Failed 2023
AeroFarms
Another vertical farming failure: $238M couldn't make indoor leafy greens cost-competitive with field farming.
Founded → Closed
2004 → 2023
Funding Raised
$238M
Industry
AgTech/Vertical Farming
Country
USA
IdeaProof AI Failure Score
68/100
Market Fit Risk
40
Burn Rate Risk
80
Founder Risk
20
Full Analysis
AeroFarms was one of the largest vertical farming companies in the world, operating a massive facility in Newark, NJ. Despite nearly two decades of operation and $238M in funding, the company couldn't achieve cost parity with conventional agriculture. Energy costs for LED lighting and climate control made every head of lettuce unprofitable. AeroFarms filed for bankruptcy in June 2023.
Could This Failure Have Been Prevented?
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