Gotham Greens has raised more than $310 million in new capital, bringing the company’s total financing to $440 million since its founding in 2009.
Gotham Greens plans to use the funding to accelerate its mission to decentralize agricultural production and bring more greenhouse-grown produce and fresh, plant-based foods to people across the United States through channel and geographic market expansion, increased operational capacity, and new product development. The company’s product portfolio includes greenhouse-grown leafy greens and herbs, along with a line of refrigerated salad dressings, dips, and cooking sauces.
This Series E capital raise will support Gotham Greens’ new greenhouse projects currently under construction in Seagoville, Texas (near Dallas), Monroe, Ga. (near Atlanta), and Windsor, Colo. (near Denver), the expansion of its existing greenhouses in Chicago and Providence, R.I., as well as future projects and acquisitions in other regions across the U.S.
By 2023, Gotham Greens will own and operate 13 high-tech, climate-controlled hydroponic greenhouses totaling more than 40 acres (1.8 million square feet) across nine states. The greenhouse expansion projects join Gotham Greens’ existing greenhouse farms in New York, Rhode Island, Maryland, Illinois, Colorado, and California. The new greenhouses will enable Gotham Greens to continue serving many of the country’s largest grocery retailers, which continue to see a steady increase in consumer demand for greenhouse-grown produce.
“We are proud to pass the torch of the greenhouse facility and business to Gotham Greens, our trusted friends, and industry partners. We have admired Gotham Greens’ outstanding track record of success in the industry and being exceptional growers, and there was no better choice in the CEA industry to continue what we built in Virginia,” said Joe Van Wingerden, former owner of FresH2O Growers. “Gotham Greens and FresH2O shared a desire to advance greenhouse agriculture and to bring more fresh, local, and sustainably grown produce to consumers across the country, and we are confident they will continue to service our customers with high-quality, longer lasting leafy greens and other exciting innovations in the years to come.”
“The Gotham Greens management team has a demonstrated track record of successful execution, having developed a distributed network of greenhouse facilities with near national reach while producing positive facility level unit economics, a key differentiator in the indoor farming space,” said Marc Khouzami, Managing Director, BMO Impact Investment Fund. “BMO IIF is excited to be partnering with Gotham Greens on the next stage of the company’s growth as they continue to expand their market share and solidify their position as a leading indoor farming operator.”
“Ares is excited to support Gotham Greens’ plans to expand its leadership within the fast-growing controlled environment agriculture sector,” said Mike Roth, Partner in the Ares Infrastructure Opportunities strategy. “Through its innovative approach to food production, Gotham Greens has built a resilient business model that also drives positive environmental and social impact within its communities. We look forward to collaborating with the Gotham Greens team as we continue to advance our commitment to support sustainable climate infrastructure while seeking to deliver attractive returns for our investors.”