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. Per Pitchbook, Bowery Farming has raised more than $700 million in funding from First Round Capital, General Catalyst, and GV, among many venture firms. Its most recent round in 2021 valued it at more than $2 billion.
PitchBook previously reported that Bowery Farming held multiple rounds of layoffs in 2023.
Vertical farming has proved to be a tough category, with both AeroFarms and AppHarvest filing for bankruptcy protection. AeroFarms raised more than $300 million from backers before filing for bankruptcy. In September 2023, it exited bankruptcy protection fully funded. AppHarvest raised more than $700 million before being taken public in 2021 at a $1 billion valuation; it filed for Chapter 11 protection in 2023.
TechCrunch has reached out for more information.