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The day gone by, Bowery Farming introduced a $300 million fundraising around that incorporated A-list buyers like Natalie Portman, José Andrés, and Lewis Hamilton. Justin Timberlake additionally chipped in.
The startup, now valued at $2.3 billion, grows produce the use of indoor vertical farming setups. Its 13 kinds of vegetables are bought in 850 retail outlets, and with its new budget it is going to construct further farms and increase into new vegetation together with tomatoes, strawberries, and carrots.
Sci-fi farming is catching on
Local weather alternate issues and a renewed center of attention at the meals provide chain have contributed to higher investor urge for food for indoor farming. Final yr, world VC funding in indoor farms tripled to nearly $1.9 billion.
Bowery’s deal is the most important on file for the business, however competition have scored a lot of dough in fresh months, together with BrightFarms ($100 million final October), “Omakase” strawberry grower Oishii ($50 million in March), and AppHarvest, which SPAC’d in February and is now value $1.5 billion.
Zoom out: The indoor farming sector is rising however continues to be only a wee seedling. In 2019, California grew just about 4x extra kilos of lettuce than all indoor-grown veggies around the nation blended.
This tale is from these days’s version of Morning Brew, a day-to-day e-mail newsletter. Enroll right here to get it!
Supply By way of https://www.businessinsider.com/vertical-farming-startup-bowery-valued-at-23-billion-after-latest-round-2021-5