Vertical farming company Plenty has filed for Chapter 11 bankruptcy, seeking $20.7 million in debtor-in-possession financing as it restructures. Founded in 2014, Plenty raised nearly $1 billion from significant investors, yet like many in the agtech space, it faces severe financial difficulties. The company plans to maintain its strawberry farm in Virginia and its R&D center in Wyoming. The industry has seen multiple bankruptcies, including notable businesses like Bowery Farming and AeroFarms, revealing inherent challenges in the vertical farming sector.
Plenty’s filing for bankruptcy marks a troubling trend in the vertical farming industry, which has seen significant financial struggles and recent shutdowns among major players.
Despite raising nearly $1 billion since its inception, Plenty has succumbed to bankruptcy, highlighting the severe challenges facing agtech startups.
The commitment of $20.7 million in debtor-in-possession financing will assist Plenty in continuing operations while it undergoes restructuring amid challenging market conditions.
The vertical farming sector has faced a wave of bankruptcies, with notable companies like Bowery Farming and AeroFarms also succumbing to financial difficulties.
Collection
[
|
...
]