Business In News
Hydroponic greenhouse network operator and plant-based food provider Gotham Greens has raised more than $310 million in new capital, which brings the Certified B Corporation’s total financing to $440 million. The proponent of indoor farming will use the funds to decentralize agricultural production by establishing local operations. Additionally, Gotham Greens will seek to increase access to produce grown in greenhouses and plant-based fresh food to regions across the U.S. through:
- Channel and geographic market expansion;
- Increased operational capacity; and
- New product development.
New Gotham Greens greenhouses are under construction in Seagoville, Texas, Monroe, Ga. and Windsor, Colo., and the company is currently expanding existing greenhouses in Chicago and Providence, R.I. Gotham Greens also has established greenhouses in New York, the company’s hometown, as well as Maryland, Colorado and California. As drought conditions continue to impact major U.S. agricultural hubs, Gotham Greens is promoting more sustainable methods of food sourcing that reduce water consumption, land use and food waste.
Gotham Greens projects it will own and operate 13 high-tech, climate-controlled hydroponic greenhouses across nine states with its reach totaling more than 40 acres, or 1.8 million square feet, by 2023. Gotham Greens recently acquired FresH20 Growers, Inc., a 540,000-square-foot hydroponic greenhouse grower located in Stevensburg, Va., which supplies leafy green salad products to grocery stores in the Mid-Atlantic region.
“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,” said Viraj Puri, Co-founder and CEO of Gotham Greens in a statement. “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.”
Equity and debt funding for Gotham Greens’ latest round was led by new investors BMO Impact Investment Fund and Ares Management funds. New investors also included Commonfund, RockCreek and Kimco Realty Corporation. Existing investors included Manna Tree Partners and The Silverman Group.