Plenty secures $400 million Series E

"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. "Plenty has truly 'cracked the code' on the technology and economics of indoor farming. It has developed an innovative and scalable model that can deliver fresh, sustainable produce to retailers, growers and governments anywhere in the world."

Plenty's architecture is completely different from greenhouses and other indoor farms. Its vertical towers and intelligent platform make Plenty the only vertical farming company capable of growing multiple crops on one platform with consistently superior flavor and yields. While traditional farms and other indoor farming solutions battle the limits of space, crop variation, nature and yield, Plenty's innovative, modular system makes it possible to scale farms to meet partner and consumer needs.

Plenty is using its robust IP portfolio to create a more sustainable model for agriculture that helps partners achieve their own environmental goals. Plenty's vertical farms use just 1% of the land required by traditional farming while improving yields 150-350 times per acre. As more Plenty farms are deployed globally, transportation times will decrease, thereby reducing cost and environmental impact due to transportation, while enabling Plenty's pesticide-free produce to stay fresher longer on store shelves and in customers' homes.

"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, as one of the world's largest retailers, partner with us demonstrates the rising importance of indoor agriculture to the future of fresh and their belief in Plenty's unique technology solution."

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.

Click here to read more.

Photo Courtesy of Agrotonomy

Source: Agritech Tomorrow