Indoor vertical farming startup Bowery Farming confirmed on Tuesday that it raised $300 million in its latest funding round, led by Fidelity Management & Research Company LLC. This new injection of capital sees the New York-based startup’s value inflate to $2.3 billion.
With the coronavirus outbreak shedding light on the importance of establishing local food supplies, the vertical farming industry has skyrocketed in growth, despite being relatively new. This form of farming involves growing fresh produce in a stacked formation in technologically controlled environments. This results in the effective farming of fresh produce while eliminating the need for large plots of land in rural areas.
Founded in 2014, Bowery Farming currently sells its produce in over 800 grocery stores. While the agricultural startup has two existing commercial farms in New York and Maryland, it currently has a third in the pipeline in Pennsylvania.
According to Irving Fain, CEO and Founder of Bowery, the newly acquired funds will be directed at the expansion of Bowery farms across the United States, the development of new technology, and global expansion. Just some of the big names who have chosen to invest in Bowery include GV, formerly known as Google Ventures, General Catalyst, GGV Capital, and Temasek.
