When you live in the heart of an urban setting like New York City, it may be challenging to get ahold of fresh produce nearby. That’s why agtech company Bowery Farming developed indoor farming systems that work to sustainably grow crops year-round. Looking to provide more communities with locally-grown foods, Bowery closed on a $300 million round of Series C funding.
Fidelity Management & Research Company LLC led the raise that brings Bowery’s total venture capital sum to over $472 million. Its Series C also included contributions from celebrity investors like actress Natalie Portman, professional chef José Andrés and musical artist Justin Timberlake, plus existing investors including GV, General Catalyst and GGV Capital, among others. Following this round, the unicorn’s valuation has now reached $2.3 billion.
Bowery’s farming technology, BoweryOS, consists of software, hardware, sensors and computer vision systems that employ AI and robotics to automate all the operations for every farm in the company’s network. Its smart farms produce leafy greens like lettuce and kale and herbs like basil without the use of pesticides.
Its products are currently available at 850 retail stores including Whole Foods Market and Walmart, a number that represents 750 percent year-over-year growth for Bowery. It also quadrupled its e-commerce sales through platforms like Amazon Fresh, according to the company.
Now after its latest injection of funding, Bowery is planning to expand its network even more by adding more large-scale commercial farms around the U.S. as it gears up for international expansion. It’s also looking to invest in supporting ongoing research and product development to eventually bring a wider array of crops to market.
“At Bowery, we’re reinventing a new supply chain that's simpler, safer, more sustainable and ultimately provides vibrantly flavorful produce unlike what’s available today,” Irving Fain, Bowery’s CEO and founder, said in a statement. “This funding not only fuels our continued expansion but the ongoing development of our proprietary technology, which sits at the core of our business and our ability to rapidly and efficiently scale towards an increasingly important opportunity in front of us.”
The company is currently hiring for dozens of positions at its NYC headquarters across several departments including engineering, farm operations, marketing, finance and more.
