Bowery Farming, Inc., New York, raised an additional $50 million in a B+ round of financing from existing investors, including Temasek, Singapore, and Henry Kravis, co-founder of Kohlberg Kravis Roberts & Co., New York.
Following Bowery’s Series B raise in December 2018, it been focused on bringing fresh, local, pesticide-free produce to more consumers nationwide. For instance, Bowery expanded its retail footprint and made key executive hires.
This fall, Bowery is opening a third indoor farm in the DC-Baltimore area, which will be 3.5 times larger than its last farm.
Furthermore, Bowery plans to use this capital to put additional resources toward driving innovation and scale, with a particular focus on increasing investment in agriculture science, evolving the proprietary BoweryOS technology, continued innovation around robotics and automation, expanding crop varieties, hiring across the organization and delivering pesticide-free produce year-round.
“We’re thrilled by the continued support of Bowery from our investors as we work to rethink the fresh food supply chain,” says Irving Fain, co-founder and CEO. “We’re addressing an impending climate and food crisis by using the power of technology to grow fresh, high-quality produce closer to the point of consumption. The interest from existing partners like Temasek speaks to the impressive work and progress the entire Bowery team has achieved in the short time since the closing of our Series B. This capital allows us to continue to drive forward against our mission of growing food for a better future.”