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Friday, March 1, 2024

Lithuanian agritech startup raises €6.45M to build a vertical farming network in the Baltic region

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Lithuanian startup Leafood has raised €6.45M in a seed funding round led by Niels Peter Pretzmann along with YesHealth Group and a private investor. The startup produces sustainable leafy greens with a vertical farming approach that enables them to grow more leafy greens on the same footprint area.

In vertical farming, plants are grown in vertically stacked layers, rather than in a single horizontal layer as in traditional farming. This allows more plants to be grown in the same footprint area, as the growing area can be increased vertically. Vertical farming is usually done indoors, which allows for better control of the growing environment and the use of soilless farming techniques such as hydroponics and gelponics, which can optimize plant growth.

After this oversubscribed round, the vertical farming company will be able to join forces with YesHealth Group, a Taiwanese company in vertical farming. This partnership will lead to a network of indoor vertical farms all around the Baltic region. Leafood is hoping for an additional 2 million dollars by the end of the summer. Leafood’s products will see the sunlight at the near end of 2023’s spring. The company is targeting to produce 1000 kg of leafy greens in a day which refers to around 400 tonnes a year.

Click here to read more funding news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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