Soli Organic has raised approximately $125 million in a Series D funding round led by investment firms CDPQ and Movendo Capital.
The round included participation from S2G Ventures, Cascade Asset Management Company and XPV Water Partners.
Soli Organic is a grower and marketer of fresh organic culinary herbs in the US. Based in Rockingham, Virginia, the company has developed the nation’s “largest commercial indoor organic, soil-based growing system”.
The capital will be used to expand the company’s national production footprint in the US. Soli Organic also plans to open 15 farms across the nation, including high-tech facilities in the Mid-Atlantic, Southeast and Pacific Northwest, as well as several other smaller facilities already in production.
Soli Organic CEO, Matt Ryan, said: “Throughout our 30-year history, first in organic field agriculture and now as a leading indoor organic farming company, Soli Organic’s north star has always been what consumers care most about: organic, flavour, quality, freshness and affordability. Our unique technology advantage enables us to offer a superior consumer proposition.
He added: “Growing indoors in soil confers both high-quality and better unit economics, breaking the paradigm that organic food must cost more”.
Sansjeev Krishnan, chief investment officer and MD at S2G Ventures and member of the Soli Organic board of directors, added: “We believe that Soli Organic is one of the most promising companies in indoor farming. With transformational soil-based growing technology, the company has solved the quality, affordability and crop diversity issues that challenge others in this space, all while being organic.”
He continued: “For returning investors, Soli Organic offers a track record of strong performance – buoyed by effective and creative leadership and a relentless focus on unit economics as the company continues to scale – all while offering considerable ESG benefits for investors and others seeking to reduce the impact of the food system and boost access to healthy food options”.
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