Temasek Leads $50m Funding Round In US Indoor Farming Startup Bowery
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indoor farm in Kearny, New Jersey. Photographer: David Williams/Bloomberg By Quynh Nguyen
November 7, 2019
Singapore state investor Temasek has led a $50-million Series B extension round for Bowery Farming Inc, a four-year-old startup that uses robotics to cultivate crops indoors.
“We are excited to share that Bowery’s third (and biggest) farm yet is launching in the DC-Baltimore area in early 2020. Along with this expansion, our team is elated to announce an additional $50 million in funding led by Temasek that will drive further innovation and scale across our organization,” it said on its Linkedin page.
Launched in 2015, Bowery is the modern farming company that uses robotics, LED lighting and data analytics to grow leafy greens indoors.
The company is currently operating two indoor farms in Kearny, New Jersey. Its new farm in Baltimore is around 3.5 times larger than the last, the company said.
The fresh funding brings the New York-based company’s total capital raised to $172.5 million. Last year, the indoor agriculture startup raised $90 million in Series B funding led by GV (formerly Google Ventures). Temasek, restaurateur David Barber’s Almanac Insights, and Uber CEO Dara Khosrowshahi joined the round.
Singapore-based investment firm Temasek last year participated in a $70-million Series B funding round in Pivot Bio, a US agriculture startup that combines machine learning and computational modeling to help microbes in providing plants with a daily supply of nitrogen, eliminating pollution in the process.
The round was led by Breakthrough Energy Ventures, a venture supported by billionaires.