Total amount raised
$961 Million
Latest funding date
2/1/2023
Location
Plenty has successfully raised funding over 7 rounds, with the latest being a Grant round. The company is backed by 14 investors, including the Wyoming Business Council and SoftBank Vision Fund.
Keep reading to explore the intricacies of Plenty's fundraising journey and the investors backing this innovative vertical farming platform.
What Is Plenty?
Plenty is a pioneering company in the field of indoor vertical farming, dedicated to providing fresh, pesticide-free produce. The company operates within the AgTech, Farming, Food and Beverage, and Sustainability industries. It is headquartered in South San Francisco, California, and has a research and development center in Laramie, Wyoming, as well as a strawberry farm in Richmond, Virginia.
Founded with the vision of reimagining traditional farming methods, Plenty leverages advanced technologies such as sensors, computer vision, and machine learning to optimize farming conditions. The company employs between 251 and 500 people, focusing on scalable and modular farming solutions to address global food security challenges.
How Much Funding Has Plenty Raised?
- Seed Round
- Amount Raised: USD 1,500,000
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial vertical farming technology.
- Series A
- Amount Raised: USD 24,500,000
- Date: July 2016
- Lead Investors: DCM Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand research and development efforts and scale initial operations.
- Series B
- Amount Raised: USD 200,000,000
- Date: July 2017
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the commercialization of Plenty's vertical farming technology and expand market reach.
- Series C
- Amount Raised: USD 175,000,000
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and optimize farming technology and expand production capacity.
- Series D
- Amount Raised: USD 140,000,000
- Date: October 2020
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product lines, including strawberries, and enhance technological capabilities.
- Series E
- Amount Raised: USD 400,000,000
- Date: January 2022
- Lead Investors: JS Capital Management, One Madison Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth strategy, including selling multi-crop farms directly to partners and expanding operations.
- Grant
- Amount Raised: USD 20,000,000
- Date: February 2023
- Lead Investors: Wyoming Business Council
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development in vertical farming technology and expand market reach.
Total Amount Raised: USD 961,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Wyoming Business Council
- Details: The Wyoming Business Council is the economic development agency for the state of Wyoming. It aims to facilitate the growth of businesses and improve the state's economy.
- Investment Focus Areas: Economic development, business growth, community development.
- Notable Investments: Not publicly disclosed.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank Group, focusing on large-scale investments in technology companies. It is known for its significant financial backing and strategic investments.
- Investment Focus Areas: Technology, innovation, high-growth potential companies.
- Notable Investments: Uber, WeWork, ByteDance.
- One Madison Group
- Details: One Madison Group is a private investment firm that focuses on long-term investments in various sectors. It was founded by Omar Asali, who also serves as Chairman and CEO of Ranpak Holdings Corp.
- Investment Focus Areas: Long-term investments, innovative and scalable models, growth opportunities.
- Notable Investments: Ranpak Holdings Corp.
- JS Capital
- Details: JS Capital is the family office of Jonathan Soros, focusing on a wide range of investment opportunities. It often partners with other strategic investors.
- Investment Focus Areas: Technology, innovation, diverse investment opportunities.
- Notable Investments: Various strategic investments through partnerships.
- Walmart
- Details: Walmart is a multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores. It is one of the world's largest retailers.
- Investment Focus Areas: Retail, e-commerce, supply chain innovations.
- Notable Investments: Various investments in retail and supply chain technology.
What's Next for Plenty?
Plenty is poised to capitalize on the growing demand for sustainable and efficient agricultural solutions. With a $400 million Series E funding round, the company plans to expand its product line to include strawberries and tomatoes, and extend its operations to the US East Coast. Strategic partnerships with major retailers like Walmart will further enhance its market presence, allowing Plenty to sell its greens in California stores and potentially scale globally.
Future fundraising opportunities appear promising as the company continues to attract interest from existing and new investors. The increasing investment in vertical farming and the rising importance of sustainable food production are likely to drive further financial support. However, Plenty may face challenges such as scaling operations to meet global demand and navigating the competitive landscape of indoor farming technology.
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