Leading greenhouse lettuce grower gears for big growth

15-10-2020    13:50   |    Greenhouse Grower

US- Revol Greens, a Minnesota-based ag tech company with high-tech lettuce greenhouses across the U.S., has closed a new $68 million funding round, bringing the fast-growing company’s total financing to $215 million as it executes on its strategy of five locations in five years.

Led by Equilibrium Capital, this funding will launch Revol’s third facility, a 20-acre phase of a planned 80-acre facility in Texas —  the largest lettuce greenhouse globally. With facilities in three states, Revol is building a regional network of high-tech greenhouses that will initially supply 33 million pounds of greens annually and reach a third of the U.S. population within 24 hours of harvest.

“Revol has spent three years bundling technology, applications, recipes, and data in a Minnesota climate where temperature and humidity reach extremes,” says Mark Schulze, CEO of Revol Greens. “We are confident that we can deploy our technology anywhere on the planet. Our team has unparalleled experience in designing and deploying controlled environment agriculture (CEA) technology, and with Equilibrium at our side, we have become very efficient at doing so. By the end of next year, Revol will be the world’s largest indoor lettuce producer.”

“CEA is becoming an alternative to the tradition of growing crops in the field,” says David Chen, CEO of Equilibrium. “High-tech greenhouses give us the ability to return to regional food systems with farms that produce our food near our communities. Equilibrium’s investment strategy is to find the industry leaders that will create the future of agriculture. Revol Greens is poised to be one of those tech-driven disruptive agriculture market leaders.”

At full build-out of all three locations, Revol Greens will employ up to 650 full-time employees. To support this continued growth, Revol is welcoming the following industry veterans to its leadership team:

  • Nic Helderman, General Manager of Texas. With more than 30 years of greenhouse experience, Helderman was most recently the general manager for Mastronardi Produce. He joins the team with an impressive resume, both here in the U.S., with experience with Mighty Vine and Backyard Farms, along with global greenhouse projects.
  • Colin McMahon, Director of Business and Development. McMahon previously worked at Equilibrium Capital and brings extensive investment experience in the greenhouse industry. He will support Revol’s goal of five facilities in five years.
  • Chayla Balko, Director of Business Development. Balko has broad relationships in both food service and grocery with time at industry leaders Oppy and Apeel Sciences.

Source and Photo Courtesy of Greenhouse Grower

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