BrightFarms, Inc., which has an innovative model to bring local foods to supermarkets, raised $4.3 million in a Series A equity financing round.
It's a great idea and taps into increasing consumer demand for locally grown foods: they finance, build and operate hydroponic greenhouse farms at supermarkets, eliminating the time, distance and cost involved in transporting food from a supply chain.
The BrightFarms model offers food that's more flavorful, safe and environmentally sustainable. Since there's no transport involved, it should result in lower prices for customers and higher margins for supermarkets.
And as the model is scaled, it would reduce the cost of agriculture and water.
There is no cost to the supermarket retailer, only an obligation to purchase the produce.
NGEN Partners led the round, which also included investments from Emil Capital Partners and BrightFarms founder Ted Caplow.
"I am delighted to join my partners in commercially deploying our vision of building-integrated agriculture. The upcoming BrightFarms projects at supermarkets build upon our prior rooftop greenhouses, extending the same principles that guided my original design for the Science Barge: local food production that is both high yield and ecologically sustainable," says Ted Caplow, BrightFarms founder and Chairman.