Urban Oasis, an indoor vertical farming company based in Sweden, announced today that it has raised 10.5 million Swedish Krona (~$1.22M USD). Investors include Family Offices Pelarhuset, Anteeo, and Yobi Partners Ltd.
Founded in 2017, Urban Oasis built its first indoor vertical farm underneath an apartment complex in Stockholm. The company produces a variety of leafy greens, including kale, bok choi, and lettuce, which are sold at Swedish retailers including ICA, COOP, and online grocer MatHem.
With its new funding, Urban Oasis aims to build its first MegaFarm, which will expand its production capacity by 15 to 20 times, according to today’s press announcement. The new facility is controlled by Urban Oasis’ GreenOS automation software and will be operational by the end of this year for growing a variety of crops.
Funding for the controlled-environment agriculture, and vertical farming in particular, has been downright frothy this fall. Other players in the space getting investment include Plenty, Kalera, InFarm and Unfold. As my colleague, Jenn Marston explained last month:
Less than one year ago, the vertical farming sector was expanding, but a lot of questions remained around the scalability of the concept and how appealing it could be to investors. The nearly constant stream of funding and product announcements in 2020 has sped up that expansion. Part of this is due to, yep, you guessed it, the pandemic. Disruptions in the food supply chain due to COVID-19 have consumers more interested than ever in where their food comes from, and having it grown closer to home is an increasingly attractive option.
With the pandemic still going strong and a month in a half left in the year, Urban Oasis’ fundraise may not be the last of its kind in 2020.