Dive Brief:
- Oishii has secured an additional $16 million in investor financing, expanding the indoor strawberry farm’s total fundraising to $150 million as it looks to grow its reach both in the U.S. and beyond.
- The Jersey City, New Jersey-based company announced a $134 million fundraising round in February, but continued interest from investors led to an increase in capital for growth and expansion into new markets. The additional funds come as Oishii enters the Chicago market and prepares to open its first international facility in Tokyo, Japan.
- The latest fundraising was led by climate tech fund Resilience Reserve, co-founded by Chris Anderson, the founder behind Ted Talks, and writer and entrepreneur Rob Reid. Japanese venture firm Miyako Capital also joined the round just before closing.
Dive Insight:
Despite industry headwinds, Hiroki Koga, CEO and co-founder of Oishii, said the company’s future is certainly sweet as it looks to expand sales beyond the Northeast to other markets around the world.
In addition to Whole Foods stores in Chicago, the berries will be featured on Michelin-starred restaurant menus in the city including Omakase Yume and Esme, as well as artisanal coffee shop Sawada Coffee.
“We believe vertical farming is the ticket to a sweeter future, and this latest round of funding signals that others embrace our vision for a world where food is more accessible, better quality, and above all else, delicious,” Koga said in a statement.
With its latest Series B funding, Oishii said it will continue investing in product expansion and research and development. In June 2024, the company opened a 237,500 square-foot smart farm in Phillipsburg, New Jersey, outfitted with a solar field, state-of-the-art robotics and a purification system for growing indoor produce. It has the capacity to increase Oishii’s output 20-fold.
Oishii is rolling out its products to Harris Teeter locations across the Washington metropolitan area and to Wakefern brands in the Tri-State area this year. The company also has plans to open its Open Innovation Center in Tokyo, focused on furthering technological innovation in vertical farming.
Oishii, known for its Koyo and Omakase berries, has gained global recognition for its high-quality, year-round produce sold in packaging that resembles more of a box of chocolates than a clamshell of fruit.
The products sell for about $10 per 8-count at Whole Foods and other grocers. In addition to its strawberries, the company also sells Rubi Tomato products.
Oishii continues to chart its growth trajectory as others in the indoor farming space struggle to survive. Bowery Farming, an indoor produce grower based in New York City, announced layoffs and closed its operations after nine years of business.
Oishii previously told Agriculture Dive that its focus on strawberries, rather than leafy greens, has helped the company stand out in a crowded field.