Little Leaf Farms Funding, Investors & Competitors

Little Leaf Farms has raised $390M across 2 funding rounds, most recently a $300M Series B in June 2022.

Last Little Leaf Farms funding round

$300M

Series B · Jun 2022

Cumulative funding Little Leaf Farms raised

$390M

across 2 funding rounds

Key investors in Little Leaf Farms

  • The Rise Fund
  • Equilibrium Capital
  • Coppermine Capital

Little Leaf Farms Overview

About Little Leaf Farms

Little Leaf Farms is a hydroponic greenhouse producer of baby greens supplying New England grocers. Devens, Massachusetts-headquartered, it harvests butter lettuce, arugula, and mixes delivered within 24 hours to retailers like Stop & Shop. Founded in 2015, the 20-acre facility uses sustainable water-recycling practices to yield 10 million pounds annually.


Founded

2015

HQ

United StatesFitchburg, MA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Little Leaf Farms Funding History

Little Leaf Farms has raised a total of $390M across 2 funding rounds.

Little Leaf Farms' first fundraising round was a $90M Series A in February 2021. The most recent completed round was a $300M Series B in June 2022.

Little Leaf Farms funding rounds

Little Leaf Farms funding rounds
DateStageInvestorsRaisedDeal Summary
Jun 2022Series BThe Rise Fund (lead)$300MLittle Leaf Farms is the leading US brand of packaged lettuce grown sustainably via controlled environment agriculture (CEA), specializing in hydroponic production of fresh leafy greens with 90% less water than conventional methods and rapid delivery within 24 hours. The company operates greenhouses primarily in New England, focusing on local supply to grocers, and emphasizes energy-efficient technologies including advanced data analytics and automated systems. On June 15, 2022, Little Leaf Farms raised $300 million in new capital, comprising equity financing led by The Rise Fund (TPG's impact investing arm) and debt from Bank of America. This round, described variably as Debt - II, Unattributed VC, or Series B across sources, brings total funding to between $408 million and $435 million over five rounds. Prior investments include a $45 million round and $90 million Series A in February 2021 from investors like Equilibrium Capital, Coppermine Capital, and others. The funds support aggressive expansion, including a new hydroponic greenhouse in McAdoo, Pennsylvania, opening summer 2022 to double acreage immediately, with plans for additional facilities in Pennsylvania and North Carolina. The goal is 100 acres under glass by 2026, expanding distribution to reach over half the US population. Maya Chorengel from The Rise Fund joined the board as part of the transaction. The Rise Fund's investment aligns with its focus on mission-driven companies addressing UN Sustainable Development Goals in food and agriculture, highlighting Little Leaf Farms' reductions in water usage, greenhouse gas emissions, and reliance on long-distance produce transport.
Feb 2021Series AEquilibrium Capital (lead); Coppermine Capital$90MLittle Leaf Farms is a hydroponic lettuce grower specializing in packaged baby greens sold in over 2,500 East Coast stores, positioning itself to disrupt the traditional lettuce industry through controlled environment agriculture (CEA). The company raised $90 million in a funding round on February 18, 2021, led by Equilibrium Capital with participation from Coppermine Capital, Pilot House Ventures, Bank of America (which had committed over $20 million previously and planned another $20 million), Bill Helman, and others; the round included both equity and debt to fund East Coast expansion and scaling operations for larger retailers and food service providers. In 2020, Little Leaf Farms doubled its sales to $38 million from 2019 levels, achieving record weekly sales and leading packaged salad sales in the Northeast; the funding supports further growth amid rising CEA demand. Equilibrium Capital CEO David Chen joined the board, highlighting the investment as pairing a CEA leader with major indoor agriculture players.

Who has invested in Little Leaf Farms?

3 investors have backed Little Leaf Farms across its funding rounds, including The Rise Fund, Equilibrium Capital and Coppermine Capital.

Lead investors include The Rise Fund and Equilibrium Capital.


Little Leaf Farms Investors

Investors in Little Leaf Farms by funding rounds participated
InvestorHQRoundsRoleFirst check
Equilibrium CapitalUnited StatesSan Francisco, CA1LeadFeb 2021

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Little Leaf Farms Competitors

Little Leaf Farms competitors include listed companies like Mowi and Coca-Cola, and private ones like Bowery Farming, Apeel Sciences, China ZhongDi Dairy and Fruitist.

Public and private companies comparable to Little Leaf Farms
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MowiNorwayNorwayPublicly listed$6.6B$1.6B$11B2.2x
Bowery FarmingUnited StatesNew York City, NYPrivate--$2.3B-
Apeel SciencesUnited StatesSanta Barbara, CAPrivate--$2B-
China ZhongDi DairyChinaBeijingPrivate$1.3B$295M$1.9B1.5x
FruitistUnited StatesLos Angeles, CAPrivate--$1B-
Coca-ColaUnited StatesUnited StatesPublicly listed$48B$18B$379B8.3x

Little Leaf Farms Public Comps

Little Leaf Farms 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 Little Leaf Farms

When was Little Leaf Farms founded?Little Leaf Farms was founded in 2015.
Where is Little Leaf Farms headquartered?Little Leaf Farms is headquartered in Fitchburg, MA, United States.
Is Little Leaf Farms publicly listed?No, Little Leaf Farms is a private, VC-backed company.
How much funding has Little Leaf Farms raised?Little Leaf Farms has raised $390M across 2 funding rounds.
What was Little Leaf Farms' last funding round?Little Leaf Farms' last funding round was a $300M Series B in June 2022, led by The Rise Fund.
Who are Little Leaf Farms' investors?Little Leaf Farms' investors include Equilibrium Capital, Coppermine Capital and The Rise Fund.
Which companies are comparable to Little Leaf Farms?Companies comparable to Little Leaf Farms include Mowi, Bowery Farming, Apeel Sciences, China ZhongDi Dairy, Fruitist and Coca-Cola.

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