AgFunder：2018年歐洲農業食品技術投資報告（英文版）(67頁).pdf

1、Y EY E A A R R I I N N R R E E V V I I E E WW 18 I N V E S T I N G R E P O R T European AgriFood Tech See our portfolio companies: Our in-house technology enables us to invest globally and at scale and helps us make smarter investment decisions. Through our media and research platform, AgFunder has

2、built an community of over 60,000 members and subscribers, giving us the largest and most powerful network in the industry to help us support our portfolio companies and get them in front of decision makers. AgFunder is a global Venture Capital platform Are you a Corporate, Startup, or Investor? Lea

3、rn how to get engaged We invest in bold, exceptional entrepreneurs transforming our food and agriculture system AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 3 F it needs to be implemented and transformed into tangible applications. We are very pleased to share the latest insights on

4、 European agrifood tech with you. Many thanks to the AgFunder team for compiling this report and the participating partners (see page 9) for their contributions. On behalf of AgFunder and F climate change and global warming; environmental degradation; changing consumer demands; limited natural resou

5、rces; food waste; consumer health issues and chronic disease. The need for agrifood tech innovation is greater than ever. This creates many opportunities for entrepreneurs and technologists to disrupt the industry and create new efficiencies at various points in the value chain. Broadly speaking, ag

6、rifood tech startups are aiming to solve the following challenges: food waste, CO2 emissions, chemical residues and run-off, drought, labor shortages, health and sugar consumption, opaque supply chains, distribution inefficiencies, food safety and traceability, farm efficiency and profitability, and

7、 unsustainable meat production. There are many ways to categorize agrifood tech startups highlighting the complexity of the industry. See page 6 for our categorization system, which we developed in consultation with venture capitalists, entrepreneurs, and other industry experts. AGRIFOOD TECH FUNDIN

8、G REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 6 In-Store Retail in 2018 it became an early stage category again with only Seed and Series A deals. AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 27 The Ag Biotech category includes all biological or chemical tools and processes used on the

9、farm. It is a broad category involving many different types of technology and science, including breeding, genetics, microbiome research, synthetic chemistry, and animal health. Startup companies are developing and nurturing new capabilities in plant breeding, gene editing, biologicals, microbiome r

10、esearch and more to disrupt the status quo with new and more sustainable inputs. Concerns about the overuse of synthetic products in agriculture led to an increase in the number of companies researching sustainable alternatives. The UKs RootWave, for example, is enabling the use of electricity to ki

11、ll weeds by boiling them inside out, from the root up. The company raised in total $3.76 and will open up a new round this year. Top Ag Biotechnology Deals DEALS BY CATEGORY Upstream $89M $61M $24M $12M $10M $6.9M $5.0M $3.5M $2.8M $2.0M $1.7M $1.3M $1.2M $1.1M $1.1M $1.0M $0.7M $0.7M $0.6M $0.2M Fe

12、rtiberia Bioline AgroSciences Biobest Group evonetix Tropic Biosciences PlantResponse Biotech Micropep Technologies BioPhero Phenospex MicroGen Biotech Redag Crop Protection Aquiln CyL S.L. Nasekomo AgroSustain Specipig RootWave MiAlgae Bionema Biotangents MicroGen Biotech AGRIFOOD TECH FUNDING REPO

13、RT: YEAR REVIEW 2018 | AGFUNDER.COM 28 . Top Agribusiness Marketplace Deals DEALS BY CATEGORY Upstream $2.5M $2.5M $2.3M $1.9M $1.3M $1.2M $1.2M $1.0M $0.5M $0.4M $0.1M $0.1M Hectare Agritech COLLECTIVfood Viniexport Algrano Virkesbrsen Farmitoo Linkinfarm FOODZA ag.supply GmbH Hectare Agritech Yors

14、o JET Seafood Agribusiness Marketplace startups in Europe raised $15 million in 2018, a 57% year-over- year increase, but Europe still lags other markets in the world, where marketplaces represents a larger portion of the overall industry. This is good news for early mover Hectare Agritech. The UK s

15、tartup operates two marketplaces, Graindex and SellMyLivestock, and has another two applications: one for payments (FarmPay) and the other, a cow matchmaking app for breeding (Tudder)! The Portsmouth-based startup raised two rounds of Seed stage funding in 2018, including a crowdfunding campaign. CO

16、LLECTIVfood is a marketplace for the foodservice, catering and hospitality industries to purchase directly from farmers and food producers to cut middleman out of the supply chain. Also from the UK, it closed a seed round in 2018. AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 29 Find

17、lands ICEYE dominated fundraising in Europes Farm Management Software and IoT category, raising $45 million in two funding rounds in 2018. The companys two rounds (out of 56 total for the category) comprised nearly 42% of the category total. UK-based We Farm, a knowledge-sharing platform that is des

