Indoor vertical farming company Plenty has raised $200 million in a Series B round of funding, the largest agtech investment to date.
Just one month after the grower acquired indoor agriculture hardware company Bright Agrotech, this round was led by Japan’s SoftBank Vision Fund, a $93 billion, multi-stage tech fund.
Affiliates of Louis M. Bacon, the founder of Moore Capital Management, also joined the round alongside existing investors including Innovation Endeavors, Bezos Expeditions, Chinese VC DCM, Data Collective, and Finistere Ventures.
Plenty uses a vertical growing plane to grow leafy greens in a 52,000 square foot South San Francisco facility. The Series B — which takes total funding for the startup to $226 million — will fuel further expansion and more farms.
One agtech venture capitalist said that Plenty had a pre-money valuation of $500 million, but Plenty CEO Matt Barnard would not confirm this figure. The same venture capitalist said that if that figure was true, the valuation would be “crazy” for a company that appears to be pre-revenue.
But Plenty’s Barnard is confident about Plenty’s “aggressive” expansion plans to improve food quality globally. This expansion will include building farms in Japan, China, and the Middle East, as well as the US.
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