BrightFarms Completes $4.9 Million Series B Financing
Will Fund Construction of Greenhouses and Strengthen Development Capacity
NEW YORK, NY, January 28, 2014-- BrightFarms, Inc., the leading urban agriculture company, today announced that it has secured $4.9 million in Series B financing from a group of investors led by NGEN Partners, Emil Capital Partners, BrightFarms founder Ted Caplow, and several other prominent investors.
The new financing reinforces BrightFarms’ momentum in the marketplace. The new capital will enable the company to respond to strong demand from the supermarket industry and cities to build commercial-scale greenhouses to meet the increasing demand for locally-grown, great-tasting produce. In addition, BrightFarms will further invest in its capacity to provide its clients with a fanatical level of customer service.
BrightFarms CEO Paul Lightfoot stated, "We are thrilled to have the backing of world-class institutional investors such as NGEN Partners and Emil Capital Partners. Their successful investment track record in the health and sustainability sectors validates BrightFarms’ innovative business model and success to date.”
“We are particularly excited to be supporting BrightFarms, as it sits at the leading edge of the demand for local food production, utilizing sustainable practices and a disruptive distribution model. BrightFarms is well-positioned to rapidly scale its model and now has the customer support and team to do so,” said NGEN Managing Director Peter Grubstein.
BrightFarms is the leading urban agriculture company, attacking a large, attractive and fast-growing market opportunity with a strong leadership team and world-class investors, board members and partners. BrightFarms is exploiting a financial and environmental arbitrage opportunity by building a distributed network of local greenhouse farms. Its long-term fixed-price contracts with supermarkets are unique to the industry, reducing risk, attracting project finance and enabling scale. BrightFarms is well on its way to establishing the country’s first national brand of locally-grown, great-tasting produce.
“Emil is excited to make this follow-on investment in BrightFarms,” stated Christian Haub, Chairman of Emil Capital Partners. “The success of BrightFarms in signing long-term purchase agreements with major supermarket clients, and providing superior produce to consumers, has established BrightFarms as the leading player in the nascent urban agriculture sector.”
“I am pleased at this opportunity to increase my investment in BrightFarms,” stated Ted Caplow, founder and Chairman of BrightFarms. “It is more important than ever to improve the environmental footprint of the produce supply chain, and BrightFarms is leading that effort on a commercial scale, creating the first national brand for local produce while saving land and water.”
BrightFarms grows local produce, nationwide. By financing, building, and operating local greenhouse farms, BrightFarms eliminates time, distance, and costs from the food supply chain. Borrowing from the highly successful renewable energy industry, BrightFarms signs long-term purchase agreements with supermarkets that feature fixed prices and minimum volume commitments. BrightFarms’ growing method uses far less land and water than conventional agriculture, and its urban locations create local green jobs and help to bring healthy, fresh produce to neighborhoods. BrightFarms’ partnerships with supermarkets, cities, capital sources, and vendors allow it to develop markets and projects faster and better than any competitor. For more information, please visit http://www.brightfarms.com.
About NGEN Partners
NGEN Partners is an active venture investor committed to backing world class entrepreneurs seeking to change industries through innovation, creativity and the promotion of environmentally sustainable products and services. Founded in 2001, NGEN Partners invests in companies that positively improve the environment and human wellness.
About Emil Capital
Emil Capital Partners (ECP) manages all activities of the Tengelmann Group in the Americas. The Tengelmann Group is a multi-sector retailer with outlets in 15 countries across Europe and more than 80,000 employees. ECP activities include investments in retail operations, commercial real estate, private equity investments and financial asset management. ECP seeks to add to its private equity portfolio by making strategic investments in private companies in consumer and related industries.
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