AgroUrbana completed the second round of funding, raising close to one million US dollars to finance the company’s plans for developing and optimising their technology, opening up the market and developing its first commercial plant, and consolidating their place in the market as pioneers in Vertical Agriculture in Latin America.
The Lead Investor in this round was CLIN Fondo de Inversión Privado (CLIN Private Investment Fund), under the administration of Chile Global Ventures, venture capital area of Fundación Chile. The fund has back up financing from CORFO (Chile’s Development Agency) and private investors: Engie Factory, Entel, Zoma Capital and Fundación Chile. CLIN contributed 33% to the funds, while the rest of the funds come from Family Offices and individual investors.
“The funds raised will allow AgroUrbana to complete the pilot phase and prepare the way for our up-scaling phase in 2021. Last year we built the first vertical farm in Latin America in the suburb of Quilicura, in Santiago, the Capital of Chile. The knowledge, the technology we’ve been developing and the efficiencies in the processes we’ve acquired at our premises, have demonstrated the huge contribution that vertical agriculture will make in the future. We are thrilled about the support we’ve been given by CLIN in order to take AgroUrbana onto a new phase”, says Cristián Sjögren, co-founder and CEO at AgroUrbana.
Pablo Bunster, co-founder of AgroUrbana and CCO adds: “If we don’t start producing more and better with less, the equation will simply not add up. On the one hand, we must face population growth and increasing urbanisation, which means a greater need for food, while at the same time, we must deal with drought and the need to decrease carbon emissions. Consumers are already thinking about these things when they decide to purchase. They are increasingly critical, rejecting products because of their inferior quality, not knowing where it comes from, or the impact its production can have on the environment”.
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