Agricultural land accounts for 40% of total EU. But the growing population and increasing urbanisation are slowing eating into the fertile agricultural lands. In recent decades, Europe has decreased the total area used for agriculture while increasing yields. This has led to increased adoption of intensive farming, which is unsustainable and detrimental to the environment.
According to a European Environment Agency (EEA) report, agriculture is also an important contributor to climate change through emissions of GHGs and air pollutants. Non‑CO2GHG emissions from agriculture have declined since 1990; however, agriculture is still the largest contributor to total EU non‑CO2 GHG emissions. This is where agritech startups like iFarm come into play. Finland-based and Russia-born iFarm creates smart technologies for growing quality greens, berries, and vegetables sustainably in an urban setting, and it just raised €3.4 million ($4 million) in funding.
Farm fresh funds – seed stage
Founded by Max Chizhov, Alex Lyskovsky and Konstantin Ulyanov, iFarm provides automated indoor vertical farms for growing fresh greens, berries and vegetables. Its tech enables customers to grow different types of crops in facilities that are limited in space such as empty warehouses, factory shops, or even in basements.
The latest seed funding round was led by existing Gagarin Capital, that previously invested in the project. Other investors include Matrix Capital, Impulse VC, IMI.VC and several business angels. According to Chizhov, the company has raised €3.36 million ($4 million) in funding so far.