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, N.Y., Gotham Greens grows fresh vegetables and herbs in climate-controlled urban greenhouses located close to retailers and foodservice providers, ensuring year-round supply chain reliability, transparency, and traceability. The company currently owns and operates four production-scale facilities in New York City and Chicago totaling 170,000 square feet and has another 500,000 square feet under development in five states. The company announced new greenhouses in Chicago and Baltimore earlier this year. The funding will help finance the expansion trajectory, widen distribution, grow its team, and enhance research and development in controlled environment food production techniques, data science, and machine learning.
“Indoor farming is one of the most exciting and promising sectors in the world of food and ag-tech,” said Delphine Descamps, managing director, 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 United States and globally.”
Gotham Greens’ greenhouses are powered by 100% renewable electricity and yield up to 30 times more crop per acre than conventional agriculture while using 90% less water and eliminating agricultural runoff and the use of harmful chemicals. The company’s growing methods and shortened supply chain reduce risk of foodborne pathogens. By locating its greenhouse farms in cities, Gotham Greens also eliminates the environmental footprint and food waste linked to shipping produce long distances.