New York indoor farmer and fresh produce supplier Gotham Greens has announced it has attracted US$29m in Series C equity funding.
The round was led by its existing investors, including the Silverman Group, along with a “significant new investment” from Creadev, a global private-equity investment firm controlled by the Mulliez family, the founders of French retailer Auchan.
The funding will help finance Gotham Greens’ expansion plans, widen distribution, grow its team, and enhance research and development in controlled environment food production techniques, data science and machine learning.
The urban greenhouse developer and grower of locally and sustainably grown produce has grown from a single urban rooftop greenhouse in Brooklyn to a multi-state indoor farming business and one of the largest hydroponic leafy greens producers in North America.
Viraj Puri, co-founder and CEO, said: “This funding enables us to continue on our path of rapid growth that is providing consumers with fresher, better tasting, locally grown produce while transforming urban real estate and promoting sustainable agriculture.”
Delphine Descamps, managing director of Creadev USA, said: “Indoor farming is one of the most exciting and promising sectors in the world of food and ag-tech. Gotham Greens is a clear market leader and is positioned for significant growth. We were highly impressed by the company’s proven track record, greenhouse profitability, exceptional product quality and human-driven values.”
The company owns and operates four production-scale facilities in New York and Chicago totalling 170,000 sq ft and has another 500,000 sq ft under development in five states. It announced new greenhouses in Chicago and Baltimore earlier this year.