Unfold

About Unfold

Unfold positions itself as a pivotal force in the agricultural technology sector, specializing in the advancement of vertical farming. The company was established in August 2020, through a joint initiative by Leaps by Bayer, the impact investment arm of Bayer AG, and Temasek, a global investment company headquartered in Singapore. This venture was launched with an initial investment of $30 million to address a specific gap in the burgeoning vertical farming market.

The company's inception was guided by John Purcell, who served as its first CEO. Purcell's journey is deeply rooted in agricultural science; he spent nearly three decades at Monsanto Company and later became the Head of Vegetables R&D for Bayer's Crop Science division. His extensive experience and a Ph.D. in Molecular and Cellular Biology provided the foundational expertise to recognize that the seed genetics used in traditional farming were suboptimal for controlled indoor environments. In July 2022, Sonia Lo, an experienced agtech executive with a background at companies like Sensei AG and Google, took over as CEO. A significant milestone in Unfold's history occurred in September 2023, when it was integrated into Bayer's De Ruiter high-tech horticulture business, continuing its mission within a larger synergistic framework.

Unfold's business model is centered on developing new seed varieties and digital agronomic solutions tailored specifically for vertical farms. The company gained a significant competitive advantage through an agreement for rights to germplasm from Bayer's extensive vegetable portfolio. This allows Unfold to breed plants with desirable traits for indoor farming, such as accelerated growth cycles, higher yields, and enhanced flavor and nutritional profiles, ultimately improving the unit economics for their clients. Their product offering isn't just the physical seed, but also the accompanying digital crop models or 'recipes' on how to grow them effectively in a controlled environment. Initially, the company focused on crops like lettuce, spinach, tomatoes, peppers, and cucumbers. Unfold's primary clients are vertical farming operators and retailers who aim to provide fresh, locally grown produce to consumers year-round.