Gotham Greens secures more than $310m in funding

Indoor farming company Gotham Greens has raised more than $310 million in new capital to accelerate the expansion of its network of high-tech hydroponic greenhouses.

The new funding brings the company’s total financing to $440 million since its founding in 2009. 

Gotham Greens plans to use the capital to support channel and geographic market expansion, increase its operational capacity and accelerate new product development. 

The company’s offering includes greenhouse-grown leafy greens and herbs, and a line of refrigerated salad dressings, dips and cooking sauces.  

The Series E raise will support Gotham Greens’ greenhouse construction projects in Seagoville, Texas, Monroe, Georgia and Windsor, Colorado, as well as the expansion of its existing greenhouses in Chicago and Providence, Rhode Island.

The fundraising round includes equity and debt funding led by new investors BMO Impact Investment Fund, a sustainability-focused investment fund of the Bank of Montreal (BMO), and Ares Management funds. In addition, the round was joined by other new and existing investors.

“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,” said Viraj Puri, co-founder and CEO of Gotham Greens.  

“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 US.

“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 also says that it recently completed the acquisition of FresH2O Growers, a 540,000-square-foot hydroponic greenhouse grower on the East Coast, doubling its production capacity.