Vertical farming company Plenty has filed for bankruptcy, the company said in a press release on Monday.
In its statement, Plenty said it has received a commitment for $20.7 million in debtor-in-possession financing as part of a proposed restructuring plan. It plans to continue to operate a strawberry farm in Virginia and a plant science research and development (R&D) center in Wyoming.
Debtor-in-possession financing is financing for firms in Chapter 11 bankruptcy.
Since its 2014 inception, South San Francisco-based Plenty has raised nearly $1 billion in funding from a variety of investors, including SoftBank Investment Advisers, Walmart, Bezos Expeditions, and Jeff Bezos as an angel investor.
Its last known valuation was $1.9 billion at the time of a $400 million Series E fundraise in January 2022, according to PitchBook.
Dispatches From The Front 