Gotham Greens raises $310 million to accelerate national greenhouse expansion
Gotham Greens, a Certified B Corp. and New York-based indoor farming pioneer operating a large network of high-tech hydroponic greenhouses in North America, has a product portfolio that includes greenhouse-grown leafy greens and herbs, and a line of refrigerated salad dressings, dips and cooking sauces.
As a leader in the indoor farming and plant-based fresh food categories, 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.
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, Rhode Island, 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.
“Gotham Greens was founded with a vision to advance indoor farming and sustainably grow high-quality leafy greens in cities across America every day of the year. Today, our ambitions and footprint are outgrowing our roots in the best way, and we’re humbled to receive this funding from new and existing investors to continue our national expansion in order to reach our goal of delivering Gotham Greens fresh produce within a day’s drive from our greenhouses to 90% of consumers across the U.S.,” said Viraj Puri, co-founder and CEO of Gotham Greens. “With increasing climate and supply chain related issues facing our food system, it’s more important than ever to bring innovative farming solutions that grow high-quality produce while using fewer precious natural resources. Gotham Greens is growing fast, and we look forward to bringing our brand to new markets in the coming months.”
Gotham Greens also recently completed the acquisition of FresH2O Growers Inc., a 540,000-sq. ft. hydroponic greenhouse grower in Stevensburg, Virginia. FresH2O leafy green salad products are sold in grocery stores across the Mid-Atlantic region.
Through strategic expansion, both national and regional retail partnerships continue to grow with key accounts, including Whole Foods Market, The Kroger Co., Albertsons, Sprouts Farmers Market, The Fresh Market, AmazonFresh, FreshDirect and more. Gotham Greens products are available in more than 3,000 grocery stores nationwide.
Gotham Greens is purposefully expanding its operations to provide sustainable supply chain solutions to its diverse retail and foodservice customers. By using hydroponic growing systems in renewable electricity-powered greenhouses, Gotham Greens’ farms use up to 95% less water and 97% less land compared to conventional farming. The proximity of Gotham Greens’ greenhouses to key metropolitan markets also eliminates the need for long-distance refrigerated transportation while improving product quality and shelf life, and ultimately reducing food waste.