Baar-Zug, Switzerland, August 12, 2021
Blue Earth Capital (BlueEarth), has signed an agreement to invest in 80 Acres Farms (80 Acres), a leading vertical farming business, as part of a USD 160 million funding round alongside General Atlantic, Siemens Financial Services and Beyond Net Zero.
The company is at the forefront of controlled-environment agriculture (CEA) and will utilize the capital for continued expansion and product development, building from its current footprint of vertical farms that yield a diverse offering of high-quality produce.
80 Acres Farms’ vertical farm systems grow the widest variety of produce commercially sold at scale by any vertical farm to-date, including leafy greens, herbs, tomatoes, cucumbers, and microgreens. The company’s breakthrough growing technologies and advanced data analytics capabilities have enabled this industry-leading product breadth, driving strong revenue growth.
80 Acres Farms currently service over 600 retail and food service locations, including its recent 316 store expansion in the U.S. Midwest with the Kroger Company (Kroger), the United States’ largest supermarket chain by revenue, and to the e-commerce channel powered by the Kroger and Ocado Solutions’ partnership.
With farms located closer to customers, 80 Acres’ produce travels significantly fewer food miles, shortening the farm-to-table footprint and reducing overall food waste. Growing methods at 80 Acres use 97% less water than traditional farming practices and are powered by renewable energy.
Mike Zelkind, Co-founder and CEO of 80 Acres Farms, said: “We are proud of what our team has been able to accomplish and enthusiastic about the road ahead. We are also honored to be supported by such a high caliber group of strategic investors who are enabling us to continue to lead this evolving and fast-growing industry. The investment is a quantum leap for the business to build more farms both nationally and globally.”
Tisha Livingston, Co-founder and President of 80 Acres Farms, CEO of Infinite Acres, said: “The new investment positions the company as the leading proven and profitable technology provider prepared for rapid expansion. In addition, this enables 80 Acres to focus on their operational expertise and deep research and development capabilities beyond leafy greens.”
Kayode Akinola, Head of Private Equity Directs at Blue Earth Capital, said, “We are excited to be partnering with General Atlantic and Siemens to provide growth capital and support to Mike, Tisha and the entire 80 Acres team to help scale their operations within existing and new markets.”
Urs Baumann, CEO of BlueEarth added “We are pleased to be able to provide growth capital to 80 Acres via our global private equity direct investments practice and as part of our Climate Growth Strategy. We look forward to supporting 80 Acres on their growth journey and in their efforts to help sustainably address key global environmental challenges.”
About Blue Earth Capital
Blue Earth Capital is an independent global impact investment firm, headquartered in Baar-Zug, Switzerland with operations in New York, London and Singapore. It manages investment strategies for an international clientele of professional investors who are seeking investment solutions that offer market-rate returns, while also helping to address pressing social or environmental challenges.
Initiated in 2015 by Urs Wietlisbach and backed by the Wietlisbach Foundation, Blue Earth Capital has been incubated and built-up with the support of Partners Group, leveraging its experience as a leading global private markets firm.
Blue Earth Capital is fully owned by Blue Earth Foundation, a Swiss not-for-profit organization which protects the impact mission of Blue Earth Capital and re-invests 100% of the firm’s operating profits in support of its philanthropic activities.
About 80 Acres Farms
80 Acres Farms is a vertical farming leader providing customers with the freshest, and most nutritious fruits and vegetables at affordable prices. Utilizing world-class technology and analytics, the company offers customers a wide variety of pesticide-free food with a longer shelf-life that exceeds the highest standards in food safety. Consumers can find 80 Acres’ products of just-picked salads, tomatoes, cucumbers, herbs, and microgreens at Kroger, Whole Foods, The Fresh Market, Dorothy Lane Markets, Jungle Jim’s Markets, and key National Foodservice Distributors including Sysco and US Foods. 80 Acres Farms Press Release
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