80 Acres Farms raised $115 million for growth and acquired Israeli biotech startup Plantae Biosciences

80 Acres Farms, a vertical farming startup based in Hamilton, has recently completed a substantial capital raise and acquisition, reflecting growing investor confidence in controlled environment agriculture. The company has secured $115 million in new funding, enhancing its technological capabilities and expanding its retail presence.

Mike Zelkind, CEO and co-founder of 80 Acres Farms, noted that the new funding had enabled the company to broaden its technology platform, grow its retail footprint, and develop an ingredients channel, all of which are crucial for meeting current customer needs and planning for the long term.

The acquisition of Plantae Biosciences, a leader in plant breeding technology based in Rehovot, Israel, marks a significant step in 80 Acres’ strategy to integrate cutting-edge biotechnology into its operations. Plantae, in collaboration with the Weizmann Institute of Science, has been at the forefront of accelerating plant evolution through innovative genetic techniques. Professor Avraham Levy from the Weizmann Institute highlighted the impact of the new strategic alliance. “Combining advances in genetics with precision farming systems that offer environmental control, we have the makings of another green revolution that will provide resilience to climate change,” he stated.

The company highlighted that the advanced plant breeding technology would allow it to significantly differentiate its produce in the market. 80 Acres Farms already operates on 100% renewable energy and uses significantly less water and pesticides compared to traditional farming methods. The company’s commitment to reducing environmental impact is a key part of its appeal to investors and consumers alike.