Future Crops is looking for investments for its new projects

An Israeli-Dutch venture, Future Crops has announced a new investment round led by Chinese holding Tencent. The raised funds are planned to be used for the construction of vertical farms.

Previously, Future Crops raised investments of $30 million from a private fund with ties to the US steel industry.

“We are happy that Tencent is participating in our next investment round. Tencent is promoting the introduction of technologies that help produce environmentally safe products and reduce the negative impact of climate change,” said Gary Grinspan, CEO and shareholder of Future Crops.

Last year, Future Crops launched a nine-storied and 8 thousand sq. m. vertical farm in the Netherlands, operating in a completely autonomous mode. It has solar panels that produce most of the energy needed.

Future Crops was founded in 2016 by the Israeli Agricultural Research Organization and the Dutch A&F Ventures.