PodPonics, Inc. closed on $100,000 equity financing out of an expected $162,500 offering. Eleven investors participated to the non-brokered placement. This brings to $1.35 million the amount raised by the company since the beginning of the year via equity issuance. PodPonics disclosed generating revenues between $1 and $5 million during the last fiscal year.
PodPonics grows lettuce and micro-greens (like watercress) in urban centers using an approach that does not require arable land. The company responds to the year-round demand for locally-produced natural whole foods by growing greens at or near the point of consumption. It does so by converting shipping containers into modular controlled-environment growth pods thereby substantially reducing the carbon footprint, providing scalability based on the local demand and flexibility to optimize the environment for a given crop. The company does not use pesticides and the water and nutrients used are recycled.
The company, located in Atlanta GA, was founded by Matt Liotta (CEO) in March 2010. The executive team includes Harry Riggs (VP Global Business Development), Jonathan Hehn (Chief Grower) and Adam Johnston (Field Sales Manager). Richard Weinstein from Caldera Capital Group has a sit on the board of directors.