This was a breakthrough week for vertical farming globally:
BOWERY FARMS raised a stunning 300 million dollar
This brings the company to a valuation of 2.3 billion dollars and is backed by the following investors; GV, formerly known as Google Ventures, General Catalyst, GGV Capital and Temasek. The investment will go to R&D, new locations and headcount.
Some details on the company (estimates):
available at 850 stores in the US (like; Albertsons, Wholefoods, Walmart)
2 commercial farms
over 300 people employed
lower prices than organic
12 products
price per item 4 dollar (4 oz.)
2 patents on packaging
estimated turnover per year between 80 - 120 million dollars (?)
+750% growth in availability of crops since Jan 2019
profitability unknown
total funding 467 million dollars / total 34 investors
The CEO
With these growth numbers (partly due to a pandemic) consumers need and see the difference.
Still a valuation of 2.3 billion dollars is a high expectation of the future value. And therefor on the vision of Bowery Farms.
Some relevant articles on Bowery Farms:
Bowery Farming Unveils Farm X, New Innovation Hub For Plant Science And Home To The First-Ever On-Site Breeding Program For A Vertical Farming Company. Urban Ag News. 24 May 2021. Link.
Bowery’s Founder, Irving Fain, on the Future of Vertical Farming. The Spoon 2021. Link.
Bowery CEO: Building tech is expensive, takes time but has direct impact on economics of vertical farming. AgFunder News 2019. Link.
AI farming: 100x the yield with a data team of 1 | Bowery Farming. Youtube 2018. Link.
Episode 154: Irving Fain, Founder & CEO of Bowery Farming. My Climate Journey Podcast, April 2021. Link
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The Real Plant team
Sources of the stats:
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