May 25, 2021
Justin Timberlake is putting his money into a high-growth sector literally.
He’s one of several celebrities who just invested in Bowery Farming, the largest vertical farming company in the U.S. What is vertical farming? It’s a method of growing crops indoors in stacked vertical layers, using controlled environments to ensure optimal plant growth. It uses much less land than conventional farming and can produce a larger variety of simultaneous crops year-round.
Bowery produce can be found in over 850 grocery stores, including Safeway, Acme, Giant Food, Walmart and Whole Foods. It’s also sold via Amazon Fresh.
Bowery Farming Raises $300M in Series C Funding
Bowery Farming, a NYC-based vertical farming company, secured $300m in Series C funding.
The round was led by Fidelity Management & Research Company LLC, with follow-on investment from existing investors GV (formerly Google Ventures), General Catalyst, GGV Capital, Temasek, Groupe Artémis (Pinault-owned), new participation from Amplo and Gaingels, a fund representing the LGBTQ community and allies, as well as individual investors Lewis Hamilton, Chris Paul, Natalie Portman, José Andrés and Justin Timberlake.
The company, which has raised $472m to date, intends to use the funds to continue expansion of its network of smart indoor farms across the United States, to further accelerate its technological leadership, support ongoing research and product innovation efforts.
Indoor vertical farming startup Bowery Farming raises $300 million
By Jane Lanhee Lee
Reuters
(Reuters) - New York-based indoor vertical farming startup Bowery Farming said on Tuesday it raised $300 million in its latest funding round, valuing the company at $2.3 billion as the pandemic shed light on the importance of securing local food supply.
Vertical farming grows its produce in stacked arrangements in technologically controlled environments, reducing the need for vast expanses of land and bringing mass production right in to urban areas.
While the new industry has struggled to break even in the past, the drop in technology costs, such as LED lights, is changing the economics and fueling investor interest.
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