Vertical Farm Company AeroFarms Raise US$100 Million Fund Let by IKEA’s Parent Company

Last week LEDinside reported that more and more vertical farming startups have received funds from worldwide investors, marking the great potential of the high-tech farming business. Within a week, another US-based vertical farming company, AeroFarms, announced that it has raised US$ 100 million in the Series E funding round.

(Image: AeroFarms)

According to the report by the Financial Times, the funding round was led by IKEA’s parent company, Ingka Group, bringing the total funding to US$ 238 million. Other investors include Wheatsheaf, ADM Capital, Mission Point Capital, GSR Ventures and AllianceBernstein.

AeroFarms uses its proprietary aeroponic growing system and light recipe created by LED lights to enhance harvest cycles, improve energy efficiency and control quality of the crops. Earlier in 2019, AeroFarms closed a partnership project “farm-to-plane” with Singapore Airline, providing fresh greens for its in-flight meals. The company is also expanding its production space to meet increasing demands, according to Reuters.

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