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Agtech unicorn bowery farming has closed, according to Pitchbookwhich cited internal documents and several company employees.
The New York-based agtech company is best known for building vertical farms that can produce crops including: lettuce, herbs, and berries. The company has raised more than $700 million in funding, according to PitchBook data, from venture capital firms including First Round Capital, General Catalyst and GV, among others. The company’s most recent fundraising round valued it at more than $2 billion in 2021.
I had a Beach Book I mentioned previously Bowery Farming has held multiple rounds of layoffs in 2023.
Vertical farming has proven to be a challenging category in recent years. Both AeroFarms and AppHarvest have filed for bankruptcy protection. AeroFarms raised more than $300 million in venture capital before filing for bankruptcy. It is now It emerged from bankruptcy protection Fully funded. AppHarvest It has raised more than $700 million and has a $1 billion IPO in 2021.
TechCrunch has reached out for more information and will update when we are able.
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