Vertical farming company Plonty has filed for bankruptcy, the company said in a press release Monday.
In that statement, Ponty said he received a $20 million commitment to debtor funding as part of the proposed restructuring plan. The company plans to continue operating the Strawberry Farm in Virginia and the Plant Science Research and Development (R&D) Center in Wyoming.
Debtor’s finances are the financing of a Chapter 11 bankruptcy corporation.
Since its founding in 2014, Ponter, based in South San Francisco, has raised about $1 billion in funding from a range of investors, including SoftBank Investment Advisers, Walmart, Bezos Expeditions, and Jeff Bezos, a variety of investors, including the likes of SoftBank Investment Advisers, Walmart, Bezos Expeditions, and Jeff Bezos.
According to Pitchbook, its last known valuation was $1.9 billion at the time of its $400 million Series E funding in January 2022.
In recent years, the industry has been hit hard by bankruptcy. In November 2024, Agtech Unicorn Bowery Farming was reported to have been closed after raising more than $700 million in funding and valued at $2 billion in 2021. Aerofarms raised more than $300 million from its supporters before filing for bankruptcy. In September 2023, bankruptcy protection was fully funded.
Apparvest raised more than $700 million before it was published in 2021 at a $1 billion valuation. I applied for Chapter 11 protection in 2023.
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