Upward Farms Valuation, Funding & Investors

Upward Farms is valued at $240M as of July 2019.

Last Upward Farms valuation

$240M

Series A · Jul 2019

Last Upward Farms funding round

$122M

Series B · Jun 2021

Cumulative funding Upward Farms raised

$142M

across 3 funding rounds

Key investors in Upward Farms

  • Recharge Capital
  • Prime Movers Lab
  • Harmonix Fund
  • FOUNDER.org
  • Flux Capital
  • Steve Jurvetson

Upward Farms Overview

About Upward Farms

Upward Farms is a vertical farming operation combining aquaponics with controlled-environment agriculture to produce leafy greens and tilapia. Chicago-based since 2020, its facilities yield pesticide-free produce like kale, basil, and microgreens alongside fish in a symbiotic system where fish waste fertilizes plants. Upward Farms supplies restaurants and grocers in the Midwest, achieving 90 percent less water usage than traditional farming through recirculating systems and LED lighting.


Founded

2013

HQ

United StatesNew York City, NY

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$240M (Jul 2019)

Upward Farms Valuation

Upward Farms is currently valued at $240M, based on its Series A in July 2019.

The $15M round was led by Prime Movers Lab, with participation from White Buffalo Capital, Harmonix Fund and Recharge Capital.

Upward Farms valuation by funding round

Upward Farms valuation by funding round
DateStageValuation
Jul 2019Series A$240M

Upward Farms Funding History

Upward Farms has raised a total of $142M across 3 funding rounds.

Upward Farms' first fundraising round was a $5M seed round in May 2018. The most recent completed round was a $122M Series B in June 2021.

Upward Farms funding rounds

Upward Farms funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2021Series BRecharge Capital; Flux Capital$122M--
Jul 2019Series APrime Movers Lab (lead); White Buffalo Capital; Harmonix Fund; Recharge Capital$15M$240M-
May 2018SeedFOUNDER.org; Steve Jurvetson$5M-Upward Farms raised $5 million in its first funding round in May 2018 from investors including Prime Movers Lab, with participation from Founder.org and Steve Jurvetson. This seed round supported the company's indoor aquaponic farming operations growing organic leafy greens and sustainable fish in Brooklyn, New York. The company aimed to provide flavorful, nutritious local food using high ecological standards. In July 2019, Upward Farms secured an additional $15 million from Prime Movers Lab to expand operations. Later that year in December, White Buffalo Capital published a pre-money valuation of $225 million for the company's operations. The firm continued scaling, announcing a 250,000-square-foot facility in Pennsylvania in 2022 for microgreens and striped bass production targeting the Northeast market. Upward Farms raised a total of $141.7 million to $144.07 million across six rounds, culminating in a $121.67 million Series B in June 2021. Despite ambitions to serve the $10 billion US packaged salad market and leverage microbiome solutions for biotech, the company ceased vertical farming operations, closing its Brooklyn headquarters and canceling the Pennsylvania farm.

Who has invested in Upward Farms?

7 investors have backed Upward Farms across its funding rounds, including Recharge Capital, Prime Movers Lab, Harmonix Fund, FOUNDER.org, Flux Capital and Steve Jurvetson.

Lead investors include Prime Movers Lab.


Upward Farms Investors

Investors in Upward Farms by funding rounds participated
InvestorHQRoundsRoleFirst check
Recharge CapitalUnited StatesNew York City, NY2ParticipantJul 2019
White Buffalo CapitalUnited StatesJackson, MS1ParticipantJul 2019
Prime Movers LabUnited StatesJackson, MS1LeadJul 2019
Harmonix FundUnited StatesLa Quinta, CA1ParticipantJul 2019
FOUNDER.orgUnited StatesSan Francisco, CA1ParticipantMay 2018

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Upward Farms Competitors

Upward Farms competitors include listed companies like Cartavio, Watt's SA and Pulmuone, and private ones like Grain Investment Grain Group, The Green Coffee Company and Planet Farms.

Public and private companies comparable to Upward Farms
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
CartavioPeruPeruPublicly listed--$246M-
Grain Investment Grain GroupChinaChongqingPrivate--$301M-
The Green Coffee CompanyColombiaMedellínPrivate$37M-$325M8.8x
Planet FarmsItalyMilanPrivate--$500M-
Watt's SAChileChilePublicly listed$663M$48M$241M-
PulmuoneSouth KoreaSouth KoreaPublicly listed$2.5B$190M$238M0.5x

Upward Farms Public Comps

Upward Farms is still privately-owned, but its public comps include Watt's SA, Pulmuone, Wawel, Smart Organic Ad, Grupa Azoty Zaklady Chemiczne Police, Cartavio, Ledesma, B&G Foods, Limoneira and BRC.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Watt's SA$663M$48M0.7x-9.3x-
Pulmuone$2.5B$190M0.5x0.5x6.4x6.3x
Wawel$195M$32M0.9x-5.4x-
Smart Organic Ad$73M$11M3.3x-21.1x-
Grupa Azoty Zaklady Chemiczne Police$653M($187M)0.6x-(2.1x)-
Cartavio------
Ledesma$685M$41M0.5x-8.3x-
B&G Foods$1.8B$188M1.2x1.3x11.8x8.1x

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Common questions about Upward Farms

When was Upward Farms founded?Upward Farms was founded in 2013.
Where is Upward Farms headquartered?Upward Farms is headquartered in New York City, NY, United States.
Is Upward Farms publicly listed?No, Upward Farms is a private, VC-backed company.
What is Upward Farms' valuation?Upward Farms was last valued at $240M in its Series A in July 2019.
How much funding has Upward Farms raised?Upward Farms has raised $142M across 3 funding rounds.
What was Upward Farms' last funding round?Upward Farms' last funding round was a $122M Series B in June 2021.
Who are Upward Farms' investors?Upward Farms' investors include Recharge Capital, White Buffalo Capital, Prime Movers Lab, Harmonix Fund, FOUNDER.org, Steve Jurvetson and Flux Capital.
Which companies are comparable to Upward Farms?Companies comparable to Upward Farms include Cartavio, Grain Investment Grain Group, The Green Coffee Company, Planet Farms, Watt's SA and Pulmuone.

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