Bloomberg writer Katharine Gemmell reported last week that, “Infarm said it attracted $170 million in the first close of a fundraising round to help the farming tech company expand globally, as investors pile cash into the emerging industry that’s experienced a surge of interest during the Covid-19 pandemic.
“The Berlin-based company expects the round to ultimately exceed $200 million, Infarm said in a statement on Thursday.
“Infarm grows crops in controlled indoor environments and uses less water, land and pesticides than traditional farming methods. This approach can also aid food supply chain fragility, a problem highlighted by panic buying this year, as crops are grown close to the people eating them.”
The Bloomberg article stated that, “The funding will be used to expand its regional and local network and complete a new generation of vertical, cloud-connected farms. ‘This round is going to enable us to execute against all the backlog of contracts that we signed with the leading retailers,’ [Infarm Chief Executive Officer Erez Galonska] said in a phone interview.
“‘It’s meaningful that they can raise for a business like this,’ said Hiro Tamura, partner at Atomico. ‘It’s not a small progress point.'”
