VC returns to software were high because software has high fixed costs, low marginal costs. So the tradeoff was fund a team long enough to get profitable and grow fast and then you get a big return. That's not true of climate, food, or lifestyle health in general (specific companies/business models may be exceptions).
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Thanks, that's a good point. I agree with climate and lifestyle health, especially considering marginal costs. I think food and ag tech will surprise us though. Besides, VC firms have been rapidly increasing funds toward food and ag tech for the past few years, so they decided one way or another that it is worth it.