Brooklyn, N.Y.-based indoor grower Gotham Greens raised $87 million in new equity and debt capital, making its total financing $130 million.
Gotham Greens’ recent Series D round was led by Manna Tree and joined by The Silverman Group and other existing investors, according to a news release.
The latest funding will go to channel and geographic market expansion, increased operational capacity and new product development.
“Given increasing challenges facing centralized food supply chains, combined with rapidly shifting consumer preferences, Gotham Greens is focused on expanding its regional growing operations and distribution capabilities at one of the most critical periods for America,” Viraj Puri, cofounder and CEO, said in the release.
Gotham Greens has doubled its revenue in the past year, supplying products to retailers in more than 40 U.S. states, according to the release.
The company’s expansion has driven 80% growth in retail unit sales year-over-year, according to Nielsen data of the latest 26-week period ending Sept. 5.
“The pandemic has revealed flaws in America’s food supply chain system, particularly in the produce category, and new leaders and innovators need to emerge to ensure a stable food supply for the future,” Brent Drever, cofounder and president of Manna Tree, said in the release.
Gotham Greens’ high yields and capital efficiency in building and operating indoor farms helps attract investors, Eric Haley, cofounder and CFO of Gotham Greens, said in the release.
The company doubled capacity in the past 12 months by opening new greenhouses in Chicago, Providence, R.I., Baltimore and Denver. These facilities have expanded distribution of Gotham Greens’ salad greens, herbs, salad dressings and sauces to new regions. The products are available in more than 2,000 retail stores, including Whole Foods Market, Albertsons Cos. (Safeway, Jewel-Osco and Shaw’s), Meijer, Target, King Soopers, Harris Teeter, ShopRite and Sprouts.
The company’s items also are available on grocery e-commerce sites, including AmazonFresh, FreshDirect and Peapod.
The brand recently launched several packaged salads, cooking sauces and grab-and-go salad bowls with protein toppings.
Greenhouse Grower named Gotham Greens the 2020 Operation of the Year.
