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Singapore: Urban farming startup raises $1.5m

Packet Greens, a Singapore-based startup which couples hydroponics technology with automation to make urban farming more efficient, has raised US$1.5 million in funding from government-related venture capital firm SPRING SEEDS Capital and cleantech-focused fund Trirec.

It currently grows 51 types of crops in a 167 square-meter farm – slightly larger than the roomiest three-bedroom apartments in Singapore. It claims to be able to grow five times the crops on the same amount of land compared to traditional farms, and in half the time.

It is aiming to further lower its costs. “Down the road, Packet Greens’ ambitions is to ultimately be able to sell its produce at a price that can be competitive to the wholesale price,” says Trirec co-founder Melvyn Yeo. “Packet Green’s pricing strategy is currently pegged at retail-minus.”

That means it charges wholesalers a certain percentage less than retail price.

The startup sells its crops directly to consumers online. It also supplies them to restaurants, hotels, and online retailers. It plans to expand locally for three to five years before looking abroad.

Read more at Tech in Asia (Terence Lee)
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