BREAKING: Bowery Raises $90m Series B From GV, Temasek
DECEMBER 12, 2018 LOUISA BURWOOD-TAYLOR
Bowery Farming, the New York-based indoor farming group, has closed a $90 million Series B round of funding in a round led by Google’s venture arm GV, an existing investor in the startup.
Singapore state fund Temasek also joined the round as a new investor alongside Almanac Investments, and Dara Khosrowshahi (CEO of Uber).
Bowery sells eight pesticide-free leafy green products: arugula, butterhead lettuce, romaine, bok choy, basil, and lettuce mixes branded as spring blend, kale mix, and sweet and spicy mix. Customers include Whole Foods, Foragers and Sweetgreens in the New York area, as well as a few restaurants.
The deal brings Bowery’s total funding to $117.5 million after it closed a $20 million Series A last year. Existing investors GGV Capital, General Catalyst and First Round Capital re-upped their investment in this round. Other shareholders include local New York chef sTom Colicchio, José Andrés and Carla Hall.
Bowery argues that it’s two vertical farms in the Tristate area are the most technologically advanced in the world. It uses a variety of hydroponic systems but they are all connected by its proprietary software system called BoweryOS. The system uses computer vision and robotic automation technology, guided by machine learning algorithms to monitor its crops and all the variables that drive their growth throughout the day.
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