Per a press release, Soli Organic has closed a Series D funding round amounting close to $125 million.
Leading the funding round is global investment group CDPQ, with Movendo Capital, B.V., a European investment firm, is also involved in the round. The round also includes follow-on investment from existing investors S2G Ventures, Cascade Asset Management Company and XPV Water Partners. Goldman Sachs acted as the exclusive placement agent for Soli Organic.
“Throughout our 30-year history, first in organic field agriculture and now as a leading indoor organic farming company, Soli Organic’s north star has always been what consumers care most about: organic, flavor, quality, freshness and affordability,” said Matt Ryan, CEO of Soli Organic. “Our unique technology advantage enables us to offer a superior consumer proposition. Growing indoors in soil confers both high quality and better unit economics, breaking the paradigm that organic food must cost more. We’re excited to work alongside world-class partners like CDPQ, Movendo Capital and returning investors to bring our products to more consumers across the country.”
The release says that the new funding will be used to "fund the continued build-out of additional large, high-tech, soil-based indoor farms that will transform the Company’s nationwide production footprint." The plan, they say, is to have a total of 15 farms nationwide. That includes what they are calling "high-tech" facilities in the Mid-Atlantic, Southeast and Pacific Northwest. Soli also states is working on identifying sties for farms in the Midwest and Northeast.
Based in Virginia, Soli also recently debuted is 'Indolce' basil, which they say is priced at "nearly a dollar less per ounce on average than field-grown organic produce.' 'Indolce' is part of a line "many new comparably priced products" said to be rolled out.
“Vertical farms like Soli Organic’s are a fresh approach to grow food in a sustainable way,” said Geneviève Bouthillier, Managing Director, Private Mid-Market Companies at CDPQ.
“We believe that Soli Organic is one of the most promising companies in indoor farming. With transformational soil-based growing technology, the company has solved for the quality, affordability and crop diversity issues that challenge others in this space, all while being organic,” said Sanjeev Krishnan, Chief Investment Officer and Managing Director at S2G Ventures and member of the Soli Organic Board of Directors.