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AppHarvest Raises $28M as it Builds Out a Massive Greenhouse in Appalachia

by Chris Albrecht
August 7, 2020August 7, 2020Filed under:
  • Ag Tech
  • Funding
  • Modern Farmer
  • News
  • Vertical Farming
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Ag tech company, AppHarvest, announced yesterday that it has raised a $28 million Series C round of funding. The round was led by J.D. Vance’s Narya Capital, with participation from Lupa Systems and Rise of the Rest among others. This brings the total amount raised by AppHarvest to $150 million.

AppHarvest is in the midst of building out the worlds largest greenhouse facility in Morehead, KY. When completed, it will be a 2.76 million-square foot indoor faming facility that will use hydroponics and vertical farming to grow 45 million pound of fresh produce a year. The greenhouse is scheduled to open this fall and will employ roughly 300 people.

AppHarvest’s facility is within a day’s drive of 70 percent of the U.S. population, so it will be able to provide fresh produce to grocery stores in Appalachia, as well as surrounding states.

In June of this year, AppHarvest partnered with the State of Kentucky as well as the Dutch government and several universities. These partnerships were designed to create a series of research programs and develop the greenhouse as a “center of excellence” for agtech innovation.

AppHarvest isn’t the only indoor farming startup partnering with a local government. AeroFarms and the World Economic Forum partnered with the City of Jersey City and as my colleague, Jenn Marston wrote last week:

This is the first partnership between a city municipality and a vertical farming company in the U.S. Through it, AeroFarms will build 10 vertical farms in senior centers, schools, public housing, and municipal buildings around Jersey City. Collectively, the farms are expected to produce 19,000 pounds of vegetables annually, according to AeroFarms. Greens will be free of charge to residents, and the initiative also includes healthy eating workshops and quarterly health screenings.

Hopefully projects like AppHarvest and AeroFarms can use their tech platforms to help create a more equitable food system for everyone.


Related

AeroFarms to Go Public Via SPAC Deal

Large-scale vertical farming company AeroFarms announced today it will go public via a merger with special purpose acquisition company (SPAC) Spring Valley Acquisition Corp. Once the deal goes through, AeroFarms will become publicly traded on the Nasdaq under the ARFM ticker symbol. The combined company is expected to have an…

AppHarvest Acquires Crop Harvesting Robot Startup Root AI for $60M

Controlled ag company AppHarvest announced today that it has acquired Root AI, a startup that makes AI-based robots for harvesting crops grown in indoor farms. According to the press announcement, AppHarvest is spending roughly $60 million to acquire Root AI, with $10 million in cash and the balance in AppHarvest…

AppHarvest Gets $91M in New Financing for Its High-Tech Indoor Farms

AppHarvest this week announced a $91 million financing arrangement with Equillibrium Capital, according to Food Navigator, who broke the news. The money will go towards AppHarvest’s previously stated goal of building out 12 high-tech indoor farming facilities by 2025. Equilibrium Capital’s $91 million figure is a construction loan that will…

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Tagged:
  • ag tech
  • AppHarvest
  • indoor farming
  • vertical farming

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