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- Bowery Farming
Bowery Farming Valuation, Funding & Investors
Bowery Farming is not operational anymore. Its last reported valuation was $2.3B as of May 2021.
Last Bowery Farming valuation
$2.3B
Series C · May 2021
Last Bowery Farming funding round
$300M
Series C · May 2021
Cumulative funding Bowery Farming raised
$468M
across 5 funding rounds
Key investors in Bowery Farming
General Catalyst
GV
GGV Capital
First Round Capital
Temasek
Gaingels
About Bowery Farming
Bowery Farming was a vertical farming company that grew pesticide-free leafy greens, herbs and salad kits in automated indoor farms. Its produce was grown with proprietary BoweryOS software that combines computer vision, sensors, robotics and machine learning to manage lighting, nutrients and water. The company sold to supermarket chains, e-commerce grocery platforms and specialty grocers across the Northeast and Mid-Atlantic of the United States. It earned revenue from wholesale sales of packaged produce under the Bowery brand. Bowery was founded in 2015 by Irving Fain, who served as chief executive, and was headquartered in New York with farms in New Jersey, Maryland and Pennsylvania. It grew into the largest vertical farming company in the United States before ceasing operations in November 2024.
Founded
2015
HQ
Website
Status
Closed
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.3B (May 2021)
Bowery Farming Valuation
Bowery Farming is insolvent and not operational anymore. Read the announcement ↗
Bowery Farming was last valued at $2.3B, based on its Series C in May 2021. Read the announcement ↗
The $300M round was led by Fidelity, with participation from Temasek, General Catalyst, Amplo, GV, GGV Capital and 1 other investor.
Bowery Farming valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2024 | Write-down · Insolvency | $0 |
| May 2021 | Series C | $2.3B |
Bowery Farming Funding History
Before winding down, Bowery Farming has raised a total of $468M across 5 funding rounds.
Bowery Farming's first fundraising round was a $8M seed round in February 2017. The most recent completed round was a $300M Series C in May 2021.
Bowery Farming funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2021 | Series C | Fidelity (lead); Temasek; General Catalyst; Amplo; GV; GGV Capital; Gaingels | $300M | $2.3B | Bowery Farming, the largest vertical farming company in the United States, secured $300 million in Series C funding on May 25, 2021, led by Fidelity Management & Research Company LLC, with participation from existing investors GV (formerly Google Ventures), General Catalyst, GGV Capital, Temasek, and Groupe Artémis, as well as new investors Amplo and Gaingels. The round brought total funding to over $472 million and valued the company at $2.3 billion post-money. Funds will support building additional smart indoor farms, hiring staff, and advancing research into product innovation beyond leafy greens, kale, and basil. Bowery Farming operates indoor vertical farms using proprietary technology to grow fresh produce with a simpler, safer, and more sustainable supply chain. By the time of the funding announcement, its products were available in over 850 grocery stores, including Albertsons Companies (Safeway and Acme), Giant Food, Walmart, and Whole Foods Market. The company reported more than 750% growth in brick-and-mortar retail availability since January 2020 and over quadrupled e-commerce sales via platforms like Amazon Fresh. CEO Irving Fain highlighted the investment as validation of the need for innovative agricultural solutions amid economic opportunities in sustainable farming. Bowery was actively expanding, transforming an industrial site in Bethlehem, Pennsylvania, into its largest farm and planning additional large-scale commercial farms in 2021 with potential global reach. The sector saw significant investor interest, with nearly $1.9 billion in global VC for indoor farming in 2020, nearly tripling from 2019. |
| Nov 2019 | Series B | Temasek (lead); Henry Kravis | $50M | - | Bowery Farming is the largest vertical farming company in the United States, founded in 2015 by Irving Fain. The company operates indoor farms that use approximately 95% less water than traditional agriculture and yield 100 times more produce per unit of space, growing primarily leafy greens, kale, and basil with plans to expand into strawberries, tomatoes, and carrots. In November 2019, Bowery raised $50 million in a Series B funding round led by Temasek Holdings, a global investment company headquartered in Singapore. By May 2021, the company had raised a $300 million Series C round led by Fidelity Management & Research Company at a valuation of $2.3 billion, demonstrating significant growth in valuation between the November 2019 and May 2021 rounds. |
