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December 8, 2020

Gotham Greens eyes expansion after funding boost

US indoor farmer and fresh-food producer Gotham Greens has revealed expansion plans after a funding round.

By Leonie Barrie

US indoor farmer and fresh-food producer Gotham Greens has raised US$87m in new equity and debt capital.

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The company, which has now raised total financing of $130m, said it plans to open new greenhouses and launch products.

Gotham Greens’ latest capital raise includes the recent Series D funding round led by Manna Tree and joined by The Silverman Group and other existing investors. 

The company operates greenhouses located across the US producing leafy greens. Gotham Greens said it has doubled its revenue in the past year, without providing details. Its products are now sold by retailers in more than 40 states.

It said it now intends to “accelerate its mission to decentralise food production and bring more fresh foods to people across the United States through channel and geographic market expansion, increased operational capacity and new product development”.

Viraj Puri, co-founder and CEO of Gotham Greens, said: “Given increasing challenges facing centralised food supply chains, combined with rapidly shifting consumer preferences, Gotham Greens is focused on expanding its regional growing operations and distribution capabilities at one of the most critical periods for America.

“We’re dedicated to changing how people think, feel and interact with their food while decreasing the environmental footprint of the traditional produce supply chain.” 

Brent Drever, co-founder and president of investor Manna Tree, said: “Gotham Greens is the fastest-growing indoor farming company in the United States today with a track record of profitable, commercial-scale production.

“The pandemic has revealed flaws in America’s food supply chain system, particularly in the produce category, and new leaders and innovators need to emerge to ensure a stable food supply for the future. We  believe Gotham Greens’ brand, highly scalable business model and leadership team position the company to be the market leader in the rapidly growing and changing landscape.” 

In the last 12 months, Gotham Greens has opened new greenhouses in Chicago, Providence, Baltimore and Denver. 

The brand recently launched new products, including packaged salads, cooking sauces and grab-and-go salad bowls.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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