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Gotham Greens Harvests New Funds

Hydroponic grower nets $310M in latest funding round to accelerate expansion
Lynn Petrak, Progressive Grocer
On pace to open 13 high-tech facilities in nine states, Gotham Greens is widening operations and its product lines.

It’s growth mode all around for New York-based Gotham Greens. The indoor farming company, which is expanding its offerings and building new hydroponic greenhouses around the country, has raised $310 million in fresh capital.

The influx of funds will help Gotham Greens broaden its reach across new channels and markets and increase its operational capacity. New high-tech facilities are underway in the Dallas, Atlanta and Denver areas and the company is also expanding its greenhouses in Chicago and Providence, R.I.

The indoor farming company will continue to invest in new product development as well. The company offers leafy greens and herbs and a line of refrigerated salad dressings, dips and cooking sauces. Gotham Green products are available in more than 3,000 grocery locations around the United States, including Whole Foods Market, The Kroger Co., Albertsons, Sprouts Farmers Market, The Fresh Market and Amazon Fresh, among others.

The latest financing round is the company’s largest to date and includes equity and debt funding from new investors BMO Impact Investment Fund, a sustainability-focused investment fund of the Bank of Montreal and Ares Management funds. Key existing investors such as Manna Tree Partners and The Silverman Group joined other new investors like Commonfund, RockCreek and Kimco Realty Corp. in the Series E capital raise.

“Gotham Greens was founded with a vision to advance indoor farming and sustainably grow high-quality leafy greens in cities across America every day of the year. Today, our ambitions and footprint are outgrowing our roots in the best way, and we’re humbled to receive this funding from new and existing investors to continue our national expansion in order to reach our goal of delivering Gotham Greens fresh produce within a day’s drive from our greenhouses to 90% of consumers across the U.S.,” said Viraj Puri, co-founder and CEO. “With increasing climate and supply chain related issues facing our food system, it’s more important than ever to bring innovative farming solutions that grow high-quality produce while using fewer precious natural resources. Gotham Greens is growing fast, and we look forward to bringing our brand to new markets in the coming months.” 

Gotham Greens reported that it plans to own and operate 13 climate-controlled hydroponic greenhouses in nine states by 2023. A Certified B Corporation, the company also recently acquired FresH2O Growers, Inc., a hydroponic greenhouse grower in Stevensburg, Va., near Washington, D.C.

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