Plenty Unlimited

Plenty Unlimited Inc., a vertical farming company, filed for Chapter 11 bankruptcy on March 23, 2025 in the Southern District of Texas.^134671217 The company had raised nearly $1 billion from investors including SoftBank Vision Fund, Jeff Bezos, Eric Schmidt, and Walmart, and was once valued at $1.9 billion.^169111415 Plenty emerged from bankruptcy on May 29, 2025, after a 53-day prepackaged restructuring, with a focus on its Richmond, Virginia strawberry farm.¹²

Timeline

Money raised

Plenty raised nearly $1 billion since 2014 from investors including SoftBank's Vision Fund, Jeff Bezos, Eric Schmidt, and Walmart.¹ In 2017, Plenty raised $200 million in a Series B round led by SoftBank Vision Fund.⁶⁷ In October 2020, Plenty raised $140 million in a Series D round led by SoftBank Vision Fund with participation from Driscoll's.⁶¹³ In January 2022, Plenty raised $400 million in a Series E round with participation from Walmart.⁶ In February 2023, Realty Income announced an investment of up to $1 billion to build vertical farms with Plenty.¹¹ Plenty's valuation peaked at $1.9 billion in January 2022.¹¹⁴ In January 2025, Plenty was in talks to raise $125 million in a recapitalization that would value existing shares at less than $15 million.¹⁵ Plenty received a $20.7 million debtor-in-possession financing commitment for its bankruptcy.¹⁴⁶ Plenty's plan of reorganization included a $30 million new-money rights offering.¹

Investors named in the sources: SoftBank Vision Fund¹⁶¹³¹⁵, Jeff Bezos^14681415, Eric Schmidt¹⁴⁶¹⁵, Walmart¹⁶¹⁵, Driscoll's⁶¹³, One Madison Group²¹⁵, Realty Income⁷¹¹, Bezos Expeditions⁶⁹, Innovation Endeavors⁶⁹, JS Capital Management⁹, DCM Ventures⁹, Moore Capital Management⁹, NFX⁹.

What happened

Plenty Unlimited was founded in 2014 by Nate Storey, Matt Barnard, Jack Oslan, and Nate Mazonson.⁹¹⁷ Plenty designed and operated indoor vertical farms that use controlled-environment agriculture to grow produce year-round.¹⁰ In 2017, Plenty raised $200 million and acquired Bright Agrotech, a vertical farming startup founded by Nate Storey.⁷ By 2018, Plenty had announced plans for 300 vertical farms in China and was selling produce to grocery stores in California.⁷ In 2019, Plenty announced new facilities in Los Angeles and San Francisco.⁷

In October 2020, Plenty raised $140 million and announced a partnership with Driscoll's to grow strawberries.⁷¹³ Plenty also announced a deal to supply 431 Albertsons stores in California.¹³ In January 2022, Plenty raised $400 million in a Series E round and reached a valuation of $1.9 billion.¹⁶¹⁴ Arama Kukutai was appointed CEO in January 2022, replacing co-founder Matt Barnard.¹⁶¹⁸ In February 2023, Realty Income announced an investment of up to $1 billion to build vertical farms with Plenty.¹¹

Plenty announced plans for a 60,000-square-foot vertical farming research center in Laramie, Wyoming, called Project Jupiter.⁷ The Wyoming Business Council awarded a $20 million grant for Project Jupiter, the state's largest economic development grant at the time.⁷ In September 2024, Plenty opened its Chesterfield County, Virginia indoor vertical strawberry farm.⁴ The Virginia farm was designed to produce more than 4 million pounds of strawberries annually in less than 40,000 square feet.⁴ The farm exclusively grew strawberries for Driscoll's.⁴

In December 2024, Plenty announced plans to close its Compton, California leafy greens farm.⁴⁶ Plenty cited the high cost of doing business in California, including expensive energy prices, as a reason for the closure.⁴ Arama Kukutai left the company in late 2024, and Dan Malech became interim CEO.⁴¹⁵ In January 2025, Plenty was in talks for a new funding round that would virtually wipe out existing stockholders.⁸¹⁴¹⁵ The new deal would value the company's existing shares at less than $15 million, a more than 90% valuation cut from its peak.¹⁴¹⁵

Plenty was in talks to raise $125 million as part of the recapitalization, with One Madison Group expected to lead the financing.¹⁵ On March 23, 2025, Plenty Unlimited and six affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas.^134671217 Plenty arrived in bankruptcy with a prepackaged plan of reorganization and a $20.7 million debtor-in-possession financing commitment.¹ The company stated that it was not immune from challenges in the vertical farming industry and that restructuring was in the best interests of stakeholders.⁴⁶⁷ Plenty continued to operate its Richmond, Virginia strawberry farm and Laramie, Wyoming R&D facility during the bankruptcy.⁴⁶⁷

