- Vertical farming company Oishii has raised additional Series B funding and closed the round at $150 million.
- Climate tech fund Resilience Reserve and Japanese venture firm Miyako Capital joined the round right before closing, alongside existing investors NTT, Bloom8, McWin Capital Partners, Mizuho Bank, the Japan Green Investment Corporation for Carbon Neutrality (JICN), Yaskawa Electric Corporation, and others.
- The company, best known for growing strawberries in its vertical farm in New Jersey, is also gearing up for its first international expansion with a new center in Tokyo.
‘Continued interest from investors’
In stark contrast to the many closures and setbacks in vertical farming over the last couple years, Oishii raised $134 million in Series B funding earlier in 2024 and saw “continued interest from investors” that led to the additional funding announced this week.
“This latest round of funding signals that others embrace our vision for a world where food is more accessible, better quality, and above all else, delicious,” said CEO and cofounder Hiroki Koga.
“While many in the industry prioritize short crop cycles and unrelenting expansion, Oishii has bucked all trends by emphasizing taste over timelines and profitability over proliferation,” Akira Shimada, president and CEO of NTT, said in February.
The additional Series B funding comes on the heels of former unicorn Bowery closing its doors, which was just the latest in a string of shutdowns.
Oishii is best known for its strawberries, which the company has slowly but steadily expanded access to over the last few years via Whole Foods Market. As of now, berries are available predominately in the northeastern and mid-Atlantic US states, though Oishii just expanded to Chicago this month.
Last year, the company added tomatoes to its lineup, though strawberries remain its core focus.
Oishii’s expansion will continue with the opening of its first-ever international facility, the Open Innovation Center, planned for the Tokyo metro area and intended for “furthering technological innovation in the field of vertical farming.” More details on that facility are forthcoming.
