AeroFarms Series D closes for a grand total of $40 million, up from previously reported 34.3 million
AeroFarms seems to be in constant fundraising mode. With AeroFarms Series D round of investment, they add IKEA Group and David Chang, chef and founder of the Momofuku Group, and retired US Army General David Petraeus to a previously released list of international investors.
A May Securities & Exchange Commission Filing indicated that AeroFarms had raised $34.3 million of a targeted $40 million.
AeroFarms grows leafy greens using aeroponics –- growing them in a misting environment without soil –- LED lights and growth algorithms.
The round takes AeroFarms’ total fundraising efforts to over $130 million since 2014, including a $40 million debt facility from Goldman Sachs and Prudential.
AeroFarms attracted new, international investors in this latest round, including Meraas, the investment vehicle of Sheikh Mohammed bin Rashid, vice president of the United Arab Emirates and the ruler of Dubai.
The filing also revealed that AeroFarms had renamed its holding company to Dream Holdings, as part of its move from an LLC to a C-Corp, referencing its new retail brand Dream Greens. The Dream Greens brand hit the shelves of ShopRite, Whole Foods, FreshDirect, and Newark chain Seabras in February. Before that, the business was selling its greens into food service under the AeroFarms brand.
This new round will help the company with its domestic expansion but also facilitate their breaking into international markets. The company plans to target the Middle East with the guidance of some of its new international investors.
AeroFarms also wants to add to its 120-strong team of plant biologists, pathologists, microbiologists, mechanical engineers, system engineers, data scientists and more. In particular, the company wants to add team members to its research & development department, with a view to improving the quality and operating costs of the business.
AeroFarms just completed construction of its ninth indoor farm, with four in New Jersey including its state-of-the-art 69,000 square foot flagship production facility in Newark. It also has plans to build in the Northeast of the US.
To learn more about AeroFarms check out this Agfunder News interview with their CEO David Rosenburg here.