Infarm announced closing funding of $170 million in a debt and equity round led by LGT Lightstone and including Hanaco, Bonnier, Haniel, and Latitude.

Infarm, a Berlin, Germany-based developer of vertical farming solutions, announced completing funding of $170 million.

The money is a combination of debt and equity and was raised from new and existing investors led by LGT Lightstone, and including Hanaco, Bonnier, Haniel, Latitude, Atomico, TriplePoint Capital, Mons Capital and Astanor Ventures.

Proceeds will be used to augment infrastructure, research and development and to hire more people, as the company works for expand its cloud-connected farming facilities from 500,000 sq. ft by the end of 2020 to over 5,000,000 sq. ft by 2025.

Infarm, founded in 2013 by Osnat Michaeli and the brothers Erez Galonska (CEO) and Guy Galonska, develops tech-based vertical farms as an alternative food system for urban enviroments, in a resilient, transparent, and affordable way. The company runs operations across 10 countries and 30 cities worldwide, as it harvests over 500,000 plants monthly and works with a range of partners including Albert Heijn (Netherlands), Aldi Süd (Germany), COOP/Irma (Denmark), Empire Company’s Sobeys, Safeway, and Thrifty Foods (Canada), Kinokuniya (Japan), Kroger (U.S.), and Marks & Spencer and Selfridges (U.K.).

Prior to this round, in 2019, Infarm secured another $100 million, also a debt and equity combo.