German vertical farming Infarm raises $170m in Series C
Impact investor LGT Lightstone has led the first close of the Series C round for Infarm
Investing in agribusinesses is booming and the latest Series C round of urban farming network Infarm is a testament to the trend. The Berlin-based company raised $170 million in a round led by impact investor LGT Lightstone. The funding is the first close of a $200 million round.
Investors participating in this round included Hanaco, Bonnier, Haniel and Lattitude as well as existing investors Atomico, TriplePoint Capital, Mons Capital and Astanor Ventures.
Osnat Michaeli founded Infarm in 2013 alongside brothers Erez and Guy Galonska. The company wants to build out the largest urban vertical farming network in the world, putting together five million square feet in farming facilities in Europe, North America and Asia by 2025.
The key to Infarm is that vertical farming takes place at locations where food consumption, retail or distribution takes place, including supermarkets, distribution centres and restaurants.
As a foodtech business, Infarm’s vertical farms are cloud-connected to smart devices monitoring plant health and resource consumption.
Chief executive Erez Galonska said: “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.”
Infarm claims that its vertical farming model is far more efficient than the traditional farmland. Sites use 99.5% less space than soil-based agriculture and water, and 90% less transport, plus the benefit of being chemical-free.
On the sustainability front, Infarm said that 90% of the energy comes from renewable sources and it plans to reach zero-emission food production next year.