Investment & Fund Management
both of which were backed by the European Investment
Full Credential Description
Infarm, a Berlin-based company founded in 2013, faced significant challenges in addressing the environmental impact of food transportation and spoilage. With food traveling approximately 1500 km and one-third being spoiled before reaching consumers, Infarm sought to revolutionize urban agriculture by growing food closer to consumers. Their innovative approach involved developing intelligent hardware and software solutions for vertical farming, specifically targeting leafy greens, herbs, lettuces, and microgreens.
To tackle the complexities and high costs associated with their technology, Infarm initially received an EU grant in 2016, which was crucial for product development and achieving proof of concept. This grant not only provided financial support but also served as a form of accreditation, signaling to investors that Infarm had a viable product. Following this, the company secured significant equity investments from major venture capital firms, Cherry Ventures and Balderton Capital, both of which were backed by the European Investment Fund (EIF) under the EUs Investment Plan for Europe.
As a result of this support, Infarm was able to advance its product and scale operations, leading to the hiring of nearly 150 employees. The company transitioned from offering minimum wage to providing competitive salaries, reflecting its growth and success. Infarm's innovative farming units, equipped with sensors that monitor over 50,000 data points, allow for optimized growing conditions, significantly reducing the CO² footprint of their produce. For instance, the CO² footprint of an Infarm-grown lettuce in Berlin is just 0.35 kg, compared to up to 3.7 kg for imported lettuce. This not only highlights the environmental benefits of their approach but also positions Infarm as a leader in sustainable urban farming, with plans for expansion into cities like Paris, Zurich, London, Amsterdam, and the USA.