1、AgFunder Farm TechInvestment Report2021 See our portfolio companies: is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21stcentury.We were born online,and with our publication AFN weve built a global ecosystem of 85,000+subscribers.This gives us one of

2、the most powerful networks to help build impactful and important companies.Our research reports are our love letter to the industry.AgFunder is a digitally-native venture capital fundAre you a corporate,startup,or investor?Learn how to get engaged:We invest in bold,transformational foodtech&agtech f

3、oundersUpstream Ag Insights supports startup agribusinessesto multinational agriculture companies on the strategyand marketing of new products and technologies,byby ShaneThomas.In addition to consulting,Upstream Ag Insights is aweekly newsletter highlighting and analyzing essentialagribusiness news

4、and events,read by agribusinessleaders from around the globe.Learn more:https:/ Ag Insights is a consulting and advisory business2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM4INTRODUCTIONGlobal Farm Tech in 2021If the one word that summarized venture capital investing in 2020 was“pandemic,”2021s wor

5、d might well be“SPAC.”Before this year,less than a handful of agrifoodtech companies had used a special purpose acquisition company to go public.This year so far there have been six(see p45).All of them are related to Farm Techthe domain of agrifoodtech that services growers with new crop inputs,mac

6、hinery,devices,software,analytics and logistics.The SPAC surge is a milestone in a maturing agrifoodtech industry.Investors are finally seeing a pathway to exiting their early investments in what has otherwise been a slow trickle of IPOs and acquisitions;the last significant exits were in 2017when B

7、lue River Tech and Granular were each acquired for around$300m.And SPACs havent been the only exit route this year;traditional IPOs and acquisitions have also sped up,producing some valuations close to$1bn(see p44).What is notable about many of the Farm companies hitting the stock market via SPACs i

8、s that theyre effectively listing on the promise of their growth and impact,rather than their current financials;these deep technologies are still“early”and experimental in many ways.Other signals of Farm Tech sector maturity this year includethe fact that in 2020 investment volumes experienced the

9、largest projected jump since 2018,accelerating to$7.9 billion a 41%increase from 2019.The number of companies that we project will have closed deals in 2020 tops 2019 by nearly 190,with particular activityat the early stages.Even amid an unprecedented global pandemic,a growing number of investors sh

10、owed sufficient comfort with the sector to cut checks for new technologies.Many of those early deals of 2020 will show up in 2021 and 2022s growth-stage data.The investment cycle continues.There is still little geographic diversity in Farm Tech,with the US dominating investment activity by a long-sh

11、ot.That said,Europe,which otherwise experienced a fairly flat year in 2020 across broader agrifoodtech investing,is on the map in Farm Tech as a growing Novel Farming Systems hub.One trend that could ignite more geographic diversity:low-carbon technologies.Farm Tech should play a significant role as

12、 pressure to capture and accurately measure soil carbon accelerates;whether thats to feed emitting companies demand for carbon offsets or to put more money in operators pockets via government hand-outs and incentives.We hope you enjoy this Farm Tech snapshot,for which this year we partnered with Ups

13、tream Ag Insights,the deeply thoughtful newsletter from Shane Thomas.Louisa Burwood-Taylor,Shane Thomas,Jessica Pothering and the AgFunder team.2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM5SPECIAL THANKSCover&Section ImagesSpecial thanks to our portfolio companies who contributed images to this yea

14、rs reportAppHarvestoperates some of the worlds largest high-tech indoor farms,designed to grow non-GMO,chemical pesticide-free produce,using up to 90%less water than outdoor farming.Learn more(*An AgFunder portfolio company through acquisition of RootAI*)Verdant Robotics technology transforms grower

15、 profits by digitally mapping the entire farm across time and space,automatically tracking and treating every part of every plant at massive scale.Learn moreFYTO is developing novel,nutrient-dense,non-GMO crops with ultra high-yields and exceptional nutrient profiles using automated cultivation and

16、harvesting systems.Learn moreApeel Sciencesdevelops low-cost,natural technologies to help to eliminate food spoilage,reduce water and energy use,and preserve natural ecosystems.Learn more(*An AgFunder portfolio company through acquisition of ImpactVision.*)Tevelis developing flying,autonomous fruit

17、pickers,starting with the apple industry,to solve major labor challenges.Yes,thats flying robots!Learn moreGanazis lowering costs for employers in ag and food manufacturing by automating processes like hiring,training,and payment of wagesLearn more2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM62020 O

18、verviewImage courtesy of Ganaz$7.9bnPROJECTED INVESTMENTUNIQUE INVESTORS1167$535mBIGGEST DEAL20%PROJECTED YOY DEAL GROWTHPROJECTED DEALS CLOSED1154+41%PROJECTED YOY INVESTMENT GROWTHFarm Tech Funding Breakdown 20202021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM8Key Insights*YEARYEAR-ININ-REVIEWREVIEWI

19、nvestment in Farm Tech start-ups has grown consistently since 2013,and 2020 experienced the largest projected jump since 2018,accelerating to$7.9 billion a 41%increase from 2019.For context,agrifoodtech overall gained 35%while the greater VC space jumped only 4%,according to Crunchbase.Segments with

20、in Farm Tech,including Ag Biotechnology and Novel Farming System,have accelerated similarly or faster than the Farm Tech sector overall.The two categories had over$1.5 billion invested in 2020;four categories had more than 100 deals each.Farm Management Software,Sensing and IoT remained the largest

21、sector for investment activity(deal count)in 2020,but it lost market share to Ag Biotech,which saw a 58%year-over-year increase in deal activity.In terms of total dollars invested in 2020,investors remained bullish on Ag Biotech and Novel Farming Systems.Farm Management Software dropped off in favor

