Vertical Farming Is Latest 2022 Tech Layoffs Victim – Bloomberg
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Priya Anand
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When the market was booming, tech investors poured billions into companies designing new ways of farming. Now some of those bets appear to be wilting.
Fifth Season, a Pittsburgh-based vertical farming company, told employees this fall it was shutting down. Berlin-based Indoor Urban Farming GmbH, valued at more than $1 billion, laid off about 500 employees last month. And greenhouse startup AppHarvest, which went public through a special purpose acquisition company last year, has seen its stock sink more than 90% since its 2022 high. After telling investors it was low on funds, AppHarvest recently sold one of its farms and plans to rent it back.