Bezos-backed vertical farm company, which recently partnered with Driscoll’s, secures bridging loan as restructuring begins
US vertical farming tech company Plenty Unlimited has filed for bankruptcy, the company has confirmed.
Since its launch in 2016, the company has been backed by investors – among them Amazon owner Jeff Bezos – to the tune of almost US$1bn, and recently extended its business beyond leafy greens when it partnered with Driscoll’s to establish the world’s first large-scale vertical berry farm, in Richmond, Virginia.
Now, however, it has been forced to secure a further loan of US$20.7mn to help keep its business running while it goes through a restructuring plan.
That restructuring will apparently see it continue to operate the strawberry farm, as well as a plant science research and development centre in Wyoming.
“Plenty’s advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world,” said Dan Malech, Plenty’s interim CEO.
“However, our company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the company’s stakeholders.”
Malech continued: “We are fortunate to have stakeholders who support and believe in our mission to make fresh food accessible to everyone, everywhere. The restructuring will position us to continue working toward that mission by expanding our production of premium strawberries with industry-leading partners and filling a supply gap in the market to meet consumer demand for locally grown, high-quality strawberries year-round.”
