Infarm Valuation, Funding & Investors
Infarm is valued at $1B as of December 2021.
Last Infarm valuation
$1B
Series D · Dec 2021
Last Infarm funding round
$200M
Series D · Dec 2021
Cumulative funding Infarm raised
$600M
across 7 funding rounds
Key investors in Infarm
Atomico
Cherry Ventures
Hanaco Venture Capital
TriplePoint Capital
LocalGlobe
Balderton Capital
About Infarm
Infarm is a Berlin-headquartered urban farming company deploying modular vertical farms in supermarkets and cities. Founded in 2013, it grows herbs, leafy greens, and strawberries using IoT-controlled hydroponics and machine learning for optimal yields. Infarm partners with chains like Metro and Carrefour, supplying fresh produce in Germany, France, and the United States.
Founded
2013
HQ
BerlinWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (Dec 2021)
Infarm Valuation
Infarm is currently valued at $1B, based on its Series D in December 2021.
The $200M round was led by Qatar Investment Authority, with participation from Hanaco Venture Capital, AENU, Lightrock, Bonnier Capital, Partners in Equity and 1 other investor.
Infarm valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2021 | Series D | $1B |
Infarm Funding History
Infarm has raised a total of $600M across 7 funding rounds.
Infarm's first fundraising round was a $400K pre-seed round in April 2017. The most recent completed round was a $200M Series D in December 2021.
Infarm funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2021 | Series D | Qatar Investment Authority (lead); Hanaco Venture Capital; AENU; Lightrock; Bonnier Capital; Partners in Equity; Atomico | $200M | $1B | Infarm is a Berlin-based urban farming company specializing in modular vertical farming units deployed in supermarkets and large-scale Growing Centers to produce fresh herbs, salads, fruits, and vegetables closer to consumers with reduced resource use. The company partners with major retailers like Aldi Süd, Edeka, Carrefour, Whole Foods, Selfridges, and IKEA, offering over 75 plant species by 2021. On December 16, 2021, Infarm raised $200 million in a Series D round led by Qatar Investment Authority, with participation from AENU, Atomico, Bonnier Ventures, Hanaco Ventures, Lightrock, and Partners in Equity, pushing total funding over $600 million and achieving unicorn status with a post-money valuation over $1 billion. The funds were allocated to expand vertical farms in the U.S., Canada, Japan, and Europe, while entering Asia-Pacific and Middle East markets, including a planned Growing Center in Qatar by 2023 for tomatoes, strawberries, and other crops. Infarm's Growing Centers provide capacity equivalent to 110,000 square feet, supporting distribution to supermarkets, alongside smaller in-store units to enhance consumer shopping experiences with superior freshness. Despite rapid expansion, Infarm faced challenges post-round, with 2021 revenue reported at €8 million (up from €3.8 million in 2020) and losses increasing to €127.8 million, amid aggressive growth into markets like Denmark, the UK, and a flagship center in Bedford, England. |
| Mar 2021 | Undisclosed stage | Hanaco Venture Capital; Atomico | $100M | - | Infarm, a Berlin-based vertical farming company founded in 2013, operates modular, IoT-powered urban farms supplying fresh produce like herbs, salads, and leafy greens to retailers across ten countries including the US, UK, Germany, and Japan. In early 2021, specifically around May 3, Infarm added $100 million to its ongoing Series C funding from existing investors Atomico and Hanaco Venture Capital, bringing the Series C total to $270 million after an initial $170 million close in September 2020. This extension, partly structured as unattributed VC and debt, boosted Infarm's cumulative funding beyond $400 million at the time, with proceeds aimed at team expansion, market deepening, and diversifying crops to include chillies, mushrooms, and tomatoes. The round reflected strong confidence in Infarm's growth amid accelerating retail partnerships, such as with Kroger, Marks & Spencer, Aldi, and a December 2020 deal with Sumitomo Corp. for Japan. Infarm's technology emphasizes sustainability, using 99.5% less space, 95% less water, and 90% less transport than traditional farming, while harvesting over 500,000 plants monthly through scalable, cloud-connected units. Later Series D in December 2021 valued Infarm over $1 billion. Competitively, Infarm positioned itself in the novel farming systems space, with this $100 million deal ranking among H1 2021's top investments. The company continued expanding post-round, planning Growing Centers and new crops. |
| Sep 2020 | Series C | Lightrock (lead); Astanor Ventures; Haniel; Hanaco Venture Capital; Latitude; Tres Monos Capital; TriplePoint Capital; Bonnier Capital; Atomico | $170M | - | Infarm, a Berlin-based vertical farming startup founded in 2013 by Osnat Michaeli and brothers Erez and Guy Galonska, develops modular micro-farms placed in urban retail locations like supermarkets, hospitals, and restaurants to grow fresh produce locally using 99.5% less space, 95% less water, and zero chemical pesticides than traditional agriculture. By September 2020, Infarm operated across 10 countries and 30 cities, harvesting over 500,000 plants monthly, with 90% renewable energy usage and plans for zero-emission production. Partners included major retailers such as Kroger (US), Marks & Spencer (UK), Aldi (Germany), and Sobeys (Canada). On September 16, 2020, Infarm announced a $170 million first close of