AppHarvest, a Morehead, Kentucky-based controlled-environment agriculture facility developer, closed an $82m investment.
Equilibrium Capital provided the funding. The investment is part of a Series A round of undisclosed amount led by ValueAct Spring Fund with participation from existing investor Revolution’s Rise of the Rest Seed Fund. In conjunction with the funding, ValueAct Capital Founder and CEO Jeffrey W. Ubben joined AppHarvest’s board of directors.
The company intends to use the funds to build its 60-acre greenhouse in Morehead, Kentucky. Construction will begin immediately on AppHarvest’s first controlled-environment agriculture facility in Appalachia with its opening planned for 2020.
Led by Founder and CEO Jonathan Webb, AppHarvest is to build its first controlled-environment agriculture facility in Morehead, Kentucky. It will create 285 full-time permanent jobs, as well as 100 construction jobs.
The facility will grow tomatoes and cucumbers to be distributed to America’s top grocers by distribution partner Mastronardi Produce.