BrightFarms, Inc., a New York-based company that finances, builds and operates hydroponic greenhouse farms at supermarkets, has completed a $4.3m Series A equity financing.
The company intends to use the funding to respond to demand to construct commercial greenhouses on site at supermarkets, as well as strengthen its development capacity.
Led by CEO Paul Lightfoot, BrightFarms designs, finances, builds and operates hydroponic greenhouse farms at supermarkets. There is no cost to the supermarket retailer but only an obligation to purchase the produce at fixed prices. By growing on site at grocery retailers, BrightFarms allows them to eliminate shipping, and reduce fuel consumption, carbon emissions and water use,
The company simultaneously contracts with third party growers (experienced local farmers) to guarantee the volume and quality of output.