We're farmers, we are growing fruits and vegetables, and we're utilizing sunlight, we're utilizing rainwater. Were building robotics and software that will ultimately be able to service the entire global agriculture industry. Yes, we're using nature for what it's good. I'm looking forward to being able to find more and more of these AppHarvest products in our grocery stores as we move forward. WebJonathan Webb - Founder & CEO @ AppHarvest - Crunchbase Person Profile Person Jonathan Webb Overview Number of Founded Organizations 1 CB Rank (Person) 4,704 Why is that important? No one else in America is doing something at that scale. We just have to keep our head down and execute and do our job every day here at AppHarvest. But then it's pulling technology in to drive nature from behind. Who were the most active food and agriculture technology venture capital firms in 2022. He completed a fellowship in Australia at North Sydney Orthopaedic and Sports Medicine Centre and has worked in many high-profile clinics in the area. Jonathan has a Bachelors degree from the University of Kentucky in Business. The Art of Self Meditation: What Are the Benefits? Jonathan Webb - Founder & CEO @ AppHarvest The last thing I would say to that is whether or not we want to do it or not, the world is changing and regulators are approaching back. A specialist in knee surgery, Webb has performed countless surgeries in elite rugby union teams. Use our online form to book an appointment with Dr. Webb. AppHarvest is a unique and compelling investment opportunity that is redefining American agriculture by improving access for all to fresh non-GMO produce, growing more with fewer resources, and creating an agtech hub from within Appalachia, Novus chairman Bob Laikin said in a statement. We can also do it by returning investors to our shareholders. monitored for quality control 24/7 and harvested robotically. In addition to his numerous social media fans, Jonathan Webb has also embraced a low-key approach to his career. Her estimated net worth is more than $15 million. It means being a little bit more upfront with your investors. Going down, scanning the plant, pest, is there a disease, brightness? Webb is from Kentucky, where 16% of residents are I did want to know here because I saw this in the earnings release and I just thought it was one of those quotes that stood out to me from Mastronardi, your distributor. By the end of next year, we'll have five operating facilities. You've taken a lot of steps early on in the development of your business to address a lot of those ESG concerns. How do they plan on achieving that goal? We hit our Q1 guidance, $2.3 million in revenue. Then Jeff Obin, who is on our board and has been an early investor. We want to be selling to 90% of America. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on the largest solar project in the Southeastern United States. He has over 100 civil and criminal jury trials and has represented clients in counties across Georgia. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. I'm one of those people growing up I went to public schools here in Kentucky. While living in Washington D.C. developing sustainable energy farms, Jonathan researched another type of farming the Netherlands and its high-tech greenhouses that in a single acre yield as much as 10 outdoor acres and virtually eliminate the use of chemicals. David and Tom just revealed what they believe are theten best stocks for investors to buy right now and Walmart wasn't one of them! Is that drought going to impact yield and you don't end up being able to get product to the grocery store? But for us, it's not a back-and-forth, it's not OK, well, I'm going to invest in an ESG company and I'm going to sacrifice profitability. The estimated value when the deal closes will be about a billion dollars for the company. To learn more about AppHarvest, you can visit appharvest.com. The history of the world is in many ways the history of technology, and of our reactions to it. Most people every day are just concerned about can they put food on the table? One of AppHarvest's Crop Care Specialists operates a tomato-picking robot. Visualize this, down the rows of our facility, we have a robust that's going to take thousands of photos of a tomato plant. The human spirit is willing to do a lot. It was clear that their work culture is infused with a pioneering mentality, and that Webb feels strongly about keeping that culture consistent as the company expands. His fund's based in DC, we had them as early investors. In the 1987 Rugby World Cup, Webb made his debut for England. It's nearly impossible to have full transparency. The actor regularly posts photos and videos of himself, as well as engaging with his fans. "We have the capital we need and we're focused on building and operating, and just head down on execution," Webb said. In the back of his mind, he wondered what he could do to help. I like thinking about a future where AppHarvest and companies like you all are helping make our food supply not only here domestically, but really around the world better, more reliable, more transparent. This helped the Army reach its goal of 20% renewable energy by 2025. That might sound straight from science fiction, but AppHarvests CTO Josh Lessing, who designed many of these universal harvesting systems says we only think that because farming has been so slow to innovate. We can get to 70% of the U.S. in a one-day drive. But one thing we'd like to talk about is competitive advantage, what makes a company special? US controlled environment agriculture (CEA) startup AppHarvest has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC) Novus Capital, enabling it to go public. Jonathan Webb poses in front of his giant greenhouse, When you look at human civilization, what do you need? We're building infrastructure in an area of the country where we're having record amounts of rainfall, and if you look at the