The recent fire in Cavenago brought Planet Farms, an innovative vertical farming company, to public attention. Let’s see what it does and the budget data.
A serious fire hit the Planet Farms company in Cavenago, in the province of Monza and Brianza, generating a dense column of black smoke also visible from the A4 motorway. Fortunately, no injuries were reported.
The accident, which resulted in a thick column of smoke visible from afar, raised questions not only about safety, but also about the activities of this emerging startup. In this article we will also see the company’s balance sheet data, available until 2022 but still significant to get a general picture.
The Story of Planet Farms
Planet Farms was founded in 2018 in Milan by Luca Travaglini and Daniele Benatoff. Travaglini, with long experience in the world of food, is a strong supporter of the importance of a sustainable and innovative approach to agriculture.
The company has stood out for its vertical farm, the largest in Europe, which extends over over 10,000 square meters. Their technology allows agricultural products to be grown efficiently, saving water and reducing environmental impact.
Economic Data and Investors
The company, founded in 2018, required huge investments and in the last two years for which deposited financial statements are available (2021 and 2022), despite a growing turnover, it reported huge losses: in 2022 operating costs they were 14 million compared to 4 million in turnover, for a loss very close to 10 million Euros.
In 2021 the budgets speak of a turnover of approximately half, 2 million, with the lowest costs in the same proportions: 7.4 million euros. The losses declared in the financial statements in 2021 were just over 5.5 million euros.
Planet Farms has closed several investment rounds, including a €30 million and a recent $40 million capital raise. Investors include the Azimut Group, Renzo Rosso’s Red Circle Investments and Loro Piana’s Nuova Energia Holding.
The capital raised was also used to support the company’s expansion into the UK market, with plans to replicate their manufacturing and energy efficiency model. Original article published on Money.it Italy 2024-01-22 22:18:23. Original title: Cosa produce e quali numeri fa Planet Farms, l’azienda dell’incendio a Cavenago
