- Business Combination: Freight Farms, Inc. and Agrinam Acquisition Corporation have entered into a definitive business combination agreement, with a pro forma market cap valuation of approximately $147 million for the combined entity.
- Financial Strategy: Both companies have agreed to complete a PIPE financing to raise $20 million net of transaction expenses, involving strategic and financial investors.
- Freight Farms’ Growth: The agtech company has sold more than 600 modular container farms worldwide and generated $23 million in revenue in 2022.
- Diverse Revenue Streams: The company has multiple revenue streams, including modular farm sales, a subscription-based software platform, and consumables.
- Closing Conditions: The business combination is subject to shareholder approval and is expected to close in the first quarter of 2024.
Freight Farms, Inc. and Agrinam Acquisition Corporation announced on October 4, 2023, that they have entered into a definitive business combination agreement. The agreement outlines the terms for a business combination where Agrinam will acquire all issued and outstanding shares of the company. The combined entity is valued at approximately $147 million.
Both companies have agreed to complete a PIPE (Private Investment in Public Equity) financing in connection with the business combination. They intend to raise $20 million net of transaction expenses, involving Agrinam Investments, LLC, and other strategic and financial investors. The PIPE financing is expected to be completed at or before the closing of the business combination.
Freight Farms’ Market Presence
The Boston-based company has established itself as a global leader in modular container farming technology, with over 600 farms sold worldwide. The company generated robust sales, recording $23 million in revenue in 2022. Its flagship product, the Greenery™, allows for the growth of the same product as a 2.5-acre open field farm within a 40-foot container.
Rick Vanzura, CEO of Freight Farms, expressed enthusiasm about the partnership with Agrinam. He emphasized Freight Farms’ unique position as a technology provider focusing on serving farmers to produce hyper-local, hyper-fresh produce. Agustin Tristan Aldave, CEO of Agrinam, also highlighted Freight Farms’ significant penetration in North America and its high standard in the modular CEA segment.
Freight Farms Latest News
Agrinam Acquisition Corporation Announces Business Combination (2023/09/07)
Agrinam Acquisition Corporation has signed a letter of intent with Freight Farms, Inc. to accelerate the adoption of sustainable, hyper-local food production systems worldwide. Freight Farms is a global leader in modular controlled environment agriculture, and has raised over $43 million in external funding. The deal values the vertical farming company at approximately $147 million, and is expected to be finalized in Q3 2023, subject to regulatory approvals and shareholder approval from both companies.
Partners with Local Line to Empower New Farmers (2023/07/03)
The container farming company partners with Local Line, an all-in-one sales platform tailored to farmers, to equip new farmers with the necessary resources to establish successful businesses. Local Line offers features like price lists, inventory management, invoicing, and payment options to help farmers grow their businesses. This partnership helps farmers to establish a profitable farm business by utilizing Freight Farms and Local Lines simultaneously. Freight Farms provides services to set up a container farm and commence growth, while Local Line’s services facilitate the launch of their businesses.
Introduces Its New Line Of Hydroponic Nutrients (2023/02/20)
The company launched a new line of hydroponic nutrients called Farmhand. The product line consists of three components: Farmhand form, grow, and boost, each designed to provide essential macro and micronutrients to support healthy plant growth in hydroponic systems.
Aliaxis SA Announces Investment As Part of USD 17M Series B3 (2022/11/15)
Aliaxis SA invests in Freight Farms, a pioneer in vertical farming technology that enables water savings of 90 to 99%. The funding will support Freight Farms’ mission to empower anyone to grow food anywhere through its container farms and farm automation software. The investment is part of Aliaxis Next’s Water for Food business unit. According to Eric Olsen, CEO of Aliaxis, “70% of fresh water is used for food production.” By investing in Freight Farms, Aliaxis is implementing its Growth with Purpose approach to support the production of water-efficient, fresh, and affordable food.
Research Facility, Biosphere 2, Partners With Freight Farms (2022/09/09)
Freight Farms and Biosphere 2 have partnered to explore new ways of growing food in the face of environmental challenges. The goal is to advance the sustainability of Earth Systems and quality of life. Freight Farms believes that a decentralized system of food production is essential to improving the resilience and security of food access globally. They make modular vertical farms that are shipped and installed globally, bringing the farm and the power of self-growing to communities of all kinds. The Greenery S used in this project has yielded lettuce delivered to the University of Arizona Campus Pantry and the Impact of Southern Arizona community food bank. Vertical farming’s ability to control environmental factors makes it critical for the future of food development. Freight Farms has brought precision growing into the future with Farmhand®, its IoT farm automation software.
Winvale Partners with Freight Farms (2022/06/24)
Winvale has partnered with Freight Farms, a provider of vertical container farming solutions. Through Winvale’s GSA Schedule GS-35F-0074S, the container farming company will offer their vertical hydroponic farming containers. Freight Farms’ flagship product, the Greenery ™ S, is a vertical hydroponic farm built entirely inside a shipping container. The smart farm integrates with Freight Farm’s Farmhand® software to automate most of the farming process.
Nets USD 12 Million Financing From Cambridge Trust (2022/07/26)
Cambridge Trust Company has provided $12 million in debt financing for expansion and growth. The funding will help meet the increasing demand for the farms and enable the company to continue providing vertical farming solutions to optimize crop yield year-round. Cambridge Trust’s Innovation Banking Group focuses on the financial needs of growth-stage companies.
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