Walmart has signed an agreement to invest in Plenty Unlimited Inc., an indoor vertical farming company, as part of its $400 million Series E funding round, subject to a regulatory approval.
The retailer’s equity investment is part of a broader strategic partnership to use Plenty’s indoor vertical farming technology platform to deliver fresh produce to Walmart stores. As part of the investment, at closing, Walmart will join Plenty’s board of directors.
The long-term commercial agreement allows Walmart to source Plenty’s leafy greens for all its California stores from Plenty’s Compton, California farm beginning later this year.
Walmart is the first large U.S. retailer to significantly invest in vertical farming.
“At Walmart, we’re focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices,” said Charles Redfield, chief merchandising officer for Walmart U.S., in a statement. “We believe Plenty is a proven leader in a new era of agriculture, one that offers pesticide-free, peak-flavor produce to shoppers every day of the year. This partnership not only accelerates agricultural innovation, but reinforces our commitment to sustainability, by delivering a new category of fresh that is good for people and the planet.”
Plenty’s farming technology platform delivers pesticide-free produce that tastes like it was picked fresh from the garden, all year long. The company’s indoor farming architecture differs from greenhouses and other indoor farms, combining engineering, software, and sustainable crop science to grow multiple crops on one platform, at unprecedented speed, according to Plenty.
"Plenty’s unique farming system unlocks industry-leading crop versatility and unit economics by enabling indoor growing year round,” said Arama Kukutai, Plenty CEO, in a statement. "Our farms can be sited anywhere allowing us to put fresh fruits, greens, and vegetables on shelf at all times, at speed, for maximum freshness. As a long-time market leader in retail innovation, Walmart is an ideal partner to test and scale access to our quality produce for their customers. This is a game-changer for the agritech industry.”
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