18、igned to connect the worlds small-scale farmers around the world, raised a $5 million of seed round Dutch AI-based dairy platform Connecterra raised 4.9 million in Series A funding. Its roster of backers was diverse, hailing from Russia, the UK, the US and the Middle East. And Spains Agroptima raise

19、d a $1.4 million seed round for what it claims is the largest farm management software platform in Europe, encompassing 1.3 million acres across 1,700 clients. Top Farm Management SW harvesting; and controlled environment agriculture. Pre-harvest field robotics is perhaps the most mature segment of

20、the farm robotics startups space. Switzerlands EcoRobotix, a developer of an autonomous machine for the ecological and economical weeding of row crops, meadows and inter-cropping cultures, raised $10.7 million in a Series B funding round led by BASF Venture Capital and Capagro. Robotics for harvesti

21、ng is a promising emerging technology, particularly as farmers grapple with increasing costs of labor and energy and declining profitability. $17M $11M $10M $6M $4M $3M $3M $3M $2M $2M $2M $1M $1M $0M $0M $0M Blue Ocean Robotics EcoRobotix Voltea Wingtra Agricultural Magnetics VitiBot Naio Technolog

22、ies BioCarbon Engineering Bomill AB Avular Sabi Agri Tibot Technologies Sabi Agri Faromatics LettUs Grow Ltd Aerodiagnostika AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 31 Top Midstream Tech Deals DEALS BY CATEGORY Upstream $34M $30M $25M $24M $14M $10M $9M $6M $6M $5M $3M $3M $3M

23、$3M $3M $2M $2M $2M $2M $2M Nuritas DecaWave Starship Technologies Flaschenpost GmbH QualySense Arviem AG Data Impact Analytics Invert Robotics Filpack Biosyntia InspiraFarms Centaur Analytics ProcSea Novolyze Scottish Bioenergy Pyreos Mekitec Rqmicro Inovo Robotics Centaur Analytics The Midstream T

24、echnology category includes several of the very few late-stage deals that closed in Europe in 2018. Irelands DecaWave raised a $30m Series D round while Pyreos, a UK infra-red sensor company for food safety and other applications, closed one of just five Series C deals during 2018. Germanys Flaschen

25、post closed a Series B for its online beverage distribution platform that features automation of logistical processes and a route planning algorithm. Two Swiss companies closed B-stage and later rounds: grain sorting tech company QualySense and cargo tracking group Arviem. Seed stage activity was st

26、ill strong accounting for 67% of deals in the category. The UKs Starship Technologies completed a large seed round for its self-driving robot delivery technology. Grain monitoring and testing was another hot area (QualySense and Centaur Analytics). AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AG

27、FUNDER.COM 32 Top Novel Farming Systems Deals DEALS BY CATEGORY Upstream $47M $28M $25M $19M $19M $7M $4M $4M $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M $0M InnovaFeed Agricool Infarm BioFlyTech InnovaFeed Simris Alg Great British Prawns Entomo Farm Futuna Blue Hexafly Grdsfisk Ihou Plantui Phytopo

28、nics Ocean Matters Plantui Novaton Plantagon International Grnska Entocube Europe is a leader in Novel Farming Systems, which encompass tech-enabled indoor agriculture, insect farming, and aquaculture. The region is home to some of the most advanced insect farms and 2019 is already off to a strong s

29、tart after Frances Ynsect closed a $125 million Series C in February. Investment in the category increased 116% year-over-year to $162 million in 2018. French, Swedish and UK startups led the pack, with 15 Novel Farming Systems startups contributing $112 million towards the total. There are surprisi

30、ngly few indoor ag startups in the Netherlands considering the vast number of greenhouse operations, which are already using the latest in LED lighting. AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 33 Innovative food is a category encompassing new food formats, such as cell-cultured

31、 and plant-based meats, novel ingredients, such as algae, and healthy alternatives such as sugar replacements. While still a small category within Europes overall agrifood tech industry, investment in Innovative Food startups increased 170% year-over-year to $76 million across 17 deals. European Inn

32、ovative Food startups are also diverse covering all the aforementioned technologies. Huel is one of the most well-known with its meal replacement drink rivaling Soylent in the US. It raised a large Series A round backed by Highland Europe. Jennewein Biotech develops sugar molecules with health benef

33、its, while Stem is also developing an alternative sweetener. Mosa Meat was founded by Mark Post and is the first to grow a burger in a laboratory. Top Innovative Food Deals DEALS BY CATEGORY Upstream $26M $18M $9M $9M $5M $4M $3M $2M $1M $200k $200k undisclosed Huel Jennewein Biotechnologie Mosa Mea

