Seedo Signs MOU to Secure $30 Million Commercial Line of Credit to Finance Consumer Leasing of Its Home Grow Units
“Seedo” an agritech company providing the world’s first fully automated and controlled indoor growing device for the “at-home agriculture” markets as well as commercial scale systems, announced it signed a Memorandum of Understanding (MOU) to secure a $30 million line of credit to make its Seedo Home grow device even more accessible to consumers. The MOU is non binding and the parties plan to enter into definitive agreements within 60 days.
Seedo has received highly encouraging feedback and positive reviews from customers who have completed their first grow cycle in the home grow unit. Now, the company intends to use this commercial line of credit, once finalized, to launch a home-grow unit leasing business model. Through home unit leasing, customers will be able to pay a small down payment and monthly leasing fee to have the home-grow unit without owning it, making the unit more affordable and accessible for a wider range of consumers.
The Company has been successfully scaling operations and has made major progress in optimizing logistics protocols, providing after-sale customer service and identifying new market opportunities for home-grow and commercial-scale systems.
“We are excited to launch a new leasing business model for the home-grow unit, which will allow us to bring our vision to a wider range of consumers as the ‘at-home agriculture’ industry continues to grow,” said Zohar Levy, CEO of Seedo. “Seedo is having a momentous year, and with this new planned financing specifically earmarked for financing our leasing program, we believe we will expand our installed base of Seedo Home grow units, thereby increasing revenues through leasing income and sales of disposable supplies, while boosting the amount of data in our agronomy database. Our goal is to make it even easier and more affordable for our customers around the world to enjoy today’s most innovative home growing solutions, enabling them to grow their own plants vegetables, fresh herbs, flowers and hemp at home.”
The company recently announced a partnership with leading retail innovation firm OutForm to develop a strategic retail branding strategy and optimize Seedo’s U.S. distribution channels and supply chain. OutForm which works with global retail leaders across industries, including Best Buy, Bed Bath & Beyond, The Home Depot, and more is set to introduce Seedo to retailers and consumers across the country. As part of Seedo’s recent momentum, the company appointed Daniel Birnbaum, who served as CEO of SodaStream, to its board of directors. Mr. Birnbaum’s expertise in building global brands will assist the Company in directing the distribution of the commercial product to retailers and consumers around the globe.