American vertical farming startup Plenty was launched in 2014 with great promise. Over the years, the company has attracted the attention of major investors such as SoftBank, Walmart, and Jeff Bezos, raising nearly $1 billion in investment. However, in March 2025, Plenty filed for Chapter 11 bankruptcy protection.
Plenty said it had committed to $20.7 million in debt financing as part of its restructuring plan. The company also plans to continue operating its strawberry farm in Virginia and its research and development center in Wyoming.
Plenty last raised $400 million in a Series E round in 2022, at a valuation of $1.9 billion. But the agtech sector has come under severe pressure in recent years.
Vertical farming: many promises, few survivors
Plenty’s crisis is not unique to the sector. In 2023, big names like AeroFarms and AppHarvest also filed for bankruptcy. AeroFarms had previously raised $300 million, while AppHarvest was valued at $1 billion in 2021. In November 2024, Bowery Farming announced its closure despite raising more than $700 million.
Despite the amount of investment, these companies have not been able to stabilize their business models. Technological innovation and big ambitions are not enough, especially without a sustainable source of income.
The case of Plenty holds an important lesson for investors and entrepreneurs in the agtech sector: any technology will succeed only if it is combined with market reality and a viable business model. In the future, the sector will require new approaches — approaches that focus not only on technology, but also on sustainability.
