Netled

Overview
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Vertical Farming?
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Seed
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Growing System Producers
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Netled, the leading vertical farming technology provider in Finland and provider of Vera, a vertical farming system equipped with LED lighting, heat recovery, automation software, and horticulture intelligence features. Vera consumes 60% less energy and 95% less freshwater than alternatives.

Vera comes in three versions: Instore (mid-sized, allowing a harvest of up to 300 plants each day), Compact (70,000 heads of lettuce per year), and Industrial (for large industrial farms to scale production). The company’s partners include Vertigo Farms (Poland), Salladsfabriken (Finland), and Orto Novo AB (Sweden). 

In January 2024, has applied for corporate restructuring to secure funding and enhance the company's financial position, citing significant R&D investments and an unprofitable business model as reasons for its financial challenges.

Key customers and partnerships

In June 2023, Netled has partnered with Rejlers, a Swedish engineering consultancy firm, to outsource the former's project management function. As part of the agreement, six employees from Netled will be transferred to Rejlers' Finland Industry division. In February 2021, Vera partnered with Rambridge Wholesale Supply in Calgary to enter the North American market to produce lettuce and herbs. 

In July 2021, the company entered into a three-year agreement worth EUR 15 million (USD 17 million) to supply Oh My Greens, a producer of potted herbs and other fresh food products across Sweden. The contract is considered the largest turnkey technology deal in the indoor agricultural market to date. Netled is also expected to provide technical and consultancy services to Oh My Greens over the next five years as part of the contract. For Netled, the agreement expands its market presence in Sweden. The first delivery of the Vera System is expected to be completed by Q2 2022 and is estimated to be worth EUR 3.2 million. The company aims to use its decades of expertise to compete with vertical farming companies like Urban Oasis and Grönska in Sweden.

In June 2021, the company reported that it is also planning to enter the UAE market.


HQ location:
A 2 Pirkkala FIN
Founded year:
2007
Employees:
11-50
IPO status:
Private
Total funding:
USD 5.5 mn
Last Funding:
USD 1.3 mn (Seed; Aug 2020)
Last valuation:
USD 10.2 mn (Aug 2020)
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