Walmart and Plenty Unlimited Inc. have announced Walmart signed an agreement to invest in Plenty, an indoor vertical farming company, as part of their $400M Series E funding round subject to regulatory approval. Walmart’s equity investment is part of a broader strategic partnership to utilize Plenty’s indoor vertical farming technology platform to deliver fresh produce to Walmart retail stores. As part of the investment, at closing, Walmart will also join Plenty’s Board of Directors.
Walmart is the first large U.S. retailer to significantly invest in vertical farming.
“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-flavour 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.”
Charles Redfield, chief merchandising officer, Walmart U.S.
