Gotham Greens raises $87m to open new greenhouses

Gotham Greens, a US-based fresh produce company, has raised $87m in equity and debt capital to open new greenhouses and launch innovative products.

The New York-based company said that the capital raise includes its recent Series D round led by Manna Tree and joined by The Silverman Group, as well as other existing investors.

With this fresh capital infusion, the company raised nearly $130m till date.

Manna Tree co-founder and president Brent Drever said: “Gotham Greens is the fastest-growing indoor farming company in the United States today with a track record of profitable, commercial-scale production.

“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.”

Gotham Greens said it intends to use the funding to increase its operational capacity, expand footprint in the US market, and fast-track its objective to decentralise food production.

In the past year, the company doubled its revenues by launching fresh produce and food products at retail outlets in more than 40 states across the US.

It launched packaged salads, cooking sauces and grab-and-go salad bowls.

The company’s co-founder and CEO Viraj Puri said: “Given increasing challenges facing centralised food supply chains, combined with rapidly shifting consumer preferences, [we are] 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.”

In June 2018, Gotham Greens announced the closure of a $29m Series C equity funding programme.