Milan-based vertical farm startup Planet Farms has raised $40 million in funding at a valuation of $500 million. Also, the total funding raised by the company accounts for $140 million. The company was earlier backed by Milan’s SACE, UniCredit Group, and Red Circle Investment.
New facility in Italy
The fresh funds will be used for the expansion of Planet Farms into Italy and the UK. It intends to complete a new facility in Cirimido, Italy, which will be operational by the end of summer 2024. The facility will have a 20,000 sq. mt. growth area, making it one of the largest vertical farms worldwide.
With this expansion in Italy, Planet Farms will be able to explore new applications in the consumer goods, perfumery, and cosmetics sectors.
Expansion in the UK
Talking about its UK expansion, Planet Farms has already begun marketing its products through major GDO chains in the UK, paving the way for a new facility north of London. This facility is expected to be operational in the second half of 2025.
The first UK facility will reflect the company’s commitment to technological innovation and energy efficiency, incorporating all key elements of the Planet Farms industrial DNA: fully automated processes in a controlled and isolated growing environment.
Vertical farming tech
Founded in Daniele Benatoff and Luca Travaglini in 2017, Planet Farms improves the flavour of its vegetables by selecting the right seeds. Using cutting-edge technology, they select pure varieties that struggle to grow in open fields, bringing us back to traditional flavours. The model becomes a valuable resource for traditional agriculture, addressing issues such as urbanisation, food safety andaccess, water scarcity, land use, and traceability.
Planet Farms has a vertical farm and research facility near Milan, Italy, where it produces arugula, baby leaf lettuce, three salad mixes and basil. Its first commercial facility has roughly 10.000 square meters of cultivation area.
“After having consolidated our presence in Italian large-scale retail trade in recent months, we are currently in dialogue with large companies in the UK, Benelux & Nordics. In this historical moment, the market is constantly contracting, but we continue to grow. Our goal is to reach a turnover of 50 million in 2025, and the two new factories already in the pipeline, in Cirimido (province of Como) and in the UK, will certainly help us in this,” said Daniele Benatoff, co-CEO and co-founder of Planet Farms Group. “Always with a growth perspective, we are also approaching other sectors, high-impact crops such as cotton and coffee, which we have already started producing in our R&D laboratory in Cinisello Balsamo, near Milan.”
