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1、FINTECHIMPACTMRKTPLCSDEALROOMSIGNALWit titleNNNNFood for ClimateThe State of the Sustainable Food-&AgTech Ecosystem in EuropeJune 2024Page/2 1 Introduction:Food for Climate2 FoodTech deepdive3 AgTech deepdive4 Cross-topic technologiesPage/2 Page/3 Source:Introduction:Food for Climate The increasing

2、frequency of heat waves,floods,hurricanes,and wildfires worldwide highlights the escalating impact of climate change,putting immense pressure on our food production systems.Climate change has already degraded 23%of the EUs agricultural land,reducing annual agricultural production by up to$177 billio

3、n.A recent UN report reveals that the hidden costs of the global food system amount to$12.7 trillion,approximately 10%of global GDP.These costs predominantly affect health(73%)and the environment(over 20%).Notably,these hidden costs are a staggering 27%of GDP for low-income countries(mostly due to p

4、overty and climate),in contrast to 8%for high-income nations(mostly driven by unhealthy diets).As a whole,our food system is a significant contributor to climate change,responsible for 34%of global greenhouse gas(GHG)emissions.As highlighted at Dubais COP 28:to build sustainable and climate-resilien

5、t food systems,we must pursue multiple goals simultaneously:decarbonizing agriculture,restoring soils,ensuring safe and healthy food for all,and adapting to the new realities of a changing climate.In this report,we delve into the current landscape of the climate-conscious European FoodTech startup s

6、cene,analyzing how innovative food ventures are driving change towards a more sustainable future.Share of greenhouse emissions per sector of the food systemFood and Agriculture Organization of the UN,COP28Post-retail11.3%1.4B tonnesConsumption2.6%330k tonnesWaste8.7%1.1B tonnesAgricultural productio

7、n39.8%5.1B tonnesSupply chain16.9%2.1B tonnesProcessing3.5%445k tonnesPackaging4.6%585k tonnesTransportation4.8%610k tonnesRetail4%508k tonnesLand use32.1%4.1B tonnes*Tonnes in billions or thousands of CO2 emitted yearly*Percentage as of fraction of Global greenhouse emissions from the food system S

8、ource:IPI Global Observatory&Nature,2023The entire Food system emits12.7Bof CO2 yearly(34%of GHG emissions)tonnesPage/4 Source:Mitigation The process to reduce greenhouse gasesAdaptation&resilience The process of adjustment to climate and its effectsBeyond greenhouse gas emissions reduction in food

9、production,food security&agriculture resilience is rising in the agenda.Rising challenges from climate change and a growing population are constraining food systems:as the world reaches nearly 9.7 billion people by 2050,we must achieve a staggering 70%increase in food production to ensure global foo

10、d security.EU leaders have responded by putting the matter at the center of the next five years agricultural policy.Though no reference to sustainable practices in the agricultural sector or the protection of the environment were made in the Paris agreement,the text mentions“preparing for the new re

11、alities stemming from climate change.”Alternative proteinsOther alternative ingredientsSustainable packaging&biomaterialsFood waste&circular economy Sustainable irrigationClimate-resilient cropsCrop protection&pest controlCrop insuranceClimate risk&weather modelingDealroom.co,Euractiv Sustainable fe

12、rtilizersCarbon capture for agriculture Precision farming BiostimulantsSustainable AquacultureVertical&indoor farmingNature-based(NBS)Page/5 Source:10-50M50+M22companies21companiesAlternative Protein impact on the environment:To add short qualitative info hereDealroom.coData as of Apr 22nd 2024.Euro

13、pean climate food startups attracted$2B in 2023,in line with 2022s record high.2024 is for now projected to return to pre-pandemic levels due to the lack of megarounds.European investment in climate Food-&AgTech startupsTop climate FoodTech&AgTech rounds of 2023 view onlineCompanyAmountRoundBusiness

14、$325MGrowth EquityRenewable fertilizer$88M Growth EquityAquaculture70MSeries CBiostimulants55MEarly VCRegenerative fermentation$50MSeries B Regenerative agriculture40MSeries CMycoprotein$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)$40100m(series C)$100250m(mega rounds)$250m+(mega+)Projecti

