BrightFarms has raised $4.9 million in Series B funding from NGEN Partners, Emil Capital Partners, and BrightFarms founder Ted Caplow, among others. That brings the start-up's latest round of funding to $9.2 million.
The group builds hydroponic greenhouses in urban areas. It tends to target the roofs of grocery stores for their constructs. BrightFarms pays for the construction costs and offers a 10-year, fixed price contract to grocers. The announcement comes on the heels of news that the company is upgrading its 56,000 square feet of greenhouse facilities in Bucks County, Pa.
In a press release BrightFarms CEO Paul Lightfoot stated, "We are thrilled to have the backing of world-class institutional investors such as NGEN Partners and Emil Capital Partners. Their successful investment track record in the health and sustainability sectors validates BrightFarms’ innovative business model and success to date.”
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