Funding round led by Forage Capital Partners and includes Farm Credit Canada and BDC
Fieldless Farms, a modern food and Controlled Environment Agriculture company that launched in 2019, announced a Series A round raising $17.5 million in equity and debt to expand operations at its Cornwall facility by 10 times. The expansion will help Fieldless better meet demand for its cut lettuce mixes, and introduce new products to displace imports with local and more sustainable options in high-volume grocery categories.
"Since launching across the Farm Boy chain in 2019 we've been propelled by the enthusiasm for our products. Canadians are hungry for better options and we can't keep shelves stocked," said Fieldless CEO, Jon Lomow. "Fieldless is directly addressing long, complicated and mostly foreign supply chains by offering products that are local and more sustainable, but most of all, that people fall in love with."
The financing round was led by Canada's most experienced Ag & Food fund, Forage Capital Partners and includes Farm Credit Canada (FCC) and BDC, the bank for Canadian entrepreneurs.
"We really like Fieldless' approach and what the company has been quietly and cost effectively building here in Canada," said Jim Taylor, CEO of Forage Capital Partners. "We think the company is well positioned in the current economic climate for steady and significant growth."
BDC participated equally in the debt portion of the fundraise with FCC.
"BDC is thrilled to be working hand-in-hand with FCC to support Fieldless with its expansion plans. A greener future is on the horizon, when we invest side-by-side in projects that are essential for Canada's food sovereignty," said Kunle Tauhid, BDC's Vice President for Eastern and Northern Ontario.
The company's first farm in Cornwall, Ontario, launched in 2019. The operation grows no-need-to-wash leafy greens using highly-controlled environments, renewable energy, and without herbicides or pesticides. Shortly after launching, Fieldless Ontario Sweets and Northern Crunch lettuce mixes obtained listing across Ontario in the rapidly expanding grocer, Farm Boy, in addition to a handful of independent grocers.
"In Canada we import around $60 billion worth of food each year and happen to have the largest trade deficit in the world for lettuce. We rely on other nations to feed us, and it's risky and unsustainable," said Fieldless Farms CEO Jon Lomow. "We're building Fieldless to address that massive opportunityâ€”the need to locally produce food that is safer, secure, and more sustainable, 365 days a year."
Fieldless is a modern food company focused on solving food sovereignty and sustainability, based out of Ottawa and Cornwall, Ontario. The company launched in 2019 to displace foreign products and complex supply chains with safer, secure, more sustainable foods that people fall in love with. Fieldless products can currently be found in Farm Boy and independent retailers across Ontario. Visit fieldless.com.
About Forage Capital Partners
Forage Capital Partners is Canada's most experienced team of Ag & Food investors, having managed over $500 million in commitments to the industry over the last 18 years. Forage Capital Ag & Food Business Solutions Fund works to provide its portfolio companies with the stability and flexibility they need to expand and adapt their business models during these challenging times. The fund will invest with creative business owners that are looking to capitalize on new and innovative opportunities that will emerge as the Canadian economy prospers. For more information on Forage Capital Partners, visit foragecapitalpartners.com.