Cincinnati startup darling 80 Acres Farms has laid off roughly two dozen employees as it streamlines operations amid a broader tech downturn – the second local venture-backed company hit by job cuts so far in 2023.
80 Acres, a Hamilton-based vertical farming startup known for its tomatoes and leafy greens, said the eliminated positions account for less than 10% of its workforce. It’s unclear exactly what those jobs entailed and where they were based. 80 Acres operates eight indoor farms nationally.
As of June, the company employed roughly 300 people. The cuts come as recession fears mount and venture capital deal flow slows. Already in 2023, more than 26,000 tech jobs have been eliminated, according to tracker site Layoffs.fyi. For 80 Acres, the “select job eliminations” will allow for “focused, sustainable growth,” a spokesperson told Cincy Inno.
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