Milan-based Planet Farms, a vertical farming company, announced recently that it has secured $40M (approximately €36.6M) at $500M valuation in a fresh round of funding, bringing its total fund raised to $140M (approximately €128.3M).
The latest capital infusion will help the Italian company to expand its operations into Italy and the UK. Planet Farms will use the funds to complete its new facility in Cirimido, Italy, which will be operational by the end of summer 2024.
The new facility will be one of the largest vertical farms worldwide with a 20,000 square meter area.
Planet Farms’ expansion in Italy opens up new possibilities in consumer goods, perfumery, and cosmetics.
The capital will also help the company’s entry into the UK market, where it is starting to commercialise its product through retailers, paving the way for the construction of the new facility in northern London, which will be operational in Q2 2025.
Planet Farms: Engaging in sustainable farming practices
Founded by Daniele Benatoff and Luca Travaglini in 2017, Planet Farms is a vertical farming company that has developed a vertical cultivation system for cultivating rich taste and highly nutritious greens.
The vertical farming products offered by the company are cultivated without pesticide usage and thrive in a meticulously maintained environment.
The company’s dedication to flavor enhancement begins with careful seed selection.
Planet Farms says it uses advanced technology to select pure varieties that face difficulties in traditional open-field farming, reintroducing genuine flavors.
This approach results in a remarkable taste and reflects the company’s genuine appreciation for biodiversity.
Planet Farms operates a vertical farm and research facility near Milan, Italy, where it cultivates arugula, baby leaf lettuce, salad mixes, and basil. Its first commercial facility has a cultivation area of approximately 10,000 square meters.