climate maps, we continue to get wetter. Since then, AppHarvest shares have plunged 70%. Other AppHarvest investors include TV cook Martha Stewart, VC veteran Peter Thiel, We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. With a 19% stake, CEO Jonathan Webb is the largest shareholder. One, our geographic location. On this week's episode of Industry Focus: Wildcard, host Jason Moser chats with AppHarvest (APPH) founder and CEO Jonathan Webb about the growing opportunity in the agtech space, what makes AppHarvest unique, his vision of the future of farming, and much more. "For us, being transparent with not only the consumer, but having that transparency of a public company as we build a large global food company, we think the long-term benefits are great.". AppHarvest Public asset : 44,698,475 USD. WebJonathan Webb grew up in Kentucky and has been committed to developing sustainable projects from Central Appalachia. We are about to plant our first crop in a 60-acre, controlled environment, chemical-free farm. A former England international, he reached the World Cup Final in 1991 and was a two-time grand slam champion in the Five Nations. I hope you enjoy our conversation. After serving as an assistant public defender in Marylands Office of the Public Defender, Webb joined Ethridge Quinn for 2020. In light of the challenges AppHarvest has faced in its early stages, Webb expressed hope that younger generations like Gen Z and millennials would continue to innovate and "fight through" any obstacles in their way. We had 22 meetings and had almost 20 yeses. Very few passed on this deal and we eventually had to cancel meetings., Webb describes the SPAC transaction and PIPE financing experience as absolutely phenomenal.. According to Webb, going public has helped the company focus on the big picture. KY-based AppHarvest admits serious concerns about its We're ramping up and scaling quickly. You may opt-out by. You've had fast-food chains, that is one of the biggest risk to a grocer is the paranoia and being terrified of where that product is being grown. Webb: We've been very fortunate that some of our investors and board members, Fidelity was the largest investor in our pipe during the public process, Jeff Ubben of Inclusive Capital, our Chief Sustainability Officer, Jackie Roberts came to us from the Carlyle Group, we're all very serious about this. ESG should be at the core of profitability and it should be at the core of building a resilient company. The private markets don't need to be a part of the problem, but we can't just be quarterly earnings focused. He is an ex-rugby player who represented England from 1987 to 1993, reaching the World Cup Final and winning two Five Nations grand slam titles. Recently, I had the opportunity to chat with Jonathan about the growing opportunity in the AgTech space. Fame | AppHarvest net worth and salary income estimation Jan, "Greenwashing" Doesn't Work: Jonathan Webb, Founder & CEO, The companys first greenhouse will span 60 acres and open in 2020 in Morehead, Ky.The greenhouse will operate entirely on rainwater using a 10-acre retention pond, reducing water usage by 80% compared to a typical farm. We're in that classic scenario of demand exceeding supply. Here, we've had three years out of the last ten years in Kentucky have been our wettest years on state record. Again, the private markets get a very bad rap socially. Webb, a Kentucky native and University of Kentucky graduate, says he remains committed to his goal of employing large numbers of people at high-tech farms around the eastern half of the state. Announces Separation of Julie Nelson as Chief Operating Officer Nov 16 Price target decreased to US$5.33 Nov 16 See more updates Shareholder Returns See full shareholder returns Return vs Industry: APPH underperformed the US Food industry which returned This year alone, more than 50 SPACs have been formed in the US, collectively raising. He is also becoming more involved with green shipping and is a council member of the London Shipping Law Centre. His extensive experience and knowledge in the field have led to his reputation as a leading knee surgeon in the UK. Look at the open fields in Mexico. Its service leadership; our team does not work for me, I work for our team., To that effect, hes imparted a lesson to each of his team members: Every day, help five people. Location: Pikeville, KY. Add to My Lists. We always talk about investing for the future because that's really what investing is all about. We're investing in our workforce. For example, we use integrated pest management, good pest to kill bad pest. This is still a very new space though. We're a public benefit corporation, and we're B Corp certified. But in its entirety not only do we have a problem we want to solve, we have a place in the world that wants to solve it with us., A crop care specialist carries boxes of tomatoes through a column of crops, pruning as she goes, I got to visit AppHarvest in November, and the sheer enthusiasm Webb has built in his staff is phenomenal. I was very fortunate. To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. He has a particular interest in knee surgery and sports medicine. His final international was against Ireland in March 1993. They have 10% of the world's freshwater. But then what have we done with Root AI? Webb made a second appearance for England, and reached the final. WebJonathan Webb. No. Webb was named a World Rugby Council RFU representative in 2016. