Gotham Greens Raises $87 Million To Grow Its Indoor Agriculture Footprint, Bringing More Fresh Foods To Shoppers Nationwide
NEW YORK - It looks like indoor farming will see heightened attention in the near future. Indoor agriculture pioneer Gotham Greens recently announced it has raised $87 million in new equity and debt capital, bringing the fast-growing company’s total financing to $130 million. The capital raised includes Gotham Greens’ recent Series D round led by Manna Tree, which was joined by The Silverman Group and other existing investors.
“Given increasing challenges facing centralized food supply chains, combined with rapidly shifting consumer preferences, Gotham Greens is focused on expanding its regional growing operations and distribution capabilities at one of the most critical periods for America,” said Viraj Puri, Co-Founder and CEO of Gotham Greens. “We’re dedicated to changing how people think, feel, and interact with their food while decreasing the environmental footprint of the traditional produce supply chain.”
According to the press release, Gotham Greens operates one of the largest and most advanced networks of hydroponic leafy greens-producing greenhouses in North America, where demand for indoor-grown produce is rapidly increasing.
As a leader in the indoor farming and plant-based fresh food categories, Gotham Greens plans to use the latest funding to accelerate its mission to decentralize food production and bring more fresh foods to people across the United States through channel and geographic market expansion, increased operational capacity, and new product development.
“Manna Tree brings a global network of investors and shares our mission and commitment to expand access to healthy, sustainably grown fresh produce,” said Eric Haley, Co-Founder and CFO of Gotham Greens. “Our industry-leading crop yields and capital efficiency in building, and operating indoor farms continues to attract strong support from both new and existing investors and underscores Gotham Greens’ value proposition and category leadership position.”
The fresh food company has doubled its revenue in the past year, bringing its fresh produce and food products to retailers in more than 40 U.S. states through its network of high-tech, climate-controlled greenhouses. As noted in the release, Gotham Green’s expansion has driven 80 percent growth in retail unit sales year over year.
“Gotham Greens is the fastest-growing indoor farming company in the United States today with a track record of profitable, commercial-scale production,” said Brent Drever, Co-Founder and President of Manna Tree. “The pandemic has revealed flaws in America’s food supply chain system, particularly in the produce category, and new leaders and innovators need to emerge to ensure a stable food supply for the future. We believe Gotham Greens’ brand, highly scalable business model, and leadership team position the company to be the market leader in the rapidly growing and changing landscape.”
Recently, the brand launched several new fresh, plant-forward products, including new packaged salads, cooking sauces, and grab-and-go salad bowls featuring fresh Gotham Greens lettuce, Gotham Greens salad dressing, and delicious, protein-packed toppings.
By opening new greenhouses in Chicago, Illinois; Providence, Rhode Island; Baltimore, Maryland; and Denver, Colorado, Gotham Greens has doubled capacity in the past 12 months. These facilities have expanded the distribution of Gotham Greens’ salad greens, herbs, salad dressings, and sauces to new regions, including the New England, Mid-Atlantic, Southeast, and Mountain regions.
With massive expansion and investment in the works, how will Gotham Greens continue to grow? ANUK will keep our eyes on the newswire.