Catalyst exited its investment in BrightFarms with Cox Enterprises’ acquisition of the indoor farming company and provider of locally grown packaged salads. The move solidifies BrightFarms’ leadership in the indoor agriculture space and provides a strong, stable foundation committed to accelerating growth with partner retailers.
Catalyst portfolio company BrightFarms, the leading grower of indoor leafy greens, announced the formation of BrightLabs, a world-class innovation and research hub launching at its Ohio growing facility. Matt Lingard, PhD, a former Bayer plant scientist with over 15 years of experience working at the intersection of biotechnology and greenhouse science, will lead the BrightLabs team as Vice President of Agriculture and Science.
The North Carolina greenhouse is just the latest chapter in BrightFarms’ vision to be the national leader in local produce.
Catalyst-backed ChowNow is using RingDNA to automatically surface insights about what works in sales calls to better coach its sales staff.
CEO of Catalyst portfolio company BrightFarms, Paul Lightfoot, was named chairman of the USDA Fruit & Vegetable Industry Advisory Committee. A healthy and sustainable food zealot, Lightfoot leads BrightFarms on its mission to provide supermarkets with the freshest, tastiest and most responsibly grown local produce. Through his vision, BrightFarms has created the first national brand of locally grown produce.
BrightFarms has secured more than $100 million in debt and new equity capital to support robust expansion plans. The Series E round of funding was led by Cox Enterprises, which now owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors. BrightFarms will use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.
Catalyst-backed BrightFarms, a leading supplier of locally grown salads for supermarkets, opened a new expansion to its Rochelle, IL greenhouse. The increase in production will support BrightFarms continued growth in the market, including a 34 percent jump in year over year sales with Mariano’s.
Catalyst portfolio company ChowNow is launching new products to support local restaurants during COVID-19. A new Instagram alliance enables restaurants to add “Order Food” buttons to their Instagram profile and Stories, free of charge, providing another way to sustain their businesses in these difficult times.
“During this unprecedented pandemic, ChowNow has mobilized all its resources to help local restaurants survive and ultimately thrive, launching new products and services in record time,” said Chris Webb, CEO of Catalyst-backed ChowNow. “This Instagram feature is yet another valuable tool we’re offering our restaurant partners — at no cost to the restaurants — to help them drive more revenue and boost order volume without suffering the outrageous commissions and fees imposed by other delivery apps.”
It’s three days before Thanksgiving, and the news just hit nationwide. Another romaine lettuce recall threatens turmoil in the produce industry – and for the second year in a row, it’s all happening in the reaches of America’s most indulgent holiday.
Catalyst portfolio company Bright Farm’s founder, Paul Lightfoot, is literally watching from the sidelines. He’s at the headquarters of a Midwest food retailer for a meeting – by happenchance – but now, that conference room has turned war room as teams work to initiate protocols to pull affected products from the shelves.
Lightfoot doesn’t necessarily have to worry, however. As founder and president of BrightFarms, an indoor farming company that grows salads in high-tech, computer controlled greenhouses, his product isn’t impacted (the latest recall included romaine harvested in Salinas, California). In fact, within minutes, he can attest to a spike in orders, and BrightFarms salads will soon fill up empty store space.