Wednesday, January 29, 2014

NGEN Backs Urban Farming Company BrightFarms

Clean technology investor NGEN Partners, which is based in Santa Barbara, is one of the lead investors in a new funding round for urban farming company BrightFarms, which was announced Tuesday. According to BrightFarms, it has raised $4.9M in a Series B financing round, led by NGEN Partners, Emil Capital Partners, as well as others. BrightFarms is working on the concept of "urban farming"--by financing, building, and operating greenhouse farms in urban areas, it looks to cut down on the costs of transportation and other costs to supply local supermarket chains--which it says uses far less land and water than conventional agriculture. BrightFarms is based in New York City. More information »