BrightFarms, a New York, NY-based urban agricultural company, raised an additional $2.4m in Series B financing.
The round, which now amounts to $7.4m, was led by WP Global Partners with participation from other investors including NGEN Partners and Emil Capital Partners and BrightFarms founder Ted Caplow. In conjunction with the funding, Gregory S. Oberholtzer, a senior managing director at WP Global, joined its board.
Led by CEO Paul Lightfoot, BrightFarms grows local produce, nationwide by financing, building, and operating local greenhouse farms and signing long-term purchase agreements with supermarkets that feature fixed prices and minimum volume commitments, cities, capital sources, and vendors to develop markets and projects.
To date, the company has raised close to $20m in capital.