To My Lineage Family: 1.9 billion reasons to be proud of Lineage
An article by Greg Lehmkuhl, President and CEO
March 11, 2021
Earlier today, we announced that Lineage raised $1.9 billion in equity. This follows last September’s $1.6 billion equity raise and is the largest funding round since our founding in 2008, bringing the total equity raised since January 2020 to $4.3 billion.
This is truly a historic moment for our company, which has been built over generations by families, entrepreneurs, essential workers, data scientists, engineers, logistics experts and those who simply want to help feed the world.
Congratulations to every member of our One Lineage family – no doubt, this is a recognition of your hard work, selflessness and unshakeable commitment to building a transformative company that we can all be proud of. Thank you, thank you, thank you!
When we set out to raise capital, we were met with overwhelming demand from some of the most well-respected global institutional investors, which demonstrates how much our investors believe in Lineage and its remarkable team. They recognize our successful track record of solving customers’ most complex challenges. They see our industry-leading technological achievements. And most importantly, they see our incredible runway and how bright our future is.
To that end, a significant portion of the $1.9 billion of new capital will be used to double down on new and disruptive technologies to design the temperature-controlled warehouse of the future. We have already made incredible progress, which is evidenced by our 13 patents, Fast Company Most Innovative Companies award, Department of Energy Awards, and the launch of Lineage Link announced earlier this year. But it’s not in our DNA to rest on our laurels – and now we have additional ammunition to turbo-charge our innovations.
We will also use the new capital to fund greenfield developments and expansion projects in North America, Europe, and Asia-Pacific to build the most strategically located and most state-of-the-art facility network that will best meet our customers’ needs. We have recently completed – or are working to complete – construction projects in 12 markets in these regions, and we plan to announce even more developments in the near future. Stay tuned!
For certain, our latest equity raise – while a clear validation of our business model – is an important opportunity for Lineage to bolster our customers’ experiences from every angle. And it’s up to us to meet the moment and prove ourselves as their most valuable partner.
To my Lineage family – and to your families at home who have supported you (and us) in both the best and most challenging of times – thank you for believing in Lineage and bringing the best of yourselves to make our success possible.
All the best,