Dealflow | August 10, 2020

AppHarvest closes $28 million for its high-tech rural farms

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, August 28 – Indoor farming venture AppHarvest is building a 2.8 million-square-foot greenhouse in Morehead, Ky. to bring technology to sustainable agricultural production and jobs to an area with high unemployment and low incomes.

Hedge fund manager Jeff Ubben, who backed AppHarvest while at ValueAct Capital Management, re-upped with his new firm, Inclusive Capital (see, “Life imitates art). Investors in its Series C round include Breyer Capital, S2G Ventures, James Murdoch’s Lupa Systems, NBA star Kevin Johnson’s Black Capital and Endeavor Catalyst. Equilibrium Capital, which invested $82 million in AppHarvest last year, joined the new round as well.

Martha Stewart, Impossible Foods’ David Lee and Narya’s J.D. Vance joined the board.

The B Corp. is gearing up to build new farms.