US: BrightFarms secures $4.9 million to built commercial-scale greenhouses
The new financing reinforces BrightFarms’ momentum in the marketplace. The new capital will enable the company to respond to strong demand from the supermarket industry and cities to build commercial-scale greenhouses to meet the increasing demand for locally-grown, great-tasting produce. In addition, BrightFarms will further invest in its capacity to provide its clients with a fanatical level of customer service.
BrightFarms CEO Paul Lightfoot stated, "We are thrilled to have the backing of world-class institutional investors such as NGEN Partners and Emil Capital Partners. Their successful investment track record in the health and sustainability sectors validates BrightFarms’ innovative business model and success to date.”
“We are particularly excited to be supporting BrightFarms, as it sits at the leading edge of the demand for local food production, utilizing sustainable practices and a disruptive distribution model. BrightFarms is well-positioned to rapidly scale its model and now has the customer support and team to do so”, said NGEN Managing Director Peter Grubstein.
BrightFarms is the leading urban agriculture company, attacking a large, attractive and fast-growing market opportunity with a strong leadership team and world-class investors, board members and partners. BrightFarms is exploiting a financial and environmental arbitrage opportunity by building a distributed network of local greenhouse farms. Its long-term fixed-price contracts with supermarkets are unique to the industry, reducing risk, attracting project finance and enabling scale. BrightFarms is well on its way to establishing the country’s first national brand of locally-grown, great-tasting produce.
“Emil is excited to make this follow-on investment in BrightFarms,” stated Christian Haub, Chairman of Emil Capital Partners. “The success of BrightFarms in signing long-term purchase agreements with major supermarket clients, and providing superior produce to consumers, has established BrightFarms as the leading player in the nascent urban agriculture sector.”
“I am pleased at this opportunity to increase my investment in BrightFarms,” stated Ted Caplow, founder and Chairman of BrightFarms. “It is more important than ever to improve the environmental footprint of the produce supply chain, and BrightFarms is leading that effort on a commercial scale, creating the first national brand for local produce while saving land and water.”
For more information visit brightfarms.com
