Little Leaf Farms Raises $300M in Capital with Funding from TPG and Bank of America’s The Rise Fund

Funding will fuel aggressive expansion goal of 100 acres under glass by 2026; the opening of a new greenhouse in Pennsylvania in July will immediately double the area

DEVENS, Massachusetts and SAN FRANCISCO, June 15, 2022 /PRNewswire/ — small leaf farmsthe nation’s first brand of packaged lettuce grown sustainably through controlled environment agriculture (CEA), raised $300 million in new capital, with equity financing led by The Rise Fund, TPG’s multi-sector global impact investing strategy and Bank of America’s debt financing. The Capital will support aggressive growth and expansion of farms and distribution, making local Little Leaf Farms lettuces accessible to more than half of the country’s population by 2026. Immediate expansion and doubling of the acreage are accompanied by the opening of a new greenhouse in McAdoo, Pennsylvania this summer.

The Rise Fund, founded in 2016 by TPG in partnership with Bono and Jeff Skoll, brings an unparalleled ability to help companies grow and succeed over the long term. With a focus on investing in mission-driven businesses with measurable social and environmental impact, The Rise Fund’s investment in Little Leaf Farms underscores increased consumer interest and demand for locally grown produce. sustainably and supports Little Leaf Farms’ mission of fresh, leafy greens for everyone. . As part of this transaction, Maya Chorengel, Co-Managing Partner of The Rise Funds, will join the Little Leaf Farms Board of Directors.

“This funding from our partners at The Rise Funds and Bank of America marks a pivotal moment in Little Leaf Farms’ growth story,” said Paul Sellew, Founder and CEO of Little Leaf Farms. “We have seen, especially in recent years, how important locally grown food is to communities, and we are proud to offer customers the freshest leafy greens that are harvested with 90% less water than conventional lettuces and shipped in less than 24 hours. . With this funding, we are transforming the way millions of Americans eat and enjoy leafy greens, no longer relying on choices that have traveled thousands of miles across the country to reach them.”

“Little Leaf Farms dramatically improves the efficiency of the leafy green growing process by dramatically reducing water consumption and greenhouse gas emissions on a large scale. goal of accelerating the growth of companies that address large-scale environmental and social issues with innovative solutions,” said Ms. Chorengel. “With this investment, we are proud to extend Little Leaf Farms’ market leadership as it expands its operations and continues to deliver the highest quality, reliability and consistency to a growing customer base.”

The capital raise includes backing from Bank of America, an early debt investor in Little Leaf Farms, which has helped the brand succeed and grow throughout the Northeast.

“Little Leaf Farms not only provides fresh, sustainable regional produce, but it also redefines local agriculture and creates more sustainable solutions in our local communities and in the industry,” said Randy Mitchell, senior relationship manager for Bank of America. “By investing in companies like Little Leaf, we are helping to develop more low-carbon solutions.”

Expansion in PennsylvaniaLittle Leaf Farms’ new state-of-the-art hydroponic greenhouse will open in July on 180 acres in McAdoo, Pennsylvania. This is Little Leaf Farms’ fourth greenhouse and will expand the brand’s distribution of delicious, fresh lettuces – all free of harmful pesticides, herbicides and fungicides – throughout the Northeast. The farm will increase the brand’s commercial presence by 50%, with products available in more than 3,500 grocery stores.

The new greenhouse will incorporate Little Leaf Farms state-of-the-art technology, including energy-efficient heating, air conditioning, lighting, advanced data analytics, and hands-free automated growing systems. Little Leaf Farms uses hydroponics for their lettuce which is grown under glass and uses captured rainwater, natural sunlight, up to 90% less water than field grown vegetables and solar panels to generate electricity.

The brand plans to open several more greenhouses in Pennsylvania and North Carolina to serve its growing customer base. Over the past year, Little Leaf Farms has increased retail sales by more than 50% and accounts for 42% of CEA lettuce produced in the United States1, one of the fastest growing commodity production segments. .

“We continued to transform the way consumers perceive leafy greens, showing in one bite that local, fresh produce is better,” Sellew continued. “This is just one step in our growth trajectory, and we will continue to strive for new innovation and expanded distribution to bring our lettuce to all consumers in North America. »

Goldman Sachs & Co. LLC acted as exclusive placement agent for Little Leaf Farms in connection with the capital raise and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian acted as legal counsel. Kirkland & Ellis acted as legal counsel to The Rise Fund.

About Little Leaf FarmsLittle Leaf Farms is on a mission to transform the way food is grown through suburban farming practices rebuilt for the modern world. Using state-of-the-art greenhouse technologies, Little Leaf Farms grows fresh, sustainable lettuce 365 days a year. Little Leaf Farms uses captured rainwater, natural sunlight shining through high-transmittance glass, and solar energy in their precise, soilless hydroponics. The crispy and tasty young shoots are harvested without ever touching human hands and are never treated with chemical pesticides, herbicides or fungicides. For more information, visit littleleaffarms.com or @littleleaffarms.

About Rise FundsRise Funds are a central pillar of TPG Rise, TPG’s global impact investing platform. Founded in 2016 by TPG in partnership with Bono and Jeff Skoll, The Rise Funds invests in impact entrepreneurs and growth-stage, high-potential, mission-driven companies that are focused on achieving the Sustainable Development Goals of United Nations. Rise Funds provide capacity and expertise across a wide variety of sectors and countries at scale, focusing on opportunities in climate and conservation, education, food and health. agriculture, financial inclusion, healthcare and impact services.

With approximately $14 billion in assets across The Rise Funds, TPG Rise Climate and Evercare Health Fund, the TPG Rise platform is the world’s largest private markets impact investing platform committed to achieving social results. measurable and positive environmental and environmental factors, as well as competitive financial returns.

About Bank of AmericaBank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The Company offers unparalleled convenience in the United States, serving approximately 67 million retail and small business customers with approximately 4,100 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 54 million verified digital users . Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves customers through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.

Media Contacts

small leaf farmsTori Partykevitch[email protected]

TPG / The Rise FundsAri CohenDirector, External Affairs415-743-1550[email protected]

1: Source: Nielsen Total US xAOC Prepackaged Salads 52 weeks ending 04-Dec-2021

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SOURCE Little Leaf Farms

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