Planet Farms Gets a 17.5M Euros By Unicredit & Sace

As reported by Italian media, Mark Up, Italy-based Planet Farms has been granted a 17.5M euros credit from Unicredit & guaranteed by Sace. As per the media, the construction work of the second vertical farm of Planet Farms will start in early 2023 in the province of Como and is expected to be larger than the current facility they are using.

“We are very pleased with the outcome of the operation conducted with Sace and UniCredit, which today allows us to start building the new Cirimido farm, which will be significantly more extended compared to the over ten thousand square meters of Cavenago, allowing Planet Farms to considerably expand its production capacity and explore the new potential of vertical farming, as well as increasingly efficient,” says Daniele Benatoff, co-founder and co-CEO of the Planet Farms Group in an interview with mark-up.it

Planet Farms continues its growth plans after opening a new farm in Brusaporto with Da Vittoria, a three-star Michelin restaurant, bringing the world of Haute cuisine closer to the new technologies offered by vertical farms. The financing also follows another financing of USD 30M from Azimut Investments with proceeds deemed to be used to finance the development of the company, consolidating the results achieved thus far and furthering its footprint in Italy and abroad. The company also appointed Mara Valsecchi and Marco Bordoli as their new CEO and President respectively of Planet Farms Italia which will lead the company’s growth and upcoming research and development center poised to be about 50% larger than the ones the company currently has. 

The two most recent entrances will direct Planet Farms’ growth in the direction of the establishment of a new research and development facility next to the Cavenago di Brianza plant and a new farm in Cirimido that will be roughly 50% bigger than the previous ones. Over 10,000 square meters of Cavenago will let the firm investigate new opportunities for vertical farming in the food industry and beyond, as well as more effective production methods. The corporation is expanding its manufacturing capacity outside of Italy while also charting a course for global expansion by constructing new factories and research facilities there.

Image provided by Planet Farms