Walmart to Invest in Indoor Vertical Farming Company Plenty
January 25 2022 - 9:56AM
Dow Jones News
By Colin Kellaher
Walmart Inc. on Tuesday said it is investing in Plenty Unlimited
Inc. as part of a partnership with the indoor vertical-farming
startup aimed at bringing fresh produce to the retail giant
year-round.
Walmart's investment is part of a $400 million series E funding
round at an undisclosed valuation for Plenty being led by new
investors One Madison Group and JS Capital.
SoftBank Group Corp.'s SoftBank Vision Fund, a previous investor
in Plenty, is also participating in the round, which brings the
South San Francisco, Calif., company's total funding to more than
$940 million.
Plenty said it will use the new funds to support its growth
strategy, including leveraging its platform to sell multi-crop
farms directly to partners.
Walmart said its new partnership with Plenty will use the
startup's indoor vertical-farming platform to deliver fresh produce
to the Bentonville, Ark., company's retail stores.
Representatives of Walmart and One Madison will join Plenty's
board.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 25, 2022 09:41 ET (14:41 GMT)
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