Swiss Life Asset Managers, the investment arm of Swiss Life Holding AG, has partnered with Milan-based agritech company Planet Farms to launch a new joint venture aimed at expanding vertical farming operations across Europe, the Middle East, and Africa.
The joint venture will receive up to €200 million ($227 million) in initial funding, with Swiss Life contributing as much as €125 million, according to a statement issued Tuesday confirming earlier reporting by Bloomberg News.
The initiative includes a flagship 20,000-square-meter vertical farm located near Como in northern Italy, which currently supplies fresh produce to supermarkets and food service providers in both Italy and Switzerland.
The partners plan to replicate the model in additional markets, including the United Kingdom and Scandinavia.
Planet Farms, founded in 2018 by Luca Travaglini and former Goldman Sachs banker Daniele Benatoff, specializes in sustainable, high-tech farming systems designed to reduce water usage and eliminate pesticides.
Guggenheim Securities served as exclusive financial advisor to Planet Farms on the transaction.
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