15、onPage/6 202358%In 2023,Europe constituted more than half of global food-x climate tech funding,surpassing the US for the first time.Dealroom.coData as of Apr 23rd 2024.Share of Food x Climate VC funding by regionPage/7 Source:Top European industries 2023 and year over year growthAverage european sl

16、owdown -37%As an industry,food-x climate tech,ranks 10th in Europe and was the best performing sector behind only Energy.Food,as a whole,ranks 6th most funded in Europe.Dealroom.coData as of Apr 23rd 2024.Page/8 Source:Where are Climate FoodTech startups based?United Kingdom18%of European Climate Fo

17、odTech startups view onlineEuropean Climate FoodTech value15%Dealroom.coData as of Apr 24th 2024.France12%of European Climate FoodTech startups view onlineThe Netherlands14%of European Climate FoodTech startups view onlineGermany12%of European Climate FoodTech startups view onlinePage/9 France ranke

18、d 1st in European Food-x Climate tech VC funding in 2023 despite a 29%decline.Countries such as Belgium and Iceland have shown impressive growth in that period.In Belgium,multiple companies reaching breakout stage in 2023 pushed the countrys growth.Iceland strong growth is due to the fact that almos

19、t no food x climate companies had been funded before 2023.Top Food-x Climate tech European countries by VC Funding in 2023&year-over-year growthDealroom.coData as of May 6th 2024.179%973%116%8891%Page/10 Source:Series A+InvestorsTop investors in European Food x Climate startups since 2016.(Pre)Seed

20、InvestorsDealroom.co Ranking by number of VC rounds in Food X Climate startups headquartered in Europe.*%Climate focused investments computed by dividing number of rounds in food x climate startups over all food rounds.Data as of May 16th 2024.Page/11 1 Introduction:Food for Climate2 FoodTech deepdi

21、ve3 AgTech deepdive4 Cross-topic technologiesPage/11 Page/12 FoodTech deepdiveThe global food system is estimated to contribute 34%of total greenhouse gas emission with livestock accounting for 50%of them.Even if fossil fuel emissions were immediately halted,global protein production with current me

22、thods alone would make meeting the Paris Agreements 1.5C target impossible.Alternative proteins are an attempt to mitigate food related emissions all the while strengthening food security.Food supply chains also need to be altered to meet 2050 targets.Packaging accounts for approximately 5%of GHG em

23、issions from food systems while more than 1.3 billion tons of food waste are generated along the whole food supply chain,producing approximately 1.1 billions of tons of CO2 per year.IPI Global Observatory&Nature,Our world in data,IFCOKey food innovations for climate transitionSource:Technology innov

24、ationInnovative technologies that can enable the decarbonization of key food markets such as fermentation.Ingredient innovationInnovative ingredients that can enable the decarbonization of key products such as alternative proteins,cocoa or coffee.Food circularity&sustainable distributionEnsure circu

25、larity in the post-retail phase and implement circular,non-fossil based packaging for food and beverages.Page/13 Source:Christophe F.MaireFounding partner at“To address some of Europes most pressing challenges,we urgently need to finance and support innovative food solutions that help us adapt to a

26、changing climate and mitigate its effects,while securing our food supply.We believe that the emerging bioeconomy and scientific breakthroughs have the potential to solve some of the biggest food and climate issues.Many companies are pioneering efficient,cost-effective,and eco-friendly proteins and a

27、lternative ingredients through precision fermentation,biomass fermentation,molecular farming,and cell culture.Significant investments are also being made in companies using synthetic biology to create new materials,reduce waste,and contribute to sustainability.Transforming our food systems is essent

28、ial to mitigating climate change,restoring nature and increasing our resilience.We remain committed to exploring and supporting solutions that drive climate innovation across the agri-food value chain and make a meaningful impact on the future of our planet.”Page/14 Source:10-50M50+M22companies21com

29、paniesAlternative Protein impact on the environment:To add short qualitative info hereDealroom.co Data as of May 17th 2024.Algae&seaweed has been included under fermentation in this chart.Insect-based alternative proteins have been excluded in this analysis as not plant-based/vegan alternative.For m

30、ore on other alt proteins including insects see our landscape.Mitigation Technology innovation By technology,European alternative protein startups raised$365M in 2023,driven by plant-based startups.So far,2024 was dominated by mycelium-based alternative proteins.VC funding of European Alternative pr

