Multi-million dollar investment

11-02-2020    16:21   |    Greenhouse Grower

AppHarvest, a Kentucky-based greenhouse vegetable operation slated to begin operations later this year, has yet to produce a crop, but is already building up its funding. The company recently closed an $11 million corporate funding round, as it expands operations to support indoor farms across Central Appalachia. AppHarvest’s first project — a 2.76-million-square-foot facility in Morehead, KY — is under construction and will begin operations later this year.

Combined with the company’s prior corporate funding rounds, including project financing, AppHarvest has attracted $120 million of investment into Appalachia in just two years. Participants in this round include: 

  • Equilibrium, which provided nearly $100 million in project financing for the Morehead facility. 
  • Existing investor ValueAct Capital’s ValueAct Spring Fund 
  • Existing investor Revolution’s Rise of the Rest Seed Fund 
  • Blake Griffin Enterprises

Utilizing cutting-edge technologies and aligning with nature, AppHarvest’s Farming Now movement means growing far more food using far fewer resources. The company promotes permanent sustainability advances in American agriculture and is building large indoor farms to grow non-GMO, chemical-free tomatoes to be distributed to the top 25 U.S. grocers. 

With its vision to create America’s AgTech capital in Appalachia, AppHarvest is a Benefit Corporation and has been recognized for its focus on social good, providing better produce, better farming practices, and better jobs. AppHarvest’s controlled environment agriculture facility in Morehead will create 285 full-time permanent jobs along with the 100 construction jobs already created. The dedicated construction staff already has 20 acres of the 60-acre facility under glass. 

“Our region is mobilizing to become America’s AgTech capital,” says AppHarvest Founder and CEO Jonathan Webb. “The national and international support for our mission shows the degree of interest in working with Appalachia. We’re excited to lead agriculture forward and help our friends and neighbors create a more resilient economy.” 

Cooley Partner Derek Colla: “Jonathan is an unstoppable force continually working to achieve his goals. It’s remarkable to see what he has already accomplished, and it’s a pleasure for me and the Cooley team to work with him in transforming the Central Appalachian economy and the fresh produce supply system in the United States. 

Source and Photo Courtesy of Greenhouse Grower

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