A Finland-based vertical farming company iFarm announced that it has raised US$ 4 million funding led by Gagarin Capital, who previously invested in the project. Other investors include Matrix Capital, Impulse VC, IMI.VC and more. With the funding, iFarm said it will deepen its automated indoor farming technology and extend cultivation experiments.

(Image: iFarm)

iFarm offers vertical farming solutions for growing greens, berries and vegetables. It aims to develop its iFarm Growtune tech platform that enables operations of multiple varieties of vertical farms and quadrupling the number of plants available to iFarm's tech. The company has over 50 on-going projects with clients in Europe and the Middle East for 2020.

iFarm's automated vertical farm management technologies using LED lighting allow customers to start growing salads, greens, berries and vegetables in the urban environment such as empty warehouses, factory shops, basements and distribution centers.

One coronavirus impacts is that people are getting more aware of the importance of local food production for food security, which leads to increasing urban/indoor farming projects based on vertical farming technology across the world. Apart from big scale national vertical farming projects launched in UAE and Singapore, many agri-tech startups focusing on vertical farming technology also raised funding or expanded production.