AppHarvest
| File:Logo-AppHarvest (1).png | |
| Private | |
| ISIN | 🆔 |
| Founded 📆 | 2017 |
| Founder 👔 | Jonathan Webb |
| Headquarters 🏙️ | , |
Area served 🗺️ | United States |
| Members | |
Number of employees | |
| 🌐 Website | appharvest |
| 📇 Address | |
| 📞 telephone | |
AppHarvest is a high-tech controlled-environment agriculture company based in Morehead, Kentucky.
History[edit]
Kentucky entrepreneur Jonathan Webb founded AppHarvest in 2017 after working in the solar industry.[1] Upon learning how the Netherlands utilizes high-tech greenhouses, he decided to return to Kentucky to launch AppHarvest.[2][3]
Webb chose Eastern Kentucky because of his family connection to the region and its central location; the company can reach nearly 70 percent of the U.S. population in a day’s drive.[4] The company’s first 60-acre glass greenhouse will cultivate non-GMO, chemical-free produce — initially tomatoes and cucumbers, but later peppers, leafy greens, herbs and berries.[5]
AppHarvest will utilize software, sensors and humidity controls to create ideal growing conditions year-round, using up to 90 percent less water than typical farms. Bees will naturally pollinate the crops grown in the greenhouse.[6]
The company plans to sell to large U.S. grocers upon opening in 2020 and will compete with conventional produce pricing.[7]
Funding[edit]
In May 2019, AppHarvest closed an $82 million deal with Equilibrium Capital to build its first greenhouse. The company also closed a separate Series A funding round led by ValueAct Spring Fund. ValueAct Capital Co-founder and CEO Jeffrey W. Ubben also announced he would join AppHarvest’s Board of Directors.[8][9]
Other Board members include Kiran Bhatraju of Arcadia Power and Greg Couch of Meridian Wealth Management.[10]
Rounding out the Series A was existing investor Revolution’s Rise of the Rest Seed Fund, led by AOL Co-founder Steve Case and Hillbilly Elegy author J.D. Vance.[11]
Philanthropy[edit]
AppHarvest is a registered Benefit Corporation.[12] Employees will be offered free educational classes on nights and weekends in collaboration with regional universities.[13] The company also works with local high schools to teach youth about agriculture, using a high-tech container farm to educate the students on growing and marketing leafy greens.[14]
References[edit]
- ↑ Zito, Salena. "A mountaintop greenhouse grows in coal country". New York Post.
- ↑ Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". Eastern Standard.
- ↑ Vega, Muriel. "This High Tech Greenhouse is Harvesting Talent and Produce to Revitalize Eastern Kentucky". Hypepotamus.
- ↑ Alfonsi, Sharyn. "Venture capitalist spreading funding to Middle America". CBS News.
- ↑ Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out". FoodDive.
- ↑ Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". Eastern Standard.
- ↑ Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out". FoodDive.
- ↑ "AppHarvest Receives $82M Investment From Equilibrium Capital". FinSMEs.
- ↑ "ValueAct founder joins board of agritech start-up AppHarvest".
- ↑ "AppHarvest Leadership".
- ↑ "AppHarvest Receives $82M Investment From Equilibrium Capital". FinSMEs.
- ↑ Stacy, Brad. "AppHarvest secures $82 million investment". The Morehead News.
- ↑ Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out". FoodDive.
- ↑ Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". Eastern Standard.
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