Planet Farms, located in Milan, secures $40 million. Although financing for vertical farms has all but dried up, Milan-based Planet Farms has revealed raising an additional $40 million.
The building of a new factory located somewhat outside of Milan will require a substantial amount of the money. With an estimated expanding surface of 20,000 m², Planet Farms’ new facility is projected to be completely operational by the end of summer 2024, making it one of the largest globally.
The company strategies to learn from the mistakes of past vertical farming ventures and invest in research and development projects that will explore new applications of its technology beyond food, citing perfumery and cosmetics. The new factory in Italy will help strengthen the company’s position in the home market.
In addition to expanding into Italy, Planet Farms is also testing the waters in the UK market by distributing its goods through retail chains.
Since Planet Farms does not specify which supermarkets it is collaborating with, one could infer that it is entering the market to take up the space left by its former rivals.
Noting that another part of the recent $40 million investment will be used to develop a new factor in North London, it seems like Planet Farms has a different hands to play.
About Planet Farms
According to Planet Farms, the company was founded in 2017 and has raised over $140 million in total. This latest capital raises the company’s valuation to over $500 million.
Red Circle Investment, Milan’s SACE, and UniCredit Group have historically supported the company; however, no individual investors were mentioned in this latest round.