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NYC indoor farming startup Gotham Greens raises $310 million

That’s a complete lot of inexperienced. 

Brooklyn indoor farming startup Gotham Greens harvested a whopping $310 million in its newest fundraising spherical, the corporate mentioned Monday, because it plans to develop its crop of greenhouses throughout the nation. 

Gotham Greens’ mannequin entails rising produce in greenhouses near or inside giant cities, moderately than transport meals throughout the nation. One of many firm’s first farms was construct on prime of the Complete Meals within the Gowanus neighborhood of Brooklyn. 

The corporate, which was based in 2009, plans to make use of the brand new money to increase present greenhouses in Chicago and Windfall, RI — in addition to finance new amenities close to Dallas, Atlanta and Denver. 

So-called “vertical agriculture” corporations argue that their compact city farms are extra sustainable and environment friendly than conventional agriculture, which entails transporting leafy greens from distant states or international locations to grocery store cabinets.

One of many firm’s first farms was construct on prime of the Complete Meals within the Gowanus neighborhood of Brooklyn. 
Fb/Gotham Greens

Gotham Greens co-founder and CEO Viraj Puri mentioned the corporate’s purpose was to ship “recent produce inside a day’s drive from our greenhouses to 90% of customers throughout the US.” 

“It’s extra essential than ever to convey revolutionary farming options that develop high-quality produce whereas utilizing fewer valuable pure sources,” Puri mentioned. 

But some critics have argued that vertical farms can even have a excessive carbon footprint since greenhouses gobble up giant quantities of electrical energy. 

Gotham Greens’ mannequin entails rising produce in greenhouses near or inside giant cities.
Fb/Gotham Greens
NASDAQ congratulatory message to Gotham Greens
Some critics have pushed again towards vertical farms.
Fb/Gotham Greens

“Vertical farms and business greenhouses are given as examples of land-saving sustainable farming — however these farming strategies use enormous quantities of electrical energy to keep up an acceptable rising surroundings for crops,” Professor Aidong Yang of the College of Oxford told phys.org. “That requirement must be supported by a low-carbon energy provide to be sustainable.”

Gotham Greens merchandise are presently bought at shops together with Complete Meals, Kroger, Albertsons, Sprouts and Recent Market. 

Gotham greens
Gotham Greens has raised $440 million thus far.
Fb/Gotham Greens

Buyers within the firm’s newest fundraising spherical embrace the Financial institution of Montreal and Ares Administration.

One other New York indoor farming startup, Manhattan’s Bowery Farming, raised $300 million final 12 months from conventional enterprise capital backers in addition to celebrities together with Natalie Portman, Justin Timberlake, movie star chef José Andrés and Phoenix Suns participant Chris Paul. 

Bowery Farming has raised $472 million because it was based in 2014, whereas Gotham Greens has raised a complete of $440 million since 2009. 

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