its Series C funding round, led by impact investor LGT Lightstone (also referred to as Lightrock), with participation from new investors Hanaco Ventures, Bonnier Capital (or Bonnier), Haniel, Latitude, and existing backers Atomico, TriplePoint Capital, Astanor Ventures, and others including Mons Capital. The round combined equity and debt, expected to exceed $200 million at final close, bringing total funding to over $300 million following prior $100 million Series B and $25 million extensions. Proceeds aimed to expand the global farming network, develop advanced cloud-connected vertical farms capable of acre-equivalent crop yields, increase produce diversity (future roots, mushrooms, superfoods), and scale to over 5 million square feet by 2025 as the world's largest distributed network, including entries into Canada and Japan. Revenue metrics appeared later: €3.8 million in 2020 (up to €8 million in 2021), with losses at €74.6 million in 2020 rising to €127.8 million in 2021 amid aggressive expansion to markets like Denmark, UK, and a large Bedford, England hub. Infarm later raised a $200 million Series D and faced challenges, filing for insolvency in Germany and the UK by late 2023, selling assets, with plans to pivot to farming-as-a-service in London. |
| Jun 2019 | Series B | Atomico (lead); Balderton Capital; Astanor Ventures; TriplePoint Capital; Cherry Ventures | $100M | - | Infarm is a Berlin-based startup developing modular vertical farming technology for deployment in grocery stores, restaurants, and distribution centers to bring farms closer to consumers and reduce environmental impact from food transportation and nutrient loss. The company announced a $100 million Series B funding round on June 11, 2019, led by Atomico with participation from existing investors Balderton Capital, Astanor Ventures, Cherry Ventures, and debt from TriplePoint Capital. This mixed equity and debt round aimed to scale operations in Europe, expand to the U.S., U.K., and Japan, grow R&D, operational, and commercial teams, and partner with major retailers like Edeka, Metro, Migros, Casino, Intermarche, Auchan, Selgros, and Amazon Fresh. At the time, Infarm had deployed 200 in-store farms and 150 farms in distribution centers, harvesting over 150,000 plants monthly across Germany, Switzerland, and France. The funding supported launches such as in the U.K. with large supermarkets in September 2019 and advanced talks for U.S. and Japanese retailers. Infarm's model addresses sustainability challenges, noting food's 17% share of global CO2 emissions and 45% loss of plant nutrients before reaching supermarkets. Later rounds included a Series C first close of $170 million in 2020-2021 bringing total funding over $300 million, and a Series D of $200 million in December 2021, with overall funding reaching $601.59 million across 14 rounds. Infarm faced challenges, declaring insolvency in recent years. |
| Feb 2018 | Series A | Balderton Capital (lead); Mons Investment; LocalGlobe; TriplePoint Capital; Quadia; Star Farm Ventures; Cherry Ventures | $25M | - | Infarm is a Berlin-based urban farming startup founded in 2013 by Osnat Michaeli and brothers Erez and Guy Galonska, developing modular vertical farming technology for deployment in grocery stores, restaurants, and distribution centers to grow fresh herbs and leafy greens close to consumers. The company raised $25 million (€20 million) in a Series A round on February 5, 2018, led by Balderton Capital, with participation from TriplePoint Capital, Mons Investments, and existing investors Cherry Ventures, QUADIA, and LocalGlobe. This brought total funding to $35 million (€24 million), including a $2.5 million (€2 million) grant from the European Commission's Horizon 2020 program. Funds were allocated for international expansion to cities like Paris, London, and Copenhagen, plus development of a 5,000 sqm R&D center in Berlin, targeting 1,000 operational farms across Europe by end of 2019. At the time of the round, two years after launch, Infarm operated over 50 farms in Berlin, integrated into EDEKA and METRO supermarkets, restaurants, and warehouses. Each farm unit produced up to 1,200 plants per month, enabling some locations to achieve self-sufficiency in herb production while offering products at affordable prices. The technology emphasized sustainability, reducing inefficiencies in food supply chains amid growing urban populations. Infarm continued raising subsequent funds, including $100M in 2025 from existing investors for high-capacity growing centers and $200M in May 2025 with new participants like Qatar Investment Authority to expand vertical farms globally into the US, Canada, Japan, Asia-Pacific, and Middle East, focusing on climate-resilient production of fruits and vegetables. |
| Jun 2017 | Seed | Cherry Ventures (lead); FoodLabs; LocalGlobe; Quadia; IDEO | $5M | - | Infarm raised a $25 million Series A round on June 26, 2017, from investors including Balderton Capital, Cherry Ventures, LocalGlobe, Quadia, Star Farm Ventures, and TriplePoint Capital. The company, founded in 2013, operates micro-vertical farms in urban locations such as supermarkets, hospitals, and restaurants. Infarm's total funding has reached over $800 million across multiple rounds, with later expansions including a $170 million first close of Series C in 2020 led by LGT Lightstone and a $200 million round in 2020 at a $1 billion post-money valuation. |
| Apr 2017 | Pre-seed | Archimedes Labs (lead) | $400K | - | - |
Who has invested in Infarm?
