From venture capital and private-equity firms to celebrities such as Justin Timberlake and Martha Stewart, many meal tickets backing the indoor growing of fruits and vegetables have experienced wilting returns.
What not long ago amounted to billions of dollars in U.S. venture capital pouring into indoor farming—$2.1 billion in 76 deals in 2021—has dropped to millions. After falling to $277 million last year, activity has dried up so far this year to five deals totaling $57 million, data tracker PitchBook says.
The bubble-bursting coincides with bankruptcies of Plenty, which had been backed by SoftBank, Walmart and One Madison Group, and at least five other indoor farming businesses including one that filed in April.
Read more at The Wall Street Journal