22、 of Agribusiness Marketplaces in terms of total dollars invested,however.Capital invested in Ag Biotech increased 30%from 2019 levels,with deal activity surging 58%.Farm Management Software and IoT had the highest deal count,indicating there are many investors looking at smaller IoT-focused organiza

23、tions.This makes sense:when we consider the landscape and potential exit opportunities,large agribusiness players will continue looking to augment their current platform initiatives.The largest deal in 2020 involved Indigo Ag,which raised two rounds totalling$535 million.Another unicorn in the marke

24、tplace sector,Farmers Business Network,had the second largest deal a$250 million Series F,with participation from the world largest asset manager,BlackRock.Key category moves:*based on projected totals2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM9“Key Insights*YEARYEAR-ININ-REVIEWREVIEWThe industrys

25、 maturity is evident with the increase in growth-stage investments,both in terms of number of deals and dollars invested.A total of 13 deals in 2020 came in north of$100 million,eclipsing the 2019 number of 11.FarmTech investment increased 41%YOY in 2020.The US accounts for 83%of all Farm Tech inves

26、tment.California had 35%of the total.Early-stage investment volume and deal count declined for the second straight year,while growth stage activity accelerated.The most active corporate VC in the space was Leaps by Bayer.Ag Marketplace companies had the two largest investment rounds of 2020:Indigo a

27、nd FBN.Quick FactsFarmTech investment increased 41%YOY in 2020.Comparatively,agrifoodtech increased 35%and the greater VC space,only 4%.Another sign of the industrys maturity:Early-stage companies had more success in 2020 than 2019,in spite of investor reticence to cut new checks early in the pandem

28、ic.This signals that investors are growing familiar with Farm Tech and willing to take bets on promising new technologies.Geographically,the US is undeniably the dominant market for Farm Techthe state of California in particular,which claimed 35%of all Farm Tech investment worldwide.A number of larg

29、e rounds outside of California,particularly inthe deep tech hub of Boston and agricultural strongholds like Missouri,show that its possible to succeed as a Farm Tech company outside of Silicon Valley.Outside of the US,Europe put itself on the map as a Novel Farming stronghold.*based on projected tot

30、als2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM10Predictions for 2021 and beyondYEARYEAR-ININ-REVIEWREVIEWTechnology supports the reduction of costs and inputs throughout the entire ag value chain.Agriculture producers continue to have a laser-like focus on costs and macro trends like:carbon seques

31、tration to combat climate change;reduction of synthetic crop input products to support environmental sustainability;fear of missing out by corporate companies,family offices and investment firms;and maturity in the space,where larger growth capital is necessary to keep agtech companies moving throug

32、h their long maturity cycleWere likely to see continued Corporate VC investment,as these organizations focus on ensuring they are well positioned to support their core businesses and get exposure downstream via technology.In 2020 and 2021,there has been an unprecedented amount of discussion about so

33、il carbon within Farm Tech and farming circles,and there is no sign of that abating.ESG endeavors.Intensifying consumer and regulatory pressure is forcing mainstream businesses to realign products and practices for long-term sustainability.Farm Tech companies are capitalizing on this trend by develo

34、ping better crop technologies,growing systems,circular economy solutions,and on-farm and supply chain measurement and management tools.Carbon markets.Verifying carbon practices and sequestration is getting increased attention and scrutiny.There is still considerable uncertainty in the accuracy and s

35、calability of carbon sequestration measurement.Exits in agrifoodtech.With increased used of special purpose acquisition companies,or SPACs,to go public,2021 seems primed for numerous public exits,as well as exits via large corporates making strategic acquisitions.What to watch:*based on projected to

36、tals2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM11YEAR IN REVIEWAnnual Financings|2012-2020Current total as of July 29,2021Projected increase from reporting latency2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM12Deals by CategoryImage courtesy of Tevel2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM13F

37、arm-to-Consumer eGroceryOnline platforms for farmers to market and deliver their produce direct to consumersMiscellaneous e.g.fintech for farmersFarm Tech Category DefinitionsWHAT IS AGRIFOOD TECH?WHAT IS AGRIFOOD TECH?Midstream TechnologiesFood safety&traceability tech,logistics&transport services

38、used by farmers.Bioenergy&BiomaterialsOn-farm ag waste processing,biomaterials production,anaerobic digesters.Ag BiotechnologyOn-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal health.Novel Farming SystemsIndoor farms,aquaculture,insect,&algae production.Farm Robotics,Me

39、chanization&EquipmentOn-farm machinery,automation,drone manufacturers,grow equipment.Farm Management Software,Sensing&IoTAg data capturing devices,decision support software,big data analytics.Agribusiness MarketplacesCommodities trading platforms,online input procurement,equipment leasing.2021 FARM

40、TECH INVESTMENT REPORT|AGFUNDER.COM14$1.6B$1.5B$1.1B$890M$577M$383M$316M$313M$105M173116912004810549213105 01 0 01 5 02 0 02 5 0$0$2 0 0$4 0 0$6 0 0$8 0 0$1,0 0 0$1,2 0 0$1,4 0 0$1,6 0 0$1,8 0 0Ag BiotechnologyNovel FarmingSystemsAgribusinessMarketplacesFarm Mgmt SW,Sensing&IoTFarm2ConsumereGroceryF

