Little Leaf Farms raises $90M to fund East Coast expansion
Photo | Grant Welker
Paul Sellew, co-founder and CEO of Little Leaf Farms
Little Leaf Farms in Devens, a hydroponic lettuce company, announced on Monday it has raised $90 million in debt and equity financing to fund its East Coast expansion.
The five-year-old company has seen significant success, doubling its retail sales to $38 million from 2019 and distributing its product to over 2,500 stores in the Eastern United States.
“With our partners and committed financing, Little Leaf Farms is positioned to significantly disrupt the traditional lettuce industry and meet customer demand in a year when controlled environment agriculture is expected to soar,” said Founder and CEO Paul Sellew, in a statement. “We continue to have record sales every week, and we only see that continuing.”
Little Leaf maintains 10 acres of greenhouse across three Massachusetts facilities, producing over 2 million boxes of lettuce each month. The company expanded its delivery and sales to New York, New Jersey and Pennsylvania last fall, according to a press release.
The most recent funding round was led by Equilibrium Capital, joined by Coppermine Capital, founding investor Bill Helman and Pilot House Associates. Bank of America also committed over $20 million, with an additional $20 million in planned financing slated to support the company’s growth.
“Having Equilibrium Capital, our existing shareholders and Bank of America so solidly behind us as we expand is critical to our momentum,” said Sellew.
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