21 investors have backed Infarm across its funding rounds, including Atomico, Cherry Ventures, Hanaco Venture Capital, TriplePoint Capital, LocalGlobe and Balderton Capital.
Lead investors include Qatar Investment Authority, Lightrock, Atomico, Balderton Capital, Cherry Ventures and 1 other investor.
Infarm Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 4 | Lead | Jun 2019 | |
 Tel Aviv | 3 | Participant | Sep 2020 | |
 San Francisco, CA | 3 | Participant | Feb 2018 | |
| Berlin | 3 | Lead | Jun 2017 | |
| London | 2 | Participant | Jun 2017 | |
| London | 2 | Lead | Feb 2018 | |
 Luxembourg | 2 | Participant | Jun 2019 | |
 Geneva | 2 | Participant | Jun 2017 | |
| London | 2 | Lead | Sep 2020 | |
 Stockholm | 2 | Participant | Sep 2020 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Mons Investment | Chicago, IL | 1 | Participant | Feb 2018 |
| Germany | 1 | Participant | Jun 2017 | |
| San Francisco, CA | 1 | Lead | Apr 2017 | |
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Start Free TrialInfarm Competitors
Infarm competitors include listed companies like Genus and Ituran Location & Control, and private ones like Semios, Greenlabs, eFishery and Distynct.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Vancouver | Private | $37M | - | $1B | 27.0x | |
 Seoul | Private | $218M | $145M | $840M | 3.9x | |
 Bandung | Private | $157M | - | $1.4B | - | |
| Ames, IA | Private | - | - | $1.8B | - | |
| United Kingdom | Publicly listed | $903M | $122M | $1.9B | 2.2x | |
| Israel | Publicly listed | $359M | $93M | $1B | 2.4x |
Infarm Public Comps
Infarm is still privately-owned, but its public comps include AGT Food and Ingredients, Okomu Oil Palm Company, 3tentos, Elders, Ituran Location & Control, Graincorp, AEP Plantations, Aeva, Arcadyan Technology and NPK International.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $59M | $56M | 18.1x | 0.5x | 18.9x | 7.5x | |||
| $149M | $88M | 6.8x | 6.3x | 11.6x | - | |||
| $3.2B | $233M | 0.5x | 0.5x | 7.5x | 7.8x | |||
| $2.3B | $119M | 0.7x | 0.6x | 13.5x | 8.1x | |||
| $359M | $93M | 2.6x | 2.4x | 10.2x | 8.8x | |||
| $5.2B | $179M | 0.4x | 0.5x | 12.2x | 13.8x | |||
| $465M | $130M | 2.0x | 1.9x | 7.3x | 5.9x | |||
| $18M | ($139M) | 54.7x | 35.6x | (7.1x) | (8.7x) | |||
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Common questions about Infarm
| When was Infarm founded? | Infarm was founded in 2013. |
| Where is Infarm headquartered? | Infarm is headquartered in Berlin, Germany. |
| Is Infarm publicly listed? | No, Infarm is a private, VC-backed company. |
| What is Infarm's valuation? | Infarm was last valued at $1B in its Series D in December 2021. |
| How much funding has Infarm raised? | Infarm has raised $600M across 7 funding rounds. |
| What was Infarm's last funding round? | Infarm's last funding round was a $200M Series D in December 2021, led by Qatar Investment Authority. |
| Who are Infarm's investors? | Infarm's investors include Atomico, Hanaco Venture Capital, TriplePoint Capital, Cherry Ventures, LocalGlobe, Balderton Capital, Astanor Ventures, Quadia, Lightrock, Bonnier Capital and 11 others. |
| Which companies are comparable to Infarm? | Companies comparable to Infarm include Semios, Greenlabs, eFishery, Distynct, Genus and Ituran Location & Control. |
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