41、arm Robotics,Mechanization&Other Farm EqBioenergy&BiomaterialsMidstreamTechnologiesMiscellaneous2020 Deal Volume and Activity by CategoryDEALS BY CATEGORY#Deals Financing2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM1523%23%16%13%9%6%5%5%Ag BiotechnologyNovel Farming SystemsAgribusiness MarketplacesF

42、arm Mgmt SW,Sensing&IoTeGrocerFarm Robotics,Mechanization&Other Farm EqBioenergy&BiomaterialsMidstream TechnologiesDEALS BY CATEGORY2020 Farm Tech Investment Activity2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM16Category Deal Activity 2019 vs 2020DEALS BY CATEGORYFarm Mgmt SW,Sensing&IoTAgribusines

43、sMarketplacesNovel Farming SystemsAg BiotechFarm Mgmt SW,Sensing&IoTAgribusiness MarketplacesFarm Robotics,Mechanization&Equip30330.5%18518.7%11311.4%15916.1%25121.1%28423.8%12710.7%16613.9%21017.7%Rest15312.8%Novel Farming SystemsAg Biotech12612.7%10510.6%Farm Robotics,Mechanization&Other EquipRest

44、2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM17Fund IVInvest with us in iconic,next generation and planet positive foodtech and agtech startups.Get notified:https:/ FARM TECH INVESTMENT REPORT|AGFUNDER.COM18$150M$102M$100M$76M$72M$60M$55M$50M$50M$46M$46M$45M$45M$45M$30M$29M$27M$27M$21M$20MBenson Hil

45、lGreenlight BiosciencesPivot BioTian Huo Yun MaMetabolonAnuvia Plant NutrientsOerth BioDNA ScriptInscripta,IncAscus BiosciencesProviviMammoth BiosciencesEnko ChemInarievonetixTropic BiosciencesBrightseedScioto BiosciencesAcetoNewleaf SymbioticsTop Ag Biotech DealsDEALS BY CATEGORYIndoor agriculture

46、continues to attract massive amounts of capital.The demand for urban agriculture increased,partly due to Covid-19s supply chain disruptions.Also:high-quality urban supports a more sustainable food system.Five Novel Farming ventures raised$100+million rounds.Two core themes:genetic engineering and su

47、stainable crop input products.These categories entail CRISPR,RNAi,microbial nitrogen fixation,enzymatic and pheromone-based crop protection,and more.These trends are being driven by a focus on sustainable production gains.Top Novel Farming Systems DealsUpstreamAgFunder portfolio company$222M$170M$16

48、6M$140M$100M$68M$60M$55M$53M$45M$42M$39M$30M$28M$23M$22M$21M$20M$20MYnsectInfarmInnovaFeedPlenty Inc.BrightFarmsRevol GreensThe Kingfish CompanyShenandoah GrowersOrganiGramGotham GreensGotham GreensShenandoah GrowersUnfoldAppHarvestPlantLabBeewisePure Harvest Smart FarmsIron OxPure Green Farms2021 F

49、ARM TECH INVESTMENT REPORT|AGFUNDER.COM19$360M$250M$175M$35M$30M$25M$25M$17M$12M$12M$12M$11M$9.0M$8.5M$8.2M$6.0M$5.5M$5.5M$5.3M$4.0MIndigoFarmers Business NetworkIndigoDelractNinjacartFrubanaIndigoTaniHubGather WholesaleDeHaatBijakTridgeSiloMableGrainChainAnimallArunaDeliveristoE-FProcol$182M$87M$50

50、M$40M$40M$30M$30M$25M$24M$20M$20M$20M$18M$17M$17M$10M$10M$9.1M$8.8M$8.8MXAGICEYEDroneDeployAclimaSolinftecTaranisSeeTreePredaSARPhytechSolinftecArableiMeritKETOSMyriotaAeroboticsTelesenseIntTerraConservisConnecterraFarmXTop Farm Management SW,SensingDEALS BY CATEGORYMarketplace businesses are attrac

51、tive to investors because of their scalability and winner-take-most dynamics.The two largest Farm Tech capital raises in 2020 were both in this space:Indigo and Farmers Business Network.We have not seen one take off in upstream agrifoodtech yet,however.The category stayed flat in terms of deal numbe

52、r and dollars invested.There is an abundance of platforms and software systems available on the market today and only so many will be able to scale.One area of growing interest:sensors and IoT systems focused on data acquisition.Top Agribusiness Marketplace DealsUpstreamAgFunder portfolio company202

53、1 FARM TECH INVESTMENT REPORT|AGFUNDER.COM20$40M$14M$6M$6M$5M$4M$3M$2M$1M$1MGrowers EdgeProximity FinanceApollo AgricultureAI.ReverieTarfinApollo AgricultureTraiveFarmTogetherStewardFefifo$63M$45M$29M$20M$16M$15M$15M$14M$14M$13M$13M$10M$10M$9M$8M$7M$7M$7M$5M$5MDegelman IndustriesPerceptoClearpath Ro

54、boticsTevel AeroboticsNaio TechnologieseFisheryMoodys EquipmentFJ DynamicsSunCultureIris AutomationVitiBotBioCarbon EngineeringSaga RoboticsEcoRobotixRantizoRootWaveRoot AIAgricultural MagneticsBioCarbon EngineeringClearpath RoboticsTop Farm Robotics&MechanizationDEALS BY CATEGORYOur Miscellaneous c

55、ategory includes a lot of financial technology,or fintech,which has been coming to ag and food in a big way,particularly enabling access to credit and rate transparency in the supply chain.This trend has especially taken off in developing economies and for smallholder farmers.In 2020 and$212 million