| Dec 2018 | Series B | GV (lead); GGV Capital (lead); Temasek; General Catalyst; First Round Capital; Almanac Insights; Quiet Capital | $90M | - | Bowery Farming is a New York-based indoor vertical farming company that uses proprietary software and automation to grow leafy greens including arugula, butterhead lettuce, romaine, bok choy, and basil without pesticides. The company's BoweryOS system employs computer vision, robotic automation, and machine learning to monitor plants and environmental variables continuously, enabling 100 times greater productivity per square foot compared to traditional agriculture while using 95% less water. In December 2018, Bowery Farming closed a $90 million Series B funding round led by GV (formerly Google Ventures), with participation from Temasek, Almanac Ventures, First Round Capital, GGV Capital, and General Catalyst. This brought the company's total funding to $117.5 million since its 2015 inception, following a $20 million Series A in January 2017. At the time of the round, Bowery was operating two warehouses in New Jersey and selling products to Whole Foods, Sweetgreen, Dig Inn, and Foragers in the New York tri-state area, with roughly 65 employees. The company planned to use the capital to expand operations to multiple new cities by the end of 2019 and develop its global distributed farm network. |
| Jun 2017 | Series A | General Catalyst (lead); GGV Capital (lead); First Round Capital; GV; Evolution VC Partners; Gutter Capital; Flybridge | $20M | - | Bowery Farming, an indoor vertical farming company based in Kearny, New Jersey, develops high-tech warehouse farms using proprietary software called Bowery OS, which integrates computer vision, AI, sensors, LED lighting, and robotics to grow leafy greens like lettuce, kale, spinach, basil, arugula, and blends without pesticides, using 95% less water and achieving over 100 times the productivity of traditional outdoor farms on the same footprint. The company sells its fresh produce wholesale to restaurants, groceries, and retailers such as Whole Foods and Foragers Market, enabling same-day delivery from harvest to store in urban areas like New York. In June 2017, Bowery Farming raised $20 million in a Series A funding round co-led by General Catalyst and Notable Capital (also referred to as GGV Capital), with participation from GV (Google Ventures), Evolution VC Partners, First Round Capital, Flybridge, and Gutter Capital, bringing total funding to $27.5 million including a prior $7.5 million seed round. Funds were allocated to hire staff in engineering, sales, and business development, expand farm operations, and enhance technological capabilities for growing additional crops. At the time, Bowery operated one farm and had recently launched six packaged products into retail channels, focusing on a 'seed to store' model to prove its systems' viability. Competitors included AeroFarms, Plenty, BrightFarms, Earthbound Farms, and Dole. Bowery continued raising capital post-2017, reaching approximately $626 million to $725 million total by 2022-2024 across multiple rounds, with a $2.3 billion post-money valuation in a May 2021 Series C and $944 million valuation in November 2023, alongside expansions to additional farms producing 47 million servings annually and plans for sites in Texas and Georgia. The company faced high upfront costs for vertical farms, estimated at $50.8 million for a 159,000 sq ft facility projected to generate $144 million in annual revenue, and later encountered challenges including a 'Dead' funding status in November 2024. |
| Feb 2017 | Seed | First Round Capital (lead) | $8M | - | Bowery Farming raised $7.5 million in a seed round in February 2017 led by First Round Capital to scale operations and refine BoweryOS technology. The company operates indoor vertical farms using proprietary software BoweryOS, which employs vision systems, automation, and machine learning to monitor plant growth. This round preceded a $20 million Series A in June 2017 led by General Catalyst and Notable Capital, followed by larger rounds including a $90 million Series B in December 2018 led by Google Ventures and a $300 million Series C in May 2021 led by Fidelity. |
Who has invested in Bowery Farming?
14 investors have backed Bowery Farming across its funding rounds, including General Catalyst, GV, GGV Capital, First Round Capital, Temasek and Gaingels.
