Elon Musk's Brother's innovative farm startup Square Roots Folds | #squareroots #smartfarm #layoffs


Elon Musk’s brother’s ‘smart farm’ startup is shutting down most of its locations and gutting its workforce

NEWS Source:- https://www.businessinsider.in/tech/news/elon-musks-brothers-smart-farm-startup-is-shutting-down-most-of-its-locations-and-gutting-its-workforce/articleshow/102023211.cms

Important key takeaways:-

– Square Roots, a vertical farming startup co-founded by Kimbal Musk, brother of Elon Musk, shut down the majority of its locations and laid off most of its staff. The company, founded in 2016, grew to five locations, growing herbs and salad greens using shipping containers and artificial light.

– The layoffs were announced on a Zoom call by Square Roots CEO Tobias Peggs, who mentioned the halt of production at locations in Springfield, Ohio, Shepherdsville, Kentucky, and Kenosha, Wisconsin. The exact number of layoffs couldn’t be confirmed, but the company had around 198 employees as of June 2022.

– Square Roots is shifting its focus away from packaging its own product and will focus on supporting business partners like Gordon Food Services.


Company Profile:-

Founded: 2016
Industry: Agriculture, Farmer’s Market, Farming, Local
Location: Brooklyn, New York, United States
Total Funding: $90.5M
Company Stage: NA
Founders: Kimbal Musk, Tobias Peggs
Website: www.squarerootsgrow.com

Square Roots is a pioneering urban farming company that focuses on bringing fresh and locally grown produce to communities. Founded in 2016, Square Roots utilizes hydroponic and vertical farming techniques to grow a variety of herbs, leafy greens, and vegetables in climate-controlled shipping containers located in urban areas. The company’s approach allows for year-round production and reduces the environmental impact of traditional agriculture. Square Roots also operates a “Next-Gen Farmer Training Program” that empowers individuals to become urban farmers and cultivates sustainable agriculture practices. With a mission to address food insecurity, promote sustainable farming, and foster community engagement, Square Roots is redefining how fresh produce is grown, distributed, and accessed in urban environments.

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