NEW YORK: Bowery Farming (“Bowery” or “the Company”), the largest vertical farming company in the United States, today announced that it has secured a $ 150 million credit facility led by private credit accounts managed by KKR , a leading global investment firm.
This independent third-party financing will accelerate the expansion of Bowery’s smart inland farm network beyond the East Coast and bring its total debt and equity raised to more than $ 647 million, representing the institutional support it has received. industry’s strongest environmental controlled agriculture. KKR’s credit investment follows Bowery’s $ 325 million Series C financing in 2021 led by Fidelity Management & Research Company LLC.
The company also today announced the construction of two new state-of-the-art farms serving the metro areas of Atlanta, Georgia and Dallas-Fort Worth, Texas. The farms will create more than 200 green jobs year round in both markets and provide locally grown produce to a population of 20 million and 16 million within a 200 mile radius of Locust Grove, GA and Arlington, Texas, respectively. Both farms are expected to open in the first quarter of 2023.
The two new farms, leveraging billions of data points collected from previous farms, will showcase cutting-edge technological innovations resulting in improvements in the efficiency of all elements of the grow environment, from LED lighting to harvesting. from water to climate control, ultimately improving quality and yield. These farms represent a re-commitment to Bowery’s sustainability goals; the company plans to use electricity from 100% renewable sources.
“We are delighted to announce our expansion beyond the Northeast and Mid Atlantic regions,” said Irving Fain, CEO and Founder of Bowery Farming. “KKR’s support is a testament to the proven success of our business model and a strong vote of confidence in our technological leadership and ability to meet the critical challenges of today’s agricultural system. Supporting our mission to democratize access to local, protected, pesticide-free products offers enormous economic opportunities, and we are now poised to continue to grow faster.
The new funding will also provide resources to accelerate progress in farm design and the BoweryOS, giving more communities access to a reliable supply of locally grown produce, year round. Bowery’s proprietary farm design and technology has been a key priority since the inception of the company and is at the heart of its efficient and scalable business model. The BoweryOS, the company’s central nervous system, integrates software, hardware, sensors, computer vision systems, AI and robotics to orchestrate and automate entire operations. Each new farm is brought online at record speed, collectively benefiting from the power of the network and its billions of data points.
“We are delighted to support Bowery’s pioneering efforts in vertical agriculture, which directly contribute to the resilience of our food supply,” said Michelle Hour, Director at KKR. “We believe Bowery has the right business model, technology and team to capitalize on growing consumer demand for sustainably sourced food, and we look forward to helping the company continue to innovate and to grow for the benefit of communities across the United States. “
Bowery continued to grow at a significant rate in 2021 and achieved a number of milestones; highlights include:
More than double revenues
· Opening farm X, a cutting-edge innovation center for plant science in Kearny, New Jersey, increasing R&D capacity by nearly 300%
Transform an industrial site in Bethlehem, PA into a state-of-the-art smart farm
Two more large-scale commercial farms opened in Locust Grove, Ga. (Located in Henry County near Atlanta, home to rapid population and employment growth) and Arlington, Texas (located at the center of the Dallas-Fort Worth Metroplex, a rapidly growing technology and manufacturing hub)
Expanding our reach to over 800 stores through a partnership with Wakefern, the nation’s largest retail cooperative, including brands such as Gourmet Garage, Shoprite, Fairway, The Fresh Grocer and Dearborn Market
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Founded in 2015, Bowery Farming’s mission is to democratize access to high quality, local, safe and sustainable products. Bowery builds smart indoor farms near cities, growing fresher, pesticide-free, protected produce with a bold flavor in precisely controlled environments, 365 days a year. At the heart of the farm is the proprietary BoweryOS, which integrates software, hardware, sensors, AI, computer vision systems, machine learning models, and robotics to orchestrate and automate the all of its operations. As a result, each farm creates much less waste and uses a fraction of the water and land compared to traditional agriculture.
Headquartered in New York City, Bowery is the largest vertical agricultural company in the United States, serving major e-commerce platforms and more than 800 grocery stores in the Northeast and Mid-Atlantic regions, including the Albertsons companies. (Safeway and Acme), Amazon Fresh, Giant Food, Walmart, Wakefern, Weis, Whole Food Markets and specialty grocery stores, with produce harvested year round at optimum freshness, delivered within days of harvest.
Bowery has raised over $ 497 million in equity from leading investors including Fidelity Management & Research Company LLC, Temasek, GV (formerly Google Ventures), General Catalyst, GGV Capital, First Round Capital and individuals like Henry Kravis, Jeff Wilke, as well as some of the biggest food thought leaders including Tom Colicchio, José Andrés and David Barber of Blue Hill.