Wilson Sonsini Goodrich & Rosati advised Siemens Financial Services, Inc. on the deal.
Acres Farms, an industry-leading vertical farming company, secured $160 million in additional funding in a round led by General Atlantic and joined by Siemens Financial Services, Inc. (the U.S. financing arm of global technology company Siemens). The funding round also included Blue Earth (formerly PG Impact Investments) and General Atlantic’s Beyond Net Zero team, in addition to participation from existing investors including Barclays and Taurus. The company intends to utilize the capital for continued expansion and product development, building from its current footprint of vertical farms that yield a diverse offering of high-quality produce.
80 Acres Farms’ vertical farm systems grow the widest variety of produce commercially sold at scale by any vertical farm to-date, including leafy greens, herbs, tomatoes, cucumbers, and microgreens. The company’s breakthrough growing technologies and advanced data analytics capabilities have enabled this industry-leading product breadth, driving over 450 percent revenue growth since the end of 2020. 80 Acres Farms now services over 600 retail and food service locations, including its recent expansion with Kroger, announced earlier this year to 316 stores in the U.S. Midwest and to the e-commerce channel powered by Kroger – Ocado Solutions’ partnership. With farms co-located near customers, 80 Acres Farms’ produce travels significantly fewer food miles, shortening the farm-to-table footprint and reducing overall food waste. Growing methods at 80 Acres Farms use 97 percent less water than traditional farming practices and are powered by renewable energy.
The Wilson Sonsini team that advised Siemens Financial Services on the transaction includes Scott Zimmermann (Picture), Randy Lewis, Amy Ilowite, Anna Sherman, Georgia Ravitz, Maya Skubatch, Alyson Nickols, and Joshua Gruenspecht.
Involved fees earner: Joshua Gruenspecht – Wilson Sonsini Goodrich & Rosati; Amy Ilowite – Wilson Sonsini Goodrich & Rosati; Randy Lewis – Wilson Sonsini Goodrich & Rosati; Alyson Nickols – Wilson Sonsini Goodrich & Rosati; Georgia Ravitz – Wilson Sonsini Goodrich & Rosati; Anna Sherman – Wilson Sonsini Goodrich & Rosati; Maya Skubatch – Wilson Sonsini Goodrich & Rosati; Scott Zimmermann – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: Siemens Financial Services;