According to TechCrunch, the Agtech unicorn company Bowery Farming is shutting down. The company is known for building vertical farms capable of producing lettuce, herbs, and berries.
According to PitchBook, Bowery Farming has raised over $700 million from several venture capital firms, including First Round Capital, General Catalyst, and GV. The latest funding round in 2021 valued the company at over $2 billion.
In 2023, Bowery Farming went through multiple rounds of layoffs. The vertical farming sector is facing challenges, with both AeroFarms and AppHarvest filing for bankruptcy protection. AeroFarms has raised over $300 million, while AppHarvest raised over $700 million before going public in 2021 with a valuation of $1 billion.