Urban agriculture firm Gotham Greens raises $87m in financing

US urban agriculture company Gotham Greens has announced that it has raised $87 million in financing, following a Series D round led by private equity firm Manna Tree.

The Series D funding round was also joined by The Silverman Group and other existing investors, and the latest financing means the company has now raised approximately $130 million to-date.

Gotham Greens’ produce is grown using hydroponic systems in a network of renewable electricity-powered greenhouses that are said to use “95% less water and 97% less land” than conventional farming.

The urban agriculture company has doubled capacity in the past year months by opening new greenhouses in Chicago; Providence, Rhode Island; Baltimore and Denver, and its products such as packaged salads, cooking sauces and salad bowls are available in more than 2,000 retail stores across the US.

Gotham Greens intends to use the latest funding to further accelerate its geographic expansion, increase operational capacity and stimulate new product development.

Viraj Puri, co-founder and CEO of Gotham Greens, said: “Given increasing challenges facing centralised 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.

“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.”

Brent Drever, co-founder and president of Manna Tree, added: “Gotham Greens is the fastest-growing indoor farming company in the United States today with a track record of profitable, commercial-scale production.

“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.”