Agtech unicorn Bowery Farming is shutting down, according to PitchBook, which cited internal documents and multiple company employees.
The New York-based agtech company was known for building vertical farms that could produce crops including: lettuces, herbs, and berries. The company has raised more than $700 million in funding, according to PitchBook data, from VCs including First Round Capital, General Catalyst, and GV, among many others. The company’s most recent fundraising round valued it at more than $2 billion in 2021.
PitchBook had previously reported that Bowery Farming held multiple rounds of layoffs in 2023.
Vertical farming has proved to be a tough category in recent years. AeroFarms and AppHarvest have both filed for bankruptcy protection. AeroFarms raised more than $300 million in venture capital before filing for bankruptcy. It’s now exited bankruptcy protection fully funded. AppHarvest had raised more than $700 million and had a $1 billion IPO in 2021.
TechCrunch reached out for more information and will update when we can.