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 stated Monday, because it plans to develop its crop of greenhouses throughout the nation. 

You are reading: NYC indoor farming startup Gotham Greens raises $310 million

Gotham Greens’ mannequin entails rising produce in greenhouses near or inside giant cities, slightly than delivery meals throughout the nation. One of many firm’s first farms was construct on prime of the Entire 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 current greenhouses in Chicago and Windfall, RI — in addition to finance new amenities close to Dallas, Atlanta and Denver. 

Gotham Greens
Gotham Greens raised $310 million.
Fb/Gotham Greens

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

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

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

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

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 in opposition to vertical farms.
Fb/Gotham Greens

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“Vertical farms and industrial 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 atmosphere for crops,” Professor Aidong Yang of the College of Oxford advised 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 Entire Meals, Kroger, Albertsons, Sprouts and Contemporary Market. 

Gotham greens
Gotham Greens has raised $440 million up to now.
Fb/Gotham Greens

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

One other New York indoor farming startup, Manhattan’s Bowery Farming, raised $300 million final yr from conventional enterprise capital backers in addition to celebrities together with Natalie Portman, Justin Timberlake, celeb 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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