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Your bedroom should be a serene place for you to feel rested and rejuvenated. No one else in America is doing something at that scale. A SPAC is formed with the sole purpose of raising capital through an IPO in order to acquire an existing privately-held company and take it public. AppHarvest is known for its approach to CEA, which Webb called the "third wave of sustainable infrastructure." Fresh Take: A Make-Or-Break Food Trade Show, Inside The Food Labor Movement: An Update From Starbucks Front Lines, Its The Gourmet Toast Driving Expansion At Toastique, Fungi-Based Protein Company Meati Launches Scientific Advisory Board To Support Scale-Up, Nutrition Research, City Saucery Takes Pride In Its Ugly Tomato Sauces, By Helping The Ukrainian Community In Manhattan, Veselka Earns A James Beard Nomination For Outstanding Restaurant, French Wine Region Bourgogne Should No Longer Be Translated To Burgundy. As part of that, in order to bring trust and transparency to agriculture, you have to be a public company. Just wondering if you could share some of the highlights, some of the things you're proud of in regard to this earnings release, and your excitement here for the year to come. Running AppHarvest this way definitely creates extra workthe company even has facilitators who help employees navigate unexpected life events that might prevent them from coming to workbut its work Webb considers essential. 95% of a fruit and vegetable is water. Moser: Well, you said it on the call. We've been able, very fortunate, a very talented team, MIT team out of Boston that has a proven track record and great products that we've integrated them fully into the AppHarvest team. I don't want to keep you all day, but before we wrap it up, I did want to talk to you a little bit about ESG, environmental sustainability governance issues. Same platform but with new and improved features. The mission-driven approach Webb has prioritized is the companys main selling point both for investors and potential employees, whom he works to lure away from billion-dollar conglomerates. Making the world smarter, happier, and richer. *Average returns of all recommendations since inception. Terms & Conditions. But its confident in its approach. ", "It's easy to be a CEO that's looking for the next three months," Webb stated. WebAppharvest (: ) is owned by 29.32% institutional shareholders, 30.67% Appharvest 40.01% retail investors. It made good logistical sense since Kentucky is within a days drive of 70% of the United States, plus there was an untapped labor force there ready and waiting to be hired. Jonathan Webb is a specialist knee surgeon and a former English rugby union fullback. Non-planned trade are trades that The Motley Fool recommends AppHarvest, Inc. Now, our job is to make sure it's at around the same price. PIPE deals effectively allow institutional investors to buy larger quantities of public company stock, typically at a discount to public market prices. Part of it is we're building companies not just for today and not just for the quarterly earnings call today, we're building this company for the next generation. Jonathan Webb The private markets can be a part of every solution we have that we're seeing today. Webb grew up in Kentucky, and founded AppHarvest in 2017 after years in the solar development industry, based in New York. If I were an investor, Id want my CEO on the ground with the team, not just in an office tower, he said. What are you trying to accomplish? Let's let the consumer of our product also be the buyer in our company. We take that long term approach, we don't view things by quarter. People don't leave purpose-driven companies, AppHarvest CEO says The president and CEO, Paul Mastronardi said, "We want every AppHarvest tomato they can grow. Jonathan Webb's Appharvest shares are currently valued at $20.96M. People, planet, wonderful, but I'm trying to make money. Theyre looking at a company and even though its pre-revenue it has all the necessary ingredients to succeed.. As investors were looking for the biggest market opportunities we can find, market opportunities that are growing. AppHarvest. Which is important, because AppHarvest employs well over 300 people in its Morehead facility alone. We've had 8,000 people apply to work at the company and we've hired 500 people in the middle of a global pandemic. He has successfully completed over 200 operations using the Mako machine. Project Access, Inc. was founded by Mr. Webb in 1999. Do the hard work to create shareholder value now while also looking out for shareholders two decades from now, Webb said is his credo. But the production we've left in the US is being grown in areas that are running out of water. I graduated from the University of Kentucky. But really its water and food first. Every year, he gives a lecture to students enrolled in a post-graduate shipping LLM program. Webb left for college, eventually pursuing a career in renewables at the DOE, a space where he felt he could be part of the solution. But the economic devastation in his home state still bothered him. Jonathan Webb, a Maryland attorney, has experience in criminal defense and DUI/DWI defense. Growing up in Appalachia, Jonathan Webb watched the slow decline of the coal industry firsthand. How do you feel about coming public a lot earlier than you probably would've normally? I write about the future of food, business, and culture. more. Webb: Well, we built the company from day one. Jonathan Webb, a specialist in knee surgery, was once a prominent player on the English rugby team. Webb: Well, the last great technological revolution in American farming is really when the tractor was introduced. Of course, the future is what really matters. Webb is a consistent presence at the companys flagship greenhouse in Morehead. