Infarm raised $170 million in investment to create vertical farms
Founded in 2013, Infarm is a vertical farming network that has developed a modular farm system. This solution allows you to create "farms" in urban settings, in supermarkets, restaurants and distribution centers, which allows you to deliver fresh products to the customer. It is expected that the amount of raised funding will reach $ 200 million.
Investments will be directed to infrastructure, research and development, as well as hiring staff to implement the growth strategy. The firm expects to have about 500,000 square feet of vertical farm network by the end of 2020, and plans to increase this to 5 million square feet by 2025. The company's main goal is to create a more sustainable food supply chain, helping cities become self-sufficient in food production, while significantly improving the safety, quality, and environmental footprint of food.
Erez Galonska, co-founder and CEO of Infarm, said: “The coronavirus pandemic has brought the world's attention to the pressing agricultural and environmental issues of our time. At Infarm, we believe there is a better, healthier way to feed our cities: expanding access to fresh, clean, sustainable products grown as close to people as possible. The investment will help us achieve a truly global impact through our network, saving thousands of acres of land, millions of liters of water, and ultimately changing the way people live, eat, and think about food.’
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