Freight Farms announced its $17.5M Series B3 funding round co-led by Aliaxis SA and Ospraie Ag Science. The funding will support Freight Farms as it expands its mission to empower anyone to grow food anywhere through its line of versatile, modular, and easy-to-use container farms and farm automation software. The round was also supported by Spark Capital, Stage 1 Ventures, and Alkaline Partners.
Freight Farms develops vertical hydroponic farms in shipping containers. As a provider of farms for independent purchase and ownership with containers currently operated by customers across 39 countries, the company has created the largest connected network of farms in the world.
"These investments from AgTech investors further reinforce the importance of Freight Farms' mission to use container farming technology to address systemic challenges within our food and agriculture systems and their repercussions on our environment," said Rick Vanzura, CEO of Freight Farms. "We are honored to have the continued financial support of Ospraie and a new strategic partner in Aliaxis, both exceptional leaders in sustainable solutions."
In August 2021, Freight Farms opened its new headquarters in Boston to allow for future growth, more in-house training for customers, and a higher level of research and development, all of which will be supported through this funding. This will include a focus on both hardware and software innovation, with expanded product offerings already in development for a variety of farming needs. From new modular farm styles based on customer demand to software enhancements for higher crop quality and simpler control, more custom options are on the horizon.
In addition, these funds will drive personnel growth in key departments to ensure Freight Farms' ongoing success. Priorities will be placed on a stronger Customer Experience team to ensure the long-term success of farmers, an expanded Engineering team to drive product development, and a more robust Sales and Marketing team to deepen presence in high-need sectors such as nonprofits and education.
"By investing in Freight Farms, we are delivering on our Growth with Purpose strategy to help produce affordable, fresh, and locally produced food with much less water," said Eric Olsen, CEO of Aliaxis. "Freight Farms is at the forefront of innovation of vertical farming. This market is growing at more than 25% of compound annual growth rate (CAGR) and is expected to be superior to a $10bn market by 2026."
"We're very excited to partner with Aliaxis on supporting the future growth of Freight Farms, already one of the leading turn-key production systems and software management platforms in controlled environment agriculture," said Dwight Anderson, CIO of Ospraie Ag Science. "Freight Farms continues to beat milestones both in sales and in satisfying customers worldwide because of strong unit economics, consistent product innovation, and the incredible 50+ strong team, without whom none of this would be possible."