( Photo courtesy Bowery Farming )

With a $90-million investment, Bowery Farming plans to build large-scale indoor farms in cities across the country.

Bowery Farming, Kearny, N.J., recently closed the investment deal led by GV, previously Google Ventures.

The new capital — a Series B funding round — brings the indoor vertical farming company’s funding to $117.5 million, according to a news release. The total includes investments from GGV, General Catalyst, First Round Capital and Almanac, the food-tech fund of David Barber, co-owner of sustainable restaurant, working farm Blue Hill and consulting company. Singapore-based investor Temasek and Dara Khosrowshahi, CEO of Uber, have also invested.

Prior investors include celebrity chefs Tom Colicchio, Carla Hall and José Andrés. 

Bowery plans to use the capital to build warehouse farms in cities nationwide, opening them by the end of 2019, according to the release. 

“We leverage our nascent technology, computer vision and machine learning to build a farm that gives plants exactly what they need,” Bowery CEO and co-founder Irving Fain said at a Dec. 4 media dinner showcasing the company’s products.

Since launching in February 2017, Bowery has opened two farms in Kearny. Tristate area groceries and restaurants are customers of the greens.

Submitted by SteveW on Thu, 12/20/2018 - 17:49

I'd sure like to see the financials for one of these indoor vertical farms. I'm sure they raise far more per square foot but at what cost? I have a hard time believing that growing indoors with all that entails is the most efficient way to grow. It's rather a novelty right now that, whatever yuppies are now called, may be willing to pay for but for most people getting indoor lettuce at two or three times the cost might not be that big a thrill.
On top of this the indoor growing has got to be the most energy intensive way to grow. If they have to account for their cost of capital I'd bet this is a loser.