Oishii, a vertical farming company based in Jersey City, New Jersey, has raised an additional $16 million, bringing its total funding to $150 million. This new round of financing will help the company expand both in the U.S. and internationally. Oishii, which secured $134 million in a fundraising round earlier this year, saw continued investor interest leading to this increase in capital. The funds will support its growth as Oishii enters new markets, including its first international facility in Tokyo, Japan.
The latest round of funding was led by Resilience Reserve, a climate tech fund co-founded by Chris Anderson, the founder of TED Talks, and entrepreneur Rob Reid. Japanese venture firm Miyako Capital also participated in this funding round. These investors share Oishii’s vision for a future where food is more accessible, of better quality, and, above all, delicious.
Despite the challenges faced by the industry, Oishii’s CEO and co-founder, Hiroki Koga, expressed confidence in the company’s future as it expands its reach beyond the Northeast U.S. to global markets. The company is already making strides in the Chicago market, where its premium strawberries are now available at Whole Foods stores. These strawberries are also featured in several Michelin-starred restaurants in the city, including Omakase Yume and Esme, as well as in artisanal coffee shops like Sawada Coffee.
Oishii plans to continue expanding its product offerings and investing in research and development. In June 2024, it opened a 237,500 square-foot smart farm in Phillipsburg, New Jersey, equipped with advanced technology including a solar field, state-of-the-art robotics, and a purification system for indoor farming. This facility will allow Oishii to increase its output by 20 times, which is crucial as it looks to grow its presence in more markets.
Additionally, Oishii is expanding its distribution to include Harris Teeter locations across the Washington, D.C. metro area and Wakefern stores in the Tri-State area. The company is also preparing to launch an Open Innovation Center in Tokyo, which will focus on technological advancements in vertical farming. This move aligns with Oishii’s goal of global expansion and innovation in the agriculture space.
Oishii is renowned for its premium strawberries, specifically its Koyo and Omakase varieties. These berries have garnered global attention for their high quality and are sold year-round in packaging that stands out for its elegance, resembling a box of chocolates rather than typical fruit containers. The company’s strawberries are priced around $10 for an 8-count pack at Whole Foods and other retailers. In addition to strawberries, Oishii also offers Rubi Tomatoes.
Oishii’s success is a standout in the indoor farming industry, where other companies are facing challenges. For example, Bowery Farming, an indoor produce grower based in New York City, recently laid off staff and closed its operations after nearly a decade in business. Despite the struggles of competitors, Oishii’s strategic focus on strawberries rather than leafy greens has set it apart, helping it thrive in a crowded field.
As Oishii continues to innovate and scale its operations, it aims to be a leader in the future of indoor farming, providing high-quality produce that meets the growing demand for sustainable and delicious food worldwide.
