Chicago-based Rise Gardens, a leading vertical farming startup, has closed its seed investment round, raising US$2.6 million.
The funding round was led by True Ventures, a Silicon Valley-based venture capital firm. The round witnessed the participation from several business leaders including:
• Michael Alter (Alter Group, WNBA Sky)
• Pat Vihtelic (Founder, Home Chef)
• Lee Rosenberg (venture investor)
• Howard Tullman (former CEO of 1871)
• Jai Shekhawat (Founder of Fieldglass)
• Doug Fogelson (artist and investor)
• Pamela Roussos
“Thanks to the hard work of a passionate team, we have built a productive and easy-to-use indoor gardening system that consumers love,” said Hank Adams, Founder and CEO, Rise Gardens.
“We’re thrilled to have True Ventures, with their amazing track record and capabilities, choose to invest in us. I’m also very grateful for the support of incredible tech leaders who are backing helped get us to this important milestone. Together they will help us achieve a tangible social impact by improving nutrition for all of our customers,” he added.
The company aims to utilize the funds to expand its operations and business reach.
Founded by serial entrepreneur Hank Adams, Rise Gardens provides a smart indoor hydroponic gardening system for a wide variety of herbs, greens, veggies, vining plants and microgreens.
In order to encourage better nutrition and health outcomes, the company has also partnered with schools to build nutrition education into the classroom.
It is worth noting that the round follows a period of growth by the company since its launch in Q4 of 2019. Sales too have doubled every month since January with nearly 750% growth rate over the previous quarter.