Once-Hot Ag Tech Startup Benson Hill's Value Plummets as Meat-Free Market Cools
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Benson Hill, a crop technology startup, has seen its valuation plummet from over $1 billion to $61 million after going public in 2020.
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The company bet big on meat alternatives, but the market has cooled significantly lately.
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Benson Hill has brought in a new CEO, shifted to an "asset-light" model, and is weighing options like a sale.
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The company pioneered a "closed loop" model with its own processing plants but is now selling those off.
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Benson Hill was a high-profile startup for the St. Louis region's efforts to grow ag tech companies.