Cox Enterprises acquires majority stake in BrightFarms

Cox Enterprises acquires majority stake in BrightFarms

As part of a new round of funding, Cox acquired a controlling interest in the indoor grower.

Subscribe

Per a press release, indoor farming company BrightFarms has raised more than $100 million in debt with a Series E round of funding led by Cox Enterprises. Per the release, Cox now owns a majority stake in BrightFarms and, as it moves forwards, BrightFarms “will use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.”

Currently, BrightFarms has farms in Illinois, Ohio, Pennsylvania and Virginia with new farms being developed in North Carolina, Massachusetts and Texas. To date, it has raised more than $200 million in funding and has retail partnerships with Ahold Delhaize, Kroger and Walmart. 

“Our goal over the next five years is to make quality, locally-grown greens a staple on grocery shelves and in refrigerators nationwide,” said Steve Platt, CEO of BrightFarms. “We are thrilled to have the strong financial backing of Cox Enterprises, an organization that closely aligns with our mission to build a healthier and more sustainable future, and to have the additional support of our long-term partners at Catalyst Investors. Together we are ready to scale our model for local indoor farming in every major market in the U.S.”

“Cox Cleantech’s goal is to build meaningful businesses that solve fundamental problems facing society and our environment,” said Steve Bradley, vice president of cleantech for Cox Enterprises. “BrightFarms provides this opportunity through its sustainable model of growing food in the same communities where it’s consumed, resulting in food that’s fresher, safer, better tasting and better for the environment.”