Vertical farming company Plenty has filed for bankruptcy, as announced in a press release on Monday.
In its statement, Plenty mentioned it has secured a commitment for $20.7 million in debtor-in-possession financing as part of a restructuring plan. The company intends to continue operating a strawberry farm in Virginia and a research and development (R&D) center in Wyoming.
Since its founding in 2014, Plenty has raised nearly $1 billion from several investors, including SoftBank and Jeff Bezos. The vertical farming industry has seen a wave of bankruptcies, with notable companies like Bowery Farming and AeroFarms also facing similar issues in recent years.
