Recently, NYC-based indoor farming startup Bowery raised an additional $90 million in Series B funding. The funds will be used to continue Bowery’s revolutionary approach to solving the world most pressing agricultural needs.
The Need for Better Farming
According to a recent study conducted by the U.N. Food and Agricultural Organization, by the year 2050 global food production will need to increase by more than 60% to feed with world’s growing population. Couple with this the fact that the world has lost more than one third of its arable land in the past 40 years, and it’s easy to see why indoor sustainable farming startup Bowery is so popular.
A Modern Solution for a Modern Problem
Bowery is a NYC-based indoor farming startup that uses lights, technology, robotics, and carefully controlled environments to grow produce that may be an even healthier option and better tasting option than organic. According to company CEO Irving Fain, “We grow with no pesticides, herbicides or insecticides, no agrochemicals at all. And we’re able to grow 365 days a year, independent of weather.”
A Better Choice
Bowery also offers opportunity to grow produce in an urban setting where no other such farmland is available. In a statement outlining the benefits of Bowery, the company remarked, “traditional agriculture uses 700 million pounds of pesticides annually, and fresh food takes weeks” and sometimes longer to land on the table. During this long trip from the field to the table, lots of bad things can happen to the food, including contamination. By contrast, if food is grown in a Bowery facility just over the river in New Jersey it’s a much shorter trip in to New York City.
Less Environmental Impact
Along with the potential health benefits, Bowery also comes a plethora of environmental benefits as well. According to Mr. Fain, one square foot of growing space within a Bowery indoor facility is more than one hundred times more productive than one square foot of arable land. Bowery farms also use 95% less water than traditional farms, and cut down on transportation costs, while simultaneously eliminating chemical pesticide use. All of this adds up to a more efficient and environmentally beneficial farming process.
Higher Quality Produce
Along with all these benefits, the food Bowery produces also seems to taste better as well. It’s kale leafs are reportedly softer and its arugula has a more peppery flavor. According to celebrity chef and investor Carla Hall, “I visited the farm and tasted the food. It moved from a concept and an idea that is sustainable to deliciousness.” Currently the company grows baby kale, butterhead lettuce, arugula, mixed kales and basil and is available at NYC area Whole Foods, as well as several high-end restaurants including Craft and Temple.
Investors are Interested
For all this investors have taken note. Just last month in December of 2018, Bowery closed a $90 million round of Series B funding led by GGV Capital and GV (Formerly Google Ventures). Previously GGV also led Bowery’s $40 million Series A funding in 2017, that time in collaboration with General Catalyst. This latest round of funding may be in response to SoftBank’s recent $200 million investment in Silicon Valley competitor, Plenty. To date however, Bowery has raised more than $141 million after five rounds of funding.
Whether or not indoor farming will become the standard going forward remains to be seen, but with companies like Bowery that possibility looks all the more promising.