Temasek leads $50m funding round in US indoor farming startup Bowery

Farmers work at the Bowery Farming Inc. indoor farm in Kearny, New Jersey. Photographer: David Williams/Bloomberg

Singapore state investor Temasek has led a $50-million Series B extension round for Bowery Farming Inc, a four-year-old startup that uses robotics to cultivate crops indoors.

“We are excited to share that Bowery’s third (and biggest) farm yet is launching in the DC-Baltimore area in early 2020. Along with this expansion, our team is elated to announce an additional $50 million in funding led by Temasek that will drive further innovation and scale across our organization,” it said on its Linkedin page.

Launched in 2015, Bowery is the modern farming company that uses robotics, LED lighting and data analytics to grow leafy greens indoors.

The company is currently operating two indoor farms in Kearny, New Jersey. Its new farm in Baltimore is around 3.5 times larger than the last, the company said.

The fresh funding brings the New York-based company’s total capital raised to $172.5 million.

Last year, the indoor agriculture startup raised $90 million in Series B funding led by GV (formerly Google Ventures). Temasek, restaurateur David Barber’s Almanac Insights, and Uber CEO Dara  Khosrowshahi joined the round.

Singapore-based investment firm Temasek last year participated in $70-million Series B funding round in Pivot Bio, a US agriculture startup that combines machine learning and computational modeling to help microbes in providing plants with a daily supply of nitrogen, eliminating pollution in the process. The round was led by Breakthrough Energy Ventures, a venture supported by billionaires.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.