Plenty develops indoor vertical farms and purpose‑built multi‑farm campuses that deploy its proprietary growing technology. The company is accelerating facility buildout through a new partnership with Realty Income, which will acquire and provide development funding for properties Plenty will lease and convert into vertical farms. The initial transaction funds a multi‑farm facility near Richmond, Virginia — Plenty’s first East Coast site — and will house several initiatives, the first being a strawberry farm in partnership with Driscoll’s. Plenty said the deal speeds up its timeline for adding new facilities and enables it to hand off real estate costs and management to Realty Income. The company has shifted operations recently, closing its South San Francisco R&D site to focus on building its Compton farm while maintaining an R&D facility in Wyoming. Financially, Plenty raised $400 million in a Series E last year from Walmart, SoftBank Vision Fund 1 and others, and received a $20 million grant from Wyoming earlier this year. Plenty Unlimited builds modular vertical farms and an intelligent platform that can grow multiple crops on a single system, claiming superior flavor and yields versus other indoor solutions. Its architecture uses vertical towers and automation to enable multi-crop production while using just 1% of the land required by traditional farming and improving yields 150–350 times per acre. Plenty emphasizes pesticide-free produce, reduced transportation times as farms are deployed closer to customers, and using its IP to help partners meet environmental goals. The company is expanding commercialization by selling multi-crop farms directly to partners and scaling deployments globally. Plenty has an operational footprint that includes headquarters in South San Francisco, a large plant science research facility in Laramie, Wyoming, and is building a high-output vertical farm in Compton, California. It has a strategic commercial agreement with Walmart to source leafy greens from its Compton farm for Walmart’s California stores in 2022. Plenty Unlimited builds and operates indoor vertical farms to grow fruits and vegetables, including berries and leafy greens. The company has struck commercial agreements to supply Albertsons and is working with Driscoll’s on berry cultivation. Plenty announced plans to build a new farm in Compton, California, to expand production. The company recently secured $140 million in new funding, bringing its total cash raised to $500 million. Plenty positions itself against competitors such as Bowery Farming and greenhouse growers like AppHarvest and Revol Greens. Its technology and retail partnerships are central to its growth strategy. Plenty builds field-scale indoor farms that combine plant science, cutting-edge LED lighting, micro-sensor technology, machine learning, IoT and big data to grow ultra-fresh fruits and vegetables. Its farms aim to deliver heirloom-quality, pesticide- and GMO-free produce while using one percent of the water and less than one percent of the land of conventional agriculture. The company emphasizes rapid local distribution, delivering produce to grocery shelves within hours of harvest. Plenty is scaling operations to build a global, hyper-yield farm network located near major population centers. The company says its technology can grow hyper-organic food with no pesticides or GMOs and is positioned to make locally-grown produce possible anywhere. Plenty is based in the San Francisco area and is building out its operations to serve communities around the world.

Total raised

$1.7B

Funding rounds

4

Latest round

Equity

Latest activity

Feb 2023