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New AppHarvest funding round brings total to $150 million

Indoor farming startup AppHarvest has raised $28 million in its latest funding round, bringing the total to $150 million.

As Bloomberg reports, AppHarvest is building “the world’s largest greenhouse” in Morehead, Kentucky in the US.

AppHarvest uses similar indoor farming techniques to those used by so-called “vertical farming” companies in that it can irrigate its crops using 90 percent less water than traditional farming techniques.

The main difference between vertical farming companies and AppHarvest is the greenhouse is basically a low-level building and can use natural sunlight to feed the plants.

However, it does use LED lighting, which it claims are 40 percent more efficient than typical lighting. It also has a 10-acre rainwater retention pond.

AppHarvest’s latest funding round was led by Narya Capital, and included Lupa Systems and Rise of the Rest.

The company has also received technical support from the local academia.

Jonathan Webb, AppHarvest founder and chief executive, says: “AppHarvest has received incredible support from the University of Pikeville. Partnering with a leading institution committed to pursuing a high-tech Ag program will set us up for success in the long run.”

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