ImpactAlpha, July 18 – Post-harvest food losses can reach 40% in many places, and Brazil is no exception. São Paulo-based Pink Farms has raised two million reals ($532,000) to combat food waste by bringing the farms into the city.
The funding round was backed by agribusiness venture capital firm SP Ventures and seed venture fund Capital Lab. Pink Farms will use the funding to build its first large-scale facility to grow greens and vegetables in São Paulo.
The company is an early mover in vertical farming in Brazil, but globally, its peers have been raking in hundreds of millions of dollars in investment capital to improve the nascent technology’s capabilities and costs.
New Jersey-based AeroFarms and Germany’s InFarm both recently raised $100 million funding rounds to support their vertical farming growth.