Earth Equity Farms nabs seed round
SEC filings report that Berkeley-based Earth Equity Farms has pulled in an additional $267k, bringing their total round to $822k, which they introduced last year.
“reduce water usage [generate] high production yields and near elimination of crop damage risk”
Per to the businesses website, Earth Equity Farms is developing “sustainable Organic Fair Trade agriculture” through climate controlled greenhouses that “reduce water usage [generate] high production yields and near elimination of crop damage risk”. Startups in the Environment Controlled Agriculture space had a break-out year in 2014, pulling in nearly $210 million in backing.
This included AeroFarms ($36m), Bright Farms ($7.3m), Freight Farms ($3.7m), Fresh Realm ($10m), PodPonics ($4.6), Gotham Greens ($8m), and GrowLife ($14.5m), and SunDrop Farms ($100m). Environment Controlled Agriculture has benefitted from a confluence of factors including a prolonged drought in California driving up quotations for high value harvests like lettuce, herbs, and tomatoes; legalization of cannabis in many states; local-food movements, and the emergence of low-cost LED lighting.
Earth Equity’s plan, outlined on AngelList , calls to develop 37 acres of greenhouse each year over the next three years, with a 12-acre greenhouse for Phase one. Phase one is projected to cost $650k and generate $800k in annual EBITDA, with the entire operation projecting $13.2M EBITDA after year four.
Email rob@agfunder.com Correction: Gannon over at CleanTech sent over a correction. The firm did not have two separate rounds. Rather, the SEC filing was an amendment to last years Reg D filing.
- Who: Environment Controlled Agriculture · Berkeley-based Earth Equity Farms · Earth Equity Farms · Organic Fair Trade
- Money: $267 · $822 · $210 million · $36
- Figures: 210 million