- General
- October 23, 2020
- 3 minutes read
BrightFarms Lands $100M Round
Photo credit: BrightFarms BrightFarms, an indoor farming startup, has announced that it’s raised $100 million in debt and equity funding led…
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| Photo credit: BrightFarms |
BrightFarms, an indoor farming startup, has announced that it’s raised $100 million in debt and equity funding led by American conglomerate Cox Enterprises, with participation from venture capital firm Catalyst Investors. The new funding round, a Series E, adds up the total amount of outside funding that BrightFarms has raised since its inception to over $200 million.
BrightFarms says it’ll use the new funds to to invest in its current farms and retail programs as well as expand its network of regional indoor farms in the US.
BrightFarms is one out of many indoor farming companies in the US that are collectively working to boost the adoption of sustainable farming practices. The company grows its own produce at its indoor farms, its farming process making use of less water, land, and shipping fuel than usual, and then sells them to consumers via an established retail network.
Bright Farms has partnered with established retailers such as Kroger and Walmart and currently distributes its products to over 2,000 retail stores in the US. The company plans to further boost that number to 15,000 by the year 2025.
BrightFarms currently has four indoor farms in the US, in Illinois, Ohio, Pennsylvania and Virginia. Furthermore, three new farms are currently under construction in the states of North Carolina, Massachusetts and Texas.
