Funding round
Plenty Series E
Plenty, which works in indoor vertical farming production in South San Francisco, raised $400M in a Series E round announced on 25 Jan 2022, led by One Madison Group and JSCapital, at a $1.90B post-money valuation. 4 firms took part, 1 of them already investors. It is Plenty's second venture round on record; the one before was a Series B in Jul 2017.
$400M
Amount raised
$1.90B
Post-money valuation
$1.50B pre-money
4
Investors
2 leads
2.7x
Step-up from the Series B
$700M in Jul 2017
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Plenty at $1.90B after the new money, 2.7 times the $700M of its Series B (Jul 2017). The $400M bought investors about 21% of the company. It came 54 months after Plenty's Series B. It is 67% of the $600M Plenty has raised in the venture rounds on record. No later venture round is on record for Plenty.
Plenty's funding rounds
Plenty has 2 venture rounds on record. This one is highlighted.
- Series B 19 Jul 2017, led by SoftBank $200M$700M post-money
- Series E this round 25 Jan 2022, led by One Madison Group and JSCapital $400M$1.90B post-money
Investors
Who put money in
One Madison Group and JSCapital led the round with 2 other firms. SoftBank Vision Fund had backed Plenty before.
Lead investors
- backs 4 venture-backed companies new investor
- backs 5 venture-backed companies new investor
Also in the round
- Walmart new investor
- SoftBank Vision Fund backs 234 venture-backed companies existing investor
Joined the board: Walmart (Walmart) and One Madison Group (One Madison Group).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 1 in Farms & Agriculture Production, then Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Gotham Greens Farms & Agriculture Production | 12 Sep 2022 | $310M | not disclosed | BMO Impact Investment Fund and Ares Management |
| Fireblocks Software Development Services | 27 Jan 2022 | $550M | $8.00B | D1 Capital Partners and Spark Capital |
| Back Market Electronics Stores | 12 Jan 2022 | $510M | $5.70B | Sprints |
| Bolt Payment Processing & Point of Sale | 14 Jan 2022 | $355M | $11.00B | BlackRock |
| CARSOME Automobile Dealers & Manufacturers | 10 Jan 2022 | $290M | $1.70B | Qatar Investment Authority and 65 Equity Partners |
| CARSOME Automobile Dealers & Manufacturers | 31 Jan 2022 | $290M | $1.70B | Qatar Investment Authority |
| PayFit Tech Companies | 6 Jan 2022 | $287M | $2.10B | General Atlantic |
| Real Estate Investment | 1 Jan 2022 | $240M | $1.90B | SoftBank Vision Fund |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Plenty raise in its Series E round?
Plenty raised $400M in its Series E round, announced in Jan 2022.
Who led Plenty's Series E round?
One Madison Group and JSCapital led it, with Walmart and SoftBank Vision Fund.
What was Plenty's valuation at the Series E round?
$1.90B post-money ($1.50B pre-money).