Freight Farms

Based in Boston, Freight Farms develops and sells hydroponic shipping container farms to both individual farmers and companies. The Greenery, priced at USD 115,000 per unit, claims to yield as much as a 2.5-acre open field farm does and produces 1,000 heads of lettuce weekly in a 40-foot container. Freight Farms also offers a digital platform to help farmers analyze growing data, automate tasks, and remotely control farm operations. 

Since launching its first container farm in 2013, the company has grown to more than 600 farms in use in 49 states and 39 countries and has integrated farms into 38 companies, including Square Roots. The company claims that one container farm can grow hundreds of high-value crops, resulting in an average annual harvest of 2-6 tons of food, or 1,000 heads of lettuce per week, according to the company.

Freight Farms has a strong hold on its IP, with 13 patents on its container offerings such as the Greenery, which is designed to maximize space efficiency while utilizing vertical hydroponic technology, allowing crops to flourish in a controlled environment.

Key customers and partnerships

In September 2023, Freight Farms signed a letter of intent  in respect of the Business Combination with the Agrinam Acquisition Corporation acquiring all of Freight Farms' shares aiming to raise USD 20 million through PIPE financing with investors, including Agrinam's sponsor. The Business Combination is expected to constitute Agrinam's qualifying acquisition under Part X of the Toronto Stock Exchange Company Manual.

In April 2023, Freight Farms selected Allen & Gerritsen (A&G), an independent advertising agency, as its "brand agency of record" to implement integrated communications tactics in its current markets and expand its geographic footprint. In June 2023, the company partnered with Local Line, a sales platform for farmers, to offer new and existing Freight farms’ customers a free one-year subscription to Local Line's premium features, as well as discounts on marketing and website setup services. The company also supplies fresh produce to B.GOOD restaurants.

In 2017, Freight farms partnered with Broadview Credit Union to install its first farm at the Credit union's Patroon Creek location in Albany. Following this three more container farms have made their way into the Capital Region. A portion of the produce is donated to other local non-profits.

Funding and financials

In its latest funding round in November 2022, the company raised USD 17.5 million in its third Series B funding round co-led by Aliaxis SA and Ospraie Ag Science for its expansion efforts. The company also reported that its revenue grew by 13x since its last funding round due to growing container farm sales and farm automation software sales.

In October 2023, the company entered a definitive business combination agreement with Agrinam Acquisition Corporation, following a letter of intent in September 2023, pursuant to which Agrinam would acquire all of the issued and outstanding shares of Freight Farms. The business combination was expected to close in Q1 2024.