Jul 19, 2017

Vertical farm start-up Plenty raises $200m

Plenty, a San Francisco vertical farming start-up, has raised $200m from big-name investors that include Japanese media giant SoftBank, Alphabet's Eric Schmidt and Amazon boss Jeff Bezos. Plenty said it would use the money to expand in the US and abroad. The firm, founded in 2013, has an indoor growing system that uses less space and water than traditional farms. "We're now ready to build out our farm network and serve communities around the globe," Matt Barnard, chief executive and co-founder, told the BBC. Plenty employs 100 people in three facilities in San Francisco and Wyoming. Mr Barnard said the firm has already signed up online and bricks-and-mortar distributors for the food, which will initially be dominated by leafy vegetables and herbs. Mr Barnard, 44, grew up on a farm growing apples and cherries in Wisconsin.

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