The funding will be used by Infarm to penetrate deeply across the regions to build a network of vertical farming
Infarm, a Germany-based vertical farming firm, has secured $170m in Series C funding round to support the expansion of urban vertical farming across the world.
The funding round was led by LGT Lightstone, with participation from other investors such as Hanaco, Bonnier, Haniel, and Latitude along with existing investors in Infarm including Atomico, TriplePoint Capital, Mons Capital and Astanor Ventures.
Infarm intends to use the funding to penetrate deeply across regions in building its network of vertical farming and further develop its latest generation of cloud-connected farms.
The farms are expected to generate crop-equivalent in terms of acres of farmland, amplifying the diversity of produce presently available through vertical farming.
The vertical farms developed by Infarm are integrated by advanced engineering, software and farming technology, which claim to save on labour, land, water, energy and food-miles, adding to sustainable food system.
Infarm expects to have more than five million ft² of vertical farms by 2025
The latest financing will take Infarm’s total funding to more than $300m, underscoring the firm’s approach to fresh, sustainable and local food production in the wake of the Covid-19 pandemic.
By 2025, the firm expects that its farming network could reach more than five million ft².
Infarm co-founder and CEO Erez Galonska 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 5,000,000 sq ft 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.”
The vertical farming firm operates across 10 countries and 30 cities worldwide, harvesting from more than 500,000 plants monthly, while using 99.5% less space compared to soil-based agriculture, 95% less water, 90% less transport and zero chemical pesticides.
Infarm also claims that 90% of the electricity used by its vertical farms comes from renewable energy and it aims to produce zero emissions food from next year.