$269 million investment dollars have been pumped into ag and food startups just this year according to the Seattle Times. In terms of investment dollars, in 5 years, ag-tech could be one of the best funded industries of all.
Where is that money coming from? “The food sector is wasteful and inefficient,” said Ali Partovi, a Bay Area investor with large stakes in sustainable agriculture startups. “Silicon Valley has a hubris that says, ‘That’s stupid. Let’s change it.’ ”
“It’s going to be bigger than cloud software, it’s going to be bigger than Big Data, because everybody eats,” said Paul Matteucci, a partner with U.S. Venture Partners and founder of Feeding 10 Billion, a nonprofit center to help ag-tech entrepreneurs. “And it’s going to be completely entrepreneur led.”
Not all of this is growth is going to be for vertical farms. Vertical farms are just one answer to the question of achieving an environmentally resilient and regenerative food system. In fact, some of that growth might get pumped into agricultural practices that are downright destructive.
But it is exciting news for vertical farming nonetheless. It means big business is listening and it means that more and more people are gearing up to tackle this problem head on.
By the way…
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