Industry: Vertical farming
Vertical farming investment
Indoor farms and high-tech greenhouses now raise from climate VCs, food investors, growers and real-asset funds. Each wants proof from one working farm, so our decks and models show what it earns at real power prices.
- Market data and named investors, from climate VCs to greenhouse owners
- Decks and models built on cost per kilo, power and yield
- $3B+ raised for 600+ startups since 2014
In short
What is vertical farming investment?
Vertical farming investment is the money indoor farms, high-tech greenhouses and hydroponic growers raise to build and run farms. It comes from climate and food VCs, strategic growers, real-asset funds, lenders and governments. Investors put over $6 billion into vertical farming startups, mostly from 2019 to 2023, Crunchbase found. Today most want results from one working farm first.
- Who it's for
- Vertical farms, high-tech greenhouses and indoor-farming tech, pre-seed to Series D+
- What we build
- Investor deck, financial model, lender deck, valuation, data room
- Prices
- Deck from $6,000, model from $3,000. Flat fees
- Track record
- $3B+ raised for 600+ startups since 2014
Market data checked on 6 November 2026. Sources are under each section.
Can vertical farms still raise money in 2026?
Some can. Investors are fewer now, and most want proof from a working farm before they fund the next one.
The opportunity
Grocers want fresh produce all year, and US sales of crops grown under cover keep rising.
- Investors still back premium crops, such as Oishii's indoor strawberries
- Big greenhouse growers now invest in robotic growers
- Singapore has set new targets for locally grown vegetables
The problem
Vertical farming startups raised over $6 billion, mostly from 2019 to 2023, by Crunchbase's count. Plenty, one of the best-funded, went through Chapter 11 in 2025.
Market size
How big is the market for greenhouse and indoor-grown food?
US farms sold $1.01 billion of food crops grown under protection in 2024, by USDA's count. That's up from $703 million in 2019. Tomatoes and lettuce make up most of the total. Four trends are changing what gets grown, and how:
- Hydroponics: about 60% of US produce grown under protection in 2024 came from hydroponic systems
- AI: about 37% of CEA farms already use AI in some form
- On-site power: 24% of CEA businesses surveyed have invested in their own renewables
- Local food targets: Singapore now aims to grow 20% of the fresh vegetables, beansprouts and mushrooms it eats
Venture capital
How much venture capital still goes into vertical farming?
AgFunder's count for novel farming systems, which include indoor farms, peaked at $2.8B in 2022. The money that's left goes to fewer growers, usually ones with a working farm and a premium crop.
fall in novel farming systems funding in 2024, after the 2023 drop
first close of Oishii's Series C for indoor strawberries, May 2026, led by SPARX
Series C for greenhouse grower Hippo Harvest, July 2026, led by Cox Farms
Who invests in vertical farming startups?
A climate VC, a venture investor, a food fund, a greenhouse owner, a grower that leads rounds and a principal investor. Japanese companies and a bank also joined Oishii's 2026 round. For more names, see our list of agriculture venture capital firms.
Investor database
Agtech investors in our database
The funds with the most agtech investments. Pick a stage, or open a fund for its cheque sizes.
Top 5 by agtech investments
Investments by industry
- Agritech & Farming24%
- Software & Apps14%
- AI & Deep Tech11%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $500K–$1M$1M–$3M$3M–$10M
- Based in
- India
- Invests in
- South Asia
128 investments in total, 21 tagged Agritech & Farming.Open the full fund profile
Investments by industry
- Healthtech & Wellness25%
- Software & Apps23%
- Agritech & Farming12%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $1M–$3M$3M–$10M$10M–$50M
- Based in
- Chicago, USA
- Invests in
- USA
214 investments in total, 15 tagged Agritech & Farming.Open the full fund profile
Investments by industry
- Agritech & Farming17%
- Energy & Utilities14%
- Healthtech & Wellness11%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $500K–$1M$1M–$3M$3M–$10M
- Based in
- Chicago, United States
- Invests in
- USA
171 investments in total, 13 tagged Agritech & Farming.Open the full fund profile
Investments by industry
- Agritech & Farming20%
- Energy & Utilities18%
- CleanTech & Sustainability12%
- Rounds
- SeedSeries ASeries BSeries C+
- Average cheque
- $0–$100K$100K–$500K$500K–$1M
- Based in
- Beverly Hills, United States
- Invests in
- USA
27 investments in total, 10 tagged Agritech & Farming.Open the full fund profile
Investments by industry
- Agritech & Farming21%
- Software & Apps17%
- Hardware. Robotics & IoT14%
- Rounds
- Pre-seedSeedSeries A
- Average cheque
- $0–$100K$100K–$500K$500K–$1M$1M–$3M$3M–$10M
- Based in
- San Francisco, United States
- Invests in
- USA
126 investments in total, 9 tagged Agritech & Farming.Open the full fund profile
From our investor database.
Why are indoor farms hard to fund?
Our Fundraising 2025 study asked 56 VCs why they turn founders down. Revenue growth, unit economics, burn and missed milestones led the list, ahead of defensibility and crowded categories. For an indoor farm, unit economics come up first.
Power and labour bills
Growers in the 2025 Global CEA Census named energy as their top cost pressure, cited by 47%. US commercial power prices rose 26% from 2020 to 2025, by our arithmetic on EIA data.
What investors ask
- How much power and labour goes into each kilo you sell?
What your deck shows
- Kilowatt-hours and labour hours per kilo, by crop
- A power deal, on-site generation or a low-cost site
One farm before many
Plenty raised over $940 million between 2016 and 2022, by Crunchbase's count. In March 2025 it filed for Chapter 11, citing the fundraising challenges facing the industry.
What investors ask
- Does your first farm make money at full output?
What your deck shows
- Monthly results from farm one, against your plan
- What must be true before site two starts
Crops that pay for the lights
Lettuce brought US growers $238.3M of sales under protection in 2024. In stores, it competes on price with lettuce grown outdoors.
What investors ask
- Which crop earns enough per kilo to cover your costs?
What your deck shows
- Price per kilo by buyer, next to field-grown
- Shelf life, waste and reorders by store
Targets and subsidies that change
Singapore dropped its goal of producing 30% of its nutritional needs by 2030. Its revised targets take account of higher production costs, the ministry said in January 2026.
What investors ask
- Does the business still work if a grant or target goes away?
What your deck shows
- A base case with no subsidy in it
- Grants and incentives shown as upside, with end dates
How we help you raise
Flat fees agreed before we start. No success fee on advisory work.
Your farm's story, built on cost per kilo and buyers who reorder.
Power, labour, yield and build costs, site by site, month by month.
A range set against grower deals and listed CEA companies.
Climate VCs, food funds, real-asset investors and growers that fit your stage.
Yield logs, power bills, food-safety audits and offtake contracts, in order.
For a sale to a grower or food company, or a stake sale to a fund.
Who we are
Waveup is a London-based fundraising and growth advisory, working in 60+ countries and 90+ industries. Since 2014 we have built the decks, models, CIMs and valuations behind $3B+ raised for 600+ startups.
About usVertical farming investment FAQ
How do vertical farming companies raise money?
Are vertical farms profitable?
Why did so many vertical farms fail?
Who invests in vertical farming now?
What do investors check before funding an indoor farm?
How much does help with a vertical farming raise cost?
Industries we work with
Agriculture and Farming
- Agriculture and Farming
- AgTech
- Animal Health
- Vertical Farming
Related industries
Raising for a vertical farm or greenhouse?
Tell us your crop, your site and the round you're planning. We'll tell you where an investor will push back.
