Plenty, a vertical farming company, has filed for Chapter 11 bankruptcy, as announced in a press release on Mar. 24.

The San Francisco-based company has secured US$20.7 million in debtor-in-possession financing to support its operations during the bankruptcy process.

As part of its restructuring plan, Plenty will focus on its strawberry farm in Virginia and its plant science research and development center in Wyoming.

Founded in 2014, Plenty raised nearly US$1 billion from investors including SoftBank Investment Advisers, Walmart, and Jeff Bezos.