USA- Indoor-farming company Gotham Greens has raised more than US$310 million from investors to fund an ambitious expansion plan across the United States.

The funds, the startup’s largest yet, were raised in a series E funding round led by BMO Impact Investment Fund and Ares Management.

Other investors included; Manna Tree Partners and Silverman Group, new investors Commonfund Capital Inc., RockCreek, and Kimco Realty Corp.

Gotham Greens plans to use the funding to support greenhouses under construction in Texas, Georgia, and Colorado.

 Facility expansions in Illinois and Rhode Island; as well as future projects and acquisitions will also be realized as a result.

The deal takes the greenhouse grower’s total capital raised to US$440 million since it was founded in 2009 and comprises both equity and loan financing.

“Today, our ambitions and footprint are outgrowing our roots in the best way,” Viraj Puri, co-founder, and CEO of Gotham Greens said in a statement.

“We’re humbled to receive this funding from new and existing investors to continue our national expansion.”

Gotham Greens’ products are sold at more than 3,000 US supermarkets, including locations of Inc.’s Whole Foods, Kroger Co., and Sprouts Farmers Market Inc.

Gotham Greens is planning big as it broadens its national footprint and product lineup with its largest fundraising round to date.

The New York-based business aims to own and manage 13 climate-controlled hydroponic greenhouses in nine states, totaling more than 40 acres, by 2023.

Its US$34 million greenhouse, which is being built in Monroe, Georgia, will help it not only build a foothold there but also gain access to the enormous Atlanta market.

The acquisition of FresH2O Growers closes some of the gaps between the Northeast and Southeast markets for Gotham Greens.

The company estimates that with the acquisition and the additional facilities, its annual production capacity will increase to approximately 100 million heads of lettuce annually, triple its current amount.

In 2021, innovative farming ventures made a sizable profit. A report from investor and researcher AgFunder claims that the vertical farming business Bowery Farming Inc. received the greatest amount.

The operations of Gotham Greens, like those of other companies growing leafy greens indoors, give the company significantly greater control than traditional field cultivation while utilizing 95% less water and 97% less land.

Indoor farms also cut down on the distance their products travel to reach supermarket shelves by cultivating close to their target markets rather than in distant states.

“When I look at companies like Gotham Greens,” said Henry Gordon-Smith, the founder of Agritecture, a farm-tech consulting firm, “they’ve been able to take advantage of the reduced costs and compete in the market and just have a better pathway to profitability and a lower carbon footprint.”

Gotham Greens’ products are sold at more than 3,000 US supermarkets, including locations of Inc.’s Whole Foods, Kroger Co., and Sprouts Farmers Market Inc.

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