80 Acres Farms announces $115M in in capital raises, acquisition of biotech company

80 Acres Farms has announced capital raises totaling $115 million and the acquisition of Plantae Biosciences, an Israeli biotechnology company.

"Our ability to raise capital in today's market speaks to the confidence investors have in the need for controlled environment agriculture and our vision and execution," said Mike Zelkind, CEO and co-founder of 80 Acres Farms. "New funding has allowed us to broaden our technology platform, grow our retail footprint, and develop an ingredients channel, all to meet customer needs. We're able to make plans for the long term while delivering results today."

The company's capital raises in 2024 were supported by a combination of new and existing investors, including General Atlantic, Siemens Financial Services, The Western and Southern Life Insurance Company, Barclays Climate Ventures, Virgo Investment Group, Blue Earth Capital, and other leading Midwestern financial institutions.

The acquisition of Plantae Biosciences brings plant breeding technology to 80 Acres Farms and its technology-focused subsidiary, Infinite Acres. Since 2020, Plantae has collaborated with the Weizmann Institute of Science, a world-renowned research institution, on projects in accelerated plant breeding, via an exclusive license agreement with the Institute's commercialization arm, Yeda Research and Development Co. Ltd.

"Our researchers have found the natural mechanisms that allow us to accelerate plant evolution, in harmony with nature, for better harvests," said Professor Avraham Levy, a member of the Department of Plant and Environmental Sciences and the head of the Food Security and Nutrition Center at the Weizmann Institute of Science. "Combining advances in genetics with precision farming systems that offer unprecedented environmental control, we have the makings of another green revolution that will provide resilience to climate change."

"Crops tailored for controlled environment agriculture can be a major unlock for the industry," said Tisha Livingston, CEO of Infinite Acres and co-founder of 80 Acres Farms. "Using advanced plant breeding technology, we can begin to truly differentiate produce by optimizing for flavor, texture, and nutrition, unlike anything available in the marketplace today."