Automotive services, media and communications group Cox Enterprises has led a $55m series D round for US-based healthy food provider BrightFarms.
Catalyst Investors, WP Global Partners and Ngen Partners also participated in the round, which boosted BrightFarms’ overall funding to $111m since it was founded in 2011.
BrightFarms grows fruit and vegetables using greenhouse farms built near urban areas, allowing it to quickly supply fresh produce to local supermarkets and restaurants. It utilises advanced agriculture techniques that greatly decrease the amount of space and water required.
The company has farms in the states of Pennsylvania, Virginia and Illinois, and the series D cash will support the establishment of additional farms in Ohio and Texas.
Dallas Clement, Cox’s chief financial officer, said: “Since our founding in 1898, Cox has embraced innovative, game-changing businesses in their earliest stages like radio, television, cable TV and broadband.
“BrightFarms presents a unique opportunity to reshape agriculture production and drive positive environmental change by growing in local, controlled environment agriculture farms. We are excited about the opportunity to support BrightFarms’ growth as it scales into a national brand.”
Catalyst Investors, WP Global and Ngen Partners provided $30.1m in series C funding for BrightFarms in 2016.
The company’s investors also include Emil Capital, the subsidiary of retailer Tengelmann that backed its $4.3m seed round in 2011 together with Ngen and BrightFarms founder Ted Caplow. The three joined WP Global for a $7.4m series B round three years later.