“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," says 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.”
Planet Farms, an Italian vertical farming company, received a $40 million capital injection. The new capital will support the company's expansion plans in Italy and the UK, following the strong commercial success that the company is experiencing. With this transaction, the total capital raised by Planet Farms will exceed $140 million.
New facility in Como
Part of the funding will be used to complete the construction of Planet Farms’ newest facility in Cirimido, Como, which is expected to become operational end of summer 2024. The new facility will have a 20,000-square-meter growing area.
The facility will further increase Planet Farms’ penetration in the Italian market and allow the company to explore new applications for customers in the consumer products, perfumes, and cosmetics industries.
A render of the Crimido facility in Como
Northern London facility
The funding will also contribute to Planet Farms’ entry into the UK market, where the company is starting to commercialize its products through retailers, paving the way to the construction of a new facility north of London, which will be operational in Q2 2025. The facility will serve the UK market with locally grown products.
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.