WP Global Partners backs urban agriculture company BrightFarms

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agri_field_170sqUrban agriculture company BrightFarms has secured $2.4m in a round led by venture capital firm WP Global Partners.

NGEN Partners, Emil Capital Partners, BrightFarms founder Ted Caplow also participated in the investment round, which took the company’s total Series B funding to $7.4m.

BrightFarms currently has more than $100m in backlogged projects and close to $20m in capital raised to date.

It has a 1.3 acre prototype farm which is operating and selling under produce purchase agreements.

WP Global senior managing director Gregory Oberholtzer said, “BrightFarms offers a sustainable and commercially viable solution to consumers’ increasing desire for fresh and locally grown produce.

“Their business model and controlled greenhouse systems allow supermarkets the certainty of a continuous supply of fresh, high quality produce. We are pleased to be investment partners in the company’s growth.”

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