BrightFarms said Friday that it has closed a $13.65 million Series B-1 financing, led by WP Global Partners, NGEN Partners, Emil Capital Partners, and several other prominent investors.
The company said the investment would bolster BrightFarms’ leadership position in the local produce industry, with more than $40 million in capital raised to date, $100 million in contracted commitments from supermarket clients, and three commercial-scale greenhouse facilities in operation or development across the Midwest and East Coast.
"We are thrilled to have the backing of world-class institutional investors such as WP Global Partners, NGEN Partners, and Emil Capital Partners,” Paul Lightfoot, BrightFarms CEO, said. “Their successful investment track record in the food, agriculture, health and wellness sectors validates BrightFarms’ innovative business model and success to date.”
BrightFarms is pioneering the future of local, low-impact farming by building greenhouse farms that create permanent green collar jobs, significantly reduce food miles, and improve the environmental impact of the food supply chain. All of its greenhouses use around 80% less water, 90% less land and 95% less shipping fuel than conventional produce companies and significantly less energy to grow its products than the items it replaces on supermarket shelves. All produce is pesticide-free.
The new capital enables BrightFarms, in response to strong demand from leading supermarkets, to build commercial-scale greenhouses that meet the increasing demand for locally grown, tastier, fresher and long-lasting produce. In addition, BrightFarms will further invest in its capacity to provide clients with a fanatical level of customer service.
“BrightFarms offers an innovative commercial solution to meeting increasing consumer demand for fresh, locally-grown produce,” Gregory S. Oberholtzer, senior managing director at WP Global Partners, said in a statement. “Supermarkets will need to partner with growers who can offer consistent, high-quality produce that is not only local but available year-round. BrightFarms' technology, operations, and fresh products meet the needs of both the retailer and consumer. We are pleased to be an investment partner in the company’s growth.”