Germany-based indoor farm operator Infarm received $170m in debt and equity financing today from investors including media group Bonnier for a series C round with a target of more than $200m.
The round was led by LGT Lightstone, the impact investment arm of asset manager LGT, and included diversified holding group Haniel, Hanaco Ventures, Atomico, TriplePoint Capital, Mons Capital, Astanor Ventures and LocalGlobe’s Latitude fund.
Infarm has created smart modular urban farming technology that makes it possible to sustainably grow leaf vegetables and herbs such as thyme and pak choi in indoor spaces such as restaurant kitchens or supermarkets.
The company has partnered retailers in Canada, Denmark, Germany, Japan, the Netherlands and the UK and expects to provide 500,000 square feet of vertical farming by the end of this year, working towards more than 5 million square feet by 2025.
The capital has been allocated to investments in infrastructure, recruitment and research and development as Infarm seeks to strengthen its market presence. It has now raised more than $305m in equity and debt financing.
Rail operator JR East invested an undisclosed amount in the company in February this year, eight months after it secured $100m in a June 2019 series B round led by Atomico that included Balderton Capital, Cherry Ventures, Astanor Ventures and TriplePoint Capital.
Balderton led Infarm’s $25m series A round in early 2018, with contributions from TriplePoint, Mons, Cherry Ventures, LocalGlobe and Quadia.
Design studio Ideo and data analysis software producer Demand Analytics had taken part in a $4.5m seed round for the company that was led by Cherry Labs in 2017. The round also featured Quadia, LocalGlobe, Atlantic Food Labs and assorted angel investors.
Photo courtesy of Infarm