31、oteins by technologyFermentationFermentation is the process of using microorganisms in order to produce modulated ingredients.With precision fermentation,microorganisms can be programmed to produce complex organic molecules.Alternative protein producers can thus efficiently make specific proteins,en

32、zymes,flavor molecules,vitamins,pigments,or fats.With biomass fermentation,the microorganisms are themselves the key ingredient of the alternative protein.For example mycelium or microalgae.Fermentation-based startups have seen substantial growth,with funding increasing twelve-fold since 2020.In 202

33、3,these startups secured$76M in venture capital,accounting for 22%of the total investment in European alternative protein startups.In 2024,they have already raised$12M,positioning them as third must funded segment,ahead of plant-based alternative proteins.Plant-Based Lab-grown Fermentation MyceliumP

34、age/15 Source:How to build this slide?One slide each segment?Comparison between the three?Ensure Soil Health&BiodiversityDealroom.coData as of Apr 29th 2024.Molecular farming is a frontier technology that allows the production of proteins within plants instead of animals.Plants are modified so that

35、their cells replicate the desired proteins and are then harvested from the leaves or other plant tissue.Molecular farming has mostly been used in the pharmaceutical space(from vaccines to antibodies),it is now also being targeted at food protein production to shift away from carbon and land-intensiv

36、e animal products.Precision fermentation and molecular farming are similar technologies,the main difference being that the former engineers microorganisms to ferment the target protein,while the latter engineers plants to express the protein and then harvest it.Molecular farming could potentially be

37、 scaled to the open field(while today it is still at the lab level),while precision fermentation requires bioreactors.But faces potentially complex regulation to safeguard the whole value chain from seed to final product.Most European molecular farming startups focus today on producing growth factor

38、s for cultivated meat,such as Multus,Bright Biotech and Core Biogenesis.While there is much less focus on direct food ingredients like dairy proteins pursued by US companies like Nobell Foods and Mozza.Moolec Science is an exception focusing on meat substitute ingredients.The space is just emerging

39、with most startups born since 2016.Global molecular farming startups view onlineMitigation Molecular farmingMolecular farming in food is still a very early-stage sector,but holding considerable potential for alternative proteins production.Mitigation Molecular farming Molecular farming in food is st

40、ill a very early-stage sector,but holding considerable potential for alternative protein production.Page/16 Source:10-50M50+M22companies21companiesVC funding of European Alternative proteins by ingredientDealroom.co Data as of Apr 22nd 2024.NB.This does not cover the entire alternative protein lands

41、cape.Insect-derived protein has not been included in this report as it cant be considered a plant-based/vegan alternative.For more on other alt proteins including insects see our landscape.Mitigation Ingredient innovation By ingredient,European alternative proteins are led by meat substitutes.Other

42、products such as alternative fats and oils and egg substitutes have taken a large share of 2024 thus far.Mitigation Ingredient innovationPage/17 Source:Alternative fats and oil landscape10-50M50+M22companies21companiesAlternative fats and oils,key byproducts of alternative proteins,are often made us

43、ing precision fermentation,microbial lipids,or cell-cultured methods,although traditional vegetable oils are still used by many brands.By 2030,it is expected that the plant-based meat industry will need at least 16%of the global coconut oil supply.These alternative fats and oils face challenges incl

44、uding taste,texture,fat levels,and concerns related to the environment and social issues like deforestation,emissions,child labor,and animal welfare.Fat is essential for flavor,cooking quality,nutritional value,and binding in meat alternatives.When used effectively,alternative fats can also replace

45、additives such as salt and thickeners,reducing costs and enhancing product quality.Beyond meat substitutes,alternative fats and oils can also be used to produce alternative dairy,cocoa and other food products.Dealroom.co&Good Food InstituteNB.This does not cover the entire alternative protein landsc

46、ape.Insect-derived protein has not been included in this report as it cant be considered a plant-based/vegan alternative.For more on other alt proteins including insects see our landscape.Data as of Apr 22nd 2024.Mitigation Ingredient innovation Since 2016,European startups in alternative fats and o

47、ils have raised nearly$130M,highlighting an opportunity as the growing demand for alternative proteins will require greater alt-oil supplies.Page/18 Source:10-50M50+M22companies21companiesAlternative Protein impact on the environment:To add short qualitative info hereGlobal investment in Alternative

