Plenty Unlimited Inc., the US vertical farming startup backed by nearly a billion dollars in venture funding, recently filed for Chapter 11 bankruptcy protection, aiming to restructure operations in response to market and capital challenges. Over the last years, the company raised approximately $940 million across several major funding rounds, with support from some of the most influential names in tech, retail, and agriculture.
In an official statement to VerticalFarmDaily, Plenty's Marketing and Communications Director, Erin Santy, said:
"This is a challenging time for the vertical farming industry and Plenty is not immune from those challenges or market dynamics. After evaluating all of our strategic alternatives, we have determined that pursuing a restructuring process is in the best interests of Plenty and all of our stakeholders. The restructuring process will better position us to continue working toward our mission, starting with the year-round production of premium strawberries in our innovative vertical farm in Virginia."
This statement echoes the company's official position in the First Day filings, where Plenty emphasized its intent to preserve liquidity, protect core assets, and right-size operations in response to ongoing capital pressures.
© Plenty Plenty will narrow its focus to R&D and farming premium strawberries.
$20.7M in emergency financing to maintain operations
As detailed in Docket No. 17 of the official court filings, Plenty has secured $20.7 million in debtor-in-possession (DIP) financing to support operational continuity during the court-supervised restructuring process. The financing package, yet to be approved by the court, is backed by certain existing Series D investors. According to the filings, funds will be allocated to payroll, employee benefits, and key vendor relationships.
Per the First Day Declaration submitted by Interim CEO Dan Malech (Docket No. 16), Plenty will continue operating its vertical strawberry production farm in Richmond, Virginia, and its plant science research and development facility in Laramie, Wyoming. These sites are considered critical to the company's narrowed focus on premium strawberry cultivation. All other operations were not mentioned in the go-forward plan.
© Plenty Plenty's vertical strawberry production farm in Richmond, Virginia
Funding history shows early confidence in Plenty's vision
Plenty's trajectory has been closely watched in agtech circles due to its substantial funding history. Since 2014, approximately $940 million has been raised across several major funding rounds, with support from some of the most influential names in tech, retail, and agriculture.
While specific contributions from individual investors remain undisclosed, SoftBank has been the company's most consistent and prominent backer. Notably, Walmart joined in 2022, signaling mainstream retail confidence in vertical farming's potential.
Funding rounds and notable investors:
- Seed & Series A (2014–2016): ~$26 million
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- Innovation Endeavors, Data Collective DCVC, Finistere Ventures
- Series B (2017): $200 million
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- Led by SoftBank Vision Fund 1
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- Other investors: Bezos Expeditions, Innovation Endeavors
- Series C (2019): $175 million
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- Led by SoftBank Vision Fund 1
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- Participants: Eric Schmidt (via Innovation Endeavors), Bezos Expeditions
- Series D (2020): $140 million
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- Led by SoftBank Vision Fund 1
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- Participants: JS Capital, One Madison Group, DLD Ventures (Driscoll's)
- Series E (2022): $200 million
- Led by One Madison Group and JS Capital
- Participants: Walmart, SoftBank Vision Fund 1
- Led by One Madison Group and JS Capital
This deep well of funding allowed Plenty to scale its R&D efforts and launch high-profile projects, including its flagship strawberry farm in Richmond, Virginia, but the company struggled to meet expectations for profitability and commercial scalability, and these issues are now at the core of its restructuring strategy. No official statements have been made by Plenty's investors to date, but court documents confirm that certain backers are participating in the company's debtor-in-possession financing package.
The first signs of trouble emerged in late 2022 and into 2023, shortly after the Series E round. Despite the Walmart partnership, Plenty's rollout into retail was slower than expected, and the company's vertically integrated model became expensive to maintain. As energy prices rose and infrastructure costs mounted, questions around the sustainability of the business model intensified.
Regardless, investors continued to back Plenty, largely due to its perceived technological edge, strong leadership, and the belief that high-margin crops like strawberries could offer a breakthrough. The Walmart deal was seen as a vote of confidence from mainstream retail, and with SoftBank leading multiple rounds, many believed the company had enough runway, and enough proprietary advantage, to outlast market pressures. In fact, in a Forbes article from 2022, SoftBank stated that Plenty had "the potential to revolutionize the produce supply chain."
Vertical integration model under scrutiny
Plenty's restructuring highlights broader challenges in the vertical farming and controlled environment agriculture (CEA) sectors. Many companies have struggled to scale profitably due to energy costs, infrastructure complexity, and tightening investor confidence.
Unlike emerging agtech models that favour licensing or modular farming systems, Plenty operated a vertically integrated, high-capex model, controlling everything from crop R&D to facility infrastructure, which enabled innovation but also brought high burn rates and operational strain.
© Plenty Inside Plenty's R&D facility in Laramie, Wyoming
CEA sector braces for a period of correction
The filing places Plenty among a growing list of CEA companies facing restructuring or collapse, including AeroFarms, which filed for Chapter 11 in 2023, and Kalera and AppHarvest, which have scaled back or exited major markets. The outcome of Plenty's Chapter 11 case may serve as both a roadmap and a cautionary tale for the next generation of CEA ventures weighing rapid growth against sustainability.
As of March 24, 2025, a hearing date for initial relief motions, including DIP financing approval, is pending confirmation on the court's docket.
For more information:
Plenty
press@plenty.ag
www.plenty.ag