Greenhouse Organic Herb Company Invests in Future Expansion

By Food Dive|October 19, 2022

Greenhouse organic produce company Soli Organic recently raised nearly $125 million to build additional large soil-based indoor farms. The company’s goal is to have 15 farms nationwide, along with smaller regional facilities.

The Series D funding round was led by investment group CDPQ. This is Soli’s third large raise in 12 months. According to an article on FoodDive.com, the company received $120 million in financing from real estate investment firm Decennial Group last October and reached a $50 million financing arrangement with Horizon Technology Finance in May.

The funds raised last year allowed Soli to move 90% of its production to its seven indoor facilities. The company then said it planned to build eight more farms. Soli announced the construction of a new 100,000-square-foot farm in Anderson, SC, in August 2021, and another larger farm to be built in Marysville, WA, in February. Production at the South Carolina farm is set to ramp up this month.

Soli also is working on lowering its cost through partnerships. Rutgers University will use analytical tools to look at seed genetics and optimize crop varieties for Soli’s indoor growth. Koidra, an artificial intelligence provider, is creating a system to allow the farms to run more autonomously and in a way that increases efficiency and quality yields.

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