NEW YORK — Gotham Greens, an indoor farming company, has raised $87 million in new equity and debt capital. The fund raise brings Gotham Greens’ total financing to $130 million and includes its recent Series D round led by Manna Tree and joined by the Silverman Group and other existing investors.
Founded in 2009, Gotham Greens operates 500,000 square feet of hydroponic greenhouses in five states, producing leafy greens and herbs that require 95% less water and 97% less land than conventional farming, according to the company. The company sells its produce, salad dressings and sauces to retail, restaurant and foodservice customers. The company’s products are available in more than 2,000 retail stores, including Whole Foods Market, Albertsons Companies, Target and Sprouts Farmers Market.
“Gotham Greens is the fastest-growing indoor farming company in the United States today with a track-record of profitable, commercial-scale production,” said Brent Drever, co-founder and president of Manna Tree. “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. We believe Gotham Greens’ brand, highly scalable business model and leadership team position the company to be the market leader in the rapidly growing and changing landscape.”
Over the past 12 months, Gotham Greens has doubled capacity, opening new greenhouses in Chicago, Baltimore, Denver, and Providence, RI. The company plans to use its latest funding to support channel and geographic market expansion, increased operational capacity and new product development. Recently the brand launched packaged salads, cooking sauces and grab-and-go salad bowls.
“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,” said Viraj Puri, co-founder and chief executive officer of Gotham Greens. “We’re dedicated to changing how people think, feel and interact with their food while decreasing the environmental footprint of the traditional produce supply chain.”