Infarm, a Berlin, Germany-based vertical farming upstart, has announced that it’s raised $170 million in new equity and debt financing as part of a Series C that’s expected to raise more than $200 million in total. The new funding was led by LGT Lightstone, an investment subsidiary of private banking company LGT Group, with participation from both new and existing investors include Latitude, Atomico, Astanor Ventures, and TripePoint Capital. With the new funding, Infarm, which was founded in 2013, has now raised more than $300 million in equity and debt financing since its inception. Infarm says it’ll use the new funding to grow its global vertical farming network and aim for deeper regional and local market penetration for its farm produce.

Infarm operates a relatively large vertical farming network already but plans to scale to more than 5 million square feet by the year 2025. A 5 million square-feet scale would make Infarm one of the largest’s vertical farming networks on a global scale. Infarm currently has a presence in countries including Germany, Denmark, the U.K, and the US. The company sells its farm produce directly to customers by having spots in retail properties. Already, Infarm has formed partnerships with global retailers including Aldi Süd (Germany), Kroger (US), Safeway (Canada), and Marks & Spencer (United Kingdom) to cater to expansion. 

In all, Infarm currently operates in 30 cities across 10 countries worldwide. The company harvests more than 500,000 plants monthly while using fewer resources like space and water than traditional farms. With the goal of sustainable farming in mind, Infarm says 90% of the electricity used to power its operations comes from renewable energy. Infarm currently employs 600 people globally. The company was founded in 2013 by brothers Erez and Guy Galonska.

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