Hippo Harvest Announces $21 Million Series B Funding Led by Standard Investments to Scale Next-Generation Greenhouse Platform
Company continues to deploy its automated, modular greenhouses that deliver fresh produce at costs competitive to traditional, outdoor-grown agriculture using less water, fertilizer and waste.
SAN FRANCISCO, Feb. 14, 2024 /PRNewswire/ — Hippo Harvest, a controlled environment agriculture (CEA) startup developing advanced greenhouse systems that produce sustainably-grown produce, today announced the close of its $21M Series B funding round led by Standard Investments. Congruent Ventures, Amazon’s Climate Pledge Fund, Hawthorne Food Ventures, and Energy Impact Partners also participated in the round. The funding will be used to scale the company’s greenhouse operations and to expand its product offerings into new categories of leafy greens.
Founded in 2019, Hippo Harvest operates a first-of-its-kind repurposed greenhouse facility in Pescadero, CA that out-competes traditional greenhouses in scalability and unit economics and is comparable to traditional outdoor-grown produce prices. The company utilizes a closed-loop, non-recirculating, direct-to-root fertilizer system, machine learning and autonomous mobile robots to calculate and efficiently distribute water, fertilizer, light, and heating on a micro-climate basis throughout its greenhouses. The result is significantly more cost and resource efficient production of fresh produce. Consumers and retailers enjoy the superior quality, consistency, and food safety of Hippo greens at competitive prices.
“We’re excited by the opportunity to scale our production and reach more consumers with high-quality, sustainable produce,” said Hippo Harvest CEO Eitan Marder-Eppstein. “Our team’s work over the past twelve months demonstrates our ability to create modular, cost-effective growing systems that can be deployed across the country. We look forward to working with our investors to make it a reality.”
“Since inception, Hippo has delivered superior produce while maintaining cost efficiencies. Standard invests in companies disrupting traditional industry and we are thrilled to partner with Hippo on its journey to scale,” said Logan Ashcraft, Principal at Standard Investments, who joins Hippo’s Board of Directors.
The company’s farming methods increase food safety and extend shelf life by up to 30% compared to outdoor-grown produce, due to a number of unique factors. Plants are irrigated with purified water and a uniquely customized nutrient blend from below, rather than above, reducing the risk of pathogen and fungus formation caused by water and nutrients touching the leaves. Off-the-shelf robots with customized attachments are used to tend to and harvest the plants, delivering precise levels of water and nutrition for healthier plants. All production is done in a clean, controlled greenhouse, reducing damage and quality variations that occur in conventional outdoor farming. Products are packed on-site, immediately after harvesting, using 100% post-consumer recycled plastic. Instead of conventional chemical pesticides, the company uses beneficial insects, natural oils, and other pesticide free practices.
Hippo Harvest’s approach to growing produce in greenhouses addresses a critical need to reduce climate change related volatility in the fresh-food supply chain. It also offers ecological benefits like significantly reducing water and fertilizer use, even in low-water environments or areas with limited agricultural space, and reduces methane-producing agricultural waste that is caused by traditional farming, without sacrificing accessibility and affordability at commercial scale. These characteristics increase the availability of locally grown, fresh food and provide communities with more accessible water, a cleaner environment, and safer, more stable agricultural jobs, without sacrificing accessibility and affordability at commercial scale.
The company signed The Climate Pledge, a commitment co-founded by Amazon and Global Optimism for businesses to reach net-zero carbon by 2040. Today, San Francisco residents can find Hippo Harvest products on the shelf at their local Gus’s Community Markets or online at Amazon Fresh with more locations coming soon in Northern California.
About Hippo Harvest
Hippo Harvest is a venture-backed controlled environment agriculture (CEA) startup based in the San Francisco Bay area. The company uses closed-loop, direct-to-root fertilizer systems, machine learning and robots to grow fresh produce in repurposed greenhouses. Hippo’s first-of-its-kind modular greenhouse design enables produce to be grown closer to consumers using fewer inputs (such as water, fertilizer and energy). For more information, please visit hippoharvest.com.
About Standard Investments
Standard Investments is a fundamentally driven investment platform focused on the intersection of industry and technology. Standard Investments deploys capital flexibly and creatively across the public and private markets, spanning the life cycle of a company, and leverages its deep industrial knowledge and operational experience to create value.