The American multinational retail corporation – Walmart announced that is investing in vertical farming company Plenty – an indoor farming company, as part of their $400M Series E funding round subject to regulatory approval. The equity investment is part of a $400 million round of funding of Plenty led by One Mision Group and JS Capital.
“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,” said Charles Redfield, chief merchandising officer, Walmart U.S.
With this partnership, Walmart will not only accelerate agricultural innovation, but will reinforce its commitment to sustainability, that brings farm produce closer to customers’ kitchen tables to boost freshness, limit waste, and promote sustainability.
“Plenty’s unique farming system unlocks industry-leading crop versatility and unit economics by enabling indoor growing year-round. “Our farms can be sited anywhere allowing us to put fresh fruits, greens and vegetables on a shelf at all times, at speed, for maximum freshness. As a long-time market leader in retail innovation, Walmart is an ideal partner to test and scale access to our quality products for their customers. This is a game-changer for the AgriTech industry.” - said Arama Kukutai, Plenty CEO.
