Vertical farming company Infarm has become the latest German start-up to join the coveted club of companies worth more than USD one billion. That was after a EUR 177 million round of funding.
Infarm’s business model is focused on growing produce efficiently, ecologically and near as possible to the places where it is sold. The company says it uses no pesticides and can dramatically reduce water and land usage and supply chain CO2 emissions. It also claims it can grow the same amount of food on 40 square meters as conventional agriculture can on 10,000.
“More than half of the world’s top dealers are already our customers,” Infarm co-founder Erez Galonska told business newspaper Handelsblatt. “In the beginning, we had to educate investors about food technology, agriculture, climate change, sustainability and Generation Z, which wants healthier, more nutritional and more local food.”