Gotham Greens raises more than $310 million in new capital
Added on 15 September 2022
Gotham Greens, the New York-based indoor farming pioneer that operating a large networking of high-tech hydroponic greenhouses in North America, has raised more than $310 million in new capital, per a press release. That brings the fast-growing company's total financing to $440 million since its founding in 2009. The latest fundraising round, the company's largest to date, includes "equity and debt funding led by new investors BMO Impact Investment Fund (IIF), a sustainability-focused investment fund of the Bank of Montreal (BMO), and Ares Management funds (Ares).
Per a release, the Series E round was joined by additional new investors, including Commonfund, RockCreek and Kimco Realty Corporation, along with key existing investors, including Manna Tree Partners and The Silverman Group.
Gotham Greens says it plans to use the funding to "accelerate its mission to decentralize agricultural production and bring more greenhouse-grown produce and fresh, plant-based foods to people across the United States through channel and geographic market expansion, increased operational capacity and new product development." The company's product line includes leafy greens and herbs.
This Series E capital raise will support Gotham Greens' new greenhouse projects currently under construction in Seagoville, Texas (near Dallas), Monroe, Ga. (near Atlanta) and Windsor, Colo. (near Denver), the expansion of its existing greenhouses in Chicago and Providence, R.I., as well as future projects and acquisitions in other regions across the U.S. By 2023, Gotham Greens says it will own and operate 13 high-tech, climate-controlled hydroponic greenhouses, totaling more than 40 acres (1.8 million square feet) across nine states.
"Gotham Greens was founded with a vision to advance indoor farming and sustainably grow high-quality leafy greens in cities across America every day of the year. Today, our ambitions and footprint are outgrowing our roots in the best way, and we're humbled to receive this funding from new and existing investors to continue our national expansion in order to reach our goal of delivering Gotham Greens fresh produce within a day's drive from our greenhouses to 90% of consumers across the U.S.," said Viraj Puri, Co-Founder and CEO of Gotham Greens. "With increasing climate and supply chain related issues facing our food system, it's more important than ever to bring innovative farming solutions that grow high-quality produce while using fewer precious natural resources. Gotham Greens is growing fast, and we look forward to bringing our brand to new markets in the coming months."
Image Courtesy of Gotham Greens
Source: Produce Grower