Plenty raises another $400 million

Plenty Unlimited, an indoor, vertical farming technology company announced it has secured $400 million in a Series E financing round. 

The funds will support Plenty’s growth strategy, including leveraging its technology platform to sell multi-crop farms directly to partners. At closing of the investment, representatives of both One Madison Group and Walmart will join Plenty’s Board of Directors. The round, led by new investors One Madison Group and JS Capital, includes participation from strategic partner Walmart and existing investor SoftBank Vision Fund 1. Citi served as the strategic advisor to Plenty for this transaction.   

Walmart collaboration
“We are pleased to work with a strong group of investors who recognize how Plenty’s proprietary approach to building and selling farms delivers a scalable, cost-efficient pathway to bringing fresh, clean produce to market 365 days a year, anywhere in the world,” said Arama Kukutai, Plenty CEO.

“Having Walmart partner with us demonstrates the rising importance of indoor agriculture to the future of fresh and their belief in Plenty’s unique technology solution.”

“The indoor farming sector is at an exciting inflection point, poised to reach its full potential as a new asset class that addresses the significant need to provide access to fresh, nutritious food year-round, even in geographies where traditional farming is difficult,” said Omar Asali, Chairman and CEO of One Madison Group.

In addition to this commitment, Plenty has also entered into a strategic commercial agreement with Walmart to lead a new category of fresh products and bring Plenty farms closer to Walmart customers to offer pesticide-free, sustainable produce year-round. The partnership will begin by sourcing Plenty’s leafy greens from its Compton farm for all of Walmart’s California stores in 2022.

Growing retail partnerships
“As the global demand for clean and sustainable food continues to increase, indoor growing is an opportunity to provide fresh and nutritious produce that is good for the people and planet,” said Andrew Zloto, Director at SoftBank Investment Advisers and Plenty board member. “With support from leading retailers and growers and a new focus on selling farms directly to partners, we believe that Plenty is at a critical inflection point that will have a lasting impact on the entire industry. We’ve been a long-term partner to Plenty and are delighted to continue to support them as they continue to innovate and rewrite the playbook for indoor growing.”

For more information:
Plenty
570 Eccles Ave, South San Francisco
CA 94080, USA 
+1 650 735 3737 
www.plenty.ag 


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