Lettuce grower will use new funding wave for huge expansion

Added on 04 July 2022

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Lettuce grower will use new funding wave for huge expansion

Little Leaf Farms, one of the country's top brands of packaged lettuce sustainably grown through controlled environment agriculture (CEA), has raised $300 million in new capital, with equity financing led by The Rise Fund, TPG's multi-sector global impact investing strategy, and debt funding from Bank of America. The capital will support aggressive growth and expansion of farms and distribution, making Little Leaf Farms' local lettuces accessible to more than half of the country's population by 2026. Immediate expansion and a doubling of acreage comes with the opening of a new greenhouse in McAdoo, PA, this summer.

With its focus on investing in mission-driven companies with measurable social and environmental impact, The Rise Fund's investment in Little Leaf Farms underscores the increased consumer interest and demand for sustainably grown produce and supports Little Leaf Farms' mission of fresh, leafy greens for all. As part of this transaction, Maya Chorengel, Co-Managing Partner of The Rise Funds, will join Little Leaf Farms' Board of Directors.

"This funding from our partners at The Rise Funds and Bank of America marks a pivotal moment in Little Leaf Farms' growth story," says Paul Sellew, Founder and CEO of Little Leaf Farms. "We've seen, especially in recent years, how important locally grown food is to communities, and we're proud to bring customers the freshest leafy greens that are harvested with 90% less water than conventional lettuces and shipped in less than 24 hours. 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."

"Little Leaf Farms is driving significant efficiency improvements in the growing process for leafy greens by meaningfully reducing water usage and greenhouse gas emissions at scale. The company's mission to deliver local and sustainably grown lettuce year-round is well-aligned with The Rise Funds goal to accelerate the growth of companies that are meeting large-scale environmental and social problems with innovative solutions," Chorengel says. "With this investment, we're proud to extend Little Leaf Farms' leadership in the market as it scales its business and continues to offer the best quality, reliability, and consistency to a growing customer base."