Soli Organic Raises Nearly $125 Million to Expand National Footprint, Scale Soil-Based Indoor Production Technology
Soli Organic Inc. (“the Company”), the nation’s only soil-based, indoor farming company delivering 100% USDA certified organic produce, has announced the close of a Series D funding round totaling nearly $125 million. The round was led by global investment group CDPQ, with leading European investment firm Movendo Capital, B.V. also joining the round, along with follow-on investment from existing investors S2G Ventures, Cascade Asset Management Company and XPV Water Partners. Goldman Sachs & Co. LLC acted as exclusive placement agent for Soli Organic.
Strategic venture funding through this round will fund the continued build-out of additional large, high-tech, soil-based indoor farms that will transform the Company’s nationwide production footprint. The Company plans to have a total of 15 farms in strategic locations nationwide, including high-tech facilities in the Mid-Atlantic, Southeast and Pacific Northwest and other forthcoming locations, as well as several smaller, early generation facilities currently in production. The Company is also in the process of identifying sites for its next farms in the Midwest and Northeast.
Soli Organic™ Announces $120 Million Financing Arrangement with Decennial Group to Expand Certified Organic Controlled Environment Agriculture
Soli Organic Inc. (“the Company”), formerly known as Shenandoah Growers, Inc., the nation’s only soil-based, controlled environment agriculture company delivering 100% USDA certified organic produce to more than 20,000 retail stores nationwide, today announced a $120 million financing arrangement with leading real estate development firm Decennial Group.
The arrangement with Decennial Group is a key component of the Company’s strategy to further expand production capacity to meet growing demand. The Company intends to build eight new farms, in addition to its seven farms in operation today. The Decennial Group financing will support construction of three of the eight planned facilities. Each 100,000 square foot facility will have an annual production capacity of 5 million pounds. The Company recently broke ground on the first facility financed through Decennial Group, which is located in Anderson County, South Carolina, and is anticipated to be operational by Q2 2022.