Little Leaf Farms raises $300M for expansion, including new Pennsylvania facility
Photo | Grant Welker
Paul Sellew, co-founder and CEO of Little Leaf Farms
Devens-based Little Leaf Farms has secured $300 million in capital investment to help the hydroponic lettuce company further expand its operations.
The company intends to use the funds to expand its total acreage with the goal of making its product available to half the U.S. population by 2026, according to its Wednesday press release. This includes the opening of a 180-acre greenhouse to be located in McAdoo, Pa.
The funding comes from The Rise Fund, a fund by Texas-based investment company TPG investing in globally sustainable businesses, and additional funding from one of the Little Leaf Farms’s earliest investors, Bank of America, based in North Carolina. Maya Chorengel, a co-managing partner for The Rise Fund, will join the board of directors for Little Leaf Farms as part of the deal.
"This funding from our partners at The Rise Funds and Bank of America marks a pivotal moment in Little Leaf Farms' growth story," said Paul Sellew, founder and CEO of Little Leaf Farms, in a press release. "With this funding, we're transforming the way millions of Americans eat and enjoy leafy greens, no longer relying on choices that have traveled thousands of miles across the country to reach them."
The high funding comes off a previous $90 million the company had received in 2021, coming from Equilibrium Capital in Oregon and Coppermine Capital in Concord.
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