Little Leaf Farms Receives Financing from Bank of America

Robin Terhune Photography. Image courtesy of Little Leaf Farms.

Devens, MA—Little Leaf Farms, a packaged lettuce brand based on the east coast, has received over $18 million in financing from Bank of America with another $20 million incoming to help the company grow, according to a press release.

Image courtesy of Little Leaf Farms.

Little Leaf Farms produces sustainably grown lettuce free of pesticides, herbicides, and fungicides. The company grows lettuce hydroponically, using features like 100% captured rainwater and fertilization and irrigation systems that use 90% less water than field-grown greens to prevent depletion of groundwater reserves. The release notes that this model brings a year-round supply of lettuce to the east coast, lessening reliance on west coast-produced lettuce that needs to be trucked in from across the company.

Little Leaf Farms plans to begin building a 20-acre greenhouse in the Eastern Pennsylvania region to supply stores locally, followed by another 20-acre greenhouse located in Western North Carolina. Each acre of greenhouse is expected to yield 25 times more lettuce than an outdoor farm.

Paul Sellew, CEO of Little Leaf Farms, said in the release: “Having Bank of America so solidly behind us as we expand into several new regions is critical to our momentum. Customers have really responded to our lettuces, saying we have the best, most flavorful product, and we are now the number one packaged lettuce in New England. The support of the Bank of America team is going to help us move forward all the more.”

Randy Mitchell, a SVP of Global Commercial Banking at Bank of America, added: “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. We believe in the company’s environmentally and socially responsible mission as they expand into new markets on the East Coast.”