• Bowery farming, which sells greens and herbs to restaurants and grocery stores as well as via online channels, announced that it has secured a USD 150 million credit facility from KKR and Co., a New-York based global investment firm. At the time, the company also reported plans to open two new smart vertical farms in Locust Grove, Georgia, and Arlington, Texas, in Q1 2023.

• The funding makes Bowery farming the strongest institutionally backed vertical farming company with USD 647 million total capital raised. The credit facility will provide necessary resources for the expansion of its vertical farming network beyond the East Coast to develop its Bowery operating software and farm design.

• The two new vertical farms in the pipeline will have new features such as improved water conservation and the latest LED lighting. The company will also power these vertical farms using 100% renewable energy producing pesticide-free output all year round.

• The expansion comes amidst rising demand in the SouthEast for Bowery Farming’s fresh lettuce and greens. The company states that the farms will serve 20 million and 16 million people in a 200-mile radius in Georgia and Texas, respectively. Both farms are also expected to create a total of 200 year-round jobs in both states.

<ul><li> Analyst Quicktake: Bowery Farming is one of the highly funded vertical farming companies and has been primarily focusing on expanding its presence across the US. Currently, the company has three vertical farms: two commercial farms in Kearny, New Jersey, and another one in Nottingham. Upon raising USD 300 million in a Series C funding round, at a USD 2.3 billion valuation, in May 2021, Bowery mentioned that it will use the funds to expand its network of vertical farms across densely populated areas across the US before branching out overseas.</ul>