OTTAWA, Ontario–(BUSINESS WIRE)–Fieldless Farms, a modern controlled-environment food and agriculture company that launched in 2019, announced a Series A funding round raising $17.5 million in equity and debt to multiply by 10 the operations of its Cornwall plant. The expansion will help Fieldless better meet demand for its cut lettuce mixes and introduce new products to replace imports with local and more sustainable options in high-volume grocery categories.
“Since launching the Farm Boy channel in 2019, we’ve been fueled by enthusiasm for our products. Canadians are hungry for better options and we can’t keep the shelves full,” said Fieldless CEO, Jon Lomow “Fieldless directly tackles long, complicated and mostly foreign supply chains by delivering local and more sustainable products, but most importantly, that people fall in love with.”
The financing round was led by Forage Capital Partners, Canada’s most experienced agriculture and food fund, and includes Farm Credit Canada (FCC) and BDC, the bank for Canadian entrepreneurs.
“We really like Fieldless’ approach and what the company has built quietly and affordably here in Canada,” said Jim Taylor, CEO of Forage Capital Partners. “We believe the company is well positioned in the current economic climate for steady and meaningful growth.”
BDC participated equally in the debt portion of the fundraising from FCC.
“BDC is pleased to work hand in hand with FCC to support Fieldless in its expansion plans. A greener future is on the horizon, when we invest side by side in projects essential to Canada’s food sovereignty,” said Kunle Tauhid, BDC Vice President for Eastern and Northern Ontario. .
The company’s first farm in Cornwall, Ontario was launched in 2019. The operation grows no-wash leafy greens using highly controlled environments, renewable energy and no herbicides or pesticides. Shortly after their launch, Fieldless Ontario Sweets and Northern Crunch lettuce mixes were listed across Ontario by growing grocer Farm Boy, in addition to a handful of independent grocers.
“In Canada, we import about $60 billion worth of food each year and we happen to have the largest lettuce trade deficit in the world. We rely on other nations to feed us, and that’s risky and unsustainable,” said Fieldless Farms CEO Jon Lomow. “We are building Fieldless to address this huge opportunity – the need to produce safer, secure and more sustainable food locally, 365 days a year.”
Fieldless is a modern food company focused on solving food sovereignty and sustainability, based in Ottawa and Cornwall, Ontario. The company was launched in 2019 to replace foreign products and complex supply chains with safer, more secure and more sustainable foods that people fall in love with. Fieldless products are currently found at Farm Boy and independent retailers across Ontario. Visit fieldless.com.
About Forage Capital Partners
Forage Capital Partners is Canada’s most experienced agribusiness investment team, having managed over $500 million in industry commitments over the past 18 years. The Forage Capital Ag & Food Business Solutions Fund strives to provide its portfolio companies with the stability and flexibility they need to develop and adapt their business models during these challenging times. The fund will invest in creative business owners looking to take advantage of new and innovative opportunities that will emerge as the Canadian economy grows. For more information about Forage Capital Partners, visit foragecapitalpartners.com.