Walmart invests in vertical farming company

Walmart, Bentonville, Arkansas, has invested in indoor vertical farming company Plenty Unlimited Inc., South San Francisco, California, making it the first large U.S. retailer to significantly buy into vertical farming.

The long-term commercial agreement permits Walmart to source leafy greens grown via vertical farming at Plenty’s Compton farm for all of its California stores starting later this year.

The agreement was signed Jan. 25 as part of Walmart’s $400 million Series E funding round subject to a regulatory approval.

“At Walmart, we are focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices,” says Charles Redfield, chief merchandising officer at Walmart U.S. “… This partnership not only accelerates agricultural innovation, but reinforces our commitment to sustainability, by delivering a new category of fresh that is good for people and the planet.”

Plenty’s farming technology features a mixture of engineering, software and sustainable crop science to grow numerous pesticide-free fruits, greens and vegetables on one platform. The technology also allows farms to be built closer to the consumer, resulting in reduced transportation and increased item freshness.

“Plenty’s unique farming system unlocks industry-leading crop versatility and unit economics by enabling indoor growing year-round,” says Arama Kukutai, Plenty CEO. “… As a long-time market leader in retail innovation, Walmart is an ideal partner to test and scale access to our quality produce for their customers. This is a game-changer for the agritech industry.”