Infarm has announced today (16 December) that it has raised US$200m in a Series D funding round, which will be use to support its global growth strategy.
The investment included participation from existing and new investors, including the Qatar Investment Authority (QIA) - which will support the company's expansion to countries in the Middle East - Partners in Equity, Hanaco, Atomico, Lightrock and Bonnier.
The urban farming group said that the additional capital would serve to expand the deployment of the company’s vertical farms in the US, Canada, Japan and Europe, and to enter new markets in Asia-Pacific and the Middle East with both in-store farming units and Infarm Growing Centres.
In 2023, Infarm will open its first Growing Centre in Qatar, where it will harvest tomatoes, strawberries and other fruiting crops besides herbs, salads and leafy greens.
“The current food system is broken,' said Erez Galonska, co-founder and CEO of Infarm. 'Vertical farming and the Infarm system provide a sustainable solution to feed a growing population in a way that’s much better for the planet and is far more resilient and flexible in the face of climate uncertainty and supply chain disruption.
“Building a global farming network of our climate-resilient vertical farms is a core mission at Infarm, which is why we’re excited to announce this latest funding round,' Galonska continued. 'This strategic investment will support our rapid global expansion and bolster our R&D so that we can grow more varieties of crops close to consumers across Europe, Asia, North America and the Middle East.
It’s another step towards meeting our ambition of growing the entire fruit and vegetable basket in the near future, providing premium products at affordable prices to everyone.”
His Excellency Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said: “QIA aims to have a positive impact through all our investments. We continue to increase our exposure to leading innovators globally and we are actively targeting themes including the climate transition and technology.
“As a responsible, long-term investor, QIA’s purpose is to create value for future generations,' he added. 'We see vertical farming as a way to enhance food security in every part of the world. We look forward to working with Infarm to develop their first Growing Centre in Qatar, which will contribute to Qatar’s own food security and economic diversification.”
