Bowery Farming

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Overview

Bowery Farming is vertical farming company located in New York, United States. Their product mix generally includes lettuce, dark leafy greens such as kale, herbs such as basil, and other leafy green mixes. They have a proprietary software called BoweryOS which claims to utilize computer vision, automation, and machine learning to optimize indoor growing for flavor and quality.

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Founders

Irving Fain, Brian Falther, and David Golden are the founders of Bowery Farming. Linked here is an interview with all three founders. Irving Fain is the CEO of the company, see his Linkedin profile here.

Brian Falther is no longer with the company, having departed in 2020.

David Golden is currently listed as a Co-Founder at Bowery Farming and still appears to be active at the company.

Prominent investors in Bowery Farming include Google Ventures, General Catalyst, Temasek, First Round Capital, and GGV Capital.

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Stock

As of now Bowery Farming is a private company and stock is not publicly available for purchase. As recently as this May 2021 article, Bowery Farming indicated no plans to go public, despite the trends of many competitors announcing initial public offerings (IPOs) and becoming a public company.

The May of 2021 the company also announced a $300M Series C fundraising round, valuing the company at approximately $2.3B. This fundraise brought the total funds raised by Bowery Farming to over $488M USD.

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Revenue

Bowery claims to grow approximately 5.5 tons of produce per day across all of their farms. They list customers on their website as: Safeway, Acme Markets, Fresh Direct, Walmart, Amazon Fresh, Whole Foods, and Weis Markets.

With production of about 11,000 pounds per day, at an farmgate average price of approximately 50 cents per pound. This is equal to about $6,500 of revenue per day, or $2.3M per year. At an average price of $1/pound, estimated revenue would be $4.6M.

3rd Party Site Zoom Info estimates Bowery Farming's revenue to be $5M and employee account at 150 people.

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Locations

Bowery Farms has two flagship locations: 

1) Kearney, New Jersey: On the site of a shipyard that built battle ships during World War 1 and World War 2.

2) Nottingham, Maryland: On the site of a formal industrial plant. According to Bowery, this farm is 100x the size of the original plant.

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