Plenty Files for Chapter 11 Bankruptcy, Valued at $2 Billion and Backed by Jeff Bezos and DIP Financing from One Madison

Plenty, a vertical farming company valued at around $2 billion and backed by investors including Jeff Bezos and SoftBank, has filed for Chapter 11 bankruptcy. The bankruptcy filing indicates that the company will be seeking Debtor-in-Possession (DIP) financing from One Madison, an existing backer. This development follows the recent collapse of Bowery, another vertical farming unicorn, raising concerns about the viability of the vertical farming sector. Plenty's financial struggles highlight the challenges faced by companies in this industry, particularly in securing sustainable revenue streams amidst rising operational costs.