Local Bounti close $200 million in financing
Per a press release, Local Bounti announced that is has closed a previously announced $200 million debt financing facility with Cargill Financial Services International, which is also a recent strategic investor in Local Bounti. Cargil, per the release, “is demonstrating significant support in the future of Local Bounti by investing as both a lender and an investor in the PIPE financing contemplated in connection with Local Bounti’s proposed business combination.”
In addition to closing on the debt financing facility to cover the cost of several planned greenhouse facilities, Cargill has also expressed interest in financing the construction of all of Local Bounti’s planned future indoor farming facilities in the United States through 2025.
>>Read more at bit.ly/local-bounti-funding
Taylor Farms invests in Pure Green Farms
Per a press release, Taylor Farms has entered the greenhouse growing market with an investment in Pure Green Farms. This expansion into greenhouse grown fresh offerings will complement Taylor Farms’ existing 122,200 crop acre field grown program and 16 salad producing facilities across North America.
“We’re excited to venture into the industry of indoor growing with this investment,” said Bruce Taylor, founder and CEO of Taylor Farms. “Our customer partners have asked for a national solution and this is our first step.”
Pure Green Farms’ already established facility located in South Bend, Indiana, is a climate-controlled environment equipped with high-tech machinery that grows, packs and ships leafy greens year-round.
>>Read more at bit.ly/pure-green-farms-taylor-farms
Cox Enterprises acquires majority stake in BrightFarms
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.
>>Read more at bit.ly/brightfarms-cox-enterprises