of the company is to create a more sustainable food supply chain by helping cities to become self-sufficient in their food production, while significantly improving the safety, quality, and environmental footprint of food.
Infarm has agreed a number of partnerships with major retailers in the last year, including Kroger, Aldi Süd, Albert Heijn, Marks & Spencer and more.
Erez Galonska, co-founder and CEO of Infarm, said: “The coronavirus pandemic has put a global spotlight on the urgent agricultural and ecological challenges of our time.
“At Infarm, we believe there’s a better, healthier way to feed our cities: increasing access to fresh, pure, sustainable produce, grown as close as possible to people.
“As we scale to 5 million square feet in farming facilities across Europe, North American and Asia by 2025, this investment will help us make a truly global impact through our network, preserving the thousands of acres of land, millions of litres of water and ultimately change the way people grow, eat and think about food.”
© FoodBev Media Ltd 2020