Yahoo Finance Growcer Raises $3M in Series A to Accelerate Growth
OTTAWA, ON, April 23, 2024 /CNW/ - The Growcer Inc. ("Growcer" or "the Company"), a Canadian company enabling anyone to grow food year-round with its modular vertical farms, attracted $3 million to accelerate its strong growth.
The round was led by strategic investors Modern Niagara, Jeff Westeinde, and former Farm Boy Co-CEO Jeff York.
Growcer is set to leverage this significant capital injection to accelerate its growth trajectory, expand its market reach into more regions such as the northeast U.S., and enhance its product offerings beyond leafy greens and modular structures.
"We've found an ideal group of investment partners that understand our space, can help us drive revenue growth, and streamline our operations so that together we can help more people unlock local food year-round," says Corey Ellis, CEO and co-founder of Growcer. "It's validating to have investors who have repeatedly shown their confidence in the business."
Modern Niagara, an established national building services provider, brings additional value to this partnership due to their manufacturing capacity and expertise as Growcer pursues a broader set of purpose built agricultural growing solutions.
Former Farm Boy Co-CEO Jeff York adds his experience in the grocery industry, an area where Growcer's modular farms have seen traction, with many retailers growing leafy greens steps away from the produce aisle.
Jeff Westeinde is a clean tech serial investor and sustainability engineer, and a natural addition to this strategic partnership. Both York and Westeinde are returning investors who participated in an earlier seed round.
The founders of Growcer, Corey Ellis and Alida Burke of Ottawa, Ontario, maintain their majority stake, ensuring that the company's original vision and mission to bring local food and secure supply chains to all continues to guide its future.
ABOUT GROWCER
Prior to this investment, Growcer has seen demand for its modular farms with doubling revenue year over year. To date, there are over 80 Growcer farms across the country growing more than 10 million servings annually of local, nutritious greens from coast to coast to coast. Customers include retailers, entrepreneurs, and schools, as well as rural, remote and Indigenous communities.
Growcer's accomplishments include growing fresh produce in –40°C weather, designing the first wheelchair-accessible modular vertical farm in Canada, and launching the Farmplex – a multi-farm, bolt-on solution for commercially-focused customers.
Learn more about Growcer at www.thegrowcer.ca.
SOURCE The Growcer
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