56、 invested in farm Robotics,Mechanization and Equipment,representing+15%growth over 2019.The median deal size went up by 22%.Autonomous robotic weeding company Naio Technologies had a big raise,as did drone company Percepto.Miscellaneous Deal CategoryUpstreamAgFunder portfolio company2021 FARM TECH I

57、NVESTMENT REPORT|AGFUNDER.COM21INTRODUCTION2021 Insights from What are the biggest opportunities for Indigo Ag and your sector of the industry for 2021?As companies increasingly make commitments to improve their environmental impact and governments at all levels enact policies to encourage climate s

58、mart agriculture the opportunity for agriculture to act as a climate solution will only become more apparent.These changing market dynamics will create new demand for sustainably sourced crops and increase the value of carbon offsets generated through agriculture.Indigos offerings specifically Grain

59、 Marketplace and Carbon by Indigo are uniquely designed to meet these market needs.Also,farming is becoming increasingly digitized.This was a trend before the pandemic,but the digital transformation that has occurred over the last year has only accelerated adoption with the agriculture space.What ha

60、s been the biggest contributor to your success since the founding of your organization?Indigo has remained a mission-driven company focused on three core pillars:increasing grower profitability,improving the environmental sustainability of agriculture,and meeting consumer preferences for healthy and

61、 sustainable food.This mission focus has resonated with prospective new hires and enabled Indigo to attract a strong talent force from across industries.Indigos talent has enabled the company to continue to innovate to ensure our offerings are meeting the needs of all our stakeholders.You raised a l

62、ot of capital in 2020.What can we expect to see from you in 2021 in terms of deploying that capital?Indigo will continue its focus on maturing our offerings by investing in the science and technology behind them.We will release new farmer and buyer facing software to support digital business with an

63、 increasingly complete experience by harvest of 2021,led by the technology teams under the leadership of our new Chief Technology Officer,Maria Belousova.Additionally,we will prioritize building our partner network with Ag retailers to accelerate adoption of natural solutions.How will you win in a c

64、ompetitive marketplace with significant control by incumbents?Indigo is focused on partnering with stakeholders across the agriculture system.By acting as an independent,neutral third-party technology platform,Indigo creates new value for all ag stakeholders,including incumbents.Deals by StageImage

65、courtesy of Verdant Robotics2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM23Projected Deal$Volume by Stage|2012-2020DEALS BY STAGE Early-stage companies are projected to have raised$500M more than in 2019.Late-stage and growth-stage companies:$1.8Bn more.LateGrowthEarlyDebt2021 FARM TECH INVESTMENT R

66、EPORT|AGFUNDER.COM24Projected Deal Count by Stage|2012-2020DEALS BY STAGE More than 135 additional early-stage companies are projected to have raised capital in 2020 than in 2019.The number of late-stage company rounds dropped in 2020,but their overall round sizes were larger.EarlyGrowthLateDebt2021

67、 FARM TECH INVESTMENT REPORT|AGFUNDER.COM25Median Round Size by Stage-2012-2020DEALS BY STAGELateGrowthEarlyDebt2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM26$60M$35M$30M$27M$25M$23M$21M$20M$19M$19M$17M$17M$16M$15M$15MThe Kingfish CompanyDelractUnfoldBrightseedFrubanaPlantLabPure Harvest Smart Farm

68、sC16 BiosciencesWurkBeta HatchMycoWorksTaniHubNaio TechnologiesGeneral Automation LabInvetx$76M$25M$12M$8.0M$7.3M$7.2M$6.9M$6.0M$6.0M$5.0M$4.8M$4.5M$4.1M$4.0M$4.0MTian Huo Yun MaPredaSAROnePointOneCervestRGAND LLCRoot AISoil Carbon CoCloud AgronomicsClariFruitAndesCeltic RenewablesNasekomoZadarAnima

69、bProcolTop 15 Seed DealsDEALS BY STAGETop 15 Series A DealsLeading the Series A list is Dutch aquaculture venture The Kingfish Company.Also in the novel farming category:UAE-based Pure Harvest Smart Farms.Unfold,a seed company created by Bayers VC arm and Singapores Temasek,was launched with$30m in

70、capital.Farm robotics company Root AI raised a$7.2m seed round,and was then strategically acquired in April 2021 by indoor farming company AppHarvest.Climate-change tech ventures are also on the list:UK-based climate-change analytics venture Cervestraised,as did Australian biotech venture Soil Carbo

71、n.AgFunder portfolio company2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM27Top 15 Series B DealsDEALS BY STAGEThe Series C list is full of novel farming ventures:Frances Ynsect,Germanys Infarm and US-based AppHarvest,which went public in January 2021 via a SPAC.Misfits Market competitor Imperfect Pr

72、oduce scored growth-stage funding.Indias Freshtohome is a niche e-grocer,offering farm-to-home meat and seafood.These two charts indicate that Novel Farming ventures are reaching a point of maturity.Topping the Series B list is French insect farming venture,InnovaFeed.US“ugly produce”company Misfits

73、 Market secured$85m while expanding its online grocery selection in the pandemic.Biotech and alt-materials company MycoWorks secured a Series B six months after its Series A.Top 15 Series C Deals$166M$85M$50M$46M$45M$45M$45M$45M$40M$40M$40M$30M$30M$29M$27MInnovaFeedMisfits MarketDNA ScriptAscus Bios

74、ciencesMammoth BiosciencesMycoWorksEnko ChemPerceptoAclimaGrowers EdgeSolinftecSeeTreeevonetixTropic BiosciencesScioto Biosciences$222M$170M$121M$100M$87M$72M$60M$55M$46M$30M$30M$29M$28M$25M$24MYnsectInfarmFreshtohomePivot BioICEYEImperfect ProduceAnuvia Plant NutrientsShenandoah GrowersProviviTaran

