AeroFarms Inc. has raised $20 million in a Series B round of venture funding to build more of its “aeroponic vertical farms.” The high-tech indoor farms use 95% less water than conventional, commercial field farms, according to founder and Chief Executive David Rosenberg.
Wheatsheaf Group led the investment in the agtech company, joined by earlier backers GSR Ventures, MissionPoint Capital and Middleland Capital.
With corporate headquarters in Newark, N.J., AeroFarms grows and sells about 20 different leafy greens such as kale, arugula and watercress.
To date, AeroFarms has sold its greens on a white-label basis to grocery stores and food-services businesses. Given the funding, the company plans to launch its own consumer-facing brand in 2016. It also plans to build out more vertical farms including a massive new facility in Newark.
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