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Plenty

Vertical Farming
Product stageSegments
Growth
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Farm Operators: Hydroponics
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Plenty Unlimited sells greens and herbs to nearby restaurants and grocery stores in the Bay area as well as online.Plenty operates an hydroponic farming system. The company’s primary goal is to become a global company that provides fresh produce that can reach stores within hours after harvest, at the price of conventional products. The company's own proprietary software has helped it achieve the second highest per unit production among leading disruptors—40 lbs per sq ft.


Plenty operates its commercial farm in Compton , which can grow up to 4.5 million lbs of leafy greens annually in a single city block. The company also operates a small R&D farm in Laramie, Wyoming. Plenty also planned to develop vertical farms outside every major city around the world (i.e. 500 cities that have a population of 1 million+ people).


In January 2022, Walmart partnered with Plenty as part of its investment in the latter’s Series E funding round. According to the partnership, Plenty agreed to supply its vertically farmed produce to 250 Walmart stores in California. Additionally, Walmart’s new product category for vertically farmed produce was to be developed by Plenty. In August 2023, Plenty made its leafy greens available at all Whole Foods Market stores and Gelson's Markets throughout California.

In March 2022, Plenty announced plans to build a vertical farm dedicated for growing strawberries in partnership with Driscoll’s, a leading supplier of berries. Plenty had already grown strawberries vertically at its R&D center in Wyoming and previously announced its intentions to produce strawberries following the company’s Series D funding round. The new facility is expected to begin operations in early 2023 with plans to sell its strawberries by early 2024.

In September 2022, the company secured 120 acres of land to build the world’s largest indoor vertical farm campus in Richmond, Virginia, expanding beyond the West Coast. The first farm in the campus will grow strawberries for Driscoll’s and is expected to serve retailers by 2023-2024. Plenty partnered with Realty Income Corporation, a real estate investment trust, in February 2023 to fund the development of Plenty's indoor vertical farms, worth up to USD 1 billion, beginning with Plenty's indoor vertical farm campus in Richmond, Virginia.

In January 2023 , the company announced the closure of its south San Francisco facility, relocating all manufacturing to its Compton, California facility. In June 2017, the company acquired indoor farming equipment company Bright Agrotech, which was founded by one of Plenty’s founders and its chief science officer, Nate Storey, in order to obtain the technical knowledge to expand faster.

Marking the largest funding round in the indoor farming space, In January 2022 , Plenty raised USD 400 million in a Series E funding round led by One Madison Group and JS Capital. The funds were raised to support its change in business model and growth plans. In January 2023 , the company received a USD 20 million grant from the Wyoming Business Council to the City of Laramie, to establish a vertical farming research center in Laramie, Wyoming.

Vertical Farming

Vertical Farming

Key stats
Featured companies
103
Total funding (USD)
5.7 Bn
Total addressable market (USD)
36.4 Bn
Key competitors
 
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Recent Updates

Partnerships
Aug 24, 2023
Plenty becomes available at Whole Foods Market stores and Gelson's Markets in California
Vertical Farming
Product updates
May 17, 2023
Plenty opens its Compton Farm in California
Vertical Farming
Partnerships
Feb 21, 2023
Plenty and Realty Income partner for up to USD 1 billion of vertical farm development
Vertical Farming
Funding
Feb 6, 2023
Plenty receives USD 20 million grant to build vertical farming research center
Vertical Farming
Management news
Jan 24, 2023
Plenty announces the closure of its south San Francisco vertical farming facility
Vertical Farming
Geographic expansion
Sep 14, 2022
Plenty to build world’s largest vertical farm campus in Virginia
Vertical Farming

Company Brief


HQ location:
570 Eccles Ave South San Francisco CA USA
Founded year:
2014
Employees:
251-500
Total Funding:
USD 941.0 million
Last Funding
USD 400.0 million, Jan 2022

Funding


Investors


No investor data is available

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