Lettuce farms using hydroponics raise $300 million

Devins, Mass. Little Leaf Farms, a brand of packaged lettuce grown through controlled eco-agriculture, has raised $300 million in new capital, with equity funding led by The Rise Funds and debt financing from Bank of America.

Founded in 2015, Little Leaf Farms uses advanced greenhouse technologies, including data analytics and hands-free robotic farming systems to produce baby greens that are never treated with chemical pesticides, herbicides or fungicides. The funding will support the expansion and distribution of Little Leaf Farms to increase access to local lettuce to more than half the country’s population by 2026. In July, the company plans to open a new, 180-acre hydroponic greenhouse in McAdoo, Pa. , increasing the brand’s retail presence by 50%, with products sold in more than 3,500 grocery stores. Little Leaf Farms said it plans to open additional greenhouses in Pennsylvania and North Carolina to serve its growing customer base.

“This funding from our partners The Rise Funds and Bank of America represents a pivotal moment in Little Leaf Farms’ growth story,” said Paul Sileo, founder and CEO of Little Leaf Farms. “We have seen, particularly in recent years, how important locally grown food is to communities, and we are proud to offer customers fresh leafy greens that are harvested with 90% less water than traditional lettuce and shipped in less than 24 hours. Through this funding We’re changing the way millions of Americans eat and enjoy leafy greens, and we no longer rely on choices that have traveled thousands of miles across the country to reach them.”

Rise Funds is part of TPG Investment Company’s influential global investment platform, formerly the Texas Pacific Group, which supports mission-driven growth stage companies focused on achieving the United Nations Sustainable Development Goals. Maya Churngill, co-managing partner of The Rise Funds, will join Little Leaf Farms’ board of directors.

“Little Leaf Farms is working to achieve significant efficiency improvements in the growing process of leafy greens by reducing water use and greenhouse gas emissions on a large scale,” said Ms. Chorngill. “The company’s mission to provide locally-grown, sustainably grown lettuce year-round aligns well with Rise Funds’ goal to accelerate the growth of businesses facing large-scale environmental and social problems with innovative solutions. With this investment, we are proud to extend Little Leaf Farms’ leadership in the market in which it operates. to expand its business and continue to provide the best quality, reliability and consistency to a growing client base.”

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