SoftBank Vision Fund, the $93bn investment fund established by telecom and internet firm SoftBank, led a $200m series B round for US-based indoor farming company Plenty yesterday.
The round also featured Innovation Endeavors, Bezos Expeditions, DCM Ventures, Data Collective, Finistere Ventures and affiliates of Louis M. Bacon, the founder of hedge fund Moore Capital Management. It was described by Plenty as the largst ever agricultural technology investment.
Plenty is combining plant science with LED lights, microsensors and big data to grow fresh produce indoors in urban locations where it can be more easily shipped to nearby stores.
The technique uses a small percentage of the land and water utilised by traditional farming methods, and Plenty will spend the series B cash on expanding its urban farm network. The round comes weeks after the company acquired vertical farming technology developer Bright Agrotech.
Masayoshi Son, chairman and CEO of SoftBank, said: “By combining technology with optimal agriculture methods, Plenty is working to make ultra-fresh, nutrient-rich food accessible to everyone in an always-local way that minimises wastage from transport.
“We believe that Plenty’s team will remake the current food system to improve people’s quality of life.”
Jeffrey Housenbold, managing director of SoftBank Vision Fund, will join Plenty’s board of directors in conjunction with the round. Plenty had previously raised $26m in funding from investors including Bezos Expeditions and Innovation Endeavors, according to Fast Company.
The funding follows a $20m series A round for another urban farming practitioner, Bowery, and a $4.5m round for Germany-based counterpart InFarm, both of which were closed in the past month.