Bowery Farming, the agricultural technology unicorn, 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 such as lettuce, herbs, and berries. The company has raised more than $700 million in funding from VCs including First Round Capital, General Catalyst, and GV, according to PitchBook data. The company's latest funding round values the company at more than $2 billion in 2021.
Pitchbook previously reported that Bowery Farming had made multiple layoffs in 2023.
Vertical farming has proven 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. The company is now fully funded and emerging from bankruptcy protection. AppHarvest has raised over $700 million and had a $1 billion IPO in 2021.
TechCrunch has reached out for more information and will update as soon as possible.