Another multi-million dollar investment in vertical farming. AeroFarms confirms the publication by The Financial Times, reporting that they raised $100m in their Series E fundraiser to further expand their warehouses of stacked growing trays and branch out into different produce. This round again was led by the Ingka Group, the parent company of Ikea.
Other than Ingka, existing investors include UK-based Wheatsheaf and ADM Capital, as well as Middleland Capital, Mission Point Capital, China’s GSR Ventures and AllianceBernstein, which will also participate in the capital round.
Indoor growing through the roof
It's the most recent multi-million dollar investment in vertical farms. Since Plenty raised $200 million from investors in 2017, many others followed. Bowery Farming announced a $95 million investment last year, 80 Acres Farms completed their $40 million private equity firming early this year and also InFarm, based in Berlin, closed a $100 million investment round.
Now it's AeroFarms' turn again. Following earlier investments including $40 million in their series D round, they're looking to seriously scale up their business by doubling the money raised so far.
The company was in the news earlier this year with the revelation of Singapore Airlines being supplied by the Newark farm. AeroFarms will provide a customised blend of fresh produce for SIA’s Newark to Singapore flights from September 2019.
Earlier this year AeroFarms announced its participation in a new high-tech consortium developing crops for indoor agriculture. Working together with Fluence, Priva, and BASF, they want to develop new crops specially intended for indoor agriculture.
Read more at: Financial Times (Lindsay Fortado)