Bowery city farm project raises more than $20 million26.06.2017
Bowery startup has completed the first round of financing and raised $20 million for developing its own city farm network.
Investors included such venture companies as General Catalyst and GGV Capital (involving Google Ventures). As the result, the sum of investments reached $27.5 million. Money will be used for the development of Bowery city farms. The company will be able to build more rooms, hire more employees, and grow new croppers.
Bowery is a New York-based startup, developing agriculture within the city. The team grows vegetables and green in the huge warehouse. Boxes with nutrient liquid are placed vertically and does not contain soil; everything grow using the hydroponic system. LEDs imitate the sun light at such a farm and special sensors monitor plant growth.
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According to Irving Fain, co-founder of Bowery, this system allows to cultivate hundred times more plants per square foot than the conventional farm.
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