BrightFarms raises $30.1 million to establish greenhouses across US
The company is on a mission to make all fresh fruit and vegetables locally, rather than require them to be hauled from long distances or imported from overseas before they are sold at groceries.
The startup’s CEO Paul Lightfoot explained that after BrightFarms locks in a “produce purchasing agreement,” it raises funds from various sources including economic development programs and different banks or equity firms to build a new greenhouse.
The new round of funding was led by Catalyst Investors, and joined by BrightFarms earlier backers WP Global Partners and NGEN.
Catalyst’s Tyler Newton said his firm backed BrightFarms largely due to its business model innovation and ability to “out-execute” other food producers in the U.S.
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