According to TechCrunch, Bowery Farming, a prominent agtech unicorn based in New York, is shutting down. This development was reported by PitchBook, which cited internal documents and multiple company employees. Bowery Farming was recognized for its innovative approach to agriculture through the construction of vertical farms capable of producing a variety of crops, including lettuces, herbs, and berries. The company had successfully raised over $700 million in funding from notable venture firms such as First Round Capital, General Catalyst, and GV. Its most recent funding round in 2021 valued the company at over $2 billion.
The closure of Bowery Farming highlights the challenges faced by the vertical farming industry. Earlier reports from PitchBook indicated that Bowery Farming underwent several rounds of layoffs in 2023, signaling financial difficulties. The vertical farming sector has seen other companies struggle as well, with AeroFarms and AppHarvest both filing for bankruptcy protection. AeroFarms, which had raised more than $300 million from investors, managed to exit bankruptcy protection in September 2023, fully funded. Meanwhile, AppHarvest, which went public in 2021 with a valuation of $1 billion after raising over $700 million, filed for Chapter 11 protection in 2023. TechCrunch has reached out for further information regarding Bowery Farming's shutdown.
