The New York City-based company that once attracted funding from Natalie Portman and Justin Timberlake is the latest greenhouse grower to suffer from

Don't miss tomorrow's agriculture industry news

submited by

Style Pass

2024-11-12 20:00:02

The New York City-based company that once attracted funding from Natalie Portman and Justin Timberlake is the latest greenhouse grower to suffer from rising costs and a lack of venture capital funds.

Bowery’s layoffs come after several indoor vertical farms shuttered their operations last year due in part to cost challenges and a lack of investor funding as consumer demand for premium produce wavers.

Despite raising more than $700 million in venture capital from leading firms and celebrities, Bowery reportedly told employees that it was struggling to secure financing in recent months and was looking to sell the company. However, according to Pitchbook, Bowery was unsuccessful in reaching a deal.

Bowery, founded in 2015, is one of the largest vertical farming companies in the United States. The company uses controlled environment techniques to grow pesticide-free leafy greens and herbs, including lettuce, kale and basil, and services more than 850 grocery stores and major e-commerce platforms like Amazon and Walmart.

The company opened its Farm X innovation hub in Kearney, New Jersey , next to Bowery’s original research and development center and first commercial farm in 2021. The following year, it opened a smart farm in Bethlehem, Pennsylvania .