Total amount raised
$625.9 Millions
Latest funding date
2/1/2022
Location
Bowery Farming has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company leverages advanced technology to revolutionize the farming industry.
Keep reading to explore the intricacies of Bowery Farming's fundraising journey and the investors backing this innovative platform.
What Is Bowery Farming?
Bowery Farming, founded in 2015, is a New York-based company revolutionizing agriculture through indoor vertical farming. The company leverages advanced technology, including vision systems, automation, and machine learning, to monitor and optimize plant growth.
Founded by Brian Falther, David Golden, and Irving Fain, Bowery Farming aims to create ideal conditions for growing produce without pesticides and with significantly less water. Their proprietary software, BoweryOS, ensures high productivity and sustainability.
With a workforce of 501-1000 employees, Bowery Farming continues to expand its operations, providing fresh produce to select stores and restaurants. Their innovative approach positions them at the forefront of modern farming.
How Much Funding Has Bowery Farming Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial technology.
- Seed Round
- Amount Raised: $7.5M
- Date: February 2017
- Lead Investors: First Round Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and refine BoweryOS technology.
- Series A
- Amount Raised: $20M
- Date: June 2017
- Lead Investors: General Catalyst, Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand farm operations and enhance technological capabilities.
- Series B
- Amount Raised: $90M
- Date: December 2018
- Lead Investors: Google Ventures, Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase production capacity and market reach.
- Series B
- Amount Raised: $50M
- Date: November 2019
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand farm network and technological advancements.
- Series C
- Amount Raised: $300M
- Date: May 2021
- Lead Investors: Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and technology leadership in the agricultural sector.
- Debt Financing
- Amount Raised: $150M
- Date: January 2022
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate expansion and build new farms in Georgia and Texas.
- Venture Round
- Amount Raised: $8.4M
- Date: February 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and technological innovations.
Total Amount Raised: $625.9M
Current Valuation: Not publicly disclosed
Key Investors
- Fidelity Management & Research Company LLC
- Details: Fidelity is a leading global investment management firm. They led Bowery's $325 million Series C funding in 2021.
- Investment Focus Areas: Technology, healthcare, agriculture.
- Notable Investments: Amazon, Apple, Google.
- Temasek
- Details: Temasek is a global investment company headquartered in Singapore. They focus on delivering sustainable returns over the long term.
- Investment Focus Areas: Financial services, telecommunications, technology.
- Notable Investments: Alibaba, Airbnb, Tencent.
- GV (formerly Google Ventures)
- Details: GV is the venture capital arm of Alphabet Inc. They invest in various sectors including technology and life sciences.
- Investment Focus Areas: Technology, life sciences, agriculture.
- Notable Investments: Uber, Slack, Nest.
- General Catalyst
- Details: General Catalyst is a venture capital firm that invests in early-stage and growth-stage companies. They focus on technology-driven companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Airbnb, Stripe, Snap.
- KKR
- Details: KKR is a leading global investment firm. They led the $150 million credit facility for Bowery Farming in 2022.
- Investment Focus Areas: Private equity, energy, infrastructure.
- Notable Investments: Various investments across multiple sectors including healthcare, technology, consumer goods.
What's Next for Bowery Farming?
Bowery Farming is poised to capitalize on the growing demand for sustainably-sourced food by expanding its network of smart indoor farms beyond the East Coast. With new state-of-the-art farms planned for Atlanta, Georgia, and Dallas-Fort Worth, Texas, the company aims to serve millions of people within a 200-mile radius, creating over 200 year-round green jobs in the process.
Future fundraising opportunities are likely, given the significant potential for growth in the vertical farming industry. Continued support from institutional investors like KKR and Fidelity Management & Research Company LLC could further bolster Bowery's expansion and technological advancements. However, the company will need to navigate the complexities of rapid geographic expansion and ensure consistent quality and yield across new farms.
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