Rise Gardens, which makes indoor, smart hydroponic garden systems, today announced it has raised $9 million in a Series A round, led by TELUS Ventures, Canada's most active corporate venture capital fund. Current Rise Gardens investors True Ventures and Amazon Alexa Fund also participated in the round, along with new investor Listen Ventures, bringing the total amount raised to date to $13 million. The additional funds will be used to continue the company's product innovation and expansion into new markets.
"We're thrilled with the opportunity to grow and expand our product offerings and reach an even wider audience in the US, Canada, and around the world," said Hank Adams, Founder, and CEO, Rise Gardens. "This investment will help us toward achieving our mission of connecting people to the food they eat and creating a new generation of conscientious food consumers."
Rise Gardens makes an IoT-connected, indoor hydroponic gardening system that comes with everything needed to grow a wide variety of vegetables, herbs, and microgreens at home, year-round. The systems are designed with simplicity in mind, including a mobile app that monitors water levels and plant progress, and reminds users when and how much to water, fertilize, and care for their plants. Rise Gardens' Family Garden has a modular design allowing for one, two, or three levels of growth, accommodating everything from greens and herbs to microgreens, tomatoes, and beets. No other system allows for such variety. Its Personal Garden is a counter-top version designed to fit into any space without sacrificing variety or quality of growing.
"There is a clear market need in vertical farming and hydroponic gardening for home use and we are committed to making investments that leverage the power of technology to further sustainability initiatives while promoting healthy outcomes," said Rich Osborn, President & Managing Partner, TELUS Ventures. "Aligning our social impact mission with investments in companies like Rise Gardens that have exceptional founders, innovative leadership and first-rate solutions applied to the industry will help us to collectively advance the positive transformation of the food supply chain."
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