Indoor Agriculture Company Gotham Greens Raises $87 Million In Equity And Debt Capital

By Annie Baker ● December 15, 2020
  • Gotham Greens — a pioneer in indoor agriculture operating high-tech greenhouses located across the United States — announced it has raised $87 million in new equity and debt capital. These are the details.

Gotham Greens — a pioneer in indoor agriculture operating high-tech greenhouses located across the United States — announced it has raised $87 million in new equity and debt capital, bringing the company’s total financing to $130 million. And the capital raise includes Gotham Greens’ recent Series D round led by Manna Tree and joined by The Silverman Group and other existing investors. Gotham Greens is known for operating one of the largest and most advanced networks of hydroponic leafy greens-producing greenhouses in North America, where the demand for indoor-grown produce is rapidly increasing.

And Gotham Greens grows and sells long-lasting leafy greens and herbs along with a line of fresh salad dressings and sauces. 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 operates one of the largest and most advanced networks of hydroponic leafy greens-producing greenhouses in North America where the demand for indoor-grown produce is rapidly increasing. And Gotham Greens grows and sells long-lasting, delicious leafy greens, and herbs along with a line of fresh salad dressings and sauces. 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.

And Gotham Greens has doubled its revenue in the past year, bringing its fresh produce and food products to retailers in more than 40 U.S. states through its network of high-tech, climate-controlled greenhouses. And the company’s expansion has driven 80% growth in retail unit sales year over year.

Gotham Greens has doubled capacity in the past year by opening new greenhouses in Chicago, Providence, R.I., Baltimore and Denver. And these facilities have expanded distribution of Gotham Greens’ salad greens, herbs, salad dressings and sauces to new regions, including the New England, Mid-Atlantic, Southeast and Mountain regions. Plus Gotham Greens 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 items also are available for purchase through grocery ecommerce sites, including AmazonFresh, FreshDirect and Peapod.

KEY QUOTES:

“Given increasing challenges facing centralized 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.”

— Viraj Puri, Co-Founder and CEO of Gotham Greens

“Manna Tree brings a global network of investors and shares our mission and commitment to expand access to healthy, sustainably-grown fresh produce. Our industry-leading crop yields and capital efficiency in building and operating indoor farms continues to attract strong support from both new and existing investors and underscores Gotham Greens’ value proposition and category leadership position.”

— Eric Haley, Co-Founder and CFO of Gotham Greens

“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.”

— Brent Drever, Co-Founder and President of Manna Tree