Telecommunications and internet group Softbank’s Vision Fund 1 led a $140m series D round for US-based urban farm operator Plenty yesterday that included fresh berry provider Driscoll’s.
Plenty is establishing a network of farms that use a vertical structure together with data analytics and advanced lighting technologies in order to grow produce more efficiently without pesticides.
The company formed a commercial partnership with Driscoll’s earlier this year that will involve it growing strawberries, in addition to a supply agreement with grocery retailer Albertsons.
Jeff Housenbold, managing partner at Softbank Investment Advisers, which manages Vision Fund, said: “In just 30 years time, the world will need 70% more food than we currently produce, requiring more efficient use of land and water.
“Without innovation in agriculture, this demand will be impossible to meet. We believe Plenty is transforming the way food is made and are pleased to continue supporting their mission to build sustainable, intelligent farms that deliver healthy, safe produce with a focus on premium flavour.”
The company had reportedly raised $175m in series C funding from undisclosed investors at a $1.05bn valuation in June 2019.
Vision Fund led Plenty’s $200m series B round two years earlier, investing alongside DCM Ventures, Innovation Endeavors, Bezos Expeditions, Data Collective, Finistere Ventures and affiliates of Louis M. Bacon.
The series B funding came in the wake of approximately $26m in previous financing from investors including Bezos Expeditions and Innovation Endeavors.
Photo courtesy of Plenty Unlimited Inc.
