Vertical farming company, Infarm, has reportedly raised a sum of $170 million in new investment in the first closure of a Series C funding initiative, which is a mixture of debt and equity and is likely to reach a financing of $200 million.
The initiative is reportedly led by LGT Lightstone with Bonnier, Hanaco, Latitude, and Haniel as the other investors. Infarm’s existing investors comprising Astanor Ventures, Atomico, TriplePoint Capital, and Mons Capital also participated in the round bringing the company’s overall funding till date to over $300 million.
For the uninitiated, Infarm was founded in 2013 by brothers, Guy and Erez Galonska, and Osnat Michaeli. The company specializes in indoor vertical farming system for growing lettuce, herbs, and other vegetables in numerous client-facing city locations, including restaurants, grocery stores, schools, and shopping malls, allowing the end-customer to actually benefit from the produce.
As per sources, Infarm has operations in 10 countries and 30 cities at the global level. The company is known for harvesting more than 500,000 plants on a monthly basis in a much more sustainable manner as compared to conventional farming and supply chain systems.
Reports state that Infarm’s IoT-powered and modular vertical farming units utilize 99.5 per cent less space as compared to soil-based agriculture, zero chemical pesticides, around 95 per cent less water, and up to 90 per cent less transport. Further, almost 90 per cent of the electricity utilized throughout the Infarm network comes from renewable energy. The company has reportedly set a goal for reaching zero emission food production the following year.
According to Osnat Michaeli, one of the founders of Infarm, the company’s farms have a robust software and hardware platform for precision farming. He has further stated that every farming unit has its own individual ecosystem that creates the exact flourishing environment that plants require. Infarm is well-equipped for developing growing recipes that tailor nutrients, light spectrums, temperature, and pH, ensuring the maximum natural expression of every plant in terms of nutritional quality, flavor, and color, added Michaeli.