Canada-based TruLeaf is launching an online $1.37 million fundraising campaign to close its $2.65 million Series A.
Canada imports 90% of its lettuce supply from California, an arrangement that is less than ideal as the country depends on a very specific region for its supply while demand for leafy greens climbs and arable land and fresh water become increasingly limited.
TruLeaf has leveraged vertical farming technologies over the past five years to create an indoor production system for leafy greens called the Smart Plan System. The system can provide a local, year-round, dependable supply of fresh greens to grocery retailers, food producers, and health product manufacturers without the shipping time of between eight and ten days. Historically, limited product shelf life has resulted in a post-harvest loss of nearly 25% for retailers.
The company is currently raising funds to close its $2.65 million Series A to support the construction of its second indoor farm in Canada which, when completed, will be one of the largest in North America. The company also plans to accelerate the commercialization of the sale of its produce under the GoodLeaf brand in the North American market and beyond, hire additional personnel, and further develop the company’s IP and technology.
With the goal of augmenting or possibly supplanting the existing supply chain for leafy greens, TruLeaf raised an initial $1 million in seed capital three years ago to build a research and development facility and at the same time entered into a partnership with a major Canadian supermarket. Through this partnership, TruLeaf learned how to develop a vertical farming system that keeps a supermarket supply chain in mind, while the retailer learned about the technologies behind agricultural production through vertical farming.
TruLeaf plans to produce basil, arugula, kale, spinach, and its own east coast salad mix to satisfy a multi-year supply agreement in place with a major Canadian retail chain. Furthermore, the company will pursue research and development advances for vertically farmed products to supply the nutraceuticals and pharma markets.