Bowery Farming, the New York based indoor agriculture startup has bagged a $90 million fresh round of investment in Series B round. Which was led by GV (formerly known as Google Ventures). The round also saw participation from Singapore’s Temasek, Uber CEO Dara Khosrowshahi, David Barber’s fund Almanac, First Round Capital, GGV Capital, and General Catalyst.
The fresh round takes the total money bagged by the company from investors ever since their inception to $141 million. Interestingly, the company has not revealed the numbers regarding the valuation. The company was started in 2015 by Brian Falther, David Golden, Irving Fain and uses techniques like robotics, LED lighting and data analytics for indoor farming. According to Fain, since their first farm they opened in early 2017, the team size has gone from 8 to 65.
Fain, the CEO of the company says that the company has realized the need of the hour, i.e the solution for the food crisis. "We deeply believe in the power of technology to make drastic, necessary improvements to the food system," said Fain about how they plan to use the technology.
GV general partner Andy Wheeler talking about the deal “Bowery has made exceptional progress working toward a sustainable, pesticide-free solution for vertical indoor farming at-scale. The company is poised to have a significant impact on the global produce market through its approach to engineering, strong consumer and retail response, and ability to execute.”
It will be interesting to see how the firm utilizes the capital from this round as it plans to expand in multiple cities of the US.
Image Courtesy : Bloomberg