indoor farming company bowery raises $300m

Bowery Farming Secures $300 Million in Series C Funding

Bowery Farming, a vertical farming company headquartered in New York City, has announced a $300 million Series C funding round this week.

This investment brings the total funding raised by the company to over $472 million and establishes a valuation of $2.3 billion.

Investment Details and Participants

Fidelity Management & Research Company spearheaded the substantial funding round.

Existing investors, including GV (formerly Google Ventures), General Catalyst, GGV Capital, Temasek, and Groupe Artémis, also participated.

Additional investors included Amplo and Gaingels, alongside prominent individual investors such as Lewis Hamilton, Chris Paul, Natalie Portman, José Andrés, and Justin Timberlake.

Significant Growth and Market Expansion

The funding arrives during a period of considerable growth for Bowery Farming.

The company reports a 750% increase in product availability since January of the previous year, demonstrating resilience and success throughout the pandemic.

Bowery’s vertically grown produce is currently available in 850 grocery stores nationwide.

Retail Partnerships

Key retail partners include major chains like Albertsons (including Safeway and Acme), Giant Food, Walmart, and Whole Foods.

Amazon Fresh has also been a significant channel for Bowery, particularly during the pandemic-related store closures.

CEO Statement on Funding

“This infusion of new capital from Fidelity, other new investors, and the additional support of our long-term investor partners is acknowledgement of the critical need for new solutions to our current agricultural system, and the enormous economic opportunity that comes with supporting our mission,” stated CEO Irving Fain.

He further explained that the funding will support both continued expansion and the development of the company’s proprietary technology, which is central to its scalability.

Future Plans and Expansion

The substantial investment will be allocated to expanding Bowery’s network of indoor farms across the United States.

Resources will also be dedicated to increasing headcount and furthering research and development (R&D) efforts.

A new facility in Bethlehem, Pennsylvania, is planned to be the company’s largest indoor farm to date, situated within an industrial area.