NEW YORK — Bowery Farming, a vertical farming company in the United States, has secured $300 million in additional funding in a round led by Fidelity Management & Research Company, with significant follow-on investment from existing investors GV (formerly Google Ventures), General Catalyst, GGV Capital, Temasek, Groupe Artémis (Pinault-owned), as well as new participation from Amplo and Gaingels, a fund representing the LGBTQ community and allies. Additional individual investors in the round include plant-based eating advocates such as Lewis Hamilton, Chris Paul and Natalie Portman, as well as world-renowned chef and hunger advocate José Andrés and singer-songwriter Justin Timberlake.
Bowery will use the funds to continue expansion of its network of smart indoor farms across the United States, to further accelerate its technological leadership, support ongoing research and product innovation efforts to bring crops beyond leafy greens to market, and recruit top talent to meet the consumer and retail demand for its supply of pesticide-free produce.
The company has secured more than $472 million in funding to date, bringing its valuation to $2.3 billion. Now in over 850 grocery stores, Bowery has experienced more than 750% growth since January 2020 at brick-and-mortar retailers such as Albertsons Cos. (Safeway and Acme), Giant Food, Walmart and Whole Foods Market, and more than quadrupled e-commerce sales through e-commerce platforms, including Amazon Fresh.
"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," said Irving Fain, CEO and founder of Bowery Farming. "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. 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 transforming an industrial site in Bethlehem, Pa., into its largest, most technologically advanced and sustainable farm yet, expanding its reach further into the Northeast and Pennsylvania region. Bowery will be breaking ground on additional large-scale commercial farms this year, and said it is engaged in identifying new farm locations in the United States with an eye towards global expansion.
"Bowery's approach to indoor farming represents a meaningful disruption to the traditional produce supply chain, and its systems-based approach to engineering and farm design is unparalleled," said Andy Wheeler, general partner at GV. "I look forward to continuing to partner with the Bowery team as they build and scale the largest indoor farming network in the U.S. and bring more sustainable produce to consumers."