Cambridge Trust provides $12 million debt facility to support Freight Farms' growth
Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), has provided $12 million in debt financing to Freight Farms to support its growth and product expansion. Freight Farms, established in 2012, operates a network of connected hydroponic container farms targeting diverse markets including retail and nonprofits. This financing will enhance Freight Farms' capability to meet rising demand and maintain its leadership in vertical farming solutions. Cambridge Trust aims to foster innovative growth through their Innovation Banking Group, focusing on financing growth-stage companies.
- Cambridge Trust provided a substantial $12 million debt financing to Freight Farms.
- Freight Farms is positioned to enhance product offerings and meet increasing demand.
- The financing strengthens Freight Farms' financial stability during growth phases.
- None.
CAMBRIDGE, Mass., July 26, 2022 /PRNewswire/ -- Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), has provided
"Cambridge Trust is the type of commercial lender all companies in our industry want to work with, because they took the time to understand our market, our business model, and our vision," said Freight Farms Chief Executive Officer Rick Vanzura. "Their financing is coming at the perfect time—a time when we are looking to meet the increasing demand for our farms. It puts Freight Farms in a stable financial position to help us meet our customers' needs and continue as a leader in providing vertical farming solutions that optimize crop yield year-round around the globe."
"We are pleased to provide an innovative and meaningful debt facility to advance Freight Farms' efforts to expand its product offerings and achieve its growth objectives," said Chris Roy, Director, Innovation Banking at Cambridge Trust. "With a talented management team and well-designed products serving a critical need, we believe Freight Farms is poised to transform agriculture over the years ahead as sustainability and access to quality produce become ever more important."
Cambridge Trust's Innovation Banking Group is a leading Boston-based lender focused on the financial needs of growth-stage companies which drive the expansion of the innovative economy and support Cambridge Trust's growth strategy.
Cambridge Trust Company, subsidiary of Cambridge Bancorp (NASDAQ: CATC), is based in Cambridge, Massachusetts. The 132-year-old Massachusetts chartered commercial bank has approximately
To lean more, please visit cambridgetrust.com or visit Cambridge Trust on LinkedIn, Instagram, Twitter or Facebook.
Founded in 2012, Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container—the Leafy Green Machine—with the mission of democratizing and decentralizing the local production of fresh, healthy food. Since inception, Freight Farms has expanded its product offering and now has the largest network of connected farms in the world, with global customers ranging from small business farmers to corporate, hospitality, retail, education, and nonprofit sectors.
To learn more, please visit freightfarms.com, or visit Freight Farms on Instagram, Twitter, or Facebook.
Media Contacts:
Cambridge Trust: Mary Ann Manning, Senior Manager, Marketing & Communications, (781) 528-3832
Freight Farms: Jacy Clapp, Growth Marketing Manager, (252) 885-2498
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SOURCE Cambridge Bancorp
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