Morning Report: Berlin-based AgTech startup Infarm raises a $25 million Series A from Balderton Capital.
Berlin-based AgTech startup, Infarm, raised a $25 million Series A announced yesterday. The round was led by London-based Balderton Capital. According to Techcrunch, the funds will be directed toward development of it’s R&D center in Berlin and toward global expansion to Paris, London, Copenhagen, and other German cities.
Infarm was developed by founders Guy and Erez Galonska with the goal to build a sustainable and environmentally friendly system to supply consumers with fresh, organic produce. The vertical farming approach not only helps eliminates pollution that comes with transportation of produce, but it also reduces water usage and other waste.
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The indoor hydroponic vertical farming units are essentially mini farms that can be placed in supermarkets, schools, shopping malls, and restaurants alike. The units allow the consumer to harvest vegetables, fruit, and herbs in the grocery store for a price comparable to other fresh goods. The units are monitored by Infarm’s control center through the cloud.
The startup has raised $32 million since its inception in 2012. It raised $4.5 million in its Seed Round led by Berlin-based Cherry Ventures in July 2017. The company also accepted $2.5 million as part of the Horizon 2020 grant program, which is a fund meant to promote innovation and sustainable growth in Europe.
From The Crunchbase Daily
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