Vertical farming company Many May filed for lossesThe company said in a press release on Monday.
In its statement, Many It is said that it received a promise for $ 20.7 million in the financing of the utang-to-income as part of a proposed repair plan. It plans to continue to operate a strawberry farm in Virginia and a Plant Science Research and Development (R&D) Center in Wyoming.
Debtor-in-Possession financing is financing for companies in chapter 11 losses.
Since the beginning of 2014, many San Francisco -based San Francisco has raised nearly $ 1 billion in funding from various investors, including softbank investment advisers, Walmart, Bezos expeditions, and Jeff Bezos as an investor angel.
Its last known appreciation is $ 1.9 billion at the time of A $ 400 million series e fundraise In January 2022, according to the pitchbook.
The industry has been difficult to hit with losses in recent years. In November 2024, Agtech Unicorn Bowery farming has been reported Dead After raising more than $ 700 million in funding and last $ 2 billion in 2021. And in 2023, Aerofarms and Apphavest filed for losses protection. Aerofarms raised more than $ 300 million from supporters before filing for losses. In September 2023, it Get out of the losses protection Completely funded.
Apphavest raised more than $ 700 million before being publicly taken in 2021 with a $ 1 billion appreciation; It filed for the protection of chapter 11 in 2023.
