Stacked Farms has now raised close to $100 million to build indoor vertical farms that automate the growing of lettuces, spinach and eventually strawberries, blueberries and tomatoes.
It has now raised a total of $98 million in debt and equity since 2021.A Gold Coast-based start-up that has developed the technology to fully automate fruit and vegetable farming has banked $40 million more from investors, led by the family office belonging to Financial Review Rich Lister Richard Smith.garnered a total of $98 million
Rather than this being counted by the company as new funding, Stacked Farm is stretching the definition of a single round, saying this is an extension of its 2021 raising, which had originally been intended to bank $10 million. “They also understand the pain points and the cost of logistics from traditional farms into cities ... our ability to grow a multitude of products close to distribution centres and close to urban consumption is very, very appealing.”Vertical farming involves growing crops indoors in vertically stacked layers, and requires vastly less water than regular farming, and no pesticides or agrochemicals.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The world’s most expensive cities for luxury livingSingapore has topped the rankings as the most expensive city in the world for luxury living for the first time as it vies to be a leading global centre for the rich.
Read more »
Crypto star Immutable slashes employee share price as sector reelsAustralia’s star crypto start-up, co-founded by Rich Listers Robbie and James Ferguson, is enduring a bleak time for blockchain companies.
Read more »
Star seals $192m sale of Sheraton Grand resortThe Rich List Laundy and Karedis families have prevailed in the race to buy Gold Coast’s famed Sheraton Grand Mirage Resort.
Read more »
Two dams close to overflowing in South AustraliaResidents near two at-peril dams in South Australia are on high alert for flooding, as rain continues to hammer the state.
Read more »