Gotham Greens Secures $310M to Expand Its Indoor Farming Tech
People generally expect produce farms to look like expansive plots of land where nearly every inch of space is filled with rows upon rows of crops ready for harvest. However, one may not expect to find this sight nestled in the heart of a bustling metropolis. Headquartered in the Big Apple, Gotham Greens operates a network of hydroponic greenhouses. The company is expanding its footprint with $310 million of fresh funding.
Gotham Greens is an indoor farming company that produces leafy greens and herbs without planting anything in soil. Instead, it grows crops in trays within a climate-controlled environment. This method of hydroponic agriculture allows plant roots to receive a constant stream of nutrient-rich irrigation water. Gotham Greens currently operates greenhouses in New York, Rhode Island, Maryland, Illinois, Colorado and California.
The company’s recent Series E funding was co-led by investors BMO Impact Investment Fund and Ares Management. The round is a mixture of debt and equity capital. Since its founding in 2009, Gotham Greens has pulled in a total of $440 million in venture funding, including $87 million in December of 2020.
“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,” Viraj Puri, co-founder and CEO of Gotham Greens, said 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 percent of consumers across the U.S.”
Thus far, the company’s been sure to put all of its raised capital to use. Since its inception, Gotham Greens has seen 26 percent year-over-year growth in the leafy greens category. The company’s new capital will help further that momentum. With several construction projects currently underway in Seagoville, Texas; Monroe, Georgia and Windsor, Colorado, Gotham Greens plans to operate 13 greenhouses by 2023, totaling more than 40 acres across nine states.
The company also plans to invest in new product development and partner channels. Alongside its produce, Gotham Greens currently has a line of refrigerated salad dressings, dips and cooking sauces available at 3,000 grocery stores across the country. Consumers can find its products on the shelves at Whole Foods Market, The Kroger Co., Amazon Fresh and other chains.
“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,” Puri said. “Gotham Greens is growing fast, and we look forward to bringing our brand to new markets in the coming months.”