Walmart Inc. (NYSE: WMT) and Plenty Unlimited Inc. reported a strategic partnership where Walmart will invest in Plenty, in part of their USD 400 Million Series E funding round that is subject to regulatory approval. This investment by Walmart is part of a broader partnership to utilize Plenty’s indoor vertical farming technology platform to delivery fresh produce to Walmart retail stores. Walmart will also join Plenty’s board of directors at the close of this transaction.
“At Walmart, we are focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices. 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 provides pesticide-free produce that is fresh all year long. It’s indoor farming architecture is different from green houses and other indoor farms as it combines engineering, sustainable crop science and software to grow multiple crops on one platform at a high speed. “Plenty’s unique farming system unlocks industry-leading crop versatility and unit economics by enabling indoor growing year round,” said Arama Kukutai, Plenty CEO. “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.”