Venture capital funding for plant-based meat start-ups has slumped to its lowest level since 2018, as a weaker economic outlook and rising interest rates curb enthusiasm for the once high-flying industry.
Start-ups focused on plant-based meat secured $75.2mn from venture capital firms in the first quarter across just 22 deals, down from $703mn in the same period last year, according to data provider PitchBook.
The slowdown comes on top of a steep drop last year, when backing from venture capital funds — a critical source of funding for start-ups — tumbled to $1.5bn, half the total in 2021.
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