BROOKLYN, N.Y. — Gotham Greens, an urban greenhouse developer and grower of local and sustainable produce, has secured $29 million in Series C equity funding, bringing the company’s total funding to $45 million. The round was led by Gotham Greens’ existing investors, including the Silverman Group, along with a new investment from Creadev, a global private equity investment firm.
Founded in 2009 in Brooklyn, Gotham Greens grows fresh vegetables and herbs in climate-controlled urban rooftop greenhouses located close to retailers and food service providers, ensuring year-round supply chain reliability, transparency and traceability, the company said. The close proximity also aids in eliminating the negative environmental impact and food waste associated with transporting produce. Its products are available in retailers and restaurants across the New York Tri-state and Midwest regions, including Whole Foods Market, Target, ShopRite and Fairway locations. Gotham Greens greenhouses are powered by 100% renewable electricity and, according to the company, yield up to 30 times more crop per acre than conventional agriculture while using 90% less water and eliminating agricultural runoff and chemicals.
“Indoor farming is one of the most exciting and promising sectors in the world of food and ag-tech,” said Delphine Descamps, managing director of Creadev USA. “Gotham Greens is a clear market leader and is positioned for significant growth. We were highly impressed by the company’s proven track record, greenhouse profitability, exceptional product quality and human-driven values. We believe that the Gotham Greens team will continue to significantly influence how fresh produce is grown and distributed both in the U.S. and globally.”
Gotham Greens operates four greenhouse facilities in New York and Chicago totaling 170,000 square feet, with another 500,000 square feet under development in five states. The recent funding will help Gotham Greens finance its expansion trajectory, widen distribution, grow its team and enhance research and development in controlled environment food production techniques, data science and machine learning, the company said.
“This funding enables us to continue on our path of rapid growth that is providing consumers with fresher, better tasting, locally grown produce while transforming urban real estate and promoting sustainable agriculture,” said Viraj Puri, co-founder and chief executive officer of Gotham Greens. “We’re inspired every day by the dedication and talent of our team to grow and purvey exceptionally high-quality, nutritious produce while contributing to the better food movement.”