Vertical Agriculture Company a lot of have File for bankruptcyThe company said in a press release on Monday.
In its statement a lot of It said it has received a commitment of $20.7 million in debtor financing as part of the proposed restructuring plan. It plans to continue operating a strawberry farm in Virginia, as well as the Wyoming plant science research and development (R&D) center.
Debtor financing is the company financing in Chapter 11 Bankruptcy.
Since its inception in 2014, Planty, based in southern San Francisco, has raised nearly $1 billion in funding from including SoftBank investment advisers, Wal-Mart, Bezos Expeditions and Jeff Bezos personally as angel investors.
Its last known valuation is $1.9 billion exist A $400 million E fundraising According to PitchBook, January 2022.
The industry has been hit hard by bankruptcy in recent years. According to reports, in November 2024, Agtech Unicorn Bowery Agriculture is closure More than $700 million in fundraising was raised, the last time it was worth 2021. In 2023, Aerofarms and Appharvest filed for bankruptcy protection in 2023. Aerofarms had raised more than $300 million from supporters before filing for bankruptcy. September 2023, Exit bankruptcy protection Fully funded.
appharvest More than $700 million was raised in 2021 at a $1 billion valuation; it applied for Chapter 11 protection in 2023.
