Greenhouse and technology company Revol Greens, Owatonna, Minn., has raised $68 million in investments to expansion in Texas and added three people to its leadership team.
The company has plans to expand from two to five locations in five years, starting with 20 acres in Texas, with plans to construct an 80-acre facility. The new funding will launch the Texas project, according to a news release.
The company has facilities in Owatonna and Tehachapi, Calif.
“With facilities in three states, Revol is building a regional network of high-tech greenhouses that will initially supply 33 million pounds of greens annually and reach one-third of the U.S. population within 24 hours of harvest,” according to the release.
The company has added personnel:
- Nic Helderman, general manager of Texas: Helderman has more than 30 years of greenhouse experience, most recently as general manager for Mastronardi Produce. He has worked at Mighty Vine and Backyard Farms, and has experience with global greenhouse projects.
- Colin McMahon, director of business and development: McMahon previously worked at Equilibrium Capital and has investment experience in the greenhouse industry.
- Chayla Balko, director of business development: Balko has relationships in foodservice and grocery and has worked at Apeel Sciences, Golden Sun Marketing and The Oppenheimer Group.
“Revol has spent three years bundling technology, applications, recipes and data in a Minnesota climate where temperature and humidity reach extremes,” CEO Mark Schulze said in the release. “We are confident that we can deploy our technology anywhere on the planet.”
Schulze said by the end of 2021, Revol Greens will be the world’s largest indoor lettuce grower.
“Our goal is to lead the agtech revolution in leafy greens,” he said in the release.
The company has 10 product varieties and supplies retailers and restaurants.