AeroFarms

The company emerged from bankruptcy in September 2023 with new leadership and a focus on its Danville, Virginia farm.²¹⁶ In December 2025, AeroFarms permanently shut down its Virginia facility and laid off 173 workers after an investor withdrew financial support.⁵⁸

Timeline

Money raised

AeroFarms raised a total of $238 million across 10 funding rounds.¹¹ In February 2010, AeroFarms raised a $500,000 seed round.¹¹ In February 2010, AeroFarms raised a $5 million Series A round.¹¹ In October 2014, AeroFarms raised $36 million in venture funding.¹¹ In December 2015, AeroFarms raised a $20 million Series B round led by Wheatsheaf Group.¹¹ In May 2017, AeroFarms raised a $35 million Series C round led by Newark Venture Partners.¹¹ In October 2017, AeroFarms raised a $40.5 million Series D round led by Meraas.¹¹ In July 2019, AeroFarms raised a $100 million Series E round led by Ingka Group, valuing the company at $500 million.⁹¹⁰¹² In April 2020, AeroFarms raised a venture round led by the Abu Dhabi Investment Office.¹¹ In 2023, AeroFarms secured $10 million in debtor-in-possession financing from existing investors.⁶¹⁵

Investors named in the sources: Ingka Group⁹¹⁰¹², Wheatsheaf Group⁹¹⁰¹¹, ADM Capital⁹¹⁰, Mission Point Capital⁹¹⁰, GSR Ventures⁹¹⁰, AllianceBernstein⁹¹⁰, Meraas¹⁰¹¹, Newark Venture Partners¹¹, Abu Dhabi Investment Office¹¹, Grosvenor Food & AgTech⁶⁷¹⁶, INGKA Investments Ventures US BV⁶¹⁶, Cibus Fund⁶¹⁶, ACEG GmbH⁶⁷, Siguler Guff⁷, Waterside Commercial Finance⁷, Palm Ventures⁵.

What happened

AeroFarms was founded in 2004 by David Rosenberg, Marc Oshima, and Edward Harwood.⁶¹¹ The company developed proprietary aeroponic technology to grow leafy greens indoors without soil or pesticides.⁶¹² AeroFarms opened its first commercial farm in Newark, New Jersey in 2015, a 30,000-square-foot facility.¹¹ In 2016, AeroFarms opened a 70,000-square-foot global headquarters farm in Newark, which it claimed was the largest indoor vertical farm in the world based on annual growing capacity.¹¹ The company's products, sold under the Dream Greens brand, were available at retailers such as Whole Foods, ShopRite, Walmart, and Amazon Fresh.⁶⁹

AeroFarms raised significant venture capital, including a $100 million Series E round in 2019 led by Ingka Group.⁹¹⁰¹² In 2021, AeroFarms announced a planned merger with Spring Valley Acquisition Corp, a SPAC, which would have valued the company at $1.2 billion.¹¹ AeroFarms opened a new commercial farm in Danville, Virginia in 2022.⁵¹⁶ In June 2023, AeroFarms filed for Chapter 11 bankruptcy protection, citing industry and capital market headwinds.¹⁴¹⁵ As part of the bankruptcy, co-founder and CEO David Rosenberg stepped down and CFO Guy Blanchard assumed the role of president.¹⁵

AeroFarms secured $10 million in debtor-in-possession financing from existing investors.⁶¹⁵ In July 2023, AeroFarms announced a plan to sell its Danville farm and related assets to AF NewCo Inc., a newly formed entity owned by existing investors, under Section 363 of the U.S. Bankruptcy Code.⁶ The sale was approved by the bankruptcy court on August 23, 2023.⁶ AeroFarms emerged from Chapter 11 bankruptcy in September 2023 with Molly Montgomery as acting CEO.²¹⁶ After emerging from bankruptcy, AeroFarms focused on its Danville, Virginia farm and eliminated spending on other projects, including turning its Newark facility into an R&D operation.¹⁶

In August 2025, AeroFarms refinanced its debt and raised unspecified equity financing from existing investors.⁷ In December 2025, AeroFarms notified state officials of plans to close its Ringgold facility after an investor unexpectedly withdrew financial support, eliminating 173 jobs.⁵ AeroFarms permanently shut down its Virginia facility in December 2025.⁸ In April 2026, Palm Ventures announced that an affiliate had purchased AeroFarms.⁵ Palm Ventures hired Gustavo Burger as CEO of AeroFarms in June 2026.⁵

Legal outcomes

• filedAeroFarms filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on June 8, 2023.⁴¹⁵¹⁷
• dismissedThe bankruptcy case for AeroFarms Danville Leasing, LLC was closed on December 6, 2023.¹⁷

Where the founders are now

David Rosenberg stepped down as CEO of AeroFarms in June 2023 and became a special advisor to the board.¹⁵ Marc Oshima remained co-founder and chief marketing officer of AeroFarms as of August 2023.⁶

Sources

1. Stories of the Year: What Does AeroFarms’ Bankruptcy Signal for CEA’s Future? - The Food Institute, The Food Institute, 2023-12-26
2. Aerofarms emerges from bankruptcy fully funded and with ..., agriculturedive.com, Sep 19, 20
4. AeroFarms' Bankruptcy Filing Illustrates Trials of Vertical ..., costar.com, Jun 9, 202
5. After near shutdown, AeroFarms has new owners - Virginia Business, Virginia Business, 2026-08-03
6. Preparing to emerge from bankruptcy, AeroFarms focuses on future, NJBIZ, 2023-08-28
7. AeroFarms Raises Fresh Equity, Refinances Debt in Profitable Push, citybiz, 2025-08-11
8. 14 Vertical Farms Went Bankrupt in 2025. Here's What Killed Them., FoodLore, 2026-03-25
9. AeroFarms raises $100m as investors rush to indoor farms, AeroFarms, 2019-09-17
10. AeroFarms Raises $100m from 'Patient Capital' to Continue Steady Growth of Vertical Farming Business, AgFunderNews, 2019-07-10
11. What to know about the AeroFarms 2021 IPO | Public.com, Public
12. Vertical farming start-up AeroFarms raises $100m in Series E funding round, theneweconomy.com, Jul 10, 20
15. AeroFarms Announces Recapitalization Process to Concentrate Activities on its Danville Farm and its Highly Popular Microgreens Products, AeroFarms, 2023-06-12
16. AeroFarms emerges from Ch. 11 with new CEO, focus on VA farm, AgFunderNews, 2023-09-18
17. AeroFarms Danville Leasing, LLC Bankruptcy (1:23-bk-10750), Delaware Bankruptcy Court, pacermonitor.com, Jun 8, 202

How this case file was put together

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