Hydroponic greenhouse company BrightFarms closed a $4.3m funding round on Monday with participation from Emil Capital, the US-based investment unit for Germany-based retail group Tengelmann, as well as venture capital firm NGEN Partners and Ted Caplow, the founder of BrightFarms.
The series A round follows a round of seed funding in May that raised an undisclosed amount. BrightFarms, which designs and builds greenhouse farms for supermarkets, will use the cash to increase its operations as well as expanding its customer service capabilities.
Christian Haub, co-chief executive officer of the Tengelmann Group, said "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."