Infarm raises $200m to accelerate global expansion of climate-resilient vertical farms
Summary
- The new capital will be used to support Infarms global growth strategy, including the expansion of its existing vertical farming network in the United States, Canada, Japan and Europe, and entry into new markets in Asia-Pacific and the Middle East - By 2030, the company plans to significantly increase its presence to 100 Growing Centers in 20 countries and plans to grow the entire fruit and vegetable basket - Since its launch, Infarm has used its modular technology to expand commercial operations to more than 50 cities across 11 countries in Europe, North America and Asia. Vertical farming and the Infarm system provide a sustainable solution to feed a growing population in a way thats much better for the planet and is far more resilient and flexible in the face of climate uncertainty and supply chain disruption. In addition to the more than 75 different varieties of herbs, salads and leafy greens Infarm currently produces, the company is working to expand its portfolio with 40 new crops next year such as mushrooms, cherry tomatoes, peas and strawberries. The companys proprietary modular technology can be deployed in as little as six weeks to transform a space the size of a living room 430ft2 into an urban vertical farm that produces more than 500,000 plants per year - the equivalent of a football field-worth of crops. Infarms crop science team analyses the data to continuously update the growing environment in each module and improve factors like yield, quality and nutritional value through the use of artificial intelligence and its patented technology.