Planet Farms, an Italian company specializing in controlled environment agriculture, has raised $40 million in a new funding round.

This new funding will primarily support the company’s expansion efforts in Italy and the United Kingdom.

Part of the funding will be used to complete the construction of Planet Farms’ newest facility in Cirimido, Como, which is expected to become operational by end of summer 2024. The new facility will have a 20,000-square-metre growing area, making it one of the largest vertical farms globally.

The funding will also contribute to Planet Farms’ entry into the UK market, where the company is starting to commercialize its products through retailers, paving the way to the construction of a new facility north of London, which will be operational in Q2 2025. The facility will serve the UK market with locally grown products.

Planet Farms has a vertical farm and research facility near Milan, Italy, where it produces arugula, baby leaf lettuce, three salad mixes and basil.

The total capital raised by Planet Farms now exceeds $140 million, with a company valuation of over $500 million.