Benzinga | Jan 25, 2022 02:15PM EST

Walmart Invests In Indoor Farming Company Plenty Unlimited

* Walmart Inc (NYSE:WMT) has agreed to invest in Plenty Unlimited Inc, an indoor vertical farming company, as part of the $400 million Series E funding round.

* The company's equity investment is part of a broader strategic partnership to use Plenty's indoor vertical farming technology platform to deliver fresh produce to its retail stores.

* As part of the investment, Walmart will join Plenty's board of directors.

* "We believe Plenty is a proven leader in a new era of agriculture, one that offers pesticide-free, peak-flavor produce to shoppers every day of the year," said Charles Redfield, chief merchandising officer, Walmart U.S.

* As per the long-term commercial agreement, Walmart will source Plenty's leafy greens for all its California stores from Compton farm beginning later this year.

* Price Action: WMT shares traded lower by 1.89% at $137.55 on the last check Tuesday.