Bowery Farming is ceasing operations

Date:

Share post:


Agtech unicorn Bowery Farming is shutting down, according to PitchBook, which cited internal documents and multiple company employees.

The New York-based agtech company was known for building vertical farms that could produce crops including: lettuces, herbs, and berries. The company has raised more than $700 million in funding, according to PitchBook data, from VCs including First Round Capital, General Catalyst, and GV, among many others. The company’s most recent fundraising round valued it at more than $2 billion in 2021.

PitchBook had previously reported that Bowery Farming held multiple rounds of layoffs in 2023.

Vertical farming has proved to be a tough category in recent years. AeroFarms and AppHarvest have both filed for bankruptcy protection. AeroFarms raised more than $300 million in venture capital before filing for bankruptcy. It’s now exited bankruptcy protection fully funded. AppHarvest had raised more than $700 million and had a $1 billion IPO in 2021.

TechCrunch reached out for more information and will update when we can.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

OpenAI accidentally deleted potential evidence in NY Times copyright lawsuit (updated)

Lawyers for The New York Times and Daily News, which are suing OpenAI for allegedly scraping their...

Sequoia marks up its 2020 fund by 25%

Sequoia says no exits, no problem. The Silicon Valley titan of venture marked up the value of its...

Illumen Capital doubles down on supporting underrepresented funds

Illumen Capital is doubling down on its support for fund managers and founders from underrepresented communities.  The firm...

Gilroy, former Coatue fintech head, and angel investor Rajaram launch VC firm

Michael Gilroy, a former head of fintech investments at Coatue, and Gokul Rajaram, a longtime tech executive...

OpenAI is funding research into ‘AI morality’

OpenAI is funding academic research into algorithms that can predict humans’ moral judgements. In a filing with the...

Y Combinator often backs startups that duplicate other YC companies, data shows — it’s not just AI code editors

The Silicon Valley dream is to build a tech startup that is such a unique idea it...

Hyundai and Kia recall 208,000 EVs

Hyundai, Kia, and Genesis are recalling about 208,000 EVs in the United States due to an issue...

Money for tech that matters

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. If you’d like to receive this...