US-based vertical farm operator 80 Acres Farms raised $160m in series B funding yesterday from investors including Siemens Financial Services, a subsidiary of industrial equipment and appliance maker Siemens.
Growth equity firm General Atlantic led the round, which included its own Beyond Net Zero unit as well as financial services firm Barclays, Blue Earth Capital and Taurus.
Founded in 2015, 80 Acres now operates eight indoor farms in which it grows products such as tomatoes, cucumbers, rocket, broccoli, basil, lettuce, pak choi and pea shoots. It is seeking sites for additional facilities and will also channel capital into product development.
Virgo Investment Group provided more than $40m in funding for the company in January 2019 before joining Barclays, Orange Wings Capital, QuietStar Capital and unnamed family offices to provide an undisclosed amount in November 2020.
Jason Thompson, Siemens Financial Services vice-president of sustainability and growth equity, said: “We are committed to help scale sustainable vertical farming technology.
“80 Acres has demonstrated their ability to build and operate profitable farms, and Siemens is enthusiastic about the opportunity to support its global expansion with both our capital and technical know-how, including our recently established centre of competence dedicated to supporting companies in realising their digital transformation.”
