Elevate Farms announced that they’ve closed an equity financing deal for a total of $8,000,000, by issuing a non-interest-bearing $1,000 principal amount in unsecured convertible debentures of the corporation.
The financing will be used primarily to bolster global operations to support Elevate’s continued expansion. As well as the immediate and continuing buildout of vertical farming operations in the United States, New Zealand, and, most recently, Germany.
Amin Jadavji, Elevate Farm’s Founder and CEO, stated: “We are extremely proud that with the offering currently closed, the entirety of the capital expenditures on all our worldwide contracted build-out facilities are now 100% funded. This now sets us up for the next phase: accelerated growth in the US and globally.”
Travis Kanellos, Elevate’s Chief Strategy Officer added: “To a large extent, the build-up phase of Elevate is complete. We are now in the global development and growth phase not only on the rollout of facilities and partnerships but on the continued capitalization of Elevate. Our focus is and will remain global scale and speed is our principal partner.”