BrightFarms receives $30.1 million in new financing

NEW YORK, NY - BrightFarms, Inc. today announced a $30.1 million Series C equity financing, led by growth equity firm Catalyst Investors and joined by existing investors WP Global Partners and NGEN Partners.

With this financing, BrightFarms has received the largest equity investment to date in the controlled environment local produce industry, according to a press release. 
  
"Having the backing of Catalyst Investors further validates BrightFarms' innovative solution for providing consumers with fresh, local, sustainable produce at a commercial scale," BrightFarms Chief Executive Officer Paul Lightfoot said. "This investment will enable us to dramatically expand our markets and provide more Americans with fresh, delicious, locally grown produce on a year-round basis."

According to the release, BrightFarms' greenhouses use 80 percent less water, 90 percent less land and 95 percent less shipping fuel than traditional suppliers. BrightFarms produce is grown with significantly less overall energy than the products it replaces on supermarket shelves. All BrightFarms produce is pesticide-free and non-GMO.

"Catalyst was attracted to BrightFarms because we believe they are the best in the industry, and because we like their unique business model of signing long-term, fixed-price contracts to guarantee a steady, year-round supply of fresh, local, pesticide-free and GMO-free produce to major metro markets," said Tyler Newton, Partner and Research Director at Catalyst Investors. "Produce grown in controlled environments will be a key part of the sustainable food chain of the future, requiring less land, water, energy and time for transportation than traditional agriculture. We look forward to helping BrightFarms lead the way."