Infarm Reaps More Huge Financing
Berlin vertical agricultural start-up Infarm has announced the successful conclusion of a USD 100 million round of funding. This impressive cash injection comes on top of the USD 170 million the company raised last September and has catapulted the fledgling company into the European climatetech top ten, according to venture capital firm Speedinvest.
The firm, founded in 2013 by Osnat Michaeli and the brothers Erez and Guy Galonska, has come up with what it calls an “intelligent, modular farming system” for growing food in urban areas, for example, directly in supermarkets and restaurants. It currently operates in ten countries and has deals with retailers like Kroger, Amazon Fresh, Metro and Marks & Spencer.
A record amount USD 520 million was invested around the world in vertical farming last year, according to startup platform Dealroom. Infarm hopes to have 100 “growing centers” covering 500,000 square meters by 2025, business newswire Bloomberg has reported.