The Devens, Mass.,-based company has raised $300 million in new capital, with equity financing led by The Rise Fund and debt funding from Bank of America.
The rapidly growing controlled environment agricultural company grows and packages a variety of sustianble lettuce options.
“The capital will support aggressive growth and expansion of farms and distribution, making Little Leaf Farms’ local lettuces accessible to more than half of the country’s population by 2026,” according to a news release. “Immediate expansion and a doubling of acreage comes with the opening of a new greenhouse in McAdoo, Pennsylvania this summer.”
As part of this transaction, Maya Chorengel, co-managing partner of The Rise Funds, will join Little Leaf Farms’ board of directors. “The Rise Fund’s investment in Little Leaf Farms underscores the increased consumer interest and demand for sustainably grown produce and supports Little Leaf Farms’ mission of fresh, leafy greens for all,” according to the release.
“This funding from our partners at The Rise Funds and Bank of America marks a pivotal moment in Little Leaf Farms’ growth story,” said Paul Sellew, founder and ceo of Little Leaf Farms in the release.
The raised capital also includes funds from Bank of America. “Little Leaf Farms is not only providing fresh, sustainable regional produce, but it is also redefining local agriculture and building more sustainable solutions in our local communities and in the industry,” said Randy Mitchell, Sr. Relationship Manager for Bank of America in the release.
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