Vertical farming company Plenty files for bankruptcy after raising nearly $1B
Vertical farming firm Plenty has filed for bankruptcy, the corporate stated in a press launch on Monday.
In its assertion, Plenty stated it has obtained a dedication for $20.7 million in debtor-in-possession financing as a part of a proposed restructuring plan. It plans to proceed to function a strawberry farm in Virginia and a plant science analysis and improvement (R&D) middle in Wyoming.
Debtor-in-possession financing is financing for corporations in Chapter 11 chapter.
Since its 2014 inception, South San Francisco-based Lots has raised practically $1 billion in funding from quite a lot of buyers, together with SoftBank Funding Advisers, Walmart, Bezos Expeditions, and Jeff Bezos as an angel investor.
Its final identified valuation was $1.9 billion on the time of a $400 million Series E fundraise in January 2022, in response to PitchBook.
The business has been exhausting hit by bankruptcies in recent times. In November 2024, agtech unicorn Bowery Farming was reported to be shutting down after elevating greater than $700 million in funding and final being valued at $2 billion in 2021. And in 2023, AeroFarms and AppHarvest filed for chapter safety. AeroFarms had raised greater than $300 million from backers earlier than submitting for chapter. In September 2023, it exited bankruptcy protection totally funded.
AppHarvest raised greater than $700 million earlier than being taken public in 2021 at a $1 billion valuation; it filed for Chapter 11 safety in 2023.
