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AeroFarms® Raises Equity to Fund Pre-Construction Activities for Second Farm; Refinances Debt to Support Ongoing Operations in Danville, Virginia

AeroFarms, an indoor vertical farming company and the leading supplier of microgreens to the U.S. retail market, has refinanced its debt to support the ongoing operations at its farm in Danville, Virginia, and has raised equity financing to further support existing operations and fund pre-construction activities for its expansion to a second farm.

“Our vision is to provide local food production of nutritious microgreens to regions around the world, while preserving natural resources,” said Molly Montgomery, Executive Chair and CEO of AeroFarms. “We have recently demonstrated that vertical farming can indeed be sustainable, profitable, and produce fresh greens at scale. I would like to extend my gratitude to our financial partners who believe in our vision and have provided financing to support our operation in Danville and commencement of pre-construction activities for expansion to a second farm.”

Equity was provided by existing investors including Grosvenor Food & AgTech (GFA), Ingka Investments, Cibus Capital, and ACEG, and others.

“We believe AeroFarms can play a significant role in the global fresh food supply chain, by providing nutritious greens at scale to local regions around the world,” said Stephan Dolezalek, Managing Partner of GFA. “AeroFarms has now proven the ability to deliver the transformative benefits of vertical farming through a viable, profitable business. To support these efforts, GFA, along with our investing partners, committed funding to support existing operations and enable the company to embark on its next phase of growth.”

An asset-based loan provided by Siguler Guff was used to fully pay off the previous debt facility from Horizon Technology Finance, with additional funds to support ongoing operations at the Danville Farm. The new loan, which closed in May 2025, provides a more favorable interest rate than the previous debt, interest-only terms, and a carve-out for eligible equipment financing.

Matthew Bernstein, Managing Director in Siguler Guff’s Credit and Special Situations Strategy, stated, “We are excited to partner with AeroFarms in Danville, Virginia, to help them reach their full operational capacity.” Siguler Guff joined with one of the top USDA Guaranteed lenders in the space to provide interim financing that will bridge the company until the permanent, USDA-guaranteed loan is expected to close later this year by that lender.

Waterside Commercial Finance served as the exclusive USDA finance advisor to AeroFarms, leveraging its proprietary Bridge-to-USDA Program to structure the transaction. Waterside originated the opportunity, led the underwriting process, coordinated the bridge loan, and sourced the permanent USDA lender.

Learn more about AeroFarms at www.aerofarms.com.

About AeroFarms

New AeroFarms, Inc. is an indoor vertical farming company and the leading U.S. provider of microgreens, commanding over 70% of the retail market share.1 AeroFarms is at the forefront of sustainable agriculture, leveraging patented aeroponics technology, automated conveyance systems, robotics, and AI to cultivate healthy microgreens that thrive. AeroFarms uses 100% renewable energy and is climate-agnostic, growing plants year-round, regardless of geography and weather conditions. AeroFarms uses 230x less land and 90% less water than traditional field farming. As a Certified B Corporation, AeroFarms is dedicated to meeting rigorous standards of social and environmental performance. Learn more and find AeroFarms microgreens nearby at www.aerofarms.com.

About Grosvenor Food & AgTech

Grosvenor Food & AgTech is an active investor in companies that are reshaping food and agriculture around the world – for the better. We identify entrepreneurs and businesses rethinking how food is produced, distributed, and consumed, supporting their growth as lead investors and highly engaged board members. With one of the longest established investment teams in the sector, we actively manage a portfolio of over 20 companies, helping them lead positive change in a way that enhances human health and the natural environment, enabling the economic sustainability of farming and food production. To learn more about GFA, please visit www.grosvenor.com/food-agtech.

About Siguler Guff

Siguler Guff is a multi-strategy private markets investment firm with approximately $17 billion of assets under management and 30 years of investment experience. Siguler Guff seeks to generate strong, risk-adjusted returns by focusing opportunistically on market niches. Siguler Guff's core investment strategies include private credit and special situations, small business private equity, real estate, and emerging markets. Siguler Guff's investment products include direct investment funds, multi-manager funds and customized separate accounts targeting specific areas of compelling opportunity. Founded in 1991 and headquartered in New York, Siguler Guff maintains offices in Boston, Hong Kong, London, Mumbai, São Paulo, Seoul, Shanghai, Singapore, Sydney, Tokyo, Houston, TX, and West Palm Beach, FL. To learn more about Siguler Guff, please visit www.sigulerguff.com.

About Waterside Commercial Finance, Inc.:

Waterside is a USDA lender service provider focused on originating and structuring USDA-backed commercial loans. Through its Bridge-to-USDA Program and institutional partnerships, Waterside delivers flexible, non-dilutive financing for rural and impact-focused businesses across the U.S. For more information, visit www.watersidecf.com.

Sources

1. NielsenIQ Latest 52 Weeks W/E 3/15/25 and internal AeroFarms calculations.

AeroFarms has refinanced its debt to support ongoing operations at its farm in Danville, Virginia, and has raised equity financing to fund pre-construction activities for its expansion to a second farm.

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