Jun 28, 2018

BrightFarms raises $55M in equity financing

BrightFarms, the No.1 brand in locally-grown packaged salads, today announced it has secured $55 million in a Series D equity financing.

The round was led by Cox Enterprises, a leading communications, media and automotive services company, and joined by existing investors Catalyst Investors, WP Global Partners and NGEN Partners. This financing enables the continued rapid national expansion of BrightFarms’ network of local and sustainable farms.

BrightFarms builds and operates greenhouse farms near major metropolitan areas to provide supermarkets with a consistent and year-round supply of locally grown produce. BrightFarms has achieved success in the market with leading national retailers such as Kroger, Ahold, Albertsons and Walmart.

The company currently operates facilities in Pennsylvania, Virginia and Illinois. A new farm in Ohio will open this summer, followed by a Texas facility in early 2019. BrightFarms claims its operations use 80 percent less water, 90 percent less land and 95 percent less shipping fuel than long-distance, centralized and field-grown suppliers. All BrightFarms produce is pesticide-free and non-GMO.

Dallas Clement, Chief Financial Officer of Cox Enterprises, said his company innovative, embraces “game-changing businesses in their earliest stages.”

BrightFarms presents a unique opportunity to reshape agriculture production and drive positive environmental change by growing in local, controlled environment agriculture farms. We are excited about the opportunity to support BrightFarms’ growth as it scales into a national brand.”

“Cox is a long-standing, successful investor and operator, with a proven track record across multiple industries, and a long-time leader in corporate sustainability,” said Paul Lightfoot, BrightFarms Chief Executive Officer. “We have a bold vision to change the way Americans get their produce and this round will help us achieve our goals.”

David Blau, Cox Enterprises Vice President of Strategy & Corporate Development, and Lacey Lewis, Senior Vice President of Finance, have joined the BrightFarms board of directors. Barclays acted as Placement Agent on the transaction.