US lettuce grower raises $90 million to fund East Coast expansion

Little Leaf Farms has raised $90 million in debt and equity financing. Equilibrium Capital led the latest funding round, with Coppermine Capital, joining founding investor Bill Helman and Pilot House Associates. Bank of America has also committed more than $20 million to date, with an additional $20 million planned in financing to support Little Leaf Farms’ growth. This capital is earmarked to build new sites on the East Coast to satisfy growing demand for baby greens with customers, large retailers, and food service providers.

“After opening our third greenhouse in Massachusetts last summer amid the pandemic, we have proven that we can bring the company to scale unlike any other,” said Paul Sellew, Founder and CEO of the five-year-old company. “With our partners and committed financing, Little Leaf Farms is positioned to meet customer demand in a year when controlled environment agriculture is expected to grow.” The company doubled its retail sales to $38 million from 2019, and its lettuce is now available in more than 2,500 stores on the East Coast.

Equity investment
“Equilibrium Capital’s growth equity investment in Little Leaf Farms brings together a major player in next-generation indoor agriculture with the leader in CEA investments,” said Equilibrium’s CEO Dave Chen, who will be joining LLF’s Board of Directors. “Little Leaf Farms is revolutionizing the industry with its sustainable indoor growing technologies, to grow fresh, nutritious great tasting lettuces and mixes. We are proud to partner with Little Leaf Farms to expand its high-tech farms across the East Coast.”

With 10 acres of greenhouses in Massachusetts, Little Leaf Farms already produces more than two million boxes of lettuce each month. Last fall, it extended delivery and sales into New York, New Jersey, and Pennsylvania.

“We are supportive of Little Leaf Farms’ growing methods, using sunlight and captured rainwater, to grow lettuce that only travels locally so it remains flavorful,” said Randy Mitchell, a Senior Vice President of Global Commercial Banking at Bank of America. “We believe in the company’s environmentally and socially responsible mission as they expand into new markets on the East Coast.”

For more information:
Little Leaf Farms
P.O. Box 2069
Devens, MA 01434

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