Revol Greens has raised another $68 million to build its third greenhouse location in Texas, marking its third expansion in two years.
The Owatonna, Minn.-based company’s growth plans highlight rising demand for produce grown in climate-controlled environments that are closer to consumers.
The latest funding round — led by Equilibrium Capital, which focuses on businesses providing sustainable water and food solutions — brings Revol’s total fundraising to $215 million.
At 20 acres with room to expand another 60, the new Texas facility will be the largest lettuce greenhouse in the world. Chief Executive Mark Schulze said executives are still finalizing the location, but it will be somewhere in the “Austin-Dallas-Fort Worth triangle.”
Revol Greens is in the midst of converting an old 16-acre tomato and green pepper greenhouse to one for baby lettuces in Tehachapi, Calif.
That location has room to expand to 64 acres and is set to be