Vertical Farming Boom Continues With InFarm Raising $100 Million

 

††† Berlin-based startup gets backing from Atomico, Balderton

††† Follows investment by Ocado in rival company Jones Foods

 

By Giles Turner, Bloomberg

June 11, 2019

 

InFarm said it raised $100 million to expand the Berlin-based startupís portable vertical farms, as investors continue to plow cash into the sector.

 

The new debt and equity investment was led by London-based Atomico, with backing from fellow venture capital firms Balderton Capital, Astanor Ventures, Cherry Ventures, and TriplePoint Capital, according to a statement Tuesday. The startup had raised about $34 million before this round.

 

Vertical farming grows crops in controlled indoor environments, reducing waste and the use of water and pesticides. InFarm uses small, movable shelves of plants that can either sit in a supermarket aisle or a warehouse. The startupís customers include grocery chains Casino Guichard-Perrachon SA, Intermarche, and Amazon Fresh in Europe, according to its website.

 

Thereís been a flurry of high-profile investments in the emerging industry. U.K. supermarket delivery company Ocado Group Plc said on Monday that it bought 58% of Jones Foods Co., Europeís largest operating vertical farm.

 

San Francisco-based Plenty Inc. has raised $200 million...

 

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https://www.bloomberg.com/news/articles/2019-06-11/vertical-farming-boom-continues-with-infarm-raising-100-million