34、t 3fbio Algaia Meatable Biocyte Neat Nutrition Waterdrop Microdrink Solo Crudo Entis Stem AgFunder Portfolio Company AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 34 Top In-Store Retail hiring and catering management apps like Skello and Staffmatch are aiming to alleviate pressure. S

35、tartups, including the UKs OLIO and Too Good To Go, are also attempting to help restaurants and stores reduce their food waste, or repurpose it. AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 35 Top 20 eGrocerDeals DEALS BY CATEGORY Investment in eGrocery startups dropped 38% to $141

36、million in 2018, perhaps because of fatigue among investors for food delivery startups and the emergence of leaders in some countries. Kolonial.no is Norways leading eGrocer, which raised a Series B round including Swedens Kinnevik investment fund. Vivino is a relatively mature wine e-commerce start

37、up from Denmark, which raised one of the few Series C rounds during the year. It attracted a range of leading European investors including Balderton Capital and Creandum. Italys Supermercato24 has become the largest and most mature eGrocer in the country after raising its Series B funding. FarmDrop

38、is the UKs farm-to-consumer platform, which closed a Series B, and MuscleFood is a meat-focused delivery service also from the UK. Downstream $36M $20M $15M $14M $13M $11M $6.6M $3.4M $2.8M $2.2M $2.1M $1.5M $1.4M $1.4M $1.2M $1.0M $1.0M $1.0M $0.8M $0.7M Kolonial.no Vivino Supermercato24 MuscleFood

39、 FarmDrop Vitafy GmbH La Belle Vie Crisp Tannico Shopopop huggg Twil Winebuyers Thomson Skello is a management software for restaurants; Tiller Systems is a point-of- service technology; and Brigad is a on- demand staffing platform for the hospitality industry. Upstream Downstream AGRIFOOD TECH FUND

40、ING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 51 AgriFoodTech in the Netherlands What makes the Dutch ecosystem unique? We have a lot of diversity across the value chain. Many technologies have some relation to Wageningen University. Although few spin-offs have been produced, this will increase, yield

41、ing more early tech-driven startups. Things do not always move quickly, but we seem to be at a tipping point now where many startups are taking off. This is helped by growth in venture capital and strong improvement in the entrepreneurial spirit towards commercialization in recent years. Why does st

42、artup investment seem relatively low in The Netherlands? We see many good ideas, have seen relatively few startups with true ambition to scale. This is improving quickly, luckily, with help from parties like StartLife and ScaleUpNation. Also, the infrastructure to turn ideas into global companies ne

43、eds to grow. Large-scale infrastructure projects like FoodValley2030 will also play a pivotal role. We also do not have a strong angel network in The Netherlands and relatively little activity from corporates when it comes to corporate venture capital. Corporates are not as advanced yet when it come

44、s to working with and investing in startups. What key message or advice would you offer to Europes food and ag startups? My first question is “Is it scalable?” True scalability is difficult. In Europe theres no large, homogenous market. Are you heavily inspired, motivated and able to scale? Also, mo

45、ney is not the biggest problem; talent to build your business is necessary. The availability of tech talent has been quite poor but is becoming better. “Food and ag in The Netherlands is not yet as sexy as it is abroad.” Jeroen Leffelaar DEALS BY COUNTRY AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 201

46、8 | AGFUNDER.COM 52 $10.0M $9.2M $8.8M $6.4M $4.9M $4.1M $3.5M $3.4M $2.9M $2.8M $2.4M $1.9M $1.8M $734K $120K $100K Voltea Photanol Mosa Meat Invert Robotics Connecterra Land Life Company Meatable Crisp MiniBrew Phenospex StartMonday Nowi Avular Flex-Appeal Polariks RapidPricer B.V. Top Netherlands

47、 Deals DEALS BY COUNTRY The Netherlands is the second largest exporter of food in the world, much of which is produced in high-tech greenhouses. It is therefore already a leader in indoor agtech. This also naturally lends itself to strength in upstream innovation overall. The top five deals of 2018

48、include water tech (Voltea), renewable chemicals (Photanol), digital livestock tech (Connecterra), the first cell cultured meat startup (Mosa Meat), and robotics for the supply chain (Invert Robotics). Land Life Company has developed technology to reverse land degradation and enable trees to grow in

49、 water-challenged environments using special tree-planting hardware and big data. Downstream, MiniBrew is a home brewing device. StartMonday is a recruiting tool for restaurants. Flex-Appeal helps retailers to reach, train and engage employees. Upstream Downstream AgFunder Portfolio Company AGRIFOOD TECH FUNDING REPORT: YEAR REVIEW 2018 | AGFUNDER.COM 53 AgriFoodTech in the UK What are you witnessing across the UK agrifood tech ecosystem? The diverse UK AgriFoodtech ecosystem is growing and expanding at a rapid pace and investment has grown par