2023 has been a tough year for agrifoodtech startups, with high interest rates, inflation, fundraising challenges, banking scares, and souring investor sentiment in sectors from indoor ag to alt proteins, prompting pivots, layoffs, and business failures. Investors quizzed by AgFunder this month noted the exit of ‘tourist capital’ from the sector, more realistic valuations, and a renewed focus on profitable business models rather than growth at all costs, although some believe we’ve now veered from “a cycle of over-hype” to an over-correction.
Source: 2023 in review: Beyond Meat’s ‘existential’ woes, AI everywhere