The round was led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and debt funding from Bank of America.

Little Leaf Farms, which makes available lettuce that is locally and sustainably grown in a controlled environment, announced last week its raise of $300 million comprising both equity and debt. While TPG’s The Rise Fund led the equity round, Bank of America (NYSE: BAC) provided the debt funding. (Worcester Business Journal)

Little Leaf will use the new money to ramp up its farms, production, and distribution. Its current cultivation acreage will double this summer with the opening of a new greenhouse in McAdoo, Pennsylvania.

Set upon 180 acres, this is the firm’s fourth greenhouse and would address the market in the Northeast. Little Leaf Farms employs hydroponic production for its lettuce that is grown under glass and uses captured rainwater, natural sunlight, up to 90% less water than field-grown greens and solar panels to generate electricity.

For The Rise Fund, this investment supports sustainably grown produce and advances its mission to promote social and environmental impact while helping businesses to grow. Maya Chorengel, Co-Managing Partner of The Rise Funds, will join Little Leaf Farms’ Board of Directors.

“We’re proud to bring customers the freshest leafy greens that are harvested with 90% less water than conventional lettuces and shipped in less than 24 hours,” said Paul Sellew, Founder and CEO of Little Leaf Farms. “With this funding, we’re transforming the way millions of Americans eat and enjoy leafy greens, no longer relying on choices that have traveled thousands of miles across the country to reach them.”

“Little Leaf Farms is driving significant efficiency improvements in the growing process for leafy greens by meaningfully reducing water usage and greenhouse gas emissions at scale,” said Ms. Chorengel.

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