Bowery Farming is ceasing operations | TechCrunch – Techcrunch

Agtech unicorn Bowery Farming is shutting down, in step with PitchBook, which cited interior documents and more than one firm workers.

The New York-primarily based mostly agtech firm was as soon as known for building vertical farms that could manufacture flowers including: lettuces, herbs and berries. The firm has raised more than $700 million in funding, in step with PitchBook recordsdata, from VCs including First Round Capital, Total Catalyst and GV, amongst many others. The firm’s most most up-to-date fundraising spherical valued it at more than $2 billion in 2021.

PitchBook had beforehand reported that Bowery Farming held more than one rounds of layoffs in 2023.

Vertical farming has proved to be a tough category in most up-to-date years. AeroFarms and AppHarvest maintain both filed for financial extinguish security. AeroFarms raised more than $300 million in project capital earlier than submitting for financial extinguish. It’s now exited financial extinguish security fully funded. AppHarvest had raised more than $700 million and had a $1 billion IPO in 2021.

TechCrunch reached out for more recordsdata and will exchange as soon as we can.