Tallinn-based Click and Grow, the leading producer of smart indoor gardens, has raised 11 million US dollars in a new round of funding. Led by Estonian venture capital firm United Angels VC the round also drew support from two strategic investors: Ingka Group, the world’s largest home furnishing retailer, which operates 367 IKEA stores, and SEB Alliance, the corporate venture arm of French Groupe SEB. The money raised will accelerate Click and Grow’s worldwide presence and further popularise hyper-local gardening. Y Combinator and Yunqi VC also participated in the round.
“Being one of the pioneers of hyperlocal gardening, we have been the drivers behind smart indoor gardens earning their rightful place among kitchen tools. Now we are working towards our next milestone to see how hyper-local farming can have a lasting impact on the sustainability of our food chain and reduce food waste. We couldn’t think of having better partners onboard to help us along the way than Ingka Group, with their commitment to a people and planet-positive future, and Groupe SEB, the world’s leader in small household equipment,” said Mattias Lepp, founder and CEO of Click and Grow.
Click and Grow’s breakthrough technology enables plants to be grown hyper-locally with zero effort, giving everyone a chance to grow fresh, GMO and pesticide-free greens at home or in any other space. Founded in 2009, Click and Grow has achieved a global presence and is now selling its third-generation smart gardens. The company has shipped products to more than 450,000 customers worldwide. Its largest market is in the US, followed by the EU and Singapore.
The company’s strategy tackles one of the world’s major current issues, availability and affordability of the global food supply. According to the Food and Agriculture Organisation of the United Nations (FAO), approximately one-third of all food produced in the world is lost or wasted, including about 45 per cent of all fruits and vegetables. Hyper-local farming means that the supply chain can be reduced to a minimum.
“This investment is part of Ingka Group’s broader commitment to support innovative companies contributing to a more sustainable and healthy food and we believe Click and Grow’s novel approach has great potential. We see this as another step forward in our journey to serve IKEA customers and our co-workers healthier and more nutritious food, and it opens up new opportunities for IKEA Retail markets to become more self-sufficient by growing fresh local produce,” explained Krister Mattsson, head of investments at Ingka Group.
Photo: Click and Grow