Dallas hydroponic produce operation Dragon City Farms Inc. has completed a capital raise on Fort Worth-based Harvest Returns’ crowdfunding platform.
The amount of the funding was not disclosed, but Dragon City Farms said it will use the money to provide safe, superior quality, fresh produce to consumers across the Dallas-Fort Worth region.
“Dragon City Farms will concentrate on local restaurants that serve farm to table and prepare most if not all of their dishes, sauces, and sides in house from the produce they purchase,” Alex Davis, founder and CEO of Dragon City Farms, said in a release. “These would be restaurants like Khao Noodle Shop, Knife, Wabi House, Seven G, and Rapscallion. We will also market to small specialty grocery stores like Jimmy’s Grocery in East Dallas. We will have our first crop of lettuce ready by the end of January and the farm should be fully operational by the end of March.”
Created in 2016, Harvest Returns is a fintech company that brings agricultural producers together with investors. Its platform provides curated, diversified offerings of farms and agribusinesses to investors.
In July, Harvest Returns announced that it launched the Sustainable Agriculture Opportunity Zone Fund to help farmers in Qualified Opportunity Zones (QOZs).
Opportunity Zones—established by the federal Tax Cuts and Jobs Act of 2017—are intended to boost economic development by providing tax benefits to investors. The act’s provisions provided the potential for investors who re-invest capital gains into long-term investments in QOZs to receive significant tax benefits.
With Harvest Returns’ new fund, it intends to achieve tax-advantaged capital appreciation in projects that are sustainable economically, socially, and environmentally.
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