Sunday Wrap Up: RED Horticulture & Planet Farms's Funding Triumph and Agrify's Compliance Hurdles
Discover this week's latest development from the world of Controlled Environment Agriculture.
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This Week in Indoor Farming: RED Horticulture & Planet Farms Secures Major Funding, While Agrify Faces Nasdaq Compliance Issues
RED Horticulture has successfully completed a €17 million Series A funding round. This significant financial milestone was led by the European Circular Bioeconomy Fund and supported by various partners and banking institutions. The company specializes in dynamic LED lighting solutions for professional growers, powered by their proprietary AI platform, MyRED. Their approach emphasizes photobiology, aiming to enhance growers' profitability through improved yields, quality, and energy efficiency. The funding will primarily support the company's growth in research and development (R&D), particularly at their Photobiology & Agronomic Research Centre (PARC) in Nantes, France. This investment is crucial for expanding their market presence and solidifying their position in various production segments. RED Horticulture’s commitment to advancing plant lighting technology and sustainable agricultural practices positions them to significantly impact the global horticulture industry.
Italian company Planet Farms has recently secured $40 million in a new funding round, which will be utilized to support the company's expansion plans in Italy and the UK. The company's current total capital raised now exceeds $140 million, with a valuation of over $500 million. The funds will be primarily used to complete the construction of a new facility in Cirimido, Italy, and to enter the UK market. The company has begun marketing its products through major GDO chains in the UK, paving the way for a new facility north of London, which is expected to be operational in the second half of 2025.
Agrify Corporation, a cannabis cultivation and extraction company, is currently facing non-compliance issues with Nasdaq due to delayed financial reporting, primarily stemming from accounting errors that required restatements of past financial statements. Despite these challenges, which could potentially lead to delisting from Nasdaq, Agrify has been actively addressing these issues and working towards compliance. The company has also been involved in significant business developments, including leadership restructuring, the introduction of new products, and strategic partnerships. However, financial struggles are evident, highlighted by significant net losses, a reverse stock split to maintain Nasdaq listing requirements, and ongoing legal challenges. Agrify continues to implement cost-saving strategies and business expansions to stabilize and grow amidst these complex circumstances.