Planet Farms, a vertical farming enterprise based in Milan, recently announced a new funding round, securing $40 million (around €36.6 million) at a $500 million valuation, elevating its total funding to $140 million (about €128.3 million).
This new influx of capital will enable the Italian firm to broaden its operations in Italy and the UK. The funds are earmarked for finalizing their new Cirimido, Italy facility, set to be operational by summer end 2024.
The upcoming Cirimido facility, spanning 20,000 square meters, is poised to be among the largest global vertical farms.
In Italy, Planet Farms’ growth will explore new avenues in consumer products, including the perfumery and cosmetics sectors.
Furthermore, the investment will facilitate the company’s foray into the UK market, where it has begun introducing its products to retailers. This marks the initial step towards establishing a new facility in North London, anticipated to be operational in the second quarter of 2025.
Planet Farms: Embracing Sustainable Agricultural Methods
Established in 2017 by co-founders Daniele Benatoff and Luca Travaglini, Planet Farms is at the forefront of vertical farming innovation, specializing in a system that nurtures flavorful and highly nutritious greens.
The company’s vertical farming technique eliminates the need for pesticides, ensuring plants grow in a controlled and optimal environment.
Central to Planet Farms’ mission is the enhancement of flavor, starting with the meticulous selection of seeds. The company employs cutting-edge technology to choose pure varieties that struggle in conventional open-field agriculture, thereby reviving authentic flavors.
This method not only offers exceptional taste but also showcases the company’s deep commitment to biodiversity.
Planet Farms runs a combination of a vertical farm and a research center near Milan, Italy. Here, they produce a variety of greens including arugula, baby leaf lettuce, salad mixes, and basil. Their inaugural commercial facility boasts a cultivation space of around 10,000 square meters.