SoftBank's Vision Fund is known for showering companies with far more cash than they were seeking to raise. Picture: REUTERS/ISSEI KATO
“After much discussion with leadership, our board and our investors, we have a clear path to provide what the market wants and what the world needs — a more sustainable food future,” Garden wrote in the note to employees, viewed by Bloomberg. The company also added 100 job openings that it said laid-off employees would be eligible to apply for. The bulk of Zume’s employees work in Mountain View, California. Its Seattle and San Francisco locations also each employ more than 100 people.
That strategy is working in some cases — Vision Fund-backed Coupang, for example, is South Korea’s largest online retailer —but it has also created casualties. Many of the now-struggling Vision Fund companies are run by charismatic men without experience running large businesses. Garden, a well-connected former game developer, founded Zume with the goal of automating the pizza-making process. Eventually, his goals expanded to encompass a rethinking of the US food production system.
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