Bowery Farming, the largest vertical farming company in the United States, has secured a $150 million credit facility led by private credit accounts managed by KKR, a global investment firm.
This independent, third-party funding will accelerate the expansion of Bowery’s network of smart indoor farms beyond the East Coast and brings its total debt and equity capital raised to more than $647 million. KKR’s credit investment follows Bowery’s $325 million Series C funding in 2021 led by Fidelity Management & Research Company LLC.
The company also announced it is building two new state-of-the-art farms serving the Atlanta, Georgia, and Dallas-Fort Worth, Texas metro areas. The farms will create more than 200 year-round green jobs across both markets and provide locally grown produce to a population of 20 million and 16 million within a 200-mile radius of Locust Grove, Georgia, and Arlington, Texas, respectively. Both farms are expected to open in the first quarter of 2023.
The two new farms will feature industry-leading tech innovations resulting in efficiency improvements to all elements of the grow environment, from LED lighting to water recapture to climate control, ultimately improving quality and yield. These farms represent a recommitment to Bowery’s sustainability goals; the company plans to use power from 100% renewable sources.
“We’re thrilled to announce our expansion beyond the Northeast and Mid-Atlantic regions,” said Irving Fain, CEO and founder of Bowery Farming. “KKR’s support is a testament to the proven success of our business model and a strong vote of confidence in our technology leadership and ability to address critical challenges in the current agricultural system. There is enormous economic opportunity that comes with supporting our mission to democratize access to local, pesticide-free protected produce, and now we are ready to continue our growth more rapidly.”
Founded in 2015, Bowery Farming is on a mission to democratize access to high-quality, local, safe, and sustainable produce. Bowery builds smart indoor farms near cities, growing fresher, pesticide-free Protected Produce with bold flavor in precisely controlled environments, 365 days a year. At the heart of the farm is the proprietary BoweryOS, which integrates software, hardware, sensors, AI, computer vision systems, machine learning models, and robotics to orchestrate and automate the entirety of its operations. As a result, each farm creates far less waste and uses a fraction of the water and land compared to traditional agriculture. Based in New York City, Bowery is the largest vertical farming company in the United States, serving major e-commerce platforms and more than 800 grocery stores in the Northeast and Mid-Atlantic regions, including Albertsons Companies (Safeway and Acme), Amazon Fresh, Giant Food, Walmart, Wakefern, Weis, Whole Food Markets, and specialty grocers, with produce that’s harvested year-round at peak freshness, delivered within days of harvest.