CAMBRIDGE, Mass., July 26, 2022 /PRNewswire/ — Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), has provided $12 million debt financing to Freight Farms to expand its product offering and pursue its growth objectives. Founded in 2012, Freight Farms has a network of connected hydroponic container farms serving customers around the world, ranging from smallholder farmers to those in the corporate, hospitality, retail, food and beverage sectors. education and non-profit.
“Cambridge Trust is the type of commercial lender that all businesses in our industry want to work with, as they have taken the time to understand our market, our business model and our vision,” said the managing director of Freight Farms. Rick Vanzura. “Their funding comes at the perfect time – a time when we are looking to meet the growing 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 vertically delivering agricultural solutions that optimize crop yields all year round around the world.”
“We are pleased to provide an innovative and meaningful credit facility to advance Freight Farms’ efforts to expand its product offerings and achieve its growth goals,” said Chris Roy, Director, Innovation Banking at Cambridge Trust. “With a talented management team and well-engineered products addressing a critical need, we believe Freight Farms is poised to transform agriculture in the years to come, as sustainability and access to quality products quality are becoming more and more important.”
Cambridge Trust’s Innovation Banking Group is a leader Bostonlender based on the financial needs of growth-stage businesses that drive the expansion of the innovative economy and support Cambridge Trust’s growth strategy.
About Cambridge Trust
Cambridge Trust Company, a subsidiary of Cambridge Bancorp (NASDAQ: CATC), is based in Cambridge, MA. The 132 year old man Massachusetts chartered commercial bank has approximately $5.1 billion of assets to June 30, 2022and a total of 19 Massachusetts and New Hampshire Locations. Cambridge Trust’s Wealth Management Group has offices in Boston and Wellesley, Mass. and Concorde, Manchesterand Portsmouth, New Hampshire with $4.0 billion of client assets under management and administration June 30, 2022.
About Freight Farms
Founded in 2012, Freight Farms pioneered the first vertical hydroponic farm built inside an intermodal shipping container – the Leafy Green Machine – with a mission to democratize and decentralize the local production of fresh, healthy food. Since its 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 smallholder farmers to corporate, hospitality, retail, education and non-profit.
To learn more, go to fretfarms.com or visit Freight Farms on Instagram, Twitteror facebook.
Cambridge Trust: Mary Ann ManningSenior Director, Marketing and Communications, (781) 528-3832
Freight farms: Jacky ClappDirector of Growth Marketing, (252) 885-2498