Devens, MA—Little Leaf Farms has raised $90 million in debt and equity financing in order to fully fund the company’s east coast expansion, according to a press release.
“We are supportive of Little Leaf Farms’ efficient growing methods, using sunlight and captured rainwater, to grow delicious lettuce that only travels locally so it remains flavorful,” said Randy Mitchell, a SVP of Global Commercial Banking at Bank of America, in the press release. “We believe in the company’s environmentally and socially responsible mission as they expand into new markets on the East Coast.”
Equilibrium Capital led the funding round, with Coppermine Capital. Bank of America has committed more than $20 million to date, with an additional $20 million planned in financing to support Little Leaf Farms’ growth.
“Equilibrium Capital’s growth equity investment in Little Leaf Farms brings together a major player in next-generation indoor agriculture with the leader in CEA [controlled environment agriculture] investments,” said Equilibrium’s CEO Dave Chen, who will be joining LLF’s Board of Directors, in a press release. “Little Leaf Farms is revolutionizing the industry with its sustainable indoor growing technologies, to grow fresh, nutritious great tasting lettuces and mixes. We are proud to partner with Little Leaf Farms to expand its high-tech farms across the East Coast.”
Little Leaf Farms has 10 acres of greenhouses in Massachusetts, and already produces more than 2 million boxes of lettuce each month. The company doubled its retail sales to $38 million from 2019, the press release notes, and its lettuce is now available in more than 2,500 stores on the East Coast.
“After opening our third greenhouse in Massachusetts last summer amid the pandemic, we have proven that we can bring the company to scale unlike any other,” said Paul Sellew, Founder and CEO of Little Leaf Farms. “With our partners and committed financing, Little Leaf Farms is positioned to significantly disrupt the traditional lettuce industry and meet customer demand in a year when controlled environment agriculture is expected to soar. We continue to have record sales every week, and we only see that continuing.
“Having Equilibrium Capital, our existing shareholders and Bank of America so solidly behind us as we expand is critical to our momentum,” continued Sellew. “Even as we grow, we know we will continue to give our loyal and happy customers the best, most flavorful lettuce they have ever tried. We are very excited about our future.”