AppHarvest Funding, Investors & Competitors

AppHarvest has raised $142M across 5 funding rounds, most recently a $28M Series C in August 2020.

Last AppHarvest funding round

$28M

Series C · Aug 2020

Cumulative funding AppHarvest raised

$142M

across 5 funding rounds

Key investors in AppHarvest

  • Revolution
  • ValueAct Capital
  • Equilibrium Capital
  • Bossa Invest
  • Endeavor Catalyst
  • S2G Investments
  • Narya Capital

AppHarvest Overview

About AppHarvest

AppHarvest is a Morehead, Kentucky-headquartered vertical farming company producing non-GMO tomatoes and leafy greens in climate-controlled greenhouses. Founded in 2018 and listed on NASDAQ as APPH, the firm operates massive facilities in Appalachia combining LED lighting, hydroponics, and robotics for year-round yields.


Founded

2017

HQ

United StatesMorehead, KY

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

AppHarvest Funding History

AppHarvest has raised a total of $142M across 5 funding rounds.

AppHarvest's first fundraising round was a $5M Series A in March 2019. The most recent completed round was a $28M Series C in August 2020.

AppHarvest funding rounds

AppHarvest funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2020Series CEquilibrium Capital; Revolution; Endeavor Catalyst; S2G Investments; ValueAct Capital; Narya Capital; Bossa Invest$28MAppHarvest, a US-based controlled environment agriculture startup, raised $28 million in its Series C funding round in August 2020, led by Narya Capital with participation from investors including Bossa Invest, Endeavor Catalyst, Equilibrium Capital, Revolution’s Rise of the Rest Seed Fund, S2G Investments, and ValueAct Capital. This brought the company's total funding to $150 million. The capital supported construction of a 2.76 million square-foot greenhouse in Morehead, Kentucky, described as the world's largest, using hydroponics to produce 45 million pounds of fresh non-GMO produce annually, starting with tomatoes and expanding to cucumbers, bell peppers, leafy greens, and berries. The facility aimed to reduce water usage by 90% compared to traditional farming, serve 70% of the US population within a day's drive, and compete on price with conventional produce for sales to top US grocers. The round coincided with strategic board additions including Martha Stewart, Impossible Foods CFO David Lee, and investor J.D. Vance, enhancing expertise in branding, finance, and growth. Partnerships with the State of Kentucky, Dutch government, and universities positioned the site as an agtech innovation hub. Equilibrium Capital had previously provided $100 million in project financing. Investors highlighted sustainability, ESG trends, and resilient food systems amid Covid-19, with plans for international expansion into markets facing food and water challenges. Later in 2020, AppHarvest pursued a SPAC merger with Novus Capital, implying a pro forma enterprise value of $570 million based on 2024E projections of $246 million revenue (2.3x multiple) and $49 million adjusted EBITDA (11.6x multiple), with $475 million in gross proceeds including a $375 million PIPE at $1 billion valuation. The Series C funded initial facility operations set to launch that fall, employing about 300 people in Appalachia.
Jan 2020Series BEquilibrium Capital; Revolution; ValueAct Capital$11MAppHarvest closed an $11 million corporate funding round in January 2020 from investors including Equilibrium Capital, Revolution, Revolution’s Rise of the Rest Seed Fund, and ValueAct Capital’s ValueAct Spring Fund to expand operations for indoor farms across Central Appalachia. The funding supported the construction of its first 2.76-million-square-foot facility in Morehead, Kentucky, set to begin operations later that year, with 20 acres already under glass at the time. Combined with prior rounds and project financing, AppHarvest had attracted $120 million in total investment into the region over two years. Equilibrium provided nearly $100 million in separate project financing for the Morehead facility. As a Benefit Corporation, AppHarvest aimed to create America’s AgTech capital in Appalachia, focusing on better produce, farming practices, and jobs, with the Morehead facility expected to generate 285 full-time permanent jobs plus 100 construction positions.
Jun 2019Seed-$1M-
May 2019Series AEquilibrium Capital (lead); ValueAct Capital (lead); Revolution$97MAppHarvest is a controlled environment agriculture (CEA) company developing high-tech indoor farming facilities using artificial intelligence and robotics to grow fresh fruits and vegetables with up to 90% less water than open-field agriculture. The company was founded in Kentucky and operates large-scale greenhouse facilities, with its flagship 2.76-million-square-foot Morehead facility producing non-GMO tomatoes for major U.S. grocers and restaurants. In March 2019, AppHarvest completed a Series A funding round with lead investors ValueAct Capital, Revolution, and Equilibrium Capital, raising $82 million according to available sources. The company's investors also included notable figures such as venture capital veteran Peter Thiel, TV cook Martha Stewart, and the newly formed venture firm Narya co-founded by JD Vance. Following this Series A round, AppHarvest announced plans to develop a network of up to 12 high-tech farms by the end of 2025, with multiple facilities under construction across Kentucky including farms dedicated to tomatoes, leafy greens, and strawberries. In July 2021, AppHarvest secured a $91 million construction loan from Equilibrium Capital for a 60-acre facility in Richmond, Kentucky, demonstrating the company's continued expansion and financing capabilities. The company later went public in December 2020 through a merger with SPAC Novus Capital at a $1 billion valuation, raising $475 million in gross proceeds.
Mar 2019Series A-$5MAppHarvest raised $82M in a Series A round in March 2019 led by ValueAct Capital, Revolution, and Equilibrium to build large-scale controlled-environment farms and scale sustainable farming technologies. The company focuses on indoor agriculture in Appalachia, developing facilities like a 2.76-million-square-foot greenhouse in Morehead, Kentucky, for growing non-GMO, chemical-free tomatoes supplied to major U.S. grocers.

