The US indoor farming company has raised $100 million

AeroFarms, the US indoor farming company, has raised $100 million to further expand its warehouses of stacked growing trays and branch out into different produce. The 15-year-old New Jersey-based company is one of the pioneers of indoor farming, where vegetables are grown without pesticides, under artificial light, and near consumers. The latest fundraising will value AeroFarms at $500 million post-funding… and was led by the venture capital arm of Ingka Group, the parent company of retailer Ikea, an existing investor. Other existing investors include UK-based Wheatsheaf and ADM Capital, as well as Mission Point Capital, China’s GSR Ventures and AllianceBernstein, which will also participate in the capital round… The company’s main products include rocket, watercress and baby kale sold under the Dream Greens brand at retailers including Whole Foods and ShopRite… Despite the high energy costs, investors have been drawn to indoor farming start-ups by their low water usage and high yields, at a time when concerns are growing about climate change and feeding an expanding population. AeroFarms’ funding… follows the capital raising by Berlin based InFarm, which closed a $100 million round earlier this month led by Skype founder Niklas Zennström’s investment firm Atomico.
Lindsay Fortado and Emiko Terazono