48、 ingredientsCocoa Cocoa prices have surged(by 250%in the past year)and environmental and socioeconomic concerns over the production is growing.West Africa is responsible for 63%of the global cocoa production but extreme rainfall and crop disease outbreaks in the region has lead to a yield decline.In

49、 fact,The International Cocoa Organization and cocoa traders estimate that global production could drop by 10.9%this year.To fill that gap alternative cocoa startups are stepping in with fermentation,plant-based and cell-based solutions.Coffee In 2021 coffee prices hit a 10 year high due to a lack o

50、f shipping containers,dry weather and a spike in demand.2.25 billion cups of coffee are consumed worldwide daily but each cup takes 140L of water to produce and destroys one square inch of rainforest.Currently,only 12%of global production is sustainable.Many farmers use chemical fertilizers and pest

51、icides,but as importing countries tighten regulations,over 125 million people could face economic losses.Alternatively,lab-grown coffee is simpler and cheaper to scale than animal cells highlighting an interesting investment opportunity for VCs.Dealroom.co,Bloomberg,United Nations,African Business,F

52、ortuneData as of May 17th 2024.Cocoa Cocoa&Coffee Coffee Sugar Adaptation&Mitigation Ingredient innovationThough historically alternative coffee and sugar were most present,in the past years alternative cocoa has been a growing segment amongst global VCs.Page/19 Source:10-50M50+M22companies21compani

53、esAlternative Protein impact on the environment:To add short qualitative info hereDealroom.coData as of Apr 22nd 2024.Explore the landscape The Alternative ingredients landscape Page/20 Source:10-50M50+M21companiesAlternative Protein impact on the environment:To add short qualitative info hereMitiga

54、tion Food Circularity&Sustainable DistributionIn 2023,European sustainable packaging and biomaterials startups collectively secured over$100M and showed significant growth.European investment in food circularity and sustainable distribution and year-over-year growthDealroom.co&PDI TechnologiesData a

55、s of Apr 22nd 2024.Global governments are tackling food packaging waste through bans,incentives,and recycling targets as currently 80%is not suitable for recycling.Corporate responses,fueled by ethical concerns and consumer demand,include a willingness among 66%of US consumers to pay extra for susta

56、inable packaging.Novel materials have been key to improving packaging,recent trends include bio-based drop-in materials,edible and water soluble materials or mono-materials to simplify the recycling processes and reduce plastic waste.Notable sustainable packaging in Europe view all onlineBiomaterial

57、s&bioplasticsCreating biodegradable,plastic-free materials from plant residues for a new generation.Growing strong natural packaging to replace polystyrene,helping sustain a better world.A natural plastic alternative that creates plant protein material for commercial use.Offers individualised,cleane

58、r,and circular packaging solutions in a brisk amount of time.Scalable,sustainable materials formed from seaweed.Natural&compostable plastic-alternative.Page/21 1 Introduction:Food for Climate2 FoodTech deepdive3 AgTech deepdive4 Cross-topic technologiesPage/21 Page/22 AgTech deepdive&cross-topic tec

59、hnologiesAgriculture is a major contributor to the climate crisis,accounting for 19-20%of global emissions.As the population grows,concerns about food security and sustainable agriculture will intensify.By 2050,the world will need to produce about 70%more food to feed an estimated 9 billion people.C

60、enturies of unsustainable practices have degraded a third of global soils,crucial carbon sinks.Historically,133Gt of carbon lost from soils has added nearly 500Gt of CO2 to the atmosphere.Efforts to correct past mistakes include the Paris Agreements actions to increase soil carbon stocks.Moving forw

61、ard,regenerative agriculture and water resource management will be crucial methods to employ.With the aid of biotechnology and artificial intelligence,progress can be further accelerated.Our World in Data,World Bank&NatureKey agricultural innovations for climate transitionSource:Regenerative agricul

62、tureRegenerative agriculture encompasses various practices,including carbon sequestration and the replacement of chemicals with natural methods to enhance plant health.Cross-topic technologies:Synbio&AISuch technologies are revolutionizing agritech and the broader food sector by improving efficiency

63、,minimizing waste,enhancing data transparency,and fostering greater sustainability.Water resource management These technologies not only help prevent soil degradation and reduce reliance on pesticides but can also enhance crop growth.Page/23 Source:Patrick NollerGeneral partner at“Agriculture is the

