Swedish agtech company Ljusgårda raised SEK 170 million (€16,6 million) in a new funding round. Ljusgårda is now continuing its drive to become Europe's largest indoor growing company. Investors include companies backed by the Lundin family, Karl-Johan Persson and Jula.
“To stop the climate crisis, we need to reduce imports and bring the food home. This requires investment, which is why it is important that we now have new capital to continue to increase our production. Up until today, Ljusgårda is the largest indoor farm in the Nordic region, and with the new investment we aim to become the largest in Europe within a year,” says Andreas Wilhelmsson, CEO of Ljusgårda.
Throughout 2022, the company is expecting to raise additional capital in order to succeed in its mission. Ljusgårda grows lettuce vertically indoors in a 7,000 square meter facility in Tibro, Västergötland in Sweden. Last year, the company started the expansion of an additional 18.000m2 facility. Electricity for the farms is powered by renewables. Andreas noted that they aim to be the biggest player in Europe with its two factories based in Tibro, Sweden comprising 25.000m2 in total.
Thus far, Ljusgårda hasn’t picked a country for its next farm expansion yet over the next years. However, the team has been said to be very excited to increase their production, making sustainable salads available to a larger part of the population.
“In order to deliver a full plate of food, we will eventually grow other crops. There is, however, plenty of salad that has to be made sustainable before we can do so. That’s why our current roll-out is focusing on lettuce,” Andreas added.
Among those investing in Ljusgårda is the tech fund Back in Black Capital, backed by the Lundin family and Per Brilioth, two very well-known Swedish investors. Alexandre Mordasini with Back in Black Capital and on Ljusgårda's board says, “This is our first investment in foodtech. Ljusgårda is a super exciting company with great potential. We look forward to working together towards a more sustainable future.”
Philian, which is owned by H&M's chairman Karl-Johan Persson, has previously invested in Ljusgårda and is now providing additional capital. “Thanks to new technology, Ljusgårda is in a better position than traditional farming to provide consumers with sustainable and locally produced lettuce. We want to be part of creating Europe's leading company for indoor growing,” says Björn Magnusson at Philian.
Among others, Jula Miljö & Energi is also expanding its investment in Ljusgårda. “By investing in companies with a clear sustainability profile and climate-smart solutions, we want to take long-term environmental responsibility for future generations. The exciting growth journey that Ljusgårda is making with its innovative and sustainable indoor cultivation of lettuce is something we want to be a part of,” says Karl-Johan Blank, Jula's owner and CEO.