New Jersey-based indoor farming company Edible Garden has launched a crowdfunding campaign in the hopes of raising $1 million for its controlled-environment indoor farming operations that supply leafy greens and herbs to grocery retailers across the U.S. The campaign is currently live on crowd investment platform Republic, with $5,075 raised so far and 74 days left to go.
In a press release sent to The Spoon, the company said that funds raised via Republic will go towards further commercializing the company’s greenhouses and expanding its reach in terms of where it sells its produce.
The company operates a controlled-environment greenhouse in Belvedere, New Jersey that utilizes tech to monitor things like temperature and humidity levels as well as help growers manage crop cycles. The software monitors these and other variables along the food supply chain for greater traceability of its products.
Edible Garden has additional farms nationwide through partnerships with growers, and its greens are already at over 5,000 stores nationwide. Meijer, Shop Rite, Target, Kroger, and Walmart, among many others, are listed as Edible Garden’s retail partners.
Individuals can back Edible Gardens in different tiers, starting at a minimum of $100. Backers that contribute $250 or more get a Crowd SAFE agreement, which would enable them to receive a financial return “should the company ever sell or file for an IPO,” according to the press release. Other perks include sample of Edible Garden greens, including monthly and yearly supplies, depending on how much the individual invests.
As with any campaign, backers assume a certain amount of risk investing in companies and projects via crowdfunding platforms, and there is no guarantee Edible Garden will sell or go public and therefore reward this campaign’s backers financially. In other words, caveat emptor.
That said, the last several months have seen a sizable uptick in activity and investment into the controlled-environment agriculture space. To name just a few, Revol Greens recently raised $68 million, AppHarvest nabbed $28 million, and Gotham Greens further expanded its high-tech greenhouses in the U.S. Those numbers are encouraging at a time when more consumers are expressing interest in locally grown food that is more traceable. However, controlled-environment ag as a sector has yet to economically prove its worth as a vital part of the food system, though it’s trekking in that direction.
For its part, Edible Garden will run its campaign until January 16, 2021.