Category: Modern Farmer
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With more than $7 billion in annual sales, it would be easy for Salisbury, MD-based Perdue Farms, a top 10 domestic poultry producer, to focus on business as usual. Instead, the company looks to the future and understands its vision must go beyond simply putting broilers, wings, and chicken breasts in supermarkets and then on…
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Moolec and Grupo Insud launched a joint venture Moolec, a food tech company that develops animals proteins through plants, and Grupo Insud, an ingredient manufacturer for the pharmaceutical industry, shared this week that they will partner together for research. The two companies will focus on developing solutions for the alternative protein industry, using fungi, yeast,…
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Cox Enterprises has acquired indoor farming company BrightFarms, the two companies announced today via press release. Financial terms of the deal were not disclosed. The companies noted that the acquisition will be key to helping Cox Enterprises build out a “multibillion cleantech business” by 2030. Multi-industry conglomerate Cox is in the midst of expanding from…
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Saudi Arabia’s Red Sea Farms has raised an additional $6 million in pre-Series A funding, bringing the total round to $16 million (h/t Wamda). Those leading the round include Aramco’s venture arm Wa’ed, the Saudi government-owned Future Investment Initiative (FII) Institute, KAUST, Global Ventures, AppHarvest, and Bonaventure. The $6 million announced over the weekend follows…
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Vertical farming company AeroFarms announced today an official partnership with Nokia Bell Labs to further develop the technology capabilities of its industrial-scale indoor ag operation. Currently, New Jersey-based AeroFarms uses a proprietary system that combines machine vision and machine learning technologies with the company’s agSTACK software, custom lighting, and aeroponics. The goal is to create…
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AppHarvest this week announced a $91 million financing arrangement with Equillibrium Capital, according to Food Navigator, who broke the news. The money will go towards AppHarvest’s previously stated goal of building out 12 high-tech indoor farming facilities by 2025. Equilibrium Capital’s $91 million figure is a construction loan that will support the building of AppHarvest’s…
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InFarm is partnering with Sobeys, one of the largest food retailers in Canada, to sell its vertically grown greens in grocery stores across the country. The Berlin, Germany-based indoor agriculture company plans to be in an additional four of 10 Canadian provinces by 2023. The deal will place InFarm in over 1,000 retail locations across…
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Much of the recent news (and investment dollars) in vertical farming has centered on massive, stationary plant factories that produce pounds of leafy greens in the millions. Bucking this norm — and possibly building a new one for indoor agriculture in the process — is a company called InFarm. Those that follow indoor ag developments closely…
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Rise Gardens has raised $9 million in an oversubscribed Series A Round, according to a press release sent to The Spoon. The round was led by TELUS Ventures with participation from existing investors True Ventures and Amazon Alexa Fund and new investor Listen Ventures. It brings Rise’s total funding to date to $13 million. New…
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Finland’s Netled has signed a three-year investment agreement with herb grower Oh My Greens, the two companies announced today. The agreement is worth €15 million (~$17 million USD) over three years and will provide Sweden-based Oh My Greens with Netled’s turnkey vertical farm called Vera. Netled’s Vera system comes as a few different forms, the…
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Equilibrium Capital has closed its second fund dedicated to indoor agriculture. The Controlled Environment Foods Fund II (CEFF II) raised a total of $1.02 billion, exceeding its original goal of $500 million. Speaking in a company blog post, Equilibrium CEO David Chen said that the fundraising for CEFF II reflects a broader shift where larger…
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Five early-stage indoor agriculture companies will participate in the ninth cohort of the Wells Fargo Innovation Incubator (IN2), which works with cleantech companies and entrepreneurs across food and housing sectors. Chosen participants for this cohort will focus on tools and processes that can make indoor farming more environmentally and financially sustainable. The Wells Fargo Foundation…
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