Infarm’s Business Model and Ongoing Success
Indoor farming startup Infarm is a company building a large-scale network of indoor vertical farms built closer to urban environments. The startup grows a variety of different greens and herbs that it sells to nearby local communities and organizations, cutting out the far more wasteful and unsustainable methods of large-scale produce distribution. In fact, the company boasts a significantly better business method for consumers looking for fresher produce as well as for maintaining efficient and sustainable farming practices.
The company has created vertical farming modules that not only help to create fresh herbs and greens, but also reduce land necessity by 99.5%, require 95% less water, 90% less transportation, and uses no chemical pesticides. In raw numbers, the startup has saved an estimated 35 million liters of water, 49,000 square meters of land, and reduced the amount of transportation required by 3.1 million kilometers.
The business operations have already proven to be successful as the startup has continued to expand. In fact, the company now has over 500 different Infarm locations spread across ten countries.
Infarm’s Newest Funding and Continued Expansion
Following an already impressive $170 million Series C funding round, the startup recently raised an additional $100 million in order to continue to expand their ongoing business. The funding will allow the company to not only open new business locations, but also branch out into new areas of food farming such as mushrooms, tomatoes, and chillies. The additional capital was brought on by Hanaco Ventures and Atomico, bringing the total funding raised by the business up to $400 million.
In a statement provided by the company, Infarm’s CEO and co-founder Erez Galonska said, “This additional $100 million funding on the back of Series C, from our existing investors is a great vote of confidence in our accelerating growth, as we continue to deepen our footprint in existing markets, roll-out new product varieties, and hire top talent to build the largest cloud-connected farming network in the world.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.