75、isNinjacartClearpath RoboticsAppHarvestCountry DelightPhytechAgFunder portfolio company2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM28$360M$250M$250M$210M$182M$175M$150M$140M$102M$100M$72M$68M$63M$60M$55M$53M$51M$50M$50M$45MIndigoFarmers Business NetworkApeel SciencesDanimer ScientificXAGIndigoBenso

76、n Hill BiosystemsPlenty Inc.Greenlight BiosciencesBrightFarmsMetabolonRevol GreensDegelman IndustriesGrubMarket IncOerth BioOrganiGramMathemDroneDeployInscripta,IncInstamartTop Late DealsDEALS BY STAGE Boston-based biotech company Indigo raised a two-part Series F round,totaling$535m.The company has

77、 put itself in the middle of the carbon market conversation.Its large funding rounds were followed by an announcement of layoffs in February 2021.Other big biotech rounds:Benson Hill,which raised a Series D last year,then went public in May 2021 via a SPAC.Greenlight Biosciences Series D timed with

78、the companys plans to use its RNA discovery platform to get into the Covid-19 vaccination race.US-based Farmers Business Network,a,um,farmer-to-farmer networking platform,clinched BlackRock as its Series F-round lead investor.The round followed the companys acquisition of Farmsave to expand to Austr

79、alia.AgFunder portfolio company2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM29INTRODUCTION2021 Insights from InfarmWhat do you see as the biggest opportunities for your organization and your sector of the industry for 2021?There are three major trends that offer a huge opportunity for vertical farms

80、.First,the Covid pandemic exposed cracks in the industrial agricultural system and highlighted the need for resilient,localized solutions.Second,the demand for fresh,nutritious food is here to stay,especially as urban populations grow.Third,consumers are becoming more conscious about how and where t

81、heir food is grown.These factors are reshaping the$3.6 trillion fruits and vegetables market,but the supply chain hasnt adapted accordingly.Thats where we think the big opportunity is for Infarm.Our global network of vertical farms is revolutionizing the way we grow and distribute fresh produce,espe

82、cially in cities.Weve also built a strong network with partners-we currently work with 50%of the worlds largest retailers-allowing us to reach consumers directly.Our modular approach means our farms can easily integrate with existing infrastructure.Our goal is to be in 100 cities in more than 25 cou

83、ntries,totaling 10 million sq ft of growing capacity,by 2025.What has been the biggest contributor to your success since the founding of your organization?Without question,the biggest contributor to our success is our concept of modularity and a relentless focus on developing our technology.Further,

84、our focus on research and development has translated into a sophisticated piece of hardware that collects data from every plant.We have a broad product portfolio,with more than 75 crops,and were looking to expand into mushrooms and berries next year.What differentiates you from your competitors?Our

85、modular system,global presence,and large basket of products are unique to Infarm.Our farms require a fifth of the upfront investment of other controlled environment agriculture companies;they are easy to integrate with existing client infrastructure,such as grocery warehouses.And they begin producin

86、g in as little as six weeks.Once theyre in operation,theyre cloud-connected to our HQ,so we can monitor the growth of the plants and make necessary adjustments.We use that collection of data to make the whole process more efficient.Our aim to lead the sector in the emissions discussion.By September,

87、90%of the electricity used throughout the Infarm network will be from green-certified sources,and were working on a roadmap to reach carbon neutral food production.Deals by CountryImage courtesy of FYTO2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM31#DealsGlobal Farm Tech Deal Activity MapDEALS BY GE

88、OGRAPHY2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM32Projected Number(#)of Deals by RegionDEALS BY GEOGRAPHY*projected totalsAfricaAmericasAsiaEuropeOceania2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM33Projected Funding($)by RegionINVESTMENTNVESTMENTBY GEOGRAPHYAfricaAmericasEuropeAsiaOceania*proj

89、ected totals2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM34Median Round Size by RegionINVESTMENTNVESTMENTBY GEOGRAPHYEuropeOceaniaAfricaAmericasAsia*projected totals2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM35$4.0B$472M$341M$290M$240M$227M$175M$163M$105M$89M$67M$60M$59M$58M$57MUnited StatesFrance

90、ChinaIndiaCanadaIsraelGermanyUnited KingdomNetherlandsFinlandBrazilJapanRussiaSwedenAustraliaTop 20 Countries by InvestmentDEALS BY COUNTRY#Deals The US maintained its dominance in Farm Tech.California alone accounted for 35%of FarmTech investment in 2020.Canada saw a decline in deal count and dolla

91、rs committed,but it was the site of the first ever precision ag IPO(Farmers Edge).Also,Canadas TELUS is currently executing the largest agtech roll up strategy on record.Asias Farm Tech deal activity dropped for the second consecutive year.China nevertheless accounts for the second highest number of

92、 deals as the country puts more emphasis on biotech and supporting its growing farm sizes.European activity dropped by number of deals but grew in dollar volumes bolstered by deals like Frances Ynsect and Germanys Infarm India continued deal and dollar-volume growth,solidifying itself as a top 5 cou

93、ntry by investment.29217345953291246146182858192021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM36$182M$222M$170M$166M$121M$87M$76M$63M$60M$53M$51M$50M$45M$45M$40M$30M$30M$30M$30MXAGYnsectInfarmInnovaFeedFreshtohomeICEYETian Huo Yun MaDegelman IndustriesThe Kingfish CompanyOrganiGramMathemDNA ScriptInst

