Bowery Farming closed due to funding issues, having received over $700 million in financing

Bowery Farming, an agtech unicorn known for building vertical farms capable of producing lettuce, herbs and berries, is shutting down, TechCrunch reports.

According to PitchBook, Bowery Farming has raised more than $700 million from various venture capital firms including First Round Capital, General Catalyst, and GV. The latest round of funding in 2021 valued it at more than $2 billion.

Bowery Farming went through multiple rounds of layoffs in 2023. The vertical farming sector faces challenges, with AeroFarms and AppHarvest both filing for bankruptcy protection. AeroFarms raised more than $300 million, and AppHarvest raised more than $700 million before going public in 2021 at a $1 billion valuation.