Bowery Farming's $50 Million Financing Tops Recent Funding News In New York
Photo: Paul Arps/Flickr
November 12, 2019
New York-based agriculture company Bowery Farming has secured $50 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Nov. 6.
According to its Crunchbase profile, "Bowery is the modern farming company growing the purest produce imaginable. We are on a mission to grow food for a better future by revolutionizing agriculture. By combining the benefits of the best local farms with advances made possible by technology, our indoor farms create the ideal conditions to grow post-organic produce you can feel good about eating."
The four-year-old startup has raised three previous funding rounds, including a $90 million Series B round in 2018.
The round brings total funding raised by New York companies in food and beverage over the past month to $55 million. The local food and beverage industry has seen 65 funding rounds over the past year, securing a total of $786 million in venture funding.
In other local funding news, lending and point of sale company Octane Lending announced a $45 million Series C funding round on Nov. 4, led by Valar Ventures.
According to Crunchbase, "Octane Lending is a point of sale financing platform focused on niche consumer lending markets. They are currently focused on the recreational market (motorcycles, ATVs, UTVs, personal watercraft, boats, RVs and snowmobiles). Their web-based platform helps dealers save time by eliminating the need to re-key customer information and helps move more units by opening dealerships to more prime/subprime lending sources."
Founded in 2014, the company has raised 11 previous rounds, including a $50 million debt financing round earlier this year.
Meanwhile, cloud data services and recruiting company Papaya Global raised $45 million in Series A funding, announced on Nov. 5. The round's investors were led by Insight Partners.
From the company's Crunchbase profile: "Papaya Global is a global HRIS that transforms global payroll, payments, and workforce management. Papaya Global's automated platform helps companies hire, onboard, manage and pay people in more than 100 countries. The cloud-based solution is easy to use and scale ensures full compliance and provides industry-leading BI and analytics."
Papaya Global last raised $3 million in funding in 2018.
Also of note, innovation management company Eight Sleep raised $40 million in Series C funding, announced on Nov. 6 and led by Founders Fund.
From Crunchbase: "Eight Sleep is the first sleep fitness company. It leverages innovation, technology, and personal biometrics to restore individuals to their peak energy levels each morning. Backed by leading Silicon Valley investors including Khosla Ventures and Y Combinator, it was named by Fast Company in 2018 as one of the Most Innovative Companies in Consumer Electronics."
The company previously raised $14 million in Series B funding in 2018.
Rounding out the city's recent top local funding events, rental property company SquareFoot raised $16 million in Series B funding, announced on Nov. 6 and led by DRW Venture Capital.
From Crunchbase: "SquareFoot serves companies that are looking for their next office and care deeply about finding the right next home. Growing companies require flexible lease options, a stress-free process, and transparency throughout the leasing journey. SquareFoot provides a seamless experience supported by easy-to-use technology and a highly responsive team of real estate professionals working to match specific client needs with a strong knowledge of what the market has to offer at any given moment."
The company previously raised $7 million in Series A funding in 2018.