Agrifood Tech | November 27, 2023

Planet Farms raises $40 million for vertical farms in Italy and the UK

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, November 27– Vertical farming startups have struggled to make unit economics work for high-tech, energy-intensive systems. Milan-based Planet Farms has scored $40 million for a new growing facility outside of Milan and expansion to the UK. The company uses its facilities to grow and process raw greens, pesto and other products for retailers. A planned production site outside of London will serve the UK market.

UniCredit Banca in December provided a loan for its new plant in Italy. Planet Farms also secured a credit guarantee from Sace Group, whose goal is to help Italian companies access finance for the green transition.

Planet Farms has not disclosed its other investors.

Separately, Netherlands and France-based RED Horticulture raised $17 million million for its AI-controlled greenhouse lighting systems, which help growers deliver the right kind of light to plants at the right time to improve yields and cut energy consumption.