Plenty has secured a $140 million USD Series D round, led by existing investor Softbank Vision Fund 1 and including new investor Driscoll’s. The investment will be used to fuel Plenty’s growth, including the execution of recently announced commercial collaborations with Albertsons and Driscoll’s, and the development of its new farm in Compton, California. To date, Plenty has raised over $500 million.
“In just 30 years time, the world will need 70% more food than we currently produce, requiring more efficient use of land and water,” said Jeff Housenbold, Managing Partner at Softbank Investment Advisers. “Without innovation in agriculture, this demand will be impossible to meet. We believe Plenty is transforming the way food is made and are pleased to continue supporting their mission to build sustainable, intelligent farms that deliver healthy, safe produce with a focus on premium flavor.”
In 2020, Plenty announced significant collaborations including a joint development agreement with Driscoll’s to grow Driscoll’s proprietary flavorful strawberries year-round in Plenty’s vertical indoor farm, and an agreement with Albertsons to bring Plenty greens to 431 of its California stores.
“We looked at other vertical farms, and Plenty’s technology was one of the most compelling systems we’d seen for growing berries,” said J. Miles Reiter, Driscoll’s Chairman and CEO. “We got to know Plenty while working on a joint development agreement to grow strawberries. We were so impressed with their technology, we decided to invest.”
“Plenty has built an intelligent, scalable agriculture platform that delivers unprecedented flavor, purity, consistency and yield,” said Matt Barnard, co-founder and CEO at Plenty. “The recent disruptions in the global supply chain caused by the West Coast wildfires and COVID-19 have highlighted how quickly our access to quality produce can be thwarted. Plenty’s controlled and resilient farms and local distribution made it easy for us to scale quickly, even during the pandemic, demonstrating that our indoor, vertical farm flourishes under environmental pressures and delivers delicious greens along with the sales that come with it.”
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