64、 backbone of our global food system and one of the most vulnerable sectors to climate change.Soil degradation due to climate change has already reduced the productivity of 23%of the EUs agricultural land,and up to$177 billion in annual agricultural production is at risk from pollinator loss.In the f

65、ace of rising food demand and escalating threats from extreme weather events,novel AgTech solutions are being developed to optimize farming for climate resilience and future-proof our agricultural system.These solutions include regenerative practices,climate-resilient crops,microbial solutions and c

66、arbon dioxide removal techniques such as enhanced rock weathering.We are also excited about the growing number of water management and irrigation solutions.”Page/24 Source:10-50M50+M22companies21companiesDealroom.co&*NatureData as of May 27th 2024.*Here Fertilizers and Regenerative agriculture are s

67、eparated,in the next slide regenerative farming will include fertilizers companies.Adaptation&Mitigation AgTech In 2023,European sustainable AgTech startups secured$1B in funding,equalling the 2022 record.Fertilizers grew 1.5x,propelled by Atlas Agros$325M growth equity round.European VC funding in

68、sustainable agtech startups Between 2022 and 2023,vertical farming saw its funding cut by half.This was precipitated by rising energy and labor costs,marking the end of the venture capital frenzy of 2021-2022 in vertical farming startups,as it became apparent that these businesses were struggling wi

69、th low profitability.However,other sectors are on the rise such as sustainable fertilizers and regenerative agriculture,both critical for the climate adaptation of the agritech sector.In fact,Regenerative agriculture practices applied at scale has the potential to remove 3-4 Gt of CO2*per year,the e

70、quivalent of the European Unions yearly emissions.Nonetheless,as it stands,2024 is not on track to match past years record highs with only$84M raised thus far.Aquaculture Sustainable Fertilizer Vertical Farming Regenerative Agriculture Precision AgriculturePage/25 Source:Dealroom.coData as of Apr 29

71、th 2024.European regenerative farming startups view onlineAdaptation&Mitigation Regenerative agriculture European regenerative agriculture startups raised$581M in 2023.Biofertilizers is by far the most funded segment though largely driven by one large round.VC Funding of European regenerative agricu

72、lture startupsBiofertilizers Carbon Soil health Crop genome breeding&crop protection Other European regenerative agriculture startups$325M Growth equity roundPage/26 Source:Dealroom.coData as of Apr 29th 2024.Adaptation&Mitigation Regenerative agriculture Historically,biotechnology companies dominat

73、ed funding for European regenerative agriculture.Whilst their share has diminished,their importance remains.With the growth of tech tools and of the regenerative agriculture sector as a whole,biotechs share is shrinking but still immensely important and used in wide array of applications.New solutio

74、ns,leveraging biotechnology,can modify crops to boost yield while lowering emissions,also reducing the use of chemical fertilizers and water resources.Share of VC Funding of biotechnology solutions in European regenerative agricultureBiotechnology Other regenerative agriculture Crop genome breeding

75、and crop protection startupsAdaptation&Mitigation Regenerative agriculture Historically,biotechnology companies dominated funding for European regenerative agriculture.Whilst their share has diminished,their importance remains.Page/27 Source:Dealroom.co,FoodLabs&McKinsey Data as of Apr 29th 2024.Glo

76、bal Sustainable rice startups view onlineAdaptation&Mitigation Regenerative agricultureRice cultivation is responsible for 7-10%of methane emissions or 5 tonnes of CO2 per hectare and per harvest,but,alternative practices are aiming to decarbonize this high emitting sector.The transition from conven

77、tional rice farming(i.e.constantly flooded rice fields)to regenerative rice farming using Alternate Wetting and Drying(AWD;i.e.allowing rice fields to breathe from time to time),which leads to a significant reduction in methane emissions over time,is technologically not too complex.However,switching

78、 from conventional rice farming to AWD can represent a financial burden that,in most cases,is not economically viable for smallholder farmers.Innovative business models are linking farmers with companies seeking insetting solutions.These models provide upfront financing for farmers to transition to

79、AWD which in turn benefits companies with reduced methane emissions in their supply chains.One of the key complexities of these models is developing a strong measurement,reporting and verification(MRV)approach that scientifically demonstrates the long-term reduction in methane emissions from switchi

