Gotham Greens raises US$29M in Series C funding

June 21 , 2018

U.S. urban greenhouse developer and grower last month closed US$29 million in Series C equity funding, bringing the company's total funding to date to US$45 million, not including bank debt. 

Gotham Greens' second facility is located on the roof of Whole Food Market's flagship Brooklyn store

Since its launch in 2011, Gotham Greens has grown from a single urban rooftop greenhouse in Brooklyn to a multi-state indoor farming leader and one of the largest hydroponic leafy greens producers in North America.

The round was led by the company’s existing investors, including the Silverman Group, along with a significant new investment from Creadev, a global private equity investment firm controlled by the Mulliez family.  

“This funding enables us to continue on our path of rapid growth that is providing consumers with fresher, better tasting, locally grown produce while transforming urban real estate and promoting sustainable agriculture,” said co-founder and CEO Viraj Puri.

“We’re inspired every day by the dedication and talent of our team to grow and purvey exceptionally high-quality, nutritious produce while contributing to the better food movement.” 

Gotham Greens currently owns and operates four production-scale facilities in New York City and Chicago totaling 170,000 square feet and has another 500,000 square feet under development in five states. It also announced new greenhouses in Chicago and Baltimore earlier this year.

The funding will help finance the expansion trajectory, widen distribution, grow its team, and enhance research and development in controlled environment food production techniques, data science and machine learning, according to a release.

“The oversubscribed financing is strong validation of our proven farm unit economics, efficient utilization of capital, growth rate, and best in class brand” said Eric Haley, co-founder and CFO.

“We are excited to welcome Creadev to the Gotham Greens family and for this next phase of growth to bring local produce nationwide.”

www.freshfruitportal.com

 

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