80 Acres Farms, one of Cincinnati’s most well-funded startups, has further solidified its position in the CEA space with a significant $115 million capital raise in 2024. While this does not surpass its 2021 Series B funding of $160 million, it remains one of the largest funding rounds in the region. The company also announced the acquisition of Plantae Bioscience, an Israeli biotechnology firm, marking a strategic step towards enhancing its plant breeding capabilities.
CEO and co-founder Mike Zelkind emphasized that the ability to secure funding in today’s market reflects investor confidence in controlled environment agriculture and 80 Acres Farms’ execution of its vision. This fresh capital injection will be used to expand the company’s retail footprint, develop an ingredients channel, and refine its technology platform to better serve customer needs.
The latest capital infusion comes from both existing and new investors, including General Atlantic, Siemens Financial Services, Western & Southern Life Insurance Co., Barclays Climate Ventures, Virgo Investment Group, and Blue Earth Capital. With this funding, 80 Acres Farms' total raised capital now exceeds $380 million. While the company has remained discreet about its valuation, Zelkind has hinted at the possibility of achieving decacorn status, a valuation exceeding $10 billion, in the future.
The acquisition of Plantae Bioscience brings advanced plant breeding technology under the umbrella of 80 Acres Farms and its subsidiary, Infinite Acres. Plantae has collaborated with the renowned Weizmann Institute of Science on accelerated plant breeding through an exclusive license agreement with the institute’s commercialization arm, Yeda Research and Development Co. Ltd. Following the acquisition, the researchers from Plantae will operate as Infinite Acres Israel.
Professor Avraham Levy of the Weizmann Institute highlighted the importance of combining genetics with precision farming to bolster agricultural resilience against climate change. Infinite Acres CEO and 80 Acres co-founder, Tisha Livingston, noted that optimizing plant genetics specifically for indoor farming could be a game-changer for the industry. With the integration of Plantae’s technology, 80 Acres Farms will be able to enhance produce quality by optimizing for flavor, texture, and nutrition—creating a differentiated offering in the marketplace.
This focus on plant genetics is a natural evolution for 80 Acres Farms, as senior manager of public affairs Jed Portman explained. Traditional crops are bred for outdoor conditions, often prioritizing drought and pest resistance over traits that could thrive in a controlled environment. With the capabilities from Plantae Bioscience, 80 Acres Farms can develop new crop varieties tailored for indoor farming at an accelerated pace, improving both quality and consumer experience.
Plantae Bioscience utilizes metabolomics and genome editing to create plants with unique and novel characteristics, expediting the natural evolutionary process. This acquisition strengthens Infinite Acres’ role in agricultural innovation, with research operations spanning from the U.S. to Israel and the Netherlands.
Despite recent turbulence in the vertical farming sector—with major players struggling financially or shutting down—80 Acres Farms has demonstrated resilience. The ability to secure additional funding highlights investor confidence in its model. The company is expanding its farm operations, including an upcoming expansion in Kentucky, while also planning future farm locations.
80 Acres Farms’ innovative farming system, powered by Infinite Acres, integrates advanced lighting, proprietary airflow and water controls, data analytics, robotics, and automation. In 2024, Infinite Acres opened a research center in The Hague, Netherlands, in collaboration with technology partners such as Siemens, Signify, SICK, and TTA. This dedicated R&D facility will drive advancements in vertical farming, benefiting not only 80 Acres but the broader industry.
Beyond its technological advancements, 80 Acres Farms has responded to increasing consumer demand for fresh, local, and pesticide-free produce. Its products, including salads, herbs, and tomatoes, are available in over 1,500 retailers and restaurants, including Kroger, Harris Teeter, Whole Foods, Fresh Market, Fresh Thyme, Meijer, and Dorothy Lane Markets.
With strong financial backing, a clear vision for the future, and strategic investments in plant genetics, 80 Acres Farms continues to shape the future of controlled environment agriculture. As the industry faces challenges, the company’s ability to innovate and expand underscores its role as a leader in sustainable food production.
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