Temasek Funnels Money to Bowery Farming
Posted on 11/07/2019
Singapore’s Temasek Holdings led a US$ 50 million Series B extension round for Bowery Farming Inc., a startup that uses robotics and LED lighting for indoor crops. Bowery Farming was founded in 2015 and operates two indoor farms in Kearny, New Jersey. Bowery Farming hires technicians in the areas of ASRS, conveyance, 3D printing, high volume assembly, food processing, robotic processing, or custom automation. Bowery produce is currently available at select Whole Foods and Stop & Shop stores in the Tri-state area; Brooklyn Fare, Westside Market and Foragers Market in NYC; and online through Peapod, AmazonFresh and Jet.com. Additionally, Bowery is featured at sweetgreen, and on the menus of Tom Colicchio’s New York restaurants Craft and Temple Court.
In total, the indoor farm has raised US$ 172.5 million. In 2018, Bowery Farming raised US$ 90 million in Series B funding led by GV (formerly Google Ventures), which is part of Alphabet. Temasek Holdings, restaurateur David Barber’s Almanac Insights, and Uber Technologies CEO Dara Khosrowshahi joined the round.
Temasek Holdings is no stranger to agricultural investing. According to SWFI data, Temasek participated in a US$ 70 million Series B round in Pivot Bio.