HAMILTON, MT - Backed by the support of a recent $23.3 million private investment, Local Bounti is on course to continue scaling its organization and expanding its controlled environment agriculture facilities.
"We are pleased to enter into this equity investment with the support of many of our marquee long-term shareholders, including our management team," commented Kathleen Valiasek, Chief Financial Officer of Local Bounti. "We are very focused on delivering high quality, great tasting produce grown locally and closer to the consumer, and this financing allows us to continue to strategically expand our national footprint to meet robust demand from our existing customer base."
The grower arranged the $23.3 million private investment in public equity (PIPE) investment in the company, with significant investment coming from existing investors, including Fidelity Management & Research Company and BNOP Parabas. According to a release, under the terms of the offering, Local Bounti has agreed to issue and sell in a private placement an aggregate of approximately 9.3 million shares of its common stock at $2.50 per share.
With this funding, Local Bounti will continue expanding its CEA facilities that leverage its proprietary Stack & Flow Technology™ that significantly improves crop turns, increases output, and improves unit economics.
To learn more about the investment, click here.
What will be Local Bounti’s next play to inspire growth? Stay tuned to AndNowUKnow to find out.