80、ng to the new,regenerative method.In addition,operational excellence in working with farmers end-to-end will be critical.“Nicolaus NordenVC at FoodLabsAdaptation&Mitigation Regenerative agriculture Rice cultivation is responsible for 7-10%of methane emissions or 5 tonnes of CO2 per hectare and per h

81、arvest,but,alternative practices are aiming to decarbonize this high emitting sector.Page/28 Source:Dealroom.co and WWFData as of May 17th 2024.European funding of Agriculture water resource management startups view onlineProjected freshwater demand exceeding supply40%by 2030Total value ofWater ecos

82、ystems$58T(or 60%of the Global GDP)Global water usage for Agriculture70%Adaptation Water resource management European water resource management startups collectively raised close to$200M across the past five years,pushed by the growing strains on water supplies threatening food security.Water resour

83、ce management solutions such as Telaquas connected irrigation system,Alvatechs water treatment devices or Sencrops connected weather stations allow farmers to optimize their water usage.These technologies not only help prevent soil degradation and reduce reliance on pesticides but also enhance crop

84、growth.Additionally,they equip farmers to adapt to changing climate conditions,such as droughts and floods,while navigating challenging economic conditions.$01m(pre-seed)$14m(seed)$415m(series A)$1540m(series B)Read The$58T water ecosystem&Water tech innovation articleAdaptation Water resource manag

85、ement European water resource management startups collectively raised close to$200M across the past five years,pushed by the growing strains on water supplies threatening food security.Page/29 1 Introduction:Food for Climate2 FoodTech deepdive3 AgTech deepdive4 Cross-topic technologiesPage/29 Page/3

86、0 Source:AgTechFoodTechApplications of SynBio in Food-and Agtech.A sustainable supply chain for foodAlternative proteinsAlternative proteins are plant-based and food-technology alternatives to animal proteinSoil HealthEnhance crop productivity,promotes natural soil fertility and pest resistancePreci

87、sion fermentationCarbon captureDealroom.coMyceliumLab-grown meatEnablersFacilitate fermentation and data-driven optimization of food production processesArtificial IntelligenceBioreactorsBiopesticidesBiofertilizersBiostimulants Crop genome breedingLivestock methane emission reductionMolecular farmin

88、gPage/31 Source:AgTechArtificial intelligence across Food-and Agtech.A sustainable supply chain for foodFoodTechAlternative proteinsAlternative proteins are plant-based and food-technology alternatives to animal proteinClimate risk Help farmers mitigate and adapt to climate impacts for more resilien

89、t agricultural practicesRoboticsDealroom.coPost-retail sustainabilityProcesses and technologies to improve the sustainability of the post-retail phaseWater resource managementCrops&soil healthCarbonBioreactorsAI powered manufacturingInsurance analyticsMeasuring,reporting,verifying(MRV)Satellite data

90、 analysis RetailPackagingFood wastePage/32 Source:10-50M50+M22companies21companiesAlternative Protein impact on the environment:To add short qualitative info hereDealroom.coData as of Apr 22nd 2024.Explore the landscape 400+Food x Climate startupsPage/33 Source:A few words on our methodology.Dealroo

91、m.coWhat is a startup?Companies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies.Only companies founded

92、since 1990 are included in this report.What is a unicorn?Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified b

93、y Dealroom,data engineering.Data is verified and curated with an extensive manual process.The data on which this report builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.Venture Capital,InvestorsInvestment are referred to by their round labe

94、ls such as Seed,Series A,B,C,late stage,and growth equity.VC investments excludes debt or other non-equity funding,lending capital,grants and ICOs.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data,but included in exit data.Food x climate definitionFood x Climate s

95、tartups include sustainable agriculture and foodtech companies which contribute with their core products/services towards reducing the climate and environmental of agriculture(mitigation),or reducing the negative impact of climate change on food production and security(adaptation).Venture Capital,In

96、vestorsInvestment are referred to by their round labels such as Seed,Series A,B,C,late stage,and growth equity.VC investments excludes debt or other non-equity funding,lending capital,grants and ICOs.Buyouts,M&A,secondary rounds,and IPOs are treated as exits:excluded from funding data,but included in exit data.What is a startup?What is a Unicorn?