Vertical farming startup Plenty Unlimited secures $140m in fresh financing

US-based farming technology company Plenty Unlimited has secured $140m in Series D funding round.

The company’s existing investor Softbank Vision Fund 1 led the funding round, with fresh berries producer Driscoll’s also joining the investment round as the new investor.

Softbank Investment Advisers managing partner Jeff Housenbold said: “In just 30 years’ time, the world will need 70% more food than we currently produce, requiring more efficient use of land and water.

“Without innovation in agriculture, this demand will be impossible to meet. We believe Plenty is transforming the way food is made and are pleased to continue supporting their mission to build sustainable, intelligent farms that deliver healthy, safe produce with a focus on premium flavour.”

Plenty intends to use the money for the development of its new farm in Compton, California and for executing commercial collaborations with Albertsons and Driscoll’s.

The company allegedly raised more than $500m in the funding to date.

Plenty co-founder and CEO Matt Barnard said: “Plenty has built an intelligent, scalable agriculture platform that delivers unprecedented flavour, purity, consistency and yield.

“The recent disruptions in the global supply chain caused by the West Coast wildfires and Covid-19 have highlighted how quickly our access to quality produce can be thwarted.

“Plenty’s controlled and resilient farms and local distribution made it easy for us to scale quickly, even during the pandemic, demonstrating that our indoor, vertical farm flourishes under environmental pressures and delivers delicious greens along with the sales that come with it.”

The latest investment comes close on the heels Driscoll’s signing an agreement with Plenty Unlimited to grow its proprietary strawberries year-round in vertical indoor farms.

Under the agreement, the companies will work together for the development of strawberry varieties and supply them to the market.

Additionally, the two companies agreed to focus on delivering the fruits to markets and regions previously difficult to serve.