CHICAGO, July 21, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $1,350,000 credit facility to new client FarmedHere, an indoor vertical farming company that uses sustainable methods to grow and deliver healthy, local produce year-round. Proceeds will be used to provide working capital and support the company's continued growth.
Founded in 2013, FarmedHere was one of the first and largest indoor vertical farms in the United States. The company makes fresh, organic produce more accessible and its Chicago-based farms help the environment and local economy. The sustainable indoor facilities are free of bugs, pesticides and herbicides, and use a soil-free, aquaponic process to grow organic greens in a mineral-rich water solution. FarmedHere minimizes the use of fresh water and travels no more than a few miles to make local deliveries.
"FarmedHere is thrilled to have Square 1 Bank as our lender and partner as we look to scale our business and change the way produce is grown throughout the world," said Mark Thomann, chairman of FarmedHere. "Together, we are showing that indoor vertical farming can not only be a reality, but that it can be profitable."
Ryan Dammeyer, managing director of Square 1 Bank's Midwest region, added, "Square 1 Bank is proud to partner with FarmedHere in its mission to provide fresh, affordable and local produce to health-conscious consumers. Given the wellness and societal benefits the company offers, FarmedHere has the potential to be a significant double-bottom-line winner."
FarmedHere is the nation's largest operating indoor vertical farm that uses hydroponic and aquaponics growing technology to produce organic produce. Since 2010, the Company has increased its growing capacity and market share, and its products are now sold to hundreds of retail grocery stores and restaurants throughout the Midwest. We continue to grow along with increased consumer demand for produce that is both local and organic. Visit www.farmedhere.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
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Source:Square 1 Financial