Springworks Farm has raised $22 million through a combination of equity and debt as it looks to fund the construction of its fourth and largest aquaponic greenhouse.
The new greenhouse will expand its operations by 120,000 square feet and will create 40 new jobs in the state of Maine. The raise marks phase one of Springworks’ plans to build 500,000 square feet of greenhouse space over the next six years.
The company uses aquaponics – “a recirculating ecosystem that combines fish and plants” – to grow its fresh produce, which includes organic bibb, romaine and green leaf lettuce.
Upon completion of the fourth greenhouse, Springworks says it will produce around 5 million heads of lettuce and 315,00lbs of tilapia annually. The development will also help the company to meet the increasing demand for local and sustainably grown produce.
Trevor Kenkel, who founded Springworks in 2014 at the age of 19, said: “Regional agriculture is core to the sustainable future we want to help build. By delivering organic greens to customers faster, we are able to cut food waste and improve quality.”
Karin Gregory, who led the investment for Blue Highway Capital, added: “We first met the Springworks team in 2021 and began to follow their progress. We look in rural areas for companies with strong management teams in sectors positioned for growth and are pleased to have participated in this financing with Farm Credit East.”
© FoodBev Media Ltd 2023