EIC funded urban farming company Infarm raises € 88 million in series B

Tags: , ,

EIC pilot-funded Infarm has raised €88 million from Atomico in a series B funding round. The company makes vertical urban farms where plants are grown efficiently and sustainably, directly at the point of sale. The vertical farms are modulable and contain a whole ecosystem for specific plants (water, temperature and lighting). Thanks to sensors, the performance of the farms are remotely controlled for optimal quality. Infamr received close to €2 million from the European Innovation Council (EIC) pilot and raised €20 million in a series A round from Balderton. 

Infarm offers supermarkets monthly subscriptions to rent an indoor farming system alongside their optimising growing services, such as algorithms that determine the most efficient use of light, water and nutrients. They also use specific wavelengths to enhance the flavour of the plants they grow.

Infarm produce has already been used by Michelin star chefs in Germany, while their indoor systems have been installed in other restaurants and a Berlin supermarket, which allows the retailer to sell the produce grown directly to its customers.

At the same time, it eliminates the costs of importing salads or herbs from other parts of the world, greatly reducing the environmental impact.

Infarm’s technology is now being used in over 50 Berlin supermarkets and they are planning to expand to Paris, France, in August and then to London, UK, soon after. Their first farm in a French supermarket will also be their biggest one yet. Covering 100m2, it will produce five tonnes of herbs, allowing the retailer to become self-sufficient for this commodity.

Watch the video of Martin Weber, chief financial officer at Infarm explaining how SME Instrument was the launch of their success:

Read the original article on the EASME website.