Venture Capital: 80 Acres Farms Lands $160M Series B
The vertical farming company’s revenues have grown 450% since the end of 2020.
80 Acres Farms, which grows its products of just-picked salads, tomatoes, cucumbers, herbs, and microgreens in eight indoor and vertical farms, has raised $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, Inc. (the U.S. financing arm of global technology company Siemens (ETR: SIE)). Blue Earth (formerly PG Impact Investments) and General Atlantic’s Beyond Net Zero team also participated alongside existing investors Barclays and Taurus. (Yahoo Finance)
80 Acres Farms
The company uses high technology and advanced data analytics to grow a wide variety of produce sustainably and at scale.
The farms use 97% less water than traditional farming practices and are powered by renewable energy.
It operates eight indoor farms that are located close to consumption regions. The produce therefore travels significantly fewer food miles, shortening the farm-to-table distance and reducing overall food waste.
The company is looking for new locations for additional commercial farms.
Use of funds
80 Acres will use the new funding to further expand its market and develop its offerings of high-quality produce.
“The investment is a quantum leap for the business to build more farms both nationally and globally,” said Mike Zelkind, CEO of 80 Acres Farms.
“This enables 80 Acres to focus on their operational expertise and deep research and development capabilities beyond leafy greens,” said Tisha Livingston, CEO of Infinite Acres, and Co-founder.
“With global food consumption increasing and growing threats impacting supply chains and food security, there is a pressing need for healthy, fresh and local foods that are grown in more sustainable and cost-effective ways,” said Shaw Joseph, Managing Director of General Atlantic.
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