Infarm secures $200m in Series D funding round for vertical farming
Infarm, a Netherlands-based urban farming company, has secured $200 million in a Series D funding round, to take its valuation to $1 billion.
The investment in the vertical farming company saw the participation from existing and new investors such as the Qatar Investment Authority (QIA), Partners in Equity, Atomico, Hanaco, Bonnier, and Lightrock.
According to Infarm, Qatar Investment Authority will support its expansion into the Middle East countries.
Mansoor bin Ebrahim Al-Mahmoud — CEO of Qatar Investment Authority said: “QIA aims to have a positive impact through all our investments. We continue to increase our exposure to leading innovators globally and we are actively targeting themes including the climate transition and technology.
“As a responsible, long-term investor, QIA’s purpose is to create value for future generations. We see vertical farming as a way to enhance food security in every part of the world.”
Infarm secures $200m in Series D funding round for vertical farming. Photo courtesy of Infarm.
The urban farming company will use the proceeds from the funding round to expand the deployment of its vertical farms in the US, Canada, Europe, and Japan and to foray into new markets in the Middle East and Asia-Pacific with in-store farming units as well as Infarm growing centers.
Infarm aims to open its first growing center in Qatar in 2023, where it will harvest fruiting crops such as tomatoes and strawberries besides herbs, leafy greens, and salads.
Commenting on Infarm Series D funding round, Erez Galonska — co-founder and CEO of the urban farming company, said: “The current food system is broken. Vertical farming and the Infarm system provide a sustainable solution to feed a growing population in a way that’s much better for the planet and is far more resilient and flexible in the face of climate uncertainty and supply chain disruption.
“Building a global farming network of our climate-resilient vertical farms is a core mission at Infarm, which is why we’re excited to announce this latest funding round. This strategic investment will support our rapid global expansion and bolster our R&D so that we can grow more varieties of crops close to consumers across Europe, Asia, North America and the Middle East.”
Infarm Growing Centers are designed to connect various vertical farming modules to provide the equivalent of nearly 110,000 ft2 of growing capacity.
The urban farming company also develops smaller in-store farming units for grocery stores.