The Freight Farms bankruptcy naturally dominated April’s news. It masked positive funding announcements, with a new round for automation firm iUNU and grant funding from the UK government.

iUNU closes $20m Round

Seattle-based IUNU closed a $20 million Series B extension on 15 April 2025. The round is led by S2G Investments with participation from Farm Credit Canada and Lewis & Clark Partners, bringing total funding to $65 million. The capital will accelerate expansion in North America and Europe and scale adoption of its LUNA platform. This integrates AI and machine vision to optimize greenhouse operations for tomatoes, cucumbers, and peppers.

Elsewhere, the UK Department for Environment, Food & Rural Affairs (Defra) launched a £45.6 million ($56.6M USD) funding package on 28 April 2025. It targets farmer-led innovations to reduce agricultural emissions and enhance climate resilience. Central to this initiative is the ADOPT Fund. It offers grants of up to £100,000 ($124,000 USD) for collaborative projects testing technologies like variable irrigation systems, livestock health monitors, and AI-driven pest detection. Farmers can also apply for smaller £2,500 ($3,100 USD) support grants to develop proposals.

Freight Farms Bankruptcy Dominates Media Cycle

Boston-based Freight Farms, a pioneer in container farming, has ceased operations as of April 30, 2025, and filed for Chapter 7 bankruptcy liquidation. Court documents from the U.S. Bankruptcy Court for the District of Massachusetts reveal the company has listed approximately $600,000 in assets against $7 million in liabilities. This shutdown follows the termination of a proposed merger with Agrinam Acquisition Corporation in late 2024. There were significant layoffs earlier this year. Customers were notified via email on May 1 that the company’s proprietary farmhand® cloud platform would be discontinued. This effectively cuts off remote monitoring capabilities, though local farm operations can continue manually.

The company’s creditors will likely include staff, contractors and customers who will now lose deposits. In our Insights Pro database, we’ve tracked $56.7m in funds raised from private investors, all of which will also be wiped out by the Freight Farms bankruptcy.

Industry commentators have focused on high farm operational costs  as the rationale for the closure. An additional factor is the complexity of managing a long supply chain, with components sourced in China and final assembly on the East coast.  The proliferation of competition is a further consideration: Contain works with a dozen container farm companies for example.

Jones Food Company Enters Administration

Meanwhile, in the UK, Jones Food Company (JFC), once a leader in UK vertical farming, ceased operations on 7 April 2025 after entering administration. It resulted in 61 staff redundancies and the closure of its flagship facilities in Scunthorpe and Gloucestershire.  A core team of 11 employees remains to assist in site maintenance and potential asset sales. Administrators are seeking buyers for JFC’s assets. Yet, the company’s £7 million ($9 million USD) liabilities and dependence on external funding cast doubt on its revival.

The collapse follows years of financial reliance on majority shareholder Ocado Group. The supermakret major had invested over £25 million ($31 million USD) since 2019. This included a £17 million ($21 million USD) initial stake and subsequent injections to fund JFC2, a 14,448-square-meter facility touted as one of Europe’s largest vertical farms. Despite Ocado’s backing and JFC’s production of 30% of the UK’s cut basil, the company failed to achieve profitability.  It cited unsustainable operational costs, energy expenses, and market competition from traditional agriculture.

Intravision Group Adds Vertical Strawberry Tech

In better news, Norway-based Intravision Group announced on 24 April 2025 that its AutoBerry™ vertical farming system for strawberries is in advanced planning stages. The pilot facility, designed for automated climate management and yield optimization, aims to address challenges in consistent berry production.  LinkedIn and Instagram previews highlight proprietary lighting and irrigation systems tailored to strawberry phenology. This move diversifies Intravision’s portfolio beyond leafy greens.

Listed Companies Raise And Restructure Debt 

In the listed sector, Ontario-based Nature’s Miracle Holding Inc. (OTCQB: NMHI) secured up to $2 million in convertible debt financing on 11 April 2025 through a related-party agreement with Big Lake Capital. The latter is a firm controlled by CEO Tie “James” Li. The initial $600,000 tranche carries a 10% monthly interest rate. It includes warrants for 10 million shares exercisable at $0.198 each (110% of the 11 April closing price). Concurrently, the company uplisted to the OTCQB Venture Market on 17 April 2025.  The company has recently diversified from its traditional CEA hardware manufacture to invest in electric vehicles.

Vancouver-based Village Farms International (NASDAQ: VFF) refinanced its Canadian cannabis debt on 22 April 2025. It consolidated three loans into a single credit facility with a variable interest rate below 8.0% – a 50 basis point (0.5%) improvement. It also extended the maturity to February 2028. The restructuring follows a separate amendment to its Farm Credit Canada produce loan. CEO Michael DeGiglio highlighted the moves as reinforcing confidence in the company’s international growth strategy. This includes Pure Sunfarms (Canada’s lowest-cost cannabis producer) and European subsidiary Leli Holland, one of 10 licensed recreational cannabis operators in the Netherlands. The refinancing reduces near-term repayment pressure for Village Farms.

Disclaimer

Featured image courtesy of Freight Farms.

The information provided on this blog is for general informational purposes only. It is not intended to be a comprehensive analysis of the securities, markets, or developments referred to. While we strive to ensure the accuracy and reliability of the information, the content of this blog does not constitute financial advice, investment advice, trading advice, or any other advice. You should not treat any of the blog’s content as such. 

We do not recommend that any securities listed or discussed be bought, sold, or held by you. Nothing on this blog should be taken as an offer to buy, sell, or hold securities. Please conduct your own due diligence and consult with a qualified financial advisor before making any investment decisions. 

Forward-looking statements made in this blog are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed in forward-looking statements. We expressly disclaim any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.