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Gotham Greens raises US$310 million in fresh funding to accelerate national greenhouse expansion

September 13, 2022

Gotham Greens, a Certified B Corporation and New York-based indoor farming company that operates one of the largest networks of high-tech hydroponic greenhouses in North America, has raised more than US$310 million in new capital, bringing the fast-growing company’s total financing to US$440 million since its founding in 2009.

The latest fundraising round, the company’s largest to date, includes equity and debt funding led by new investors BMO Impact Investment Fund (IIF), a sustainability-focused investment fund of the Bank of Montreal (BMO), and Ares Management funds (Ares). The Series E round was joined by additional new investors, including Commonfund, RockCreek and Kimco Realty Corporation, along with key existing investors, including Manna Tree Partners and The Silverman Group.  

As a leader in the indoor farming and plant-based fresh food categories, Gotham Greens plans to use the funding to accelerate its mission to decentralize agricultural production and bring more greenhouse-grown produce and fresh, plant-based foods to people across the USA through channel and geographic market expansion, increased operational capacity and new product development. The company’s product portfolio includes greenhouse-grown leafy greens and herbs, along with a line of refrigerated salad dressings, dips and cooking sauces.  

This Series E capital raise will support Gotham Greens’ new greenhouse projects currently under construction in Seagoville, Texas (near Dallas), Monroe, Georgia (near Atlanta) and Windsor, Colorado (near Denver), the expansion of its existing greenhouses in Chicago and Providence, Rhode Island, as well as future projects and acquisitions in other regions across the USA.  

By 2023, Gotham Greens will own and operate 13 high-tech, climate-controlled hydroponic greenhouses, totaling more than 40 acres (1.8 million ft2) across nine states. The greenhouse expansion projects join Gotham Greens’ existing greenhouse farms in New York, Rhode Island, Maryland, Illinois, Colorado and California. The new greenhouses will enable Gotham Greens to continue serving many of the country’s largest grocery retailers, which continue to see a steady increase in consumer demand for greenhouse-grown produce.  

“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 & CEO of Gotham Greens. "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 USA. With increasing climate- and supply chain-related issues facing our food system, it’s more important than ever to bring innovative farming solutions that grow high-quality produce while using fewer precious natural resources. Gotham Greens is growing fast, and we look forward to bringing our brand to new markets in the coming months.”

Gotham Greens also recently completed the acquisition of FresH2O Growers, Inc, a 540,000ft2 hydroponic greenhouse grower in Stevensburg, Virginia. (50 miles southwest of Washington, D.C.). FresH2O leafy green salad products are sold in grocery stores across the Mid-Atlantic region.

Following more than a decade in operation, Gotham Greens continues to grow double digits, achieving 26% year-over-year growth in the leafy greens category alone (compared to 3% and 2% YoY growth for conventional and organic sectors, respectively). Through strategic expansion, both national and regional retail partnerships continue to grow with key accounts, including Whole Foods Market, The Kroger Co, Albertsons, Sprouts Farmers Market, The Fresh Market, AmazonFresh, FreshDirect and more. Gotham Greens products are available in more than 3,000 grocery stores nationwide.

Gotham Greens is purposefully expanding its operations to provide sustainable supply chain solutions to its diverse retail and food-service customers. The Colorado River is rapidly drying, creating a water crisis in seven states, including California and Arizona, which collectively provide 98% of leafy greens grown in the USA. In California, where Gotham Greens recently opened a greenhouse in 2021, more than 37 million people are affected by drought with 87% of the state classified as Severe or Extreme Drought. By using hydroponic growing systems in renewable electricity-powered greenhouses, Gotham Greens’ farms use up to 95% less water and 97% less land compared to conventional farming. The proximity of Gotham Greens’ greenhouses to key metropolitan markets also eliminates the need for long-distance refrigerated transportation while improving product quality and shelf life, and ultimately reducing food waste.

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