Key Takeaways:
- Jungle, a leader in vertical farming, has been placed under compulsory winding up by the Court of Soissons in 2024.
- The company had raised €42 million in 2021 to expand across Europe, focusing on sustainable agriculture and vertical farming.
- Jungle partnered with Firmenich to develop flowers for fragrances, expanding its reach into the cosmetics and perfumery industries.
- Despite achieving B Corp certification in 2023, Jungle faced financial difficulties that led to its liquidation.
- The compulsory winding up marks the end of Jungle’s operations as creditors seek to recover outstanding debts.
Jungle Undergoes Compulsory Winding Up Following Financial Difficulties
Jungle, a French vertical farming company, is facing compulsory winding up after encountering financial difficulties. The Tribunal of Commerce of Soissons issued the winding up order in 2024, signaling the end of the company’s operations. Jungle, which specialized in growing pesticide-free herbs, salads, and flowers in controlled environments, had expanded into various sectors, including food production and perfumery, through strategic partnerships.
Vertical Farming and Strategic Expansion
Founded in 2016 by entrepreneurs Gilles Dreyfus and Nicolas Séguy, Jungle aimed to advance sustainable agricultural practices through vertical farming. This method allows for efficient use of space and resources while reducing environmental impact. Jungle’s operations extended beyond food production into industries such as cosmetics and fragrances. One notable partnership was with Firmenich, a global leader in fragrances, to develop flowers for perfumes, demonstrating the company’s diversification efforts.
Despite these initiatives, the company faced financial challenges, leading the Court of Soissons to initiate judicial recovery proceedings in April 2024. After a period of observation, the court transitioned the case to compulsory winding up in June 2024. A liquidator has been appointed to oversee the sale of the company’s assets to address its financial obligations.
Funding and Growth Efforts
In 2021, Jungle secured €42 million in funding to support its growth plans across Europe and the UK. The funding round was led by investors such as Founders Future, Demeter Partners, and key figures including Alain Dinin (Nexity) and Christian de Labriffe (Tikehau, LVMH). The funds were intended to expand Jungle’s production capabilities, develop partnerships with major retailers, and scale its operations.
The company used this investment to establish a 5,000 sq m vertical farm in Chateau-Thierry, with the goal of producing millions of plants annually. Jungle also planned to supply its products to over 2,000 points of sale by 2024, working with retailers such as Monoprix and Intermarché. However, despite these efforts, Jungle was unable to achieve the necessary financial stability to sustain its operations long-term.
B Corp Certification and Sustainability Efforts
In 2023, Jungle obtained B Corp certification, a designation that recognizes companies for meeting high standards of social and environmental responsibility. This certification acknowledged Jungle’s efforts to reduce its environmental footprint through sustainable farming practices, such as offering pesticide-free, locally grown products. The company’s business model aimed to contribute to a more equitable and regenerative economy.
Jungle’s certification placed it within a global network of companies committed to balancing profit with social and environmental considerations. Despite this recognition, the financial pressures faced by the company could not be resolved, leading to its liquidation in 2024.