Soli Organic™ Announces Nearly $125M in Series D Funding; Matt Ryan Comments
ROCKINGHAM, VA - Soli Organic™ recently got a major boost to its operations with an immense Series D funding round. The soil-based, indoor farming company recently closed a nearly $125 million funding round, which was led by global investment group CDPQ, with leading European investment firm Movendo Capital, B.V. also joining the round.
“Throughout our 30-year history, first in organic field agriculture and now as a leading indoor organic farming company, Soli Organic’s north star has always been what consumers care most about: organic, flavor, quality, freshness, and affordability,” said Matt Ryan, Chief Executive Officer. “Our unique technology advantage enables us to offer a superior consumer proposition. Growing indoors in soil confers both high quality and better unit economics, breaking the paradigm that organic food must cost more. We’re excited to work alongside world-class partners like CDPQ, Movendo Capital, and returning investors to bring our products to more consumers across the country.”
Follow-on investments also came from existing investors S2G Ventures, Cascade Asset Management Company, and XPV Water Partners. Goldman Sachs & Co. acted as the exclusive placement agent for Soli Organic. Strategic venture funding through this round will fund the continued build-out of additional large, high-tech, soil-based indoor farms that will transform the company’s nationwide production footprint, continued the release.
Soli plans to have a total of 15 farms in strategic locations nationwide, including high-tech facilities in the Mid-Atlantic, Southeast, and Pacific Northwest and other forthcoming locations, as well as several smaller, early-generation facilities currently in production. The company is also in the process of identifying sites for its next farms in the Midwest and Northeast.
According to the release, Soli Organic has relied on very little venture funding to date, instead reinvesting profits into technology development in pursuit of price parity with field-grown organic produce. The news follows the recent unveiling of Indolce Basil, priced at nearly a dollar less per ounce on average than field-grown organic produce.
To read more about this investment, click here.
AndNowUKnow will continue to report on the latest, so stay tuned.