German Agritech Startup Infarm raises €176.8 Million, now valued at “well over” $1B 🚀
Berlin-based Infarm, an agritech startup that builds and distributes efficient vertical farms throughout cities, announced that it has raised $200M (approx €176.82M) in its Series D round of funding. According to the company, they are now valued at “well over” $1B.
Founded in 2013 by Osnat Micharli and the brothers Erez and Guy Galonska, Infarm aims to share the goodness of self-grown produce with everyone. The company has developed a smart modular farming system that allows distribution of vertical farms throughout the urban environment, growing fresh produce in practically any available space and fulfilling practically any market demand
The round saw participation from existing and new investors, including the Qatar Investment Authority (QIA), Partners in Equity, Hanaco, Atomico, Lightrock, and Bonnier.
Qatar Investment Authority (QIA) will support the company’s expansion to countries in the Middle East. His Excellency Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, says, “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. We look forward to working with Infarm to develop their first Growing Centre in Qatar, which will contribute to Qatar’s own food security and economic diversification,” adds Ebrahim Al-Mahmoud.
The proceeds from this round will help expand the deployment of the company’s vertical farms in the US, Canada, Japan and Europe, and to enter new markets in Asia-Pacific and the Middle East with both in-store farming units and Infarm Growing Centers.
Erez Galonska, co-founder and CEO of Infarm, says, “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. It’s another step towards meeting our ambition of growing the entire fruit and vegetable basket in the near future, providing premium products at affordable prices to everyone,” adds Galonska..
Currently, the company is growing a worldwide farming network, helping cities become self-sufficient in their food production while improving the safety, quality, and environmental footprint of food.
Article Source:- https://siliconcanals.com/crowdfunding/infarm-raises-176-8m/
Go to Publisher: Frankfurt Valley