80 Acres Farms, a vertical farming producer, has secured $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, the U.S. financing arm of tech company Siemens.
The company intends to use the capital for continued expansion and product development, building from its current footprint of vertical farms that yield a diverse offering of high-quality produce.
Thriving for impact
Mike Zelkind, CEO of 80 Acres Farms, said: "We are proud of what our team has been able to accomplish and enthusiastic about the road ahead. We are also honored to be supported by such a high-caliber group of strategic investors who are enabling us to continue to lead this evolving and fast-growing industry." Mike said the investment is a quantum leap for the business to build more farms both nationally and globally.
"80 Acres Farms is building an incredibly exciting vertical farming business that provides high-quality produce through innovative practices," noted Shaw Joseph, Managing Director of General Atlantic.
Shaw said that with global food consumption increasing and growing threats impacting supply chains and food security, there is a pressing need for healthy, fresh and local foods that are grown in more sustainable and cost-effective ways. He added, "We look forward to working closely with Mike, Tisha and the broader 80 Acres Farms' team as they scale."
"The new investment positions the company as the leading proven and profitable technology provider prepared for rapid
expansion," said Tisha Livingston, CEO of Infinite Acres, and Co-founder of 80 Acres Farms. "In addition, this enables 80 Acres to focus on their operational expertise and deep research and development capabilities beyond leafy greens."
Combining capital and tech know-how
Jason Thompson, Vice President of Sustainability and Growth Equity at Siemens Financial Services, said, "We are committed to helping scale sustainable vertical farming technology. 80 Acres has demonstrated their ability to build and operate profitable farms."
According to Jason, Siemens is enthusiastic about the opportunity to support its global expansion with both its capital and technical know-how. Including, their recently established Center of Competence dedicated to supporting companies in realizing their digital transformation.
"We are excited to be partnering with General Atlantic and Siemens to provide growth capital and support to Mike, Tisha and the entire 80 Acres team to help scale their operations within existing and new markets," said Kayode Akinola, Head of Private Equity Directs at Blue Earth Capital.
New board member
As part of this funding round, Shaw Joseph will join the 80 Acres Farms board. Eli Aheto, former 80 Acres Farms board member, led BeyondNetZero's contributions to this round. He noted, "I am pleased to be able to continue and grow my support of 80 Acres with this contribution from the BeyondNetZero team. 80 Acres has proven a farm design that is poised to reduce food miles, food waste and the resulting in negative carbon emissions that exist within our food supply chain."