Temasek Makes a Bet on Vertical Farming, Backs Unfold Platform
Posted on 08/13/2020
Singapore’s Temasek Holdings is a becoming a major investor in the vertical farming space. Earlier, Temasek backed vertical farmer Plenty. Vertical farms, also known as indoor farms or plant facilities with artificial light (PFAL), utilize indoor growing facilities that leverage artificial light.
Leaps by Bayer is the impact investment arm of Bayer AG. Temasek and Leaps by Bayer created a joint company called Unfold Inc. The new platform will focus on innovation in vegetable varieties with the goal of lifting the vertical farming space to the next level of quality, efficiency, and sustainability. The Unfold platform raised an initial US$ 30 million and entered into an agreement for certain rights to germplasm from Bayer’s vegetable portfolio.
Unfold will be headed up by its CEO John Purcell. Purcell was Head of Vegetables Research and Development, Crop Science at Bayer and had worked at Monstanto as President, Global R&D Lead, Monsanto Vegetables.
Unfold will be a U.S. entity headquartered in the Davis, California area (near Sacramento) with commercial and research and development operations in both California and Singapore.
