Key Takeaways:
- Vision Greens, a Welland, Ontario-based vertical farm, has raised $18 million in a second capital round.
- The funds consist of $10M in equity and $8M in debt, provided by The Dorchester Corporation and Farm Credit Canada.
- The investment will support Vision Greens’ expansion to grow an additional 1 million pounds of lettuce annually.
- Vision Greens’ carbon-neutral farming uses 95% less land and water than traditional farming and significantly reduces carbon emissions.
Vision Greens, a vertical farming company based in Welland, Ontario, announced the successful completion of its second capital raise, securing $18 million to fund its expansion. The funding consists of $10 million in equity and $8 million in debt capital, provided by The Dorchester Corporation and Farm Credit Canada. Vision Greens specializes in growing sustainable, pesticide-free lettuce using patented vertical farming technology and processes.
“Our investors are Canadian leaders who see our potential and value in bringing sustainably grown local lettuce that is even better than organic, to consumers across Canada,” said Lenny Louis, CEO of Vision Greens.
Expansion to Meet Growing Demand
The new investment will enable Vision Greens to scale up its operations, allowing the company to grow up to an additional 1 million pounds of lettuce annually. Vision Greens, which currently supplies its products to major grocery chains such as Metro and Food Basics, as well as foodservice accounts including Sysco and Bondi, has reached production capacity due to the high demand for its consistently fresh and great-tasting lettuce.
The company’s flagship products, including Crunchy Green Leaf Lettuce, Fancy Spring Mix Lettuce, Crisp Romaine Lettuce, and Cherry Kiss Red Leaf Lettuce, have gained popularity for their quality, taste, and sustainable growing practices.
“Vision Greens lettuce ticks all the boxes customers look for in produce today,” said Jack Connacher, Executive Chef at Paros, Yorkville. “It’s locally and sustainably grown, pesticide-free, and always tastes fresh and delicious. Serving Vision Greens has enabled us to deliver a better dining experience which in turn has driven repeat business from our discerning guests.”
Vision Greens Latest News
Raises $7M To Bring Vertically Farmed Produce In Canada (2022/06/22)
Vision Greens, a vertical farm in Ontario, has raised $7M to bring clean, better-tasting greens to consumers. The company uses proprietary growing technology to produce fresh, locally grown produce, aiming to disrupt Canada’s lettuce import market. With the investment, the vertical farming company plans to grow 700k pounds of saleable produce annually and distribute it to leading grocers and meal kit companies. The funding will help Vision Greens meet increased demand from leading grocers and capture double-digit market share over the next few years. The company’s Foodland Ontario certified produce is grown, harvested, and packaged at its Welland, ON farm, traveling less than 200 km to reach consumers. The company’s new look, “Clean Food. Fresh Taste,” celebrates its commitment to providing fresh, locally grown, pesticide-free produce at an affordable retail price. The brand’s product line includes Crunchy Green Leaf Lettuce, Fancy Premium Lettuce Mix, Crispy Baby Romaine Lettuce, Crunchy Red Leaf Lettuce, Zesty Arugula, and Living Genovese Basil and Parsley Lettuce.
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