NEW YORK, NY – BrightFarms, Inc. (formerly BrightFarms LLC) today announced the completion of a $4.3 million Series A equity financing round. The round was led by NGEN Partners and included investments from Emil Capital Partners and BrightFarms founder Ted Caplow.
BrightFarms finances, builds and operates hydroponic greenhouse farms at supermarkets, eliminating time, distance and cost from the produce supply chain. The BrightFarms model provides supermarkets with produce that is tastier, safer and more environmentally sustainable. Purchasing BrightFarms produce enables supermarkets to improve their profits while improving the planet.
The proceeds of the financing will allow BrightFarms to respond to strong demand from the supermarket industry to construct commercial greenhouses on site at supermarkets. In addition, BrightFarms will further invest in its capacity to provide its clients with a fanatical level of customer service.
“We are thrilled to be investors in BrightFarms” said Peter Grubstein, Managing Director of NGEN Partners. “The company will lower the costs of agriculture, transportation and water: the three major cost components of food production. They will disintermediate the supply chain and provide healthier and tastier food for the consumer.”
Christian Haub, Co-Chief Executive Officer of Tengelmann Group and Chairman of Emil Capital Partners, added “I am very excited for Emil Capital Partners to invest in BrightFarms, as we believe in the tremendous commercial potential of the company. BrightFarms’ solution taps into increasing consumer demand for locally grown foods. The BrightFarms model also offers food retailers an attractive source of produce at competitive terms.”
BrightFarms founder and Chairman, Ted Caplow, said “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.”
BrightFarms CEO Paul Lightfoot stated “We are fortunate to welcome world class new investors NGEN Partners and Emil Capital Partners into the BrightFarms family. We look forward to benefitting from their work as we help improve the produce supply chain.”
About BrightFarms
BrightFarms designs, finances, builds and operates hydroponic greenhouse farms at supermarkets, eliminating time, distance and cost from the food supply chain. There is no cost to the supermarket retailer, only an obligation to purchase the produce. The company’s core value is ecological sustainability.
About NGEN Partners
NGEN Partners provides enterprising capital for clean technology companies. Founded in 2001, NGEN is a pioneering investor in the cleantech sector, investing in companies that offer products and services that positively affect the environment. NGEN has deep expertise in alternative energy, energy efficiency, pollution abatement and green resources.
About Emil Capital
Emil Capital Partners (ECP) manages all activities of the Tengelmann Group in the Americas. The Tengelmann Group is a multi-sector retailer with outlets in 15 countries across Europe and more than 80,000 employees. ECP activities include investments in retail operations, commercial real estate, private equity investments and financial asset management. ECP seeks to add to its private equity portfolio by making strategic investments in private companies in consumer and related industries.
Source: BrightFarms, Inc.