South Korea-based smart farming company backed by top private investment firm IMM Investment will venture into high-tech fresh food farming in Mongolia of harsh climate after the Russia – Ukrainian war shed light on food self-sufficiency problems.
PlanTFarm agreed to a joint venture between them and Premium Group of Mongolia to set up an agri-tech firm in Mongolia, to construct and operate indoor vertical farms this year. According to a recent article from Pulse News, the project, upon completion, would represent the first indoor vertical farm in the country.
PlanTFarm is a spin-off from Farm8, a vertically integrated smart farming company based in South Korea. The spin-off company now focuses on vertical farming solutions and received investments from IMM investment in 2014, a Korean VC known for its recent investments in indoor vertical farming leaders, Pure Harvest Farms based in the UAE.
PlanTFarm holds agri-tech solutions to produce crops in challenging environments by controlling external conditions such as light, temperature, and humidity. The firm came under the spotlight for its successful plantation in harsh environments such as subway stations and Antarctic base camps.
Kolmar BNH under Kolmar Korea invested 3 billion won ($2.3 million) in PlanTFarm after valuing the firm at 100 billion won in September last year. Premium Group operates construction, mining, and logistics businesses in Mongolia and is a local partner of operations of Korea’s BGF Retail’s CU convenience stores in the country.