According to an article in the Financial Times, Newark, New Jersey-based indoor farming company AeroFarms has raised $100 million in its latest round of funding. The lead investor is the INKGA Group, the parent company of furniture company IKEA. After this round, AeroFarms is valued at $500 million.
According to the Financial Times, the company's latest round of investment included no new backers. The company has not yet publicly disclosed the new funding.
Last year, AeroFarms raised $40 million in Series D funding with the INGKA Group, chef David Chang and retired U.S. general David Petraeus among the investors. At that time, AeroFarms had raised over $130 million; the new investment pushes its total over $230 million.
As of 2019, AeroFarms has two commercial farms in the U.S. - its flagship 70,000 square foot facility 30,000 square foot farm. The locations opened in 2016 and 2015, respectively.
In March of this year, it was announced that AeroFarms greens would be served on Singapore Airlines flights from Newark to Singapore. It also hired Roger Post, formerly of Danone Foods and Kraft Nabisco, as its new COO in February.