Plenty had a double feat in its first decade: not only did the San Francisco startup achieve unicorn excellence, but it did so in the “agtech” sector, where hardly any companies have accomplished Exceeding a billion dollars.
Founded in 2013, the startup focused on turning the farming industry on its head. Space and water supply problems disappear with Plenty’s strategy. The innovative approach to startup consists of Bring crops indoorsvertically.
In California, there are more than 80,000 agricultural fields, without going further. Its exports translated to nearly 20,000 million euros in 2020. The total value of California’s agricultural production translates to about 40 billion euros general.
However, the sector continues to face increasingly devastating and recurring obstacles. The California fire season It’s getting longer every year and the country is in critical drought condition.
Recognizing the dangers posed by climate change, chasing pests and fires, Plenty considered moving crops to indoor spaces where crops are in absolute control.. Food quality or taste is not sacrificed. The result is that only vertical crops occupy 1% space Compared to traditional crops.
The food supply chain is fragile and unsustainable. Climate change and pathogens arising from the use of chemicals do not help. Dr. Nate Storey, co-founder of Plenty, explains to D+I that food production must evolve. “In California, for example, which is the fifth largest food supplier in the world, if there is another one bad fire season, There will be a major disruption to the supply chain.”
The company uses neither pesticides nor genetic modification in its production. Do not use land in crops either: The Plenty Company is engaged in hydroponics, i.e. cultivation of plants using mineral solutions. All this means that the consumer does not have to wash the food once it is ready to be consumed.
The fact that all production can be done indoors means that Plenty has the ability to do so Control of the environment, temperature and light of crops. As a result, crops do not depend on the weather and season of the year, plantings can be carried out at any time of the year.
The Plenty team developed their own programmed LED lights with a unique lighting spectrum. Irrigation systems located on the roof of buildings allow pick up excess water and return it to circulation to avoid wastage.
“Our farms can be installed anywhere water and electricity are available, allowing us to serve fresh fruits, vegetables and greens at any time,” the company’s founding partner details. Our global expansion will allow this Transfer times are reduced“.
A$400 million Series E
The primary mission of the company’s founders, Dr. Nate Storey and Matt Barnard, is to create a platform that can do just that Food delivery anywhere in the worlddespite the climatic obstacles.
The company has a dedicated development and research team to keep advancing its technology, but they also have a group of people responsible for Constantly improving the taste of your products.
So far, Plenty has been able to grow arugula, cabbage, lettuce and other vegetables that it already markets in supermarkets across the United States. Since January of this year, Wal-Mart has become one of its main allies. The company was a part of the past Plenty Series E funding round.The startup raised $400 million.
Compton, California, which until recently was one of the state’s major agricultural towns, Now it’s practically a desert. This was where Plenty chose to build one of its largest plants to date. All vegetables sold in Walmart stores in California will come from this factory.
“Plenty is driving the new age of agriculture, in That pesticides are not necessary. “It’s able to offer consumer products with good flavor any time of the year,” says Charles Redfield, Walmart’s chief merchandising officer in the US.
Plenty co-founder Dr. Nate Storey points out that this is Biggest capital increase Ever by an agricultural company dedicated to indoor harvesting. The company will now focus on achieving its first profits and implementing its ambitious plans for global expansion.
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