AgTech Fund Raise Greenhouse - Agriculture

AgTech startup AppHarvest raised $28 million in a Series C funding round

AppHarvest, a startup building North America’s largest greenhouse, raised $28 million in a Series C funding round. It brings the total fund raised for the greenhouse startup to $150 million during the past two years. AppHarvest is building some of America’s largest greenhouses, combining conventional agriculture techniques with today’s technology to grow non-GMO, chemical-free produce.

The latest round was led by J.D. Vance’s Narya Capital along with James Murdoch’s Lupa Systems investment firm and Steve Case’s Rise of the Rest fund, among others. The startup said it added food entrepreneur Martha Stewart, Impossible Foods CFO David Lee and author J.D. Vance to its board of directors in conjunction with the fundraising round.

The future of food will be, has to be, growing nutrient-rich and delicious produce closer to where we eat. That means food that tastes better and food that we feel better about consuming. AppHarvest is driving us towards that future and working from within Appalachia to elevate the region.

Martha Stewart, food entrepreneur

AppHarvest greenhouses offers huge advantages vis-a-vis conventional agriculture. These include:

  • 90% less water: Our high-tech greenhouses distribute water more efficiently, reducing usage by up to 90%.
  • 365 days production: Growing indoors eliminates weather and seasonal constraints, empowering our region with a resilient food source.
  • 40% less gas: Our hybrid lighting system with Philips GreenPower LEDs increases harvests while reducing natural gas usage in cooler months.

It’s time for agriculture in America to change. The pandemic has demonstrated the need to establish more resilient food systems, and our work is on the forefront of that effort. Eastern Kentucky, with its central U.S. location, provides the perfect place to build AppHarvest’s indoor farms while also providing much needed jobs to a ready workforce.

Jonathan Webb, Founder & CEO, AppHarvest

AppHarvest is planning to open the world’s largest greenhouse in the autumn—a 2.76 million square foot facility in Morehead, Kentucky. The Series C funding round will allow the company to continue to hire employees from around the globe as it prepares to build additional farms.