9/19/2023 0 Comments Wavemaker partners stock![]() ![]() “Over the next couple of years, it's going to become cheaper to build our farms, and it will be to buy the land that can produce the same amount of food… and cheaper if you compare on quality,” Storey said. Right now, Plenty’s produce retails at health food stores for about the same price as other organics but Storey said he hopes to see that price drop so more people can afford it. It also recently inked a deal to sell its vertically farmed greens directly to Walmart. Storey said that Plenty is working with local grocers in Compton plus big-name brands like Bristol Farms and Amazon’s Whole Foods to distribute its produce to their neighboring stores. “They’re relatively inexpensive to grow, there’s not a whole lot of risk because they grow really fast.” ![]() “Greens are pretty simple from a lifecycle standpoint,” Storey explained. Right now the Compton farm only grows leafy greens (baby kale, baby arugula, crispy lettuce, spinach) with plans to expand to crops people want to eat year-round regardless of growing seasons. And, unlike seasonal agriculture work, these locals can work at Plenty’s indoor farm year-round. The Plenty farm I toured in Compton was nearly 100,000 square feet and home to roughly 80 full-time employees - 30% of whom are local hires. Plenty Farms Plenty’s connections with local grocers Once it’s running at full capacity, Plenty’s indoor Compton farm is expected to produce 4.5 million pounds of food per year on about 1% of the land a regular terrestrial farm would need. It’s the company’s second farm after a test facility in San Francisco and the largest yet-the farm produces roughly 20 times the output of the Bay Area facility, according to Plenty spokesperson Erin Santy. Plenty’s intricate vertical farming operation in Compton opened May 18. Register here - space is limited!Īgricultural tech startup Plenty, co-founded in 2014 in San Francisco by chief science officer Nate Storey, aims to help the city of Compton access healthier food by installing complex indoor vertical farms in warehouses and industrial areas that otherwise don’t have farming land. Ben Bergman, senior reporter at dot.LA, will moderate. Join us for an wide-ranging discussion with venture capitalists Seamon Chan, co-founder and managing partner at Palm Drive Capital and an advisory board member of Asia Society Southern California Eric Manlunas, founder and managing partner of Wavemaker Partners and Yida Gao, general partner at Struck Capital, as they explore cross-border VC investments and opportunities between Southern California and Asia. Will this trend continue in spite of rising political tensions and economic uncertainty fueled by the ongoing COVID-19 fallout? What does the future hold for VC-funded start-ups on both sides of the Pacific? Wavemaker Partners, which is co-headquartered in Santa Monica and Singapore, recently announced the close of its third and largest fund focused on Southeast Asia. Major Chinese companies including Baidu, Tencent, Alibaba and Wanda Group have invested in local startups, many of which want to gain a toehold in key Asian markets. Venture capital investment in the city's startups has grown dramatically, and an increasing share is coming from Asia. ![]() Over the last decade, Los Angeles has developed one of the leading startup ecosystems in the world. ![]()
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