On the heels of closing its $68 million funding round, led by Equilibrium Capital, Revol Greens is adding Michael B. Wainscott to the newly created role of Chief Financial Officer. The Minnesota-based producer of sustainably and hydroponically farmed lettuce varieties is planning to advance its mission of reaching more Americans with its Grown Clean and Green produce within 24 hours of harvesting. As CFO, Wainscott will oversee elements including future capital raises, industry partnerships and IT.
“Michael shares Revol’s vision to build five facilities in five years. His highly relevant experience in the areas of management, operations, venture equity, funding and risk management are an essential piece to meeting our business goals,” said Mark Schulze, CEO at Revol Greens.
Bringing an extensive background in food and ingredient technology, Wainscott has a proven track record in strategic and operational finance leadership for organizations undergoing significant growth. He joins Revol Greens from the CFO post at Benson Hill, Inc. in St. Louis, Missouri, which offers a crop design platform to facilitate development of healthier and more sustainable food and ingredients. Previously, Wainscott was CFO and co-founder of Technology Crops International (TCI), and CFO at Kings, Inc., a wholly owned subsidiary of Associated British Foods, plc (ABFF) as well as PWNC, LLC and New Acme Markets.
Wainscott graduated from the University of Kentucky with a Bachelor of Science in Agricultural Economics and from Guilford College with a Bachelor of Science in Accounting. He is a member of the American Institute of Certified Public Accountants (AICPA) and is a Chartered Global Management Accountant (CGMA) and Certified Information Technology Professional (CITP).
Future of safe greens
“There’s significant opportunity in the indoor growing sector and Revol Greens is well-positioned to continue scaling this concept across the U.S.,” said Michael Wainscott. “Revol represents the future of safe, sustainable and locally sourced greens; I believe in the model and am honored to join this deep bench of expertise and innovation.”
In September 2020, Revol Greens announced it closed a $68 million funding round led by Equilibrium Capital to reach a total financing milestone of $215 million. Among the investments Revol Greens will pursue in 2021 include building a 20-acre phase of a planned 80-acre facility in Texas, which makes Revol the largest greenhouse lettuce grower globally. Early in 2020, Revol Greens began construction on a 16-acre greenhouse in Tehachapi, Calif., near Los Angeles.