According to a note, BrightFarms, Inc., a New York City-based startup that is creating a national brand of local produce, raised $13.65m in Series B-1 funding.
The round was led by WP Global Partners, NGEN Partners, Emil Capital Partners, and others.
The company, which has raised more than $40m in capital to date, intends to use the funds to build commercial-scale greenhouses and further invest in its capacity to provide clients with a high level of customer service.
Led by CEO Paul Lightfoot, BrightFarms finances, builds, and operates local greenhouse farms in partnership with supermarkets, cities, capital sources, and vendors. All of its greenhouses use less water, land and shipping fuel than conventional produce companies and less energy to grow its products than other items available in supermarkets. All produce is pesticide-free.
The company has $100m in contracted commitments from supermarket clients, and three commercial-scale greenhouse facilities in operation or development across the Midwest and East Coast.
FinSMEs
06/11/2015