AppHarvest, a Morehead, Kentucky-based agtech company, closed an $11m corporate funding round.
Investors included ValueAct Capital, Equilibrium, Revolution’s Rise of the Rest Seed Fund and Blake Griffin Enterprises.
Led by Founder and CEO Jonathan Webb, AppHarvest develops large-scale hi tech greenhouses growing non-GMO, chemical-free tomatoes vegetables to be distributed to the top 25 U.S. grocers. AppHarvest, a Benefit Corporation, plans to create 285 full-time permanent jobs along with the 100 construction jobs already created.
The company intends to use the funds to expands operations to support indoor farms across Central Appalachia. Its first project — a 2.76m-square-foot facility in Morehead, Kentucky — is under construction and will begin operations later this year.