Feb 25, 2022
Greenhouse solution provider, urban farms or vertical farms have all been well represented in this years' FoodTech 500 ranking.
Editor’s Note: It’s great to see vertical farms being recognized for their ongoing success in providing solutions that aim to combine food, technology, and sustainability. However, the industry continues to be greenwashed - according to the 2021 Global CEA Census, 70% of CEA operators believe the industry has been susceptible to excessive greenwashing. We must continue to push CEA operators to consider sustainability metrics and give them more importance in daily operations. Access similar insights in the 2021 Global CEA Census, produced by Agritecture & WayBeyond.
CONTENT SOURCED FROM IGROW NEWS
Inspired by the famously known, Fortune 500 ranking, The FoodTech 500 is the world's first definitive list of global entrepreneurial talent providing solutions combining food, technology and sustainability. This year's edition is a particular success as it features 10 publicly traded companies, 47 different countries and $9.6Bn investment raised by the companies featured in the list.
Indoor Farming/ Vertical farming is particularly well-featured this year as they represent 11% of the 500 companies and more than $1.5Bn of the total investment raised to date by these Ag-tech champions. More than 50 indoor farms/ vertical farms have been featured in the list and 3 of them have been ranked amongst the top 10, namely:
Infarm
Ranked as the number one company, this rewards an incredible year where they've successfully raised $200 million to become Europe's first Vertical Farm Unicorn valued (Companies valued at more than $1Bn). Moreover, the company have successfully expanded in North America and have bolstered their presence in Europe with several new commercial partnerships with large retail stores as well as a research & development partnership with Wageningen University. From an environmental perspective, the company not only offers alternatives to grow hyperlocal fresh produce but to further their ambition, they have started the process to become a certified B corporation.
Plenty
Ranked as the number two company, Plenty has had a wonderful year concluded with a $400 million series E featuring investors such as Walmarts. The company is currently finalising the construction of the largest indoor farm in the world in Compton, CA where they have a fully sustainable approach. By tracking data on their San Francisco facility, they are capable of relying on green energy, decreasing their water consumption and lowering Food waste.
Bowery Farming
Ranked as the 6th company, the New York-based indoor farm has successfully raised $300 million in a Series C led by Fidelity Management & Research Company LLC. Not only does their facility relies on Sustainable energy, but they also consume a fraction of the water a conventional farm would normally do.
