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.”
Gotham Greens also recently completed the acquisition of FresH2O Growers, Inc., a 540,000 square foot hydroponic greenhouse grower in Stevensburg, Va. (50 miles southwest of Washington, D.C.). FresH2O leafy green salad products are sold in grocery stores across the Mid-Atlantic region.
“We are proud to pass the torch of the greenhouse facility and business to Gotham Greens, our trusted friends and industry partners. We have admired Gotham Greens’ outstanding track record of success in the industry and being exceptional growers, and there was no better choice in the CEA industry to continue what we built in Virginia,” said Joe Van Wingerden, former owner of FresH2O Growers, Inc. “Gotham Greens and FresH2O shared a desire to advance greenhouse agriculture and to bring more fresh, local and sustainably grown produce to consumers across the country, and we are confident they will continue to service our customers with high-quality, longer lasting leafy greens and other exciting innovations in the years to come.”
“The Gotham Greens management team has a demonstrated track record of successful execution, having developed a distributed network of greenhouse facilities with near national reach while producing positive facility level unit economics, a key differentiator in the indoor farming space,” said Marc Khouzami, Managing Director, BMO Impact Investment Fund. “BMO IIF is excited to be partnering with Gotham Greens on the next stage of the company’s growth, as they continue to expand their market share and solidify their position as a leading indoor farming operator.”
“Ares is excited to support Gotham Greens’ plans to expand its leadership within the fast-growing controlled environment agriculture sector,” said Mike Roth, Partner in the Ares Infrastructure Opportunities strategy. “Through its innovative approach to food production, Gotham Greens has built a resilient business model that also drives positive environmental and social impact within its communities. We look forward to collaborating with the Gotham Greens team as we continue to advance our commitment to support sustainable climate infrastructure while seeking to deliver attractive returns for our investors.”
Profile Products recently earned the renowned Veriflora Responsibly Managed Peatlands designation for its family of Sunterra sphagnum peat products. Sunterra is a line of premium Canadian sphagnum peat moss products featuring fibrous blonde peat that's ideal for commercial growers.
The Veriflora Responsibly Managed Peatlands program is the world’s leading certification process for sustainable peat moss cultivation. Certified producers must demonstrate a commitment to ecosystem protection, integrated waste management and support for worker’s rights. Certified companies are audited on an annual basis to ensure consistent quality.
“This certification signals to customers that Sunterra products are harvested in a responsible way and that our company is an outstanding citizen in the global horticulture community,” said Wes Martin, vice president – horticulture/lawn & garden. “It reinforces our commitment to the industry and defines us as both environmentally and economically sustainable.”
To earn this certification, companies must apply and go through a rigorous audit process with SCS Global Services (SCS). SCS has been providing global leadership in third-party quality, environmental and sustainability verification, certification, auditing, testing and standards development for three decades.
According to a press release, the International Fresh Produce Association has announced the formation of a new volunteer leadership council focused on CEA. The council "will focus on opportunities available within the growing market and will be led by volunteer leader, Abby Prior, Chief Commercial Officer at Bright Farms and IFPA staff liaison Vonnie Estes, Vice President of Agfood Tech Innovation."
"Controlled environment agriculture is not only a market with incredible business potential but also is a sustainable solution to meet the demand for fresh produce year-round," Prior said. "I'm looking forward to working with other leaders in the industry to collaborate and build the strength of our segment within the industry."
“CEA allows breeders to shift their focus towards discovering new crops and developing the traits in new or current crops that allow for longer shelf life along with improved, flavor and nutrition,” Estes said. “Any opportunity to grow consumption and remove barriers to access and preference for fresh produce is a critical segment for our industry. I look forward to working alongside our industry volunteers as we explore and learn more about this new market.”
All-America Selections (AAS) has announced they are accepting entries for the 2023 trials.
Publicity and overall awareness of AAS is at an all-time high. This is a great time for breeders and breeding companies to take advantage of the momentum generated by the additional publicity and availability of AAS Winners.
Breeders interested in entering their new, never-before-sold varieties can now use AAS’ online forms to enter into any one or more of the seven AAS trials:
- Perennials, trialed in-ground for three winters - $1,700
- Ornamentals from Seed, trialed in-ground - $800
- Ornamentals from Seed, trialed in containers - $800
- Non-Seed Ornamentals, trialed in-ground - $1,200
- Non-Seed Ornamentals, trial in containers - $1,200
- Edibles, trialed in-ground - $800
- Edibles, trialed in containers - $800
Perennial entries are due Sept. 15. All other entries are due Nov. 1.
This page of the AAS website has all details and links for entering the 2023 trials
All questions and/or comments can be directed to Diane Blazek, AAS executive director.