Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), has provided $12 million in debt financing to Freight Farms to expand its product offering and pursue its growth objectives. Founded in 2012, Freight Farms has a network of connected hydroponic container farms serving customers around the world ranging from small business farmers to those within the corporate, hospitality, retail, education, and nonprofit sectors.
“Cambridge Trust is the type of commercial lender all companies in our industry want to work with because they took the time to understand our market, our business model, and our vision,” said Freight Farms Chief Executive Officer Rick Vanzura. “Their financing is coming at the perfect time—a time when we are looking to meet the increasing demand for our farms. It puts Freight Farms in a stable financial position to help us meet our customers’ needs and continue as a leader in providing vertical farming solutions that optimize crop yield year-round around the globe.”
“We are pleased to provide an innovative and meaningful debt facility to advance Freight Farms’ efforts to expand its product offerings and achieve its growth objectives,” said Chris Roy, Director, Innovation Banking at Cambridge Trust. “With a talented management team and well-designed products serving a critical need, we believe Freight Farms is poised to transform agriculture over the years ahead as sustainability and access to quality produce become ever more important.”
Cambridge Trust’s Innovation Banking Group is a leading Boston-based lender focused on the financial needs of growth-stage companies which drive the expansion of the innovative economy and support Cambridge Trust’s growth strategy.