Indoor farm platform GoodLeaf Farms nabs C$150m in growth funding

The deal includes a further investment from McCain Foods and a new partnership with Power Sustainable Lios, a specialized agri-food private equity platform.

  • Founded in 2011, GoodLeaf Farms has used technology and leveraging multi-level vertical farming to create a controlled and efficient indoor farm that can grow fresh produce anywhere
  • The company will use the deal’s proceeds to establish a national footprint with new farms in Calgary and in the Montreal area
  • Power Sustainable Lios in June announced raising an initial C$210 million for a debut agri-food fund

GoodLeaf Farms, a Guelph, Ontario-based commercial indoor vertical farm operation, has secured C$150 million in financing.

The deal includes a further investment from McCain Foods and a new partnership with Power Sustainable Lios, a specialized agri-food private equity platform affiliated with Power Corp of Canada.

Founded in Halifax in 2011, GoodLeaf Farms has used technology and leveraging multi-level vertical farming to create a controlled and efficient indoor farm that can grow fresh produce anywhere in the world, 365 days of the year. The system combines LED lighting with hydroponic techniques to produce sustainable, safe, pesticide-free, nutrient-dense leafy greens.

The company will use the deal’s proceeds to establish a national footprint with new farms in Calgary and in the Montreal area alongside its existing fully-automated, 50,000-square-foot farm in Guelph.

“GoodLeaf is the leader in Canadian vertical farming, with best-in-class commercial operations, industry-leading food safety practices, and a strong food-first executive team,” said Jonathan Belair, managing partner of Power Sustainable Lios, in a statement. “In tandem with its unique strategic partner, McCain Foods, GoodLeaf is ideally positioned to execute a pan-Canadian strategy, providing reliable and locally grown, nutritious, leafy baby greens and microgreens to consumers across the country, year-round.”

Earlier this year, Toronto-based food industry investor Lios Partners, led by managing partner Jonathan Belair, joined with Power Corp’s Power Sustainable to become Power Sustainable Lios. In June, the firm announced raising an initial C$210 million for Lios Fund I, its C$300 million inaugural fund.

Barclays acted as exclusive placement agent to GoodLeaf on the deal.