Who has invested in AppHarvest?

7 investors have backed AppHarvest across its funding rounds, including Revolution, ValueAct Capital, Equilibrium Capital, Bossa Invest, Endeavor Catalyst and S2G Investments.

Lead investors include Equilibrium Capital and ValueAct Capital.


AppHarvest Investors

Investors in AppHarvest by funding rounds participated
InvestorHQRoundsRoleFirst check
Equilibrium CapitalUnited StatesSan Francisco, CA3LeadMay 2019
RevolutionUnited StatesWashington, DC3ParticipantMay 2019
ValueAct CapitalUnited StatesSan Francisco, CA3LeadMay 2019
Endeavor CatalystUnited StatesNew York City, NY1ParticipantAug 2020
S2G InvestmentsUnited StatesChicago, IL1ParticipantAug 2020

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Acquisitions by AppHarvest

AppHarvest has acquired 2 companies to date.

Last acquisition by AppHarvest was on April 8th 2021. AppHarvest acquired Root AI for $60M.


Latest Acquisitions by AppHarvest

Root AI
Novus Capital
Description
Root AI is a Woburn-headquartered robotics company building autonomous harvesters for indoor farms. Founded in 2018, its Carter robot navigates strawberry crops using computer vision to pick ripe fruit gently at commercial speeds. Root AI partners with growers to deploy systems in vertical farms across the United States.
-
HQ CountryUnited StatesUnited States
HQ City
Boston, MA
-
Deal Date8 Apr 202121 Sep 2020
Valuation$60Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by AppHarvest

AppHarvest has invested in 1 company to date.

Latest investment by AppHarvest was on August 15th 2021. AppHarvest invested in Red Sea Farms in their $6M Series A round.


Latest Investments by AppHarvest

Red Sea Farms
Description
-
HQ CountrySaudi Arabia
HQ City
-
Deal Date15 Aug 2021
RoundSeries A
Raised$6M
InvestorsBonaventure Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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AppHarvest Competitors

AppHarvest competitors include listed companies like First Solar and Nextracker, and private ones like Indigo, Pivot Bio, Plenty and Northvolt.

Public and private companies comparable to AppHarvest
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IndigoUnited StatesBoston, MAPrivate$163M-$3.5B21.5x
Pivot BioUnited StatesSan Francisco, CAPrivate--$2B-
PlentyUnited StatesSan Francisco, CAPrivate--$1.9B-
First SolarUnited StatesUnited StatesPublicly listed$5.2B$2.1B$22B4.0x
NextrackerUnited StatesUnited StatesPublicly listed$3.6B$747M$13B2.9x
NorthvoltSwedenStockholmPrivate--$12B-

AppHarvest Public Comps

AppHarvest is still privately-owned, but its public comps include Coca-Cola, Nestlé, PepsiCo, AB InBev, Unilever, Monster Beverage, Mondelez, Nongfu Spring, Corteva and BASF.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Coca-Cola$48B$18B8.5x8.3x22.8x24.1x
Nestlé$109B$19B2.9x2.8x16.2x14.4x
PepsiCo$94B$16B2.4x2.3x14.5x11.8x
AB InBev$59B$20B3.9x3.6x11.7x10.0x
Unilever$58B$12B2.9x2.8x13.6x12.4x
Monster Beverage$8.3B$2.5B10.1x9.0x33.3x28.9x
Mondelez$39B$4.7B2.6x2.5x21.4x14.9x
Nongfu Spring$7.8B$3.5B6.9x6.3x15.2x14.0x

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Common questions about AppHarvest

When was AppHarvest founded?AppHarvest was founded in 2017.
Where is AppHarvest headquartered?AppHarvest is headquartered in Morehead, KY, United States.
Is AppHarvest publicly listed?No, AppHarvest is a private, VC-backed company.
How much funding has AppHarvest raised?AppHarvest has raised $142M across 5 funding rounds.
What was AppHarvest's last funding round?AppHarvest's last funding round was a $28M Series C in August 2020.
Who are AppHarvest's investors?AppHarvest's investors include Equilibrium Capital, Revolution, ValueAct Capital, Endeavor Catalyst, S2G Investments, Narya Capital and Bossa Invest.
Which companies are comparable to AppHarvest?Companies comparable to AppHarvest include Indigo, Pivot Bio, Plenty, First Solar, Nextracker and Northvolt.
How many companies has AppHarvest acquired?AppHarvest has acquired 2 companies, including Root AI and Novus Capital.
What was the largest acquisition by AppHarvest?The $60M acquisition of Root AI in April 2021 is the largest acquisition AppHarvest has made to date.
How many companies has AppHarvest invested in?AppHarvest has invested in 1 company, including Red Sea Farms.
What was AppHarvest's last investment?In August 2021, AppHarvest invested in Red Sea Farms' $6M Series A alongside Bonaventure Capital.

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