Bayer and Temasek in Vertical Farming Venture
Bayer’s life science investment arm Leaps by Bayer and Singapore investor group Temasek have formed a new joint vertical farming company called Unfold. The companies did not disclose their respective shares in the venture, which will use seed genetics – or germplasm – from vegetable crops to develop new seed varieties tailored for vertical farms.
Also known as indoor farms or plant facilities with artificial light (PFAL), vertical farms use indoor growing facilities that leverage artificial light, reduce dependence on synthetic chemistry and other inputs, optimize water use and allow food growth in challenging environments with limited arable land. The farms also reduce the need for food logistics and transportation.
Unfold raised $30 million in its initial funding round and also entered into an agreement for certain rights to germplasm from Bayer’s vegetable portfolio.
“The investment in Unfold is a great example of a transformative, creative approach to developing agricultural products that meets the needs of consumers, farmers and the planet by increasing access to fresh fruits and vegetables, supporting sustainably grown, hyperlocal production and addressing food security challenges faced by growing urban populations,” said Jürgen Eckhardt, head of Leaps by Bayer.
Eckhardt explained that innovation offering sustainable solutions for agriculture is one of the 10 areas of engagement and investment that Leaps by Bayer is focused on, and the investment also aligns with Bayer’s vision of “Health for All, Hunger for None,” a commitment to the United Nations Sustainable Development Goals set for 2030.
According to Bayer, investment in vertical farming has increased significantly in recent years, mostly because of declining arable land, rising demand for local, sustainable produce and migration toward mega-cities, such as Singapore.
Unfold will be headquartered in Davis, California, USA – close to the University of California’s agriculture branch – with commercial and R&D operations in both California and Singapore. CEO John Purcell said the company looks forward to serving the market through partnerships with vertical farming operators, technology providers and others across the produce supply chain.
Author: Elaine Burridge, Freelance Journalist
