Company in New York City aims to decentralise food production and provide more fresh foods to US consumers
Gotham Greens has raised $87 million in new equity and debt capital, bringing its total financing to $130 million. The company is an indoor agriculture firm operating high-tech greenhouses in the US. The capital raise includes a recent Series D round led by Manna Tree with participation from The Silverman Group and other existing investors.
Manna Tree is a Vail, Colorado-based private equity firm that invests in companies that produce, process and distribute healthy food.
Based in New York City, Gotham Greens operates a large network of hydroponic leafy greens-producing greenhouses in North America. The company stated it plans to use the new funding to accelerate its mission to decentralise food production and bring more fresh foods to US consumers through channel and geographic market expansion, increased operational capacity, and new product development.
Viraj Puri, co-founder and chief executive of Gotham Greens, said: “Given increasing challenges facing centralised 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. 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.”
The company stated it has doubled capacity in the past 12 months by opening new greenhouses in Chicago; Providence, Rhode Island; Baltimore; and Denver. These facilities have expanded distribution of its salad greens, herbs, salad dressings and sauces to new regions, including the New England, Mid-Atlantic, Southeast and Mountain regions.
The company’s products are available in more than 2,000 retail stores, including Whole Foods Market, Albertsons Companies (Safeway, Jewel-Osco and Shaw’s), Meijer, Target, King Soopers, Harris Teeter, ShopRite and Sprouts. The company’s produce is also available via grocery ecommerce sites, including AmazonFresh, FreshDirect and Peapod.
The brand recently 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 protein-packed toppings.
Gotham Greens stated that its produce is grown using hydroponic systems in 100% renewable electricity-powered greenhouses that use 95% less water and 97% less land than conventional farming. It operates 500,000 square feet of hydroponic greenhouses across five US states and employs nearly 400 staff.
Date published: 8 December 2020