Kalera, a Norwegian vertical farming startup, announced that it completed a private placement in Oslo, raising around NOK 930 million (USD 100 million) through the issuance of 31 million shares at NOK 30 (approximately USD 3.20) per share. This placement will bring its total equity funding to USD 160 million. At the beginning of 2020, the company raised USD 60 million in equity. The recent placement included participation from Nordic, UK, US, continental European, and Australian institutional investors.

Kalera will allocate the funds for general corporate spending and the development of new facilities. The company is planning to establish new farms in Atlanta, Houston, and Denver. 

Kalera currently operates two high-tech hydroponic vertical farming facilities in Orlando, Florida. It designs and develops its proprietary technology (HyCUBE technology) using IoT, big data, clean room, and AI-based process automation. The company grows leafy greens (lettuces and microgreens) and sells them to restaurants, grocery stores, resorts, and the cruise industry. Aside from growing greens, the company is open to developing farms for other companies using its patent-pending technology.