Innovative Bezos-backed food brand files Chapter 11 bankruptcy

The company wanted to change the world (and feed it), and it counts Jeff Bezos as an investor

Mar 24, 2025 - 13:08

Changing the world seems like a good business plan, but it's often a lesson in why the world worked a certain way.

it’s very hard to make changes. Having a better way to do things does not mean people will do it. That’s especially true when whatever new thing you’re doing is good for the planet.

People talk about wanting to go green, and they will also long as it does not cost more or inconvenience them in any way.

Look at how people have reacted to using alternatives to plastic straws. They will, but if the replacement breaks down before they finish their drink, they complain.

Very few people will put up with inferior products just because they benefit the planet. The same is true even when a product is notably better if it costs more.

Even selling a better version of something people like at the same price can be a challenge. It’s hard to unseat an incumbent.

People know what they like and stores and restaurants tend to sell them that. There’s a reason McDonald’s has a huge footprint while 5 Guys, which serves better, but more expensive food, is essentially a niche player.

It’s hard to change the world which is a lesson Plenty Unlimited, a Jeff Bezos-backed company that uses vertical farming to grow strawberries, has learned that lesson the hard way.

Plenty Unlimited was founded to fix a future problem.
Image source: Shutterstock

Plenty Unlimited had a bold business plan

"It’s no secret–farming can be a little dirty. Like dirt under your nails, but also dirty like land use, water waste, pollution, and contaminants on your food. At Plenty, we grow fresh, flavorful produce vertically indoors – so everything’s a little…cleaner. From a controlled, indoor environment to zero-pesticide greens on your table–it’s cleaner for the world and cleaner for you," the company shared on its website.

That’s more marketing speak than an actual description of operations. In reality, the company uses vertical farming because it takes less space.

“The world’s population is growing while farmable land is shrinking. Paired with a changing climate, the future of food security is feeling less secure. But we can’t bury our heads in the soil so we’re doing something about it,” it added.

More bankruptcy:

Farming indoors allows the company to offer peak freshness at all times. It started with a strawberry farm, but Plenty Unlimited’s goals are much bigger than that.

Those goals hit a roadblock with the company’s March 23 bankruptcy filing.

Plenty Unlimited files Chapter 11 bankruptcy

Plenty Unlimited Inc. an agricultural technology company with an indoor vertical farming platform, has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas in accordance with its board-approved plan to restructure its liabilities, streamline operations and focus its go-forward operations.

The company reported it had between $100 and $500 million in both assets and liabilities.

The company will continue to operate its Richmond, Virginia, vertical strawberry farm and Laramie, Wyoming, plant science research and development (R&D) facility throughout the restructuring process.

Plenty Unlimited has received a commitment for debtor-in-possession (DIP) financing of $20.7 million. The comoany has filed a motion seeking approval of the DIP financing and, upon approval, the DIP financing is expected to provide Plenty with the necessary liquidity to support its operations throughout the planned process.

"Plenty's advanced technology is transforming indoor farming, removing the unpredictability of Mother Nature and making it possible to create a stable supply of fresh produce with peak-season flavor year-round almost anywhere in the world," said Interim CEO Dan Malech. "However, our company is not immune from larger market dynamics and the fundraising challenges facing our industry. After evaluating all of our strategic alternatives, we have determined that pursuing this restructuring process is in the best interests of all of the company's stakeholders."

The company plans to continue to meet its goal of providing consumers with fresh strawberries year-round.