As we all know, the impact of the coronavirus pandemic is growing day by day due to which there is a high rise in demand for fresh foods. It has put a global spotlight on the agricultural side of the economy. However, agritech startups are constantly trying to succeed, despite all the challenges, with the help of indoor farming to help cities become self-sufficient in their food production while improving the safety, quality, and environmental footprint of the food.
One such startup, Infarm, aims to share the goodness of own-grown produce with everyone. The startup has developed a smart modular farming system, that allows the distribution of farms throughout the urban environment, growing fresh produce in any available space and fulfilling any demand.
The Berlin-based startup has raised €144 M in the “first close” of a Series C round of funding; the round is expected to reach about €168 M. LGT Lightstone led this round of investment in a mix of equity and debt financing.
Besides existing investors Atomico, TriplePoint Capital, Mons Capital, and Astanor Ventures; Hanaco, Bonnier, Haniel, and Latitude have also invested in this round.
Utilisation of the Investment
The funding will be used to strengthen the regional and local penetration of Infarm’s global farming network. Besides, the startup is also looking to develop its vertical cloud-connected farms to help generate the crop-equivalent of acres of farmland to increase the diversity of produce through vertical farming.
What does Infarm do?
Founded in 2013 by Osnat Michaeli, and brothers Erez and Guy Galonska, Infarm uses cloud-computing to manage the cultivation of produce that is grown close to consumers, to minimise its environmental impact.
With a team of 600 people globally, Infarm has partnered with more than 30 major food retailers.
The startup also claims to have deployed more than 1000 farms in stores and distribution centres, saved more than 7,000,000 gallons of water, and 400,000 square feet of land, while harvesting over 500,000 plants monthly and growing.
To help contribute to a more sustainable food system, Infarm is looking to integrate its advanced engineering and software & farming technology, to help save labour, land, water, energy, and food-miles.
By 2025, Infarm’s farming network is expected to reach more than 5,000,000 square feet.
Speaking about the development, Erez Galonska, co-founder & CEO of Infarm, said: “We believe in increasing access to fresh, pure, sustainable produce, grown as close as possible to people. As we scale to 5,000,000 sq ft in farming facilities across Europe, North American and Asia by 2025, this investment will help us make a truly global impact through our network, preserving the thousands of acres of land, millions of liters of water, and ultimately change the way people grow, eat and think about food.”
Image credits: InFarm
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Today German startup Infarm, one of world’s fastest growing urban farming networks, has announced an approx. €144 million investment raised in the first close of a Series C funding round expected to reach around €169 million. Led by LGT Lightstone, the first round included participation by investors Hanaco, Bonnier, Haniel, and Latitude and was supported…
One of the most notable developments of this decade has to be Bitcoin and its associated technologies. While Bitcoin took the world by storm, another technology called Blockchain stole the limelight for its uses. Blockchain is a digital ledger with a system wherein it is almost impossible to change or modify recorded data. Amsterdam-based software company Blockdata deals with blockchain-centric market intelligence. It has now been acquired by CB Insights. In a conversation with SC, CB Insights CEO Anand Sanwal offers some insights (pun intended) on its latest acquisition.
An office in Amsterdam
Blockdata tracks the global blockchain economy and with its acquisition, CB Insights plans to make credible information about the blockchain and distributed ledger technology ecosystem available for its clients. Blockdata’s tech is touted to enable financial institutions, governments and enterprises to identify credible use cases of blockchain, which may be helpful in selecting the best companies and projects to work with.
A notable bit is that this acquisition resulted from a cold email and the deal is said to have been finalised in less than 3 months. As a result of the acquisition, CB Insights has announced the opening of an office in Amsterdam, while Blockdata remains a stand-alone product with its own team. The latter’s offering will not only be available on its own but will also be available to CB Insights’ clients.
“Our aim is to accelerate Blockdata’s growth, and we believe certain assets and capabilities we have such as our newsletter, research team, sales and client success teams and client relationships will help us do that. We have big expectations for what Blockdata can become and the team at Blockdata,” Sanwal tells us.
Virtually acquiring a company
With social distancing and working from home being the new normal, it is not surprising that this acquisition happened virtually. CB Insights notes that pulling off the deal completely online wasn’t too difficult as they managed to do so in less than three months. As per the company the deal moved quickly since blockchain tech has become popular with CB Insights’ customers. Additionally, straightforward conversations with Blockdata helped the company align on terms quickly. CB Insights declined to reveal the terms of the acquisition.
“One of the big uncertainties was the fact this was a cross-border transaction. Thankfully, setting up a business and doing the requisite administrative things in the Netherlands was quite easy and straightforward.” notes Sanwal.
Eyeing the European startup ecosystem
For CB Insights, Europe is their second-largest market and it expects notable growth with an Amsterdam office. The new office could also help the company’s European clients. Sanwal remarks, “We continue to look for M&A opportunities and would love to chat with European founders who are building interesting data, research, and B2B media properties to see if we can help accelerate their growth as we’re envisioning doing with Blockdata.”
As for CB Insights’ upcoming Amsterdam office, the company is aiming to expand its team as Covid-19 challenges subside. “We’ll look to grow the team there and potentially recruit researchers, technologists, and sales/client success teammates in Amsterdam as well. Our growth goals with Blockdata and for Europe are ambitious,” says Sanwal. The company has currently added a new member to the Blockdata team and is expected to recruit more people over a span of 6 to 12 months.
Image credits: CB Insights
The post CB Insights acquires Dutch blockchain intelligence startup Blockdata; plans to grow its Amsterdam team appeared first on Silicon Canals .
Estonian tech company Remato whose software platform helps manage construction workers, their tasks, equipment and projects, raised €450K from their clients as well as notable business angels, such as the founders of Bold, Pipedrive, Sixfold, and a few others. Remato aims to make construction management stress-free. According to Remato, construction is one of the least…
British startup Gravity Sketch, a product design and collaboration platform, today announces an approx. €3.1 million seed investment led by Kindred Capital with participation from Point Nine Capital and previous investors Forward Partners. The round brings the total amount raised by Gravity Sketch to €4.5 million, in addition to the initial grant funding from InnovationRCA…