Milan-based vertical farming startup Planet Farms has raised $40 million in funding at a valuation of $500 million. In addition, the total funds raised by the company reach 140 million dollars. The company was previously supported by Milan’s SACE, UniCredit Group and Red Circle Investment. Planet Farms Established by Daniele Benatoff and Luca Travaglini.
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Planet Farms Established by Daniele Benatoff and Luca Travaglini
It will be used for the expansion of Planet Farms into Italy and the UK. The company plans to complete a new facility in Cirimido, Italy, which will be operational by the end of summer 2024. The facility will have an area of 20,000 m2. The expansion makes it one of the largest vertical farms worldwide. This expansion in Italy will also allow Planet Farms to explore new applications in the consumer goods, perfumery and cosmetics sectors.
Speaking of expansion in the UK, Planet Farms has started marketing its products through major GMO chains in the UK. It is paving the way for a new facility north of London. This facility is expected to be operational in the second half of 2025. This is the first facility in the UK. It will reflect the company’s commitment to technological innovation and energy efficiency and will bring together all the key elements of Planet Farms’ industrial DNA. the company was founded in 2017 by Daniele Benatoff and Luca Travaglini. It enhances the flavour of its vegetables by choosing the right seeds. The model addresses issues such as urbanisation, food security and access, water scarcity, land use and traceability, making it a valuable resource for traditional agriculture.
After consolidating our presence in Italy’s large-scale retail trade in recent months, we are now in dialogue with major companies in the United Kingdom, the Benelux countries and the Nordic countries. Although the market is constantly shrinking at this historic moment, we continue to grow. Our goal is to reach a turnover of 50 million in 2025 and the two new factories currently under construction in Cirimido (province of Como) and in the United Kingdom will certainly help us in this. We always approach other sectors with a growth perspective, including high-impact crops such as cotton and coffee, which we have already started producing in our R&D laboratory in Cinisello Balsamo, near Milan.Daniele Benatoff, Co-CEO and co-founder of Planet Farms Group