Indoor farming is still small but investors think it’s poised for growth with rising global food need and the environmental strain of traditional agriculture.
Bowery Farming, based in Kearny, N.J., calls itself a tech venture focused on the future of food and claims its approach grows 100 times more produce than a similarly-sized outdoor farm.
It has raised $27.5 million to date for its approach to growing greens indoors. The process uses LED lighting, robotics and specially-developed software.
The latest funding round was backed by Google’s venture fund, GV; General Catalyst; and GGV Capital — a venture capital firm focused on the U.S. and China. Vertical farming “is no longer just a pie-in-the-sky theory,” says GGV’s Hans Tung. “It has the chance to scale in the next five years.”
Earlier this month, AeroFarms, another New Jersey indoor farming operation, raised $34 million from Emirati investors interested in bringing the technology to the desert-covered Gulf region.