Lithuanian vertical farming company Leafood has secured $6.75 million (€6.45 million) in seed funding. The majority of the proceeds will go towards financing a partnership with Taiwanese indoor agriculture company YesHealth Group to build and operate a network of indoor vertical farms in Lithuania and the greater Baltic region.
The round was led by Niels Peter Pretzmann, founder of organic farm Farmer’s Circle and hospitality hub Baltic Food Republic, alongside YesHealth Group and another private investor.
Leafood plans to raise an additional $2 million over the summer.
YesHealth Group is an important player in vertical farming, operating several farms for commercial, research, and development purposes, including Europe’s largest vertical farm, Nordic Harvest, in Denmark.
The Leafood project, which will also be one of Europe’s largest vertical farms, will see YesHealth Group’s technologies applied in Lithuania, Latvia, Estonia, and Poland.
Construction will take place in the Lithuanian capital of Vilnius and is slated for completion by Q1 2023. Leafood aims to produce 1,000 kilograms of leafy greens daily and around 400 tonnes a year. The company is keen to localize leafy green supply chains for urban dwellers across the Baltic region.
For more information:
Leafood
www.leafood.com