Bowery Farming is not the only hot vertical farm opportunity.
Five U.S. vertical farming companies alone have raised over $1 billion to grow their operations and place their products with major supermarket chains including Kroger, Albertsons, Walmart and Whole Foods.
South San Francisco-based Plenty Unlimited secured $140 million in a round in October led by existing investor Softbank Vision Fund 1 and included Driscoll’s, the fresh berries company. The company is currently developing a new farm in Compton, California.
AeroFarms, based in Newark, New Jersey, agreed to merge with Spring Valley Acquisition Corp, a special purpose acquisition company (SPAC) in a transaction valuing the combined businesses at $1.2 billion.
Fifth Season, based in Pittsburgh, incubated at Carnegie Mellon University, has been raising funds with Drive Capital and other private investors and last year unveiled a partnership with NHL Hall of Famer and Pittsburgh Penguins co-owner Mario Lemieux.
AppHarvest, the Appalachian vertical farming company that appointed food magnate Martha Stewart to its board as it closed a $28 million funding round last year, recently announced it will build two indoor farms and expand into strawberries. AppHarvest also bought Root AI, a Boston-based robotics startup, in a deal valued at around $60 million.
Internationally, Germany’s InFarm raised $100 million in March to expand farms and diversify beyond salad greens and herbs to chilis, mushrooms and tomatoes. In Australia, startup Sprout Stack is increasing production and automation in its “sunburnt” country. In the U.K., Shockingly Fresh recently announced plans to launch 40 vertical farms across the country.