Lead investors include Fidelity, Temasek, GV, GGV Capital, General Catalyst and 1 other investor.
Bowery Farming Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2018 | ||
| 3 | Lead | Jun 2017 | ||
| 3 | Lead | Feb 2017 | ||
| 3 | Lead | Jun 2017 | ||
| 3 | Lead | Jun 2017 | ||
| 1 | Participant | May 2021 | ||
| 1 | Lead | May 2021 | ||
| 1 | Participant | Jun 2017 | ||
| 1 | Participant | Jun 2017 | ||
| 1 | Participant | Dec 2018 | ||
| 1 | Participant | Jun 2017 | ||
| 1 | Participant | Nov 2019 | ||
This data is available for Pro users. Sign up to see all 14 Bowery Farming investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Bowery Farming
Bowery Farming has acquired 1 company to date.
Last acquisition by Bowery Farming was on February 16th 2022. Bowery Farming acquired Traptic for undisclosed valuation.
Latest Acquisitions by Bowery Farming
| Description | Traptic is a Dutch agtech company developing computer vision systems for livestock monitoring. Based in Wageningen, it provides 3D cameras and AI software for dairy farms to track cow health, feeding, and behavior, integrating with Lely and DeLaval milking systems across Europe. |
| HQ Country | |
| HQ City | San Francisco, CA |
| Deal Date | 16 Feb 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Bowery Farming acquisitions and their M&A valuation multiples. Start Free Trial | |
Bowery Farming Competitors
Bowery Farming competitors included listed companies like Chucarapi, Edible Garden and Africa Eats, and private ones like Humpy Farms, Plant Factory Technologies and BuzzTech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | - | $2M | - | ||
| Publicly listed | $13M | ($13M) | $1M | 1.4x | ||
| Publicly listed | - | - | $771K | - | ||
| Private | - | - | $900K | - | ||
| Private | - | - | $800K | - | ||
| Private | - | - | $600K | - |
Bowery Farming Public Comps
Bowery Farming is defunct now, but its public comps included Benson Hill, Gold River Productions, Sun Pacific Holding, Smart for Life, Nature's Miracle Holding, Modern Plant Based Foods, Lavoro and Oriental Rise Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $473M | ($55M) | 0.0x | - | 0.0x | - | |||
| $152M | - | 0.0x | - | - | - | |||
| $266K | ($202K) | 0.0x | - | (0.0x) | - | |||
| $8M | ($14M) | 0.0x | 0.0x | (0.0x) | - | |||
| $2M | ($8M) | 10.9x | 1.5x | (2.4x) | (8.4x) | |||
| $406K | ($447K) | 4.2x | - | (3.8x) | - | |||
This data is available for Pro users. Sign up to see all Bowery Farming competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Bowery Farming
| What happened to Bowery Farming? | Bowery Farming is not operational anymore and insolvent as of 4 November 2024. |
| When was Bowery Farming founded? | Bowery Farming was founded in 2015. |
| Where was Bowery Farming headquartered? | Bowery Farming was headquartered in New York City, NY, United States. |
| Was Bowery Farming publicly listed? | No, Bowery Farming was a private, VC-backed company. |
| What was Bowery Farming's valuation? | Bowery Farming was last valued at $2.3B in its Series C in May 2021. |
| How much did Bowery Farming raise? | Bowery Farming raised $468M across 5 funding rounds. |
| What was Bowery Farming's last funding round? | Bowery Farming's last funding round was a $300M Series C in May 2021, led by Fidelity. |
| Who were Bowery Farming's investors? | Bowery Farming's investors included Temasek, General Catalyst, First Round Capital, GV, GGV Capital, Amplo, Fidelity, Evolution VC Partners, Gutter Capital, Almanac Insights and 4 others. |
| Who were Bowery Farming's competitors? | Bowery Farming's competitors included Chucarapi, Edible Garden, Africa Eats, Humpy Farms, Plant Factory Technologies and BuzzTech. |
| How many companies did Bowery Farming acquire? | Bowery Farming acquired 1 company, including Traptic. |
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