BrightFarms, an Irvington, N.Y.-based next-generation indoor farming company supplying U.S. grocery retailers with packaged salad greens, secured more than $100 million in Series E debt and new equity funding.
The round was led by Cox Enterprises, which now owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors.
The company intends to use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.
Led by Steve Platt, CEO, BrightFarms is a provider of locally grown packaged salads by operating hydroponic greenhouse farms in the communities it serves.
The company currently has indoor farming operations in Illinois, Ohio, Pennsylvania and Virginia, with three new farms currently under development in North Carolina, Massachusetts and Texas.
BrightFarms currently distributes its products to more than 2,000 stores in the U.S. and expects to expand its distribution to more than 15,000 stores by 2025.
FinSMEs
21/10/2020