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Vertical farming enterprise Plenty has filed for bankruptcy, the enterprise claimed in a information launch on Monday.
In its declaration, Plenty claimed it has truly gotten a dedication for $20.7 million in debtor-in-possession funding as part of a recommended restructuring technique. It intends to stay to run a strawberry ranch in Virginia and a plant science r & d (R&D) facility in Wyoming.
Debtor-in-possession funding is funding for corporations in Section 11 insolvency.
As a result of its 2014 starting, South San Francisco-based Tons has truly elevated virtually $1 billion in financing from a spread of financiers, consisting of SoftBank Monetary funding Advisors, Walmart, Bezos Expeditions, and Jeff Bezos immediately as an angel financier.
Its final acknowledged analysis was $1.9 billion on the time of a $400 million Series E fundraise in January 2022, in response to PitchBook.
The sector has truly been onerous struck by private bankruptcies in latest occasions. In November 2024, agtech unicorn Bowery Farming was reported to be shutting down after elevating better than $700 million in financing and final being valued at $2 billion in 2021. And in 2023, AeroFarms and AppHarvest utilized for insolvency protection. AeroFarms had truly elevated better than $300 million from backers previous to declaring insolvency. In September 2023, it exited bankruptcy protection completely moneyed.
AppHarvest elevated better than $700 million previous to being taken public in 2021 at a $1 billion analysis; it utilized for Section 11 protection in 2023.
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