Vertical-farm company Plenty Unlimited Inc. has raised $140 million in new funding to build more vertical farms around the U.S. The Series D funding round was led by Softbank Vision Fund 1 along with Driscoll’s, the world’s leader in fresh berries. To date, Plenty has raised over $500 million, making it the leader in sustainable, indoor vertical farming.
Indoor vertical farming shines a new light on the way we do food. Our farms use 99% less land and 95% less water to grow pesticide-free and non-GMO crops. All this in service of healthier plants, people and planet.Plenty Unlimited Inc.
Plenty’s vertical design produces up to 400 times the yield of traditional field farming, producing more food with less water and land. It can grow 1500 acres in a building the size of a big box grocery store while saving over a million gallons of water per week. Plenty’s produce differentiating features are:
|Grown so clean that no washing is required. Just perfect, ready-to-eat greens.||Vertical farms control everything – producing unparalleled flavors.||Eliminates long-distance transportation||Grow produce using less than 5% of the water and less than 1% of the land.|
Plenty will incorporate Driscoll’s proprietary genetics and berry expertise into its advanced indoor farming technology using its plant science insight. The controlled environment will allow Plenty to deliver consistent flavor, texture and size for the berries while removing the unpredictability and the vagaries of weather. Down the line, the partnership could allow the two companies to sell produce all year round in regions that are difficult to reach currently.
“As one of the few berry companies with a dedicated global R&D program, we believe our proprietary berries, which are focused on flavor, combined with Plenty’s technology leadership will create a competitive market edge as we expand to more effectively meet the future consumer.”J. Miles Reiter, CEO, Driscoll’s
The financing provides plenty of cash to fuel Plenty’s growth, including the execution of recently announced commercial collaborations with Albertsons and Driscoll’s. Plenty also plans to open a new indoor farm in Compton, Los Angeles County, to expand its markets.