94、amartPerceptoSolinftecTaranisNinjacartSeeTreeevonetixTop US DealsDEALS BY COUNTRYThe largest deal outside of the US was Chinese drone company XAG.Frances Novel Farming venture Ynsect accounted for$139m of the countrys$472m in Farm Tech deals in 2020.Israel punches above its weight,especially in remo

95、te sensing,with companies like Taranis and Prospera(acquired by Valmont.)The volume of US Farm Tech deals topped$4bn in 2020,growing nearly 50%over 2019 levels.This is thanks largely to big growth-stage investments.California companies dominate.Representing other geographies:newly public Benson Hill

96、 in Missouri,and biotechs Indigo in Boston and Danimer Scientific in Georgia.Top Non-US Deals$360M$250M$250M$210M$175M$150M$140M$102M$100M$100M$85M$72M$72M$68M$60M$60M$55M$55M$50M$50MIndigoFarmers Business NetworkApeel SciencesDanimer ScientificIndigoBenson Hill BiosystemsPlenty Inc.Greenlight Biosc

97、iencesBrightFarmsPivot BioMisfits MarketMetabolonImperfect ProduceRevol GreensAnuvia Plant NutrientsGrubMarket IncOerth BioShenandoah GrowersDroneDeployInscripta,IncAgFunder portfolio company2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM37U.S.Investments:Number of Deals By State MapDEALS BY GEOGRAPHY

98、DEALS BY GEOGRAPHY2932021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM38$1.5B$944M$254M$231M$213M$118M$100M$97M$89M$69M$55M$49M$48M$43M$43M$31M$22M$20M$18M$18MCAMANYNCGAVACOFLPAIACTINWAKYILMONJMDMNTXU.S.Investments:Value of Investments by StateDEALS BY GEOGRAPHYDEALS BY GEOGRAPHY2021 FARM TECH INVESTMEN

99、T REPORT|AGFUNDER.COM39INTRODUCTION2021 Insights from nsectWhat were the biggest challenges to overcome in 2020 and early 2021 and how did you overcome those challenges?2020 was a record year for us!Of course,the pandemic brought with it its own set of challenges,but our reactivity and adaptability

100、paid off.We set new records in:funding,bringing our total capital amount to$425M to date;sales,signing$105M worth of contracts in total;and production capacity,beginning construction of nfarm-the worlds largest vertical farm-in Amiens,France,and acquiring leading Dutch agtech company,Protifarm,a str

101、ategic move enabling us to enter the human food market.Also,the Molitor mealworm received a positive assessment for human consumption by the European Food Safety Authority in January 2021,which represents a huge step forward for us and the industry as a whole.We also joined the World Economic Forums

102、 Global Innovators Community,an invitation-only group,as the first French AgTech startup.What do you see as the biggest opportunities for your organization and your sector of the industry for 2021?On an industry level,we have the opportunity to reinvent the food chain by putting insects back where t

103、hey belong:at its base.We can invent a new,sustainable food industry,feeding the planet all the while protecting its biodiversity,and combatting climate change.We also expect the Molitor mealworm to be approved as a swine and poultry feed ingredient this year by the EU.What differentiates you from y

104、our competitors?Our first competitive advantage is the technology powering us.We possess over 300 patents,which makes up 50%of global patents in the industry.Second,the Molitor mealworm is a premium ingredient.Mealworm protein has been shown to possess a myriad of other performance benefits,includin

105、g cholesterol reduction of up to 60%and reduction of mortality in farmed fish of up to 40%,and its frass(castings)can produce greater crop yields.What is one of the biggest misnomers surrounding insects as food?People are often turned off by the thought of consuming insects,but they are already part

106、 of the traditional diets of approximately two billion people worldwide!Insects can aid food security and be a part of the solution to food shortages,given their high nutritional value,low requirements for land and water,low emissions of greenhouse gases,and the high efficiency at which they can con

107、vert feed into food.Investor ActivityImage Courtesy of AppHarvest2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM41RANKINVESTORLOCATION#INVESTMENTS1YCombinatorMountain View,CA14*2SOSVPrinceton,NJ12*3TechStarsSparklabs Cultiv8SVG Partners/THRIVEGlobalSydney,AustraliaLos Gatos,CA10*5The Yield LabSt Louis

108、,MO,Rosario,Argentina,Dublin,Ireland86Plug&Play VenturesGlobal57StartLife500 StartupsAmsterdam,The NetherlandsSan Francisco,CA3Most Active Accelerator FundsINVESTOR ACTIVITY*includes investments made by multiple accelerators and/or follow-on funds2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM42RANKIN

109、VESTORLOCATION#INVESTMENTS1S2G VenturesChicago,IL132Innova MemphisMemphis,Tennessee113TemasekSingapore94AgFunderSan Francisco,CA85Astanor VenturesBrussels,Belgium86Ospraie Ag SciencesNew York,NY77Abu Dhabi Investment AuthorityOmnivoreRabobank Food&AgricultureTrendlinesAbu DhabiMumbai INUtrecht,The N

110、etherlandsTel Aviv,Israel68Leaps by BayerAg Ventures AllianceCrowdcubeInternational Finance CorpLeverkusen,GermanyMason City,IALondon,UKWashington DC59Prelude VenturesFinistere VenturesCreadevCavallo VenturesPymwymicContinental Grain CompanyAnterra CapitalPontifax AgTechSan Francisco,CASan Diego,CAP

