Reported 3 days ago
Plenty Unlimited Inc., a vertical farming startup endorsed by investors like Jeff Bezos, is negotiating a funding round that may drastically reduce its valuation by over 90%, potentially leaving existing shareholders with almost no value. The company, previously valued at $1.9 billion, is seeking to raise $125 million, but the new deal could value its shares at under $15 million. Responding to financial struggles in the indoor farming sector, Plenty is pivoting its focus exclusively to strawberries for higher profitability and has appointed a new interim CEO amid ongoing strategy shifts.
Source: YAHOO