BrightFarms Secures $100 Million Series E Round of Funding
Cox Enterprises assumes majority ownership
BrightFarms has secured more than $100 million in debt and new equity capital to support its expansion plans. The Series E round of funding was led by Cox Enterprises, which now owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors. BrightFarms will use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.
BrightFarms has raised more than $200 million in funding to date to build the nation’s first brand of locally grown produce and has established close partnerships with retailers such as Ahold Delhaize, Kroger, and Walmart. BrightFarms currently distributes its products to more than 2,000 stores in the U.S. and expects to expand its distribution to more than 15,000 stores by 2025. The company has indoor farming operations in Illinois, Ohio, Pennsylvania, and Virginia, with three new farms currently under development in North Carolina, Massachusetts, and Texas.
“Our goal over the next five years is to make quality, locally-grown greens a staple on grocery shelves and in refrigerators nationwide,” said Steve Platt, CEO of BrightFarms. “We are thrilled to have the strong financial backing of Cox Enterprises, an organization that closely aligns with our mission to build a healthier and more sustainable future and to have the additional support of our long-term partners at Catalyst Investors. Together we are ready to scale our model for local indoor farming in every major market in the U.S.”
“Cox Cleantech’s goal is to build meaningful businesses that solve fundamental problems facing society and our environment,” said Steve Bradley, vice president of cleantech for Cox Enterprises. “BrightFarms provides this opportunity through its sustainable model of growing food in the same communities where it’s consumed, resulting in food that’s fresher, safer, better tasting, and better for the environment.”
For more information:
www.brightfarms.com
coxenterprises.com/cleantech
www.catalyst.com
21 Oct 2020