PlantLab secures €50 million in a round backed by De Hoge Dennen Capital.

PlantLab, a Hertogenbosch, Ntherlands-based developing farm technologies, announced securing a €50 million ($56.7M) capital investment round.

The money was provided by the Dutch investment company De Hoge Dennen Capital, and will be used to open indoor production sites in various countries, including the Netherlands, the US, and the Bahamas.

Proceeds will be used to open more production sites outside the Netherlands, in North America and in Europe

PlantLab, founded in 2010 by Leon van Duijn, Marcel Kers and John van Gemert and led by CEO Michiel Peters, developed a farming technology which is used for for building vertical farms, a hyper-efficient method for growing vegetables and fruits. The company's technology involves using light provided by specially developed LEDs, which generate the specific wavelength needed by the plants for photosynthesis and makes it possible to grow fresh, healthy, and delicious vegetables on a large scale very close to the consumer without using any chemical crop protection agents.

PlantLab previously raised €20 million from De Hoge Dennen Capital in 2020.