AgFunder data confirms that US vertical farming startup Bowery bagged the biggest investment deal in the Novel Farming Systems category in the first half of this year. The New York-based company claimed that its $300 million Series C raise in May – was “the largest private fundraiser to date for an indoor farming company.”
Fidelity led the round with participation from Amplo, Gaingels, General Catalyst, GGV Capital, Temasek, Groupe Artémis, and Google affiliate GV.
In second place was New York’s Edenworks — now known as Upward Farms — which raised $122 million earlier in the year according to a US Securities and Exchange Commission filing. It builds aquaponic farms which raise crops and fish together.
The third-largest deal involved German vertical ag company Infarm, which netted $100 million in an extension to its Series C round from investors including Hanaco and Atomico.
Why are investors interested in Novel Farming Systems?
Investors have been pouring capital into CEA and related models as the need for safe, sustainable, and resilient food sources becomes increasingly apparent amid the Covid-19 pandemic and rising global average temperatures.
Many startups in the Novel Farming Systems space claim to grow produce with substantially fewer resources compared to conventional agriculture, while providing consumers fresher produce with a lower carbon footprint due to the possibility of locating indoor farms closer to population centers.
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