Temasek, Bayer Form New Company to Sell Seeds to Vertical Farms
August 14, 2020
Source: Bloomberg
Singapore’s Temasek Holdings Pte and Bayer AG have formed a new company that will develop seeds for vertical farms.
Unfold has raised $30 million in an initial funding round and entered into an agreement for certain rights to germplasm -- the genetic material from which plants grow -- from Bayer’s vegetable portfolio, the two firms said in a statement Wednesday.
While indoor farms that stack crops in vertical hydroponic rows are nothing new, Bayer is betting its expertise in seeds will give it a valuable edge. The launch of Unfold also comes as urbanized megacities rush to improve food security. The coronavirus pandemic has shut borders and exposed the vulnerability of global food supplies.