Orlando Ag-Tech Firm Kalera Lands Investment For More Growth
One of the newest investors fueling growth at indoor farming company Kalera Inc. once was the U.S. agriculture industry's top government official.
The Orlando-based firm on Feb. 24 completed a private placement, a sale of shares to pre-selected investors and firms, that raised the company $31 million, according to financial documents. Among Kalera's latest investors is Sonny Perdue, U.S. secretary of agriculture from 2017-2021 and governor of Georgia from 2003-2011, who will join the firm's board of directors.
This is another big investment round for Kalera, which last year raised $150 million in capital. These funds help the company as it rapidly opens indoor produce growing facilities across the U.S. and eyes international expansion.
Acquisition, expansion
The investment funds Kalera's purchase of vertical farm seed developer Vindara Inc., according to documents. The seeds made by the Durham, North Carolina-based firm will increase output, improve energy efficiency and expand the product pipeline at Kalera, the company announced Feb. 24.
To see inside Kalera's HyCube in Orlando, check out the slideshow above.
Meanwhile, Kalera is expanding to six new cities in 2021 and will add employees to its corporate headquarters in Orlando this year, CEO Daniel Malechuk previously told OBJ. The company has eight open Orlando jobs listed on its website.
The company employs about 75 people, mostly in Central Florida, and will grow its workforce to more than 300 companywide by the end of 2021, Malechuk added.
Daniel Malechuk | JIM CARCHIDI
'Leading the pack'
The purchase of Vindara was the latest step in Kalera’s rapid expansion since it was founded in 2010. Kalera’s vertical agriculture facilities grow quality-controlled produce year-round. The company operates two facilities in Orlando, and this year will open growing facilities in Atlanta, Denver, Houston, Honolulu, Seattle, and Columbus, Ohio.
The global vertical farming industry has big potential, and it’s expected to be worth nearly $12.8 billion by 2026, according to industry analysis site Report Buyer. Kalera stands out within the lucrative industry, Perdue said in a prepared statement.
“Kalera is leading the pack in a booming vertical farming industry ... Through my travels, I’ve had the opportunity to experience many intriguing ideas in food and agricultural innovation and technology. In my opinion, Kalera captures the intersection of technology and sustainable food production better than anything I have seen."
Sonny Perdue | BYRON E. SMALL