- Gotham Greens raised $310 million in a Collection E spherical led by BMO Influence Funding Fund and Ares Administration. The indoor farming firm plans to make use of the funding to help greenhouses below building in Texas, Georgia and Colorado; facility expansions in Illinois and Rhode Island; in addition to future initiatives and acquisitions.
- Gotham Greens additionally has acquired FresH2O Growers Inc., a Virginia-based producer of leafy inexperienced salad merchandise, for an undisclosed quantity. The acquisition features a 540,000-square-foot hydroponic greenhouse in Stevensburg, Virginia, that provides grocery shops within the Mid-Atlantic area.
- The managed atmosphere agriculture (CEA) area continues to attract investors and big fundraising rounds to support the considerable costs related to constructing and working its high-tech greenhouses.
With its largest funding spherical thus far, Gotham Greens is considering huge because it expands its nationwide footprint and product combine.
By 2023, the New York-based indoor farming firm plans to personal and function 13 climate-controlled hydroponic greenhouses in 9 states, spanning greater than 40 acres. Gotham Greens already has a presence within the Northeast, Midwest and the Mountain and Western areas. Its $34 million greenhouse under construction in Monroe, Georgia, is not going to solely assist set up its presence within the Southeast but additionally give it entry to the large Atlanta market about 50 miles away.
The acquisition of FresH2O Growers fills in among the gaps between Gotham Greens’ Northeast and Southeast markets. The acquisition — Gotham Greens’ first in its 13-year historical past — and expansions will assist it meet its aim of doubling the size of its greenhouse capacity to greater than 1.2 million sq. toes in 2022.
Gotham Greens noticed a 26% year-over-year gross sales enhance in leafy greens, in response to Nielsen information shared by the corporate, in comparison with a 3% progress for all the typical greens phase. Past salad greens, the corporate’s product line has expanded into herbs, refrigerated salad dressings, dips and cooking sauces.
Its merchandise can be found in additional than 3,000 grocery shops nationwide together with Entire Meals, Kroger, Albertsons and Amazon Recent. Gotham Greens is aiming to ship its recent produce inside a day’s drive of its greenhouses to 90% of shoppers throughout the U.S.
“As we speak, our ambitions and footprint are outgrowing our roots in one of the simplest ways,” Viraj Puri, co-founder and CEO of Gotham Greens, stated in a press release. “We’re humbled to obtain this funding from new and present buyers to proceed our nationwide growth.”
Gotham Greens has raised a complete of $440 million because it was based in 2009, in response to the corporate. Its collection E spherical is among the largest but within the CEA area, putting it amongst Bowery Farming’s $320.7 million Series C funding round and Upward Farms’ $121.7 million Collection B. The information additionally exhibits buyers’ enthusiasm has not waned for the phase even after a banner yr in 2021. Indoor growers raised a complete of $1.3 billion final yr, according to PitchBook, up 25% from 2020.
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