AppHarvest

From WikiAlpha
Jump to: navigation, search
AppHarvest
Type Private
Founded 2017; 7 years ago (2017)
Founder(s) Jonathan Webb
Headquarters Morehead, Kentucky
Area served United States
Website appharvest.com

AppHarvest is a high-tech controlled-environment agriculture company based in Morehead, Kentucky.

History

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

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

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

  1. Zito, Salena. "A mountaintop greenhouse grows in coal country". https://nypost.com/2018/04/28/a-mountaintop-greenhouse-grows-in-coal-country/. 
  2. Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". https://esweku.com/current-previous-programs/blog/e-kentucky-s-creative-economy-80m-high-tech-greenhouse-in-rowan-county-the-ky-rural-urban-exchang. 
  3. Vega, Muriel. "This High Tech Greenhouse is Harvesting Talent and Produce to Revitalize Eastern Kentucky". https://hypepotamus.com/companies/appharvest/. 
  4. Alfonsi, Sharyn. "Venture capitalist spreading funding to Middle America". https://www.cbsnews.com/news/venture-capitalist-steve-case-spreading-funding-to-middle-america-with-rise-of-the-rest-60-minutes/. 
  5. Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out.". https://www.fooddive.com/news/can-giant-greenhouses-help-feed-consumers-appharvest-wants-to-find-out/553570/. 
  6. Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". https://esweku.com/current-previous-programs/blog/e-kentucky-s-creative-economy-80m-high-tech-greenhouse-in-rowan-county-the-ky-rural-urban-exchang. 
  7. Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out.". https://www.fooddive.com/news/can-giant-greenhouses-help-feed-consumers-appharvest-wants-to-find-out/553570/. 
  8. "AppHarvest Receives $82M Investment From Equilibrium Capital". http://www.finsmes.com/2019/05/appharvest-receives-82m-investment-from-equilibrium-capital.html. 
  9. "ValueAct founder joins board of agritech start-up AppHarvest". https://www.ft.com/content/622c8618-7bee-11e9-81d2-f785092ab560. 
  10. "AppHarvest Leadership". https://appharvest.com/leadership. 
  11. "AppHarvest Receives $82M Investment From Equilibrium Capital". http://www.finsmes.com/2019/05/appharvest-receives-82m-investment-from-equilibrium-capital.html. 
  12. Stacy, Brad. "AppHarvest secures $82 million investment". https://www.themoreheadnews.com/news/appharvest-secures-million-investment/article_28177606-7c96-11e9-a535-ab931027e69f.html. 
  13. Doering, Christopher. "Can giant greenhouses help feed consumers? AppHarvest wants to find out.". https://www.fooddive.com/news/can-giant-greenhouses-help-feed-consumers-appharvest-wants-to-find-out/553570/. 
  14. Martin, Tom. "$80m High-Tech Greenhouse in Rowan County". https://esweku.com/current-previous-programs/blog/e-kentucky-s-creative-economy-80m-high-tech-greenhouse-in-rowan-county-the-ky-rural-urban-exchang. 

Category:2017 establishments in Kentucky Category:Rowan County, Kentucky