LumiGrow, Completes Oversubscribed Bridge Financing Round
LumiGrow, Completes Oversubscribed Bridge Financing Round
Emeryville, CA, USA – February 14, 2018 – LumiGrow, a smart horticultural lighting company, announced the successful completion of a $5.1 million bridge financing. The oversubscribed round included participation from existing lead investor, Ecosystem Integrity Fund, as well as new investors, ValueAct Spring Master Fund, L.P. and Greenhouse Capital.
With the successful closing, LumiGrow will continue to focus on providing industry-leading LED lighting hardware and software solutions to commercial horticulture and research institutions, utilizing data gathered through its smartPARTM software application and recently introduced smartPARTM Light Sensor Module. The timing and size of the financing allows LumiGrow to accelerate the development of its next-generation products.
Kelly Barlow, a Partner at ValueAct Capital, has been appointed to LumiGrow’s Board of Directors, which includes LumiGrow’s CEO, Shami Patel, Partners of Ecosystem Integrity Fund, Devin Whatley and James Everett, and agricultural industry leader, Minos Athanassiadis.
The registered principals of Keene Advisors and representatives of Squire Patton Boggs advised LumiGrow in connection with the bridge financing.
About LumiGrow, Inc.
LumiGrow, Inc., the leader in smart horticultural LED lighting solutions, empowers growers with the ability to improve plant quality, boost crop yields, and achieve cost-saving operational efficiencies. LumiGrow offers a range of proven grow light and software solutions for use in greenhouses, controlled environment agriculture and research chambers. LumiGrow is headquartered in Emeryville, California,
About Ecosystem Integrity Fund
The Ecosystem Integrity Fund is a top-ranked venture capital firm that invests in early-stage companies contributing to environmental sustainability. The fund has had successful exits with investments in Zep Solar, Kevita, and eMotorWerks.
About ValueAct Capital
ValueAct Capital is a San Francisco-based investment firm with approximately $15 billion in assets under management. ValueAct Spring Master Fund’s investment objective is to seek to achieve superior returns by making long-term investments in companies that responsibly and creatively address certain environmental and social problems by using sustainable models.
About Greenhouse Capital Partners
Greenhouse Capital Partners is a growth capital firm investing in emerging businesses promoting health and sustainability within the areas of food, agriculture, and the environment. The firm believes that an economic revolution is underway, powered by technology and simultaneously shaped by evolving consumer needs, that has created a business landscape in which healthy, sustainable, higher quality and more engaging consumer experiences can thrive. Greenhouse is at the forefront of investing in this wave of change. The firm targets real companies with real products that are built upon real values to stand the test of time. We focus on helping build companies that tackle both the complex issues of health and sustainability in society and are themselves built upon sustainable business models.
If you would like more information, please call LumiGrow at (800) 514-0487, or visit www.lumigrow.com.