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Diving overview:
- Oishii plans to secure an additional $16 million in investor financing, bringing the indoor strawberry farm’s total financing to $150 million and expand its reach into the U.S. and beyond.
- The company is headquartered in Jersey City, New Jersey. $134 million fundraising round However, continued interest from investors led to increased capital for growth and entry into new markets. The additional funding comes as Oishii enters the Chicago market and prepares to open its first international facility in Tokyo, Japan.
- The latest fundraising was led by Resilience Reserve, a climate technology fund co-founded by Ted Talks founder Chris Anderson and author and entrepreneur Rob Reid. Japanese venture company Miyako Capital also joined the round just before closing.
Dive Insights:
Despite the industry headwinds, Oishii CEO and co-founder Hiroki Koga said the company’s future is clear. Sales are expected to expand beyond the Northeast to other markets around the world.
In addition to Whole Foods stores in Chicago, the berries will also appear on menus at Michelin-starred restaurants in the city, including Omakase Yume, Esme and artisan coffee shop Sawada Coffee.
“We believe vertical farming is the ticket to a sweeter future,” Koga said in a statement. “This round of funding means that others will embrace our vision of a world where food is more accessible, better quality and, above all, delicious.” “It’s a signal,” he said. .
With its latest Series B funding, Oishii said it will continue to invest in product expansion and research and development. In June 2024, the 237,500-square-foot smart farm opened. Phillipsburg, New JerseyIt features solar fields, state-of-the-art robotics and a purification system for indoor produce growing. It has the capacity to increase Oishii’s production by 20 times.
Oishii plans to roll out its products to Harris Teeter locations throughout the Washington metropolitan area and Wakefern brands in the Tri-State region this year. The company also plans to open an open innovation center in Tokyo, with a focus on fostering technological innovation in vertical farming.
Known for its Koyo and Omakase fruit, Oishii has become internationally recognized for its high-quality, year-round produce sold in packaging that looks more like a box of chocolates than a fruit shell.
The product sells for about $10 in packs of eight at Whole Foods and other grocery stores. In addition to strawberries, we also sell ruby tomato products.
Oishii continues to chart a growth trajectory while others in the indoor farming space struggle to survive. Bowery Farming, a New York-based indoor produce grower, Announced layoffs and closed business. After 9 years of business.
Oishii previously told Agriculture Dive that focusing on strawberries rather than leafy greens has been beneficial to the company. stand out in a crowded field.
