BENTONVILLE, AR & SAN FRANCISCO, CA - Setting its focus on the fresh produce department, Walmart recently announced a new agreement to invest in indoor vertical farming company Plenty Unlimited as part of its $400 million Series E funding round. The retailer’s recent investment is a component of a larger strategic partnership to optimize the company’s indoor vertical farming technology platform to deliver fresh produce to Walmart retail stores.

“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,” Charles Redfield, Chief Merchandising Officer, Walmart U.S. “We believe Plenty is a proven leader in a new era of agriculture, one that offers pesticide-free, peak-flavor produce to shoppers every day of the year. 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 indoor farming architecture combines engineering, software, and sustainable crop science to grow multiple crops on one platform, delivering fresh, pesticide-free produce. As outlined in a press release, Plenty helps reduce transportation and food waste by building its farms closer to the consumer, keeping items fresher for longer in 100 percent recyclable product packaging.

Through the new partnership, Walmart and Plenty will collaborate to create a new product category in vertical farming. The long-term commercial agreement will allow the grocer to source Plenty’s leafy greens for all its California stores from Plenty’s Compton farm beginning later this year.

“Plenty’s unique farming system unlocks industry-leading crop versatility and unit economics by enabling indoor growing year-round,” said Arama Kukutai, Plenty Chief Executive Officer. “Our farms can be sited anywhere, allowing us to put fresh fruits, greens, and vegetables on shelf at all times, at speed, for maximum freshness. 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.”

As part of the investment, at closing, Walmart will also join Plenty’s Board of Directors, according to the release. To read more about the new alliance, click here.

With this key investment forging new opportunities in fresh produce and agtech, keep reading AndNowUKnow for the latest industry news.

Walmart Plenty Unlimited