111、aris,FranceSan Francisco,CAAmsterdam,The NetherlandsNew York,NYAmsterdam,The NetherlandsLos Angeles,CAMost Active Venture Capital Fund Managers*INVESTOR ACTIVITY*by number of companies invested in,including follow-onsEXITSImage Courtesy of RootAI,now part of AppHarvest2021 FARM TECH INVESTMENT REPOR

112、T|AGFUNDER.COM44Exits so far in2021YEARYEAR-ININ-REVIEWREVIEWAt last,exits have been a theme so far in 2021.Everything from IPOs,to acquisitions to SPACs,2021 has seen it all!Not only are they coming in faster than previous years,they are coming in with much larger valuations than we have seen over

113、the last couple years.In fact,we have seen valuations in the multi hundred million dollar range all the way into the billions.The last significant farm tech exits we saw were in 2017 when Granular and Blue River Tech were both acquired for around$300 million each,so its been a long time coming and m

114、any venture capital firms are breathing a sigh of relief!Two notable hot spots for exits have been in farm management software,synthetic biology and gene editing.The farm management platforms are being swallowed into larger,fully-connected value chain strategies while the capabilities of synthetic b

115、iology and CRISPR technology companies to help deliver better outcomes for farmers,consumers and the environment continue to gain interest.The convergence of markets flush with capital,non-agrifoodorganizations with a growing interest in investing in the sector e.g.telecommunications giant TELUS-and

116、 agrifoodplayers seeing the opportunity to acquire or roll-up technologies according to their strategic needs.This convergence is just getting started and the remainder of 2021 will be a wild ride for the farmtech sector!Key Non-SPAC Farm Tech Exits 2021TypeCompanyCategoryValuationIPOFarmers EdgePre

117、cision Ag$600mM&AProspera(by Valmont)Crop analytics$300mM&ADagan(by Regrow)Soil health analyticsN/AM&AFarmDog(to Deveron)Crop scouting techN/AM&AFarmLogs(to Bushel)Farm softwareN/AM&AConservis(to TELUS/Rabobank)Digital Farm ERPN/AM&AFarmobile(to AGI)Farm data managementIPOCaribou Biosciences(Nasdaq)

118、Gene editing$900m*See next page for SPACs!2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM45SPAC AttackYEARYEAR-ININ-REVIEWREVIEWThe year 2021 has been all about the SPAC.A SPAC,for“special purpose acquisition company,”is a shell company with no operations or assets that raises money and lists on a pub

119、lic exchange through an initial public offering(IPO)with the sole purpose of acquiring or merging with a private venture.Also known as“blank check companies,”they can be vague in their remit although some have a target sector in mind,like agtech or climate-related businesses.In the first half of 202

120、1,there have been six agtech SPACs,all valuing the early stage venture involved at over$1 billion.In the same time period,there has been just one significant acquisition that was disclosed;Prospera,a farm management software and remote sensing business was acquired by Valmont for$300 million.Given t

121、hat major acquisitions have been few and far between,and the agribusiness majors have shown little sign of buying many more companies for several hundred million,SPACs have come at just the right time for the agtech venture indusrtry.Many are also effectively listing on the promise of their growth a

122、nd impact,rather than their current financials.Buthow long will they continue?Farm Tech SPACs to-dateYearCompanyCategoryExchange2017BioceresAg BiotechNYSE2021AppHarvestGreenhouseNasdaq2021Benson HillAg BiotechNYSE2021AeroFarmsVertical FarmNasdaq(pending)2021Ginkgo BioworksSynBioNasdaq(pending)2021Lo

123、cal BountiVertical FarmNYSE(pending)2021Planet LabsSatellite imageryNYSE(pending)2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM462020 M&A InsightsFARM TECH EXITSFARM TECH EXITSDespite the interruption of Covid-19 and resulting slowing adoption of agtech,it was one of the strongest years on record for

124、 M&A.We tracked 37 completed deals in 2020,comprised of agronomic data and analytics,farm operations and profitability management,irrigation control,and biologicals.US-based acquisitions represented over 50%of deals,similar to 2019,followed by Europe(19%),and Asia-Pacific(11%).A few other trends to

125、look out for in 2021:Deal activity between tech providers in the same category grew such as irrigation tech driven by Valmont and CropX.Precision water monitoring and control brings measurable cost savings to growers while lessening management time and resource usage,a combination that will lead to

126、more strategic acquisitions,especially by strategics and retail distribution participants.Non agrifood companies are coming into the fold such as Telus,a Canadian telecommunications company thats purchasing several agtech companies for a new business unit.Verdant received significant inbound M&A int

127、erest from non agrifood groups in 2020.Consolidation in 2021 will be driven by resource efficiency tech and profitability optimization.Carbon platforms and digital measurement,monitoring,and marketplaces to support this sector,are more efficiently acquired than built.Stronger interest from private e

128、quity buyers and continued consolidation by ag retail.Data collection,analytics,and management players will continue consolidating niche products and services into complete,robust solutions through a single user interface.2021 predictions Consolidation among biologicals companies increased in 2020 a

129、nd we expect that to continue particularly for companies with proprietary formulations and proven traction.Driven by consumer and policymaker sustainability demands;improving product efficacy;and increasing crop tolerance to conventional alternatives,biologicals are increasingly popular with farmers

130、.from2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM47Farm Tech M&A and Exits|2020FARMTECH EXITSTargetTarget countryAcquirerTechnologyEst.PriceSelect exit investors/ownersRivulisIsraelTemasekIrrigation Tech$365m Growers HoldingsUSAIsrael Chemicals(ICL)Farm Management SW$60m AgSense(49%)USAValmontIrrig