The bankruptcy filing listed assets and liabilities each between $100 million and $500 million.⁴⁶ Plenty's creditors included several Virginia businesses, such as Electrical Controls & Maintenance, Colonial Webb Contractors, and Liphart Steel.⁴ U.S. Bankruptcy Judge Christopher Lopez issued an interim order allowing Plenty to obtain DIP financing and scheduled a hearing for April 15.⁴ Plenty's plan of reorganization included a $30 million new-money rights offering and a stalking-horse sale backstop.¹ On May 29, 2025, Plenty emerged from Chapter 11 after the bankruptcy court confirmed its plan of reorganization.¹²

The restructuring wiped out existing equity, and the company's valuation fell more than 99% from its peak.¹ Interim funding and exit financing were provided by One Madison and SoftBank Vision Fund 2, with further exit financing from additional investors.² After emerging, Plenty focused on strawberries and planned to expand growing capacity at its Richmond farm.² Plenty also planned to pursue opportunities to bring its vertical strawberry farming technology to new locations through farm sales.² The company prepared for a second strawberry planting cycle in its Richmond farm and resumed construction to expand growing space.²

Plenty successfully negotiated the resolution of outstanding claims with creditors, allowing many to return to complete the buildout of growing spaces.² The Laramie, Wyoming Project Jupiter expansion was put on indefinite hold due to the bankruptcy.⁷ The Wyoming Business Council retained most of the $20 million grant, with only $1.8 million expended for design and engineering work.⁷ Plenty had 66 employees at the time of the bankruptcy filing, according to court documents.⁴ The company's Compton, California farm, which opened in 2023, was shut down in December 2024.⁴⁶

Plenty's workforce was downsized and construction at its Virginia facility was halted due to financial pressures.⁶

Legal outcomes

• filedPlenty Unlimited Texas LLC and six affiliated debtors filed voluntary Chapter 11 petitions on March 23, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas.¹
• settledThe bankruptcy court confirmed Plenty's plan of reorganization on May 29, 2025.²

Where the founders are now

Nate Storey is listed as a co-founder and chief science officer at Plenty's website, but it is unclear if he still works with them.⁷ Nate Storey's LinkedIn profile lists him as the CEO of Soil Action and as a board member for Plenty.⁷ Matt Barnard, co-founder and former CEO, continued to serve as Executive Chairman of the Board after Arama Kukutai became CEO in January 2022.¹⁶¹⁸

Lessons, as others put them

"We're entering a more grounded chapter for vertical farming – and that's a good thing."Henry Gordon Smith¹²

Sources

1. Plenty Unlimited: $1.9B-Peak Vertical Farmer Reorganizes in 53 Days, ElevenFlo, 2026-01-03
2. Plenty completes restructuring, emerges from chapter 11, Plenty, 2025-05-30
3. Bezos-Backed Vertical Farming Startup Plenty Files for ..., wsj.com, Mar 23, 20
4. Company behind Chesterfield indoor farm files for bankruptcy - Virginia Business, Virginia Business, 2025-03-25
6. Bezos-Backed Food Company Files for Bankruptcy - GEEKSPIN, GEEKSPIN, 2025-03-27
7. 60,000-Square-Foot Vertical Farming Lab In Laramie On Hold Amid Bankruptcy, Cowboy State Daily, Mar 31, 20
8. Bezos-Backed Farm Startup in Talks for More Than 90% ..., finance.yahoo.com, Jan 3, 202
9. Plenty IPO Timeline and Financing Details - Forge, forgeglobal.com
10. Plenty Stock $0.15 | How to Buy, Valuation, Stock Price, IPO | Notice.co, notice.co
11. Realty Income to invest $1 bln for vertical farming with ..., reuters.com, Feb 21, 20
12. Plenty’s plight highlights need for new funding models in vertical farming, AgNavigator.com, Mar 27, 20
13. Plenty has raised over $500 million to grow fruits and veggies indoors | TechCrunch, TechCrunch, 2020-10-14
14. Bezos-Backed Farm Startup in Talks for More Than 90% ..., bloomberg.com, Jan 3, 202
15. Plenty to enter new funding round, dump existing stockholders, verticalfarmdaily.com, Jan 6, 202
16. Leading Vertical Farming Company Names Agritech Veteran as New CEO, Greenhouse Grower, 2022-01-19
17. Plenty Unlimited enters Chapter 11 bankruptcy proceedings, finance.yahoo.com, Mar 25, 20
18. Plenty Appoints Agritech Veteran Arama Kukutai to Chief ..., businesswire.com, Jan 19, 20

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