Richmond vertical farming company Babylon Micro-Farms has completed an $8 million series A funding round it intends to use to boost its operations and grow its market share.
The round was led by Greenville, South Carolina’s Venture South and included participation from the Virginia Innovation Partnership Corp.’s Virginia Venture Partners, Bethesda, Maryland’s Hull Street Capital and Houston’s New Theory Ventures.
“We found new and current investors who believe in us,” said Alexander Olesen, CEO and co-founder of Babylon Micro-Farms. “They see that the fundamentals of the business are strong.”
The company also recently received a $500,000 grant from the National Science Foundation. The new funding brings Babylon’s lifetime total to $19.1 million raised, according to Crunchbase.
Babylon Micro-Farms builds indoor vertical farming systems. The company sells the units and manages the growing environment through a subscription service. The systems produce salad greens, herbs…
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