131、ation Tech$42m Foundation Capital,Chrysalix VC,Chilton InvestmentsClearAgUSADTNData&Analytics$12m Verdant BioSciences(52%)SingaporeAckermans&van HaarenBiotechnology&Biologicals$8.6m TrellisUSAAkernaNovel Farming Systems$2m 151 ResearchCanadaAGCOSensing&IoTvenBio Partners,Arrowmark PartnersAffinity M

132、anagement Ltd.(Compass)CanadaAg Growth InternationalFarm Management SWAgbridge USANutrien Ltd.Sensing&IoTAGI AgIntegratedUSATELUSData&AnalyticsAgrianUSATELUSFarm Management SWMPM Capital,Avalon Ventures,Kansas Bioscience AuthorityAgrilutionGermanyMieleNovel Farming SystemsAgrinosUSAAMVACBiotechnolog

133、y&BiologicalsCibus(Canola)CanadaFBNBiotechnology&BiologicalsCrop BossCanadaProvision AnalyticsFarm Management SWCropMetricsUSACropXIrrigation TechenEvolv,Inc.USAZymergenBiotechnology&BiologicalsFarmsaveAustraliaFBNAg Marketplace2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM48Farm Tech M&A and Exits|2

134、020FARMTECH EXITSTargetTarget countryAcquirerTechnologySelect exit investors/ownersGeocomBrazilKoppert Biological SystemsPrecision&EquipmentFarm JournalGreenbook USAAgWorldData&AnalyticsGrupo Agrotecnologia SpainRovensaBiotechnology&BiologicalsHaplotechCanadaFBNBiotechnology&BiologicalsHarvest Profi

135、tUSADeere and CompanyFarm Management SWHydroGroUSAThe McGregor CompanyAdvanced BreedingNet Irrigate LLCUSALindsayIrrigation TechPathway BioLogicUSAPlant ResponseBiotechnology&BiologicalsRobert Bosch GmbHPlantect JapanBayer CropScience K.K.Novel Farming SystemsPrecisionKingUSAValmontIrrigation TechPr

136、obe ScheduleUSAWilbur-Ellis CompanyIrrigation TechPacific ChannelRegenNew ZealandCropXIrrigation TechThe Yield Lab,BioGenerator,Allen Angel CapitalRNAgri Inc.USARNAissance Ag LLC(TechAccel LLC)Biotechnology&BiologicalsSalesbeeSwitzerlandPlantix(PEAT GmbH)Ag MarketplaceMetalmark CapitalValagroItalySy

137、ngenta GroupBiotechnology&BiologicalsLatitude GPSVisio-Green AgricultureFranceSencropSensing&IoTWestbridge Agricultural ProductsUSAErber GroupBiotechnology&Biologicalse-Novia&ValagroYaxeItalye-Novia&Valagro(JV)Farm Management SWGreen Towers GmbH,ErgasVentures LLC.Image courtesy of LavvaSources&Metho

138、dology2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM50What is AgriFoodTech?WHAT IS AGRIFOODTECH?Agrifoodtech is the small but growing segment of the startup and venture capital universe thats aiming to improve or disrupt the global food and agriculture industry.As with all industries,technology plays

139、 a key role in the operation of the agrifood sector a$7.8 trillion industry,responsible for feeding the planet and employing well over 40%of the global population.The pace of innovation has not kept up with other industries and today agriculture remains the least digitized of all major industries,ac

140、cording to McKinsey.The industrial agrifood sector is also less efficient than other industries,with an increasing number of demands and constraints being placed on it.These pressures include a growing global population;climate change and global warming;environmental degradation;changing consumer de

141、mands;limited natural resources;food waste;consumer health issues;and chronic disease.The need for agrifoodtech 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

142、.Broadly speaking,agrifoodtech 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 profitabi

143、lity,and unsustainable meat production.There are many ways to categorize agrifoodtech startups highlighting the complexity of the industry.See page 16 for more information on our categorization system,which we developed in consultation with venture capitalists,entrepreneurs,and other industry expert

144、s.2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM51Sources&MethodologySOURCESData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to over 29,939companies,with new startups

145、and historical data being added each day.The raw data for our reports comes from Crunchbase,which gathers publicly-available information such as press releases and US Securities and Exchange Commission filings,as well as crowdsourcing directly from the industry.AgFunder contributes data from its own

146、 collection methods,including private communications with investors and companies.We also collect data from partners across the globe(see page 50 below)to ensure we have the most comprehensive,accurate and curated dataset and knowledge base of agrifoodtech companies and investments.The raw data are

147、painstakingly curated by the AgFunderteam to ensure they are relevant,accurate,up-to-date,and categorized according to AgFundersproprietary tagging system.We update and improve our dataset continuously throughout the year,meaning total figures from previous years reports will shift as our dataset be

148、comes more complete.To provide numbers that can be fairly compared to the previous year,estimates for total deal volumes and amounts for this year are adjusted using a model of how they will appear 12 months in the future.The adjustments(roughly+17%for overall dollar volumes and+45%for deal counts,w

149、ith more granular adjustments by stage where appropriate)are modelled based on trends in historical data dating back to 2017.While we are happy to share our findings,we reserve all rights with respect to AgFunder research and this report and we require it to be fully and accurately cited when any of

150、 the data,charts,or commentary are used.Undisclosed FinancingsOf the 834financings in this reports curated dataset,227were undisclosed and could not be determined through research or direct sources.We exclude undisclosed financings when computing averages and median values.In some cases,were able to

151、 confidentially obtain financing figures directly from investors on the condition theyre only included in aggregate.Multiple FinancingsIn some cases,Crunchbasedisplays multiple financings for the same company in the same