Greenhouse-grown lettuce producer Little Leaf Farms has raised $90 million in debt and equity financing to build new East Coast sites to satisfy growing demand for its lettuce.
After opening in 2015, Little Leaf Farms has quadrupled in size. The company recently doubled its hydroponic greenhouse-growing capacity from 5 to 10 acres in Massachusetts and plans to continue growing by building more greenhouses across the East Coast.
Equilibrium Capital led the latest round of fundraising. Coppermine Capital, founding investor Bill Helman and Pilot House Associates were other key investors. Bank of America has already committed more than $20 million, with an additional $20 million planned in financing to support the company's growth.
“After opening our third greenhouse in Massachusetts last summer amid the pandemic, we have proven that we can bring the company to scale unlike any other,” Paul Sellew, Little Leaf Farms founder and CEO, said.