Walmart said Tuesday that it is investing in vertical farming company Plenty and plans to carry the start-up’s leafy greens in all California stores later this year.
The big-box retail giant did not disclose the size of the equity stake or the terms of the commercial deal, but said a Walmart executive will join Plenty’s board. Walmart’s investment is part of a $400 million round of funding for Plenty led by One Madison Group and JS Capital, with participation from SoftBank Vision Fund.
With the move, the country’s largest grocer is diving into a trendy area of food tech that brings farm produce closer to customers’ kitchen tables to boost freshness, limit waste and promote sustainability.
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