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, How AppHarvest Is Investing in the First Generation of High-Tech Farmers, AppHarvest May Not Be a Tasty Investment Yet, Agtech company AppHarvest debuts produce in select grocery stores, AppHarvest hires Impossible Foods David Lee as president, AppHarvest hires chief communications officer, Watch NASAs James Webb Space Telescope do high-tech origami, Varsity Spirits Webb on Bolstering the Middle Class, Jimmy Webb, Purveyor of Punk Fashion, Is Dead at 62, James Webb Space Telescope Successfully Deploys Its Mirror for the First Time. A Kentucky native and University of Kentucky graduate, Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. Webbs England career totaled 67 points, breaking Hodgkinsons 60-point record. Again, for us, it's about keeping our head down, growing good fruit and vegetables. I feel like with AppHarvest, at least, my takeaway, I found a lot of things that make you all special. Webb founded AppHarvest in 2017, and the company was certified as a B Corp two years later. Maintaining that inclusive work culture, especially since he works in agriculture, is incredibly important to Webb, who aims to do everything from a place of empathy and considers his employees to be his first customers. We need to change the profits versus purpose narrative; purpose drives profit and, ultimately, is what makes an organization durable and resilient for decades to come, Webb told Fortune. In the latter, Webb was the only English player to score in the game. He often sleeps in an RV outside the construction site of its second facility. We love DC, but we don't want to just be selling to the high-end restaurants in DC. Jonathan Webb grew up in Kentucky and has been committed to developing How excited are you to bring that Root AI company in their leadership into your family? Those robots have collected the worlds largest data set of tomato images, and each one is equipped with cameras and a laser that creates a 3D scan of the crops in front of it to determine what needs to be done at any given moment. Well, you need water you need food, and you need energy. I know you're busy. This company has plans to open two additional indoor farms in Kentucky and has already announced partnerships with the Dutch government and multiple universities to make Appalachia a hub for the agtech industry. 2023 Fortune Media IP Limited. Appharvest Stock Ownership Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. This commitment, at $10 per share, values the company at $1 billion. Notify me of follow-up comments by email. Cost basis and return based on previous market day close. A specialist in knee surgery, Jonathan Webb was a rugby union fullback for the English national team from 1987 to 1993. Typically, you would do 40 to 60 meetings to get a couple of investors. Were investing heavily in our future, so were spending heavily today, he said. I have no doubt that we will. Ten years ago, Tesla made electric vehicles popular in the mainstream, and right now, it's controlled environment agriculture. And because of the work they are doing, those companies will be able to hire the brightest people, despite resignation trends. Kentucky has been experiencing record amounts of rainfall in recent years, so for Webb, the location was obvious. We were just talking earlier and you mentioned how you're in the DC area, it was fortunate that we had Steve Case, the founder of AOL, and he fundraised the rest. Learn More. Photo credit: US controlled environment agriculture (CEA) startup, has announced a merger with NASDAQ-listed special purpose acquisition company (SPAC), The deal is slated to bring in $475 million in gross proceeds for Kentucky-based AppHarvest, including a private investment in public equity (PIPE) transaction worth $375 million from existing and new investors including, I cant say this was the exact plan but what accelerated all of this was Covid-19, AppHarvest CEO Jonathan Webb told, . Investors look at that, Peter Halt, AppHarvests newly appointed chief financial officer, told, Step aside, alt-protein: Bioplastics are the real agrifoodtech opportunity, The rise of the reused machines: Germanys E-Farm raises $5.3m Series A. According to AppHarvest's earnings report released Feb. 24, the company had net sales of $9.1 million and net loss of of $166.2 million in 2021. I mean, that is right in line. Required fields are marked *. The agriculture-tech startup raised $250,000 in its first round of seed capital in February 2018, AppHarvest CEO and founder Jonathan Webb told Insider. That's right -- they think these 10 stocks are even better buys. You came public a lot sooner or probably that you would have had the opportunity to even 10 years ago. If you look at AppHarvest, what are we doing? Offers may be subject to change without notice. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com. When youre building tech for techs sake, you start to question what youre doing. Three thoughts on leadership from the founder and CEO It is a non-profit organization that provides education and social services to low-income residents living in low-income apartments. Webb: To put this in perspective, this was our first facility under operations, our flagship facility. But I wanted to ask you before we do, the Root AI acquisition. St John Greek Orthodox Church Easter Schedule, 7 Residential Solar Maintenance Errors and How to Avoid Them, 4 Errors with Kitchen Renovations and How to Avoid Them, An Informative Guide to Livestock Transportation, A Tool That You Need If You are Into Live Stream. We're going to be based in Central Appalachia. It doesn't need to be one or the other, it needs to be both, and we're happy to be a bit of a public benefit corporation and B Corp certified. Webb: We could not be more excited. Because it is cutting-edge technology. But the journey hasnt been without pitfalls. It's the workforce that we're going to use to grow the organization. AppHarvest CEO envisions 'couple-decade journey' after going public AppHarvest is recovering from a challenging third quarter, in which it reported a net loss of over $17 million; Webb attributes it to hyper-growth. AppHarvest Two years into production, AppHarvest already provides 500 living wage jobs, is a second chance employer, and aims to hire a team as diverse as our nation and then empower them as individuals. Plus, the company is a B corp, a public benefit corporation, and its publicly traded.
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