A veritcal farming startup based in Pitt Meadows and Langley has raised another $11.5 million in funding by selling shares of stock.
CubicFarm Systems is a spin off of Langley greenhouse operator Bevo Farms.
Cubic recently completed a sale of 12.77 million shares of stock. The company also announced it has closed a private placement of stock worth another $4.7 million.
“Closing this financing is significant for the company as it provides us with meaningful capital to continue executing on our global growth strategy,” said CubicFarms CEO Dave Dinesen.
Verical farming is an indoor farming technique that uses hydroponic or aeroponic growing, intensive lighting systems, and automation to grow a variety of crops.
Like many vertical farm startups, CubicFarm grows lettuces and leafy greens, but it also specializes in animal feed.
Its Hydrogreen system grows crops such as silage and alfalfa, and CubicFarm says it can cut water usage by more than 90 per cent with each of them, as well as vastly reducing land use.
CubicFarms advertises Hydrogreen with the claim that its system can feed 1,000 head of beef cows while costing up to $186,470 less than conventional feed growing methods.