Last week, greenhouse operator BrightFarms announced it raised $30 million in Series C funding, the largest US-based controlled environment agriculture investment round on record. But how did it get there?
Brightfarms, the greenhouse operator, closed a $30.1 million Series C led by growth equity firm Catalyst Investors and joined by existing investors WP Global Partners and NGEN Partners. According to the company, this funding is the largest equity investment to date in the controlled environment local produce industry in the US.
After just completing the Y Combinator accelerator program, North Carolina-based satellite imagery startup FarmShots has closed a seed round after attracting local angel investors. Founder Josh Miller said that keeping the investor base local avoided any potential investor demands to move the company to the expensive West Coast.
Investment into agriculture technology startups fell 20% year-over-year in the first half of 2016, as 307 funding deals collected $1.75 billion. At the same time, deal activity increased 7% and the number of unique investors increased 52% year-over-year.
Cultivation Capital Leads $1.2m Round in Data Analytics Startup S4, New Wave Foods Closes Seed Round for Seafood Alternative, and Innit Raises $18m for Connected Food Platform in this week's Fundings-in-Brief.