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- Upward Farms
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
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
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$240M (Jul 2019)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| Jul 2019 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series B | Recharge Capital; Flux Capital | $122M | - | - |
| Jul 2019 | Series A | Prime Movers Lab (lead); White Buffalo Capital; Harmonix Fund; Recharge Capital | $15M | $240M | - |
| May 2018 | Seed | FOUNDER.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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Lead | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | May 2018 | ||
This data is available for Pro users. Sign up to see all 7 Upward Farms investors. Start Free Trial | ||||
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Start Free TrialUpward 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | - | $246M | - | ||
| Private | - | - | $301M | - | ||
| Private | $37M | - | $325M | 8.8x | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $663M | $48M | $241M | - | ||
| Publicly listed | $2.5B | $190M | $238M | 0.5x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $663M | $48M | 0.7x | - | 9.3x | - | |||
| $2.5B | $190M | 0.5x | 0.5x | 6.4x | 6.3x | |||
| $195M | $32M | 0.9x | - | 5.4x | - | |||
| $73M | $11M | 3.3x | - | 21.1x | - | |||
| $653M | ($187M) | 0.6x | - | (2.1x) | - | |||
| - | - | - | - | - | - | |||
| $685M | $41M | 0.5x | - | 8.3x | - | |||
| $1.8B | $188M | 1.2x | 1.3x | 11.8x | 8.1x | |||
This data is available for Pro users. Sign up to see all Upward Farms competitors and their valuation data. Start Free Trial | ||||||||
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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