Two Major Indoor Leafy Greens Growers Invest in the Future

Gotham Greens Atrium Style Greenhouse Chicago

Since its launch in 2011, Gotham Greens has grown from a single urban rooftop greenhouse in Brooklyn to a multi-state indoor farming leader and one of the largest hydroponic leafy greens producers in North America.

Gotham Greens, which recently announced the development of a new greenhouse in Baltimore, MD, is continuing to invest in future growth. The company has secured $29 million in Series C equity funding, bringing its total funding to date to $45 million. The round was led by the company’s existing investors, including the Silverman Group, along with a significant new investment from Creadev, a global private equity investment firm controlled by the Mulliez family.

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“This funding enables us to continue on our path of rapid growth that is providing consumers with fresher, better tasting, locally grown produce, while transforming urban real estate and promoting sustainable agriculture” says Viraj Puri, Co-founder and CEO. “We’re inspired every day by the dedication and talent of our team to grow and purvey exceptionally high-quality, nutritious produce, while contributing to the better food movement.”

Since its launch in 2011, Gotham Greens has grown from a single urban rooftop greenhouse in Brooklyn to a multi-state indoor farming leader and one of the largest hydroponic leafy greens producers in North America.

Gotham Greens currently owns and operates four production-scale facilities in New York City and Chicago, totaling 170,000 square feet and has another 500,000 square feet under development in five states. The company announced new greenhouses in Chicago and Baltimore earlier this year. The funding will help finance the expansion trajectory, widen distribution, grow its team, and enhance research and development in controlled environment food production techniques, data science, and machine learning.

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“Indoor farming is one of the most exciting and promising sectors in the world of food and ag-tech,” says Delphine Descamps, Managing Director, Creadev USA. “Gotham Greens is a clear market leader and is positioned for significant growth. We were highly impressed by the company’s proven track record, greenhouse profitability, exceptional product quality, and human-driven values.”

Bright Farms

BrightFarms, a producer of locally grown packaged salads, is also making new investments, recently securing $55 million in a Series D equity financing. The round was led by Cox Enterprises, a leading communications, media, and automotive services company, and joined by existing investors Catalyst Investors, WP Global Partners, and NGEN Partners.

This financing enables the continued rapid national expansion of BrightFarms’ network of local and sustainable farms. BrightFarms builds and operates greenhouse farms near major metropolitan areas to provide supermarkets with a consistent and year-round supply of locally grown produce. With a one-week freshness advantage, innovative varieties, a more reliable and safe supply chain, and consistently higher category sales, BrightFarms has achieved success in the market with leading national retailers such as Kroger, Ahold, Albertsons and Walmart.

BrightFarms currently operates facilities in Pennsylvania, Virginia, and Illinois. A new farm in Ohio will open this summer, followed by a Texas facility in early 2019.

BrightFarms claims that its operations use 80% less water, 90% less land, and 95% less shipping fuel than long-distance, centralized, and field-grown suppliers.

For Cox Enterprises, the investment in BrightFarms supports a joint strategy in social responsibility and diversified growth. In 2007, the company launched its national sustainability initiative, Cox Conserves. Since then, it has invested more than $100 million toward environmental goals, including sending zero waste to landfill by 2024 and becoming carbon and water neutral by 2044. More recently, Cox has expanded its investment strategy to include sustainable technology businesses in water, energy, and food and agriculture.

“Cox is a long-standing, successful investor and operator, with a proven track record across multiple industries, and a long-time leader in corporate sustainability,” says Paul Lightfoot, BrightFarms Chief Executive Officer. “We have a bold vision to change the way Americans get their produce and this round will help us achieve our goals.”

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