Gotham Greens, a pioneer in indoor agriculture operating high-tech greenhouses located across the United States, today announced it has raised $87 million in new equity and debt capital, bringing the fast-growing company's total financing to $130 million. The capital raise includes Gotham Greens' recent Series D round led by Manna Tree and joined by The Silverman Group and other existing investors.
Gotham Greens operates one of the largest and most advanced networks of hydroponic leafy greens-producing greenhouses in North America, where the demand for indoor grown produce is rapidly increasing. As a leader in the indoor farming and plant-based fresh food categories, Gotham Greens plans to use the latest funding to accelerate its mission to decentralize food production and bring more fresh foods to people across the United States through 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," said Viraj Puri, Co-Founder and CEO 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."
Gotham Greens has doubled its revenue in the past year, bringing its fresh produce and food products to retailers in more than 40 U.S. states through its network of high-tech, climate-controlled greenhouses. The company's expansion has driven 80 percent growth in retail unit sales year over year.1
"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."
"Manna Tree brings a global network of investors and shares our mission and commitment to expand access to healthy, sustainably-grown fresh produce," said Eric Haley, Co-Founder and CFO of Gotham Greens. "Our industry-leading crop yields and capital efficiency in building and operating indoor farms continues to attract strong support from both new and existing investors and underscores Gotham Greens' value proposition and category leadership position."
Gotham Greens has 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, including the New England, Mid-Atlantic, Southeast and Mountain regions. Gotham Greens products are available in more than 2,000 retail stores, including Whole Foods Market, Albertsons Companies (Safeway, Jewel-Osco and Shaw's), Meijer, Target, King Soopers, Harris Teeter, ShopRite and Sprouts. The company's items also are available for purchase through grocery ecommerce sites, including AmazonFresh, FreshDirect and Peapod.
The brand recently launched several new fresh, plant-forward products, including new packaged salads, cooking sauces, and grab-and-go salad bowls featuring fresh Gotham Greens lettuce, Gotham Greens salad dressing and delicious, protein-packed toppings.
For more information on Gotham Greens, its greenhouses and its products, please visit gothamgreens.com.
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1Nielsen, Total US xAOC, Pre-Packaged Salads and Lettuce, Latest 26-Week Period Ending 9/5/20
About Gotham Greens
Gotham Greens is a pioneer in indoor agriculture and a leading fresh food company. Gotham Greens produce is grown using hydroponic systems in 100 percent renewable electricity-powered greenhouses that use 95 percent less water and 97 percent less land than conventional farming. Through its national network of climate-controlled, data-driven greenhouses, Gotham Greens grows and sells long-lasting, delicious leafy greens and herbs along with a line of fresh salad dressings and sauces to retail, restaurant and foodservice customers year-round. Founded in 2009 in Brooklyn, N.Y., Gotham Greens operates 500,000 square feet of hydroponic greenhouses across five U.S. states with nearly 400 team members. Learn more about Gotham Greens' mission to transform how and where fresh produce is grown at gothamgreens.com or view Gotham Greens' media resources.
About Manna Tree
Manna Tree is a Vail, CO-based private equity firm that invests in companies that produce, process and distribute healthy food. Manna Tree's first fund closed in March 2020 at $141.5 million; women and Next-Gen investors represent 45 percent of the investors. Manna Tree sources deals through a deep network of partners and leverages their extensive operational background to position investments for optimal growth and strategic partnerships. Manna Tree works to provide consumers with a more transparent food supply chain from production to plate. Current portfolio: Vital Farms, MycoTechnology, Verde Farms, Nutriati and Gotham Greens. www.mannatreepartners.com
