November 15, 2022

FreightFarms400x275Freight Farms, which manufactures container farms and automation software, has announced it raised $17.5 million in Series B3 funding. The new funding will let the company expand 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 company said it develops vertical hydroponic farms in shipping containers, with the goal of creating resilient and self-sufficient communities that can grow fresh, local, and healthy food 365 days a year. With containers that currently operate across 39 countries, Freight Farms said it has created the largest connected network of farms in the world. 

Customers range from small business owner-operators to corporate, hospitality, retail, education and non-profit sectors. The company said its unique distributed model allows it to better target areas where the impact of fresh food is greatest – including food deserts and challenging geographies and climats, such as Alaska, the Caribbean islands, Scandinavia, and Egypt. This approach gives these communities access to fresh produce while offering a more sustainable, higher-yield growing method compared to traditional architecture, it added.

The latest funding round was co-led by Aliaxis SA, which enables access to water and energy through fluid management systems; and Ospraie Ag Science, an investor in cutting-edge AgTech companies.

“These investments from leading 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, the company 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, which will all be supported with the new funding. Freight Farms said it plans to include a focus on both hardware and software innovation, with expanded product offerings already in development for several farming needs. New modular farm styles based on customer demand, software enhancements for higher crop quality and simpler control, and more custom options are on the horizon, the company said.

“By investing in Freight Farms, we are delivering on our Growth with Purpose strategy to help provide 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 and is expected to be superior to a $10 billion market by 2026.”

Freight Farms said its revenue has increased 13 times as a result of container farm sales and other recurring revenue channels, including its Farmhand automation software. The proprietary Internet of Things software allows indoor farm operators to control temperature, lighting, and other environmental variables, and is designed so that many different indoor growing setups (beyond Freight Farms’ containers) can use it.

For more details on the company and its technology,visit the Freight Farms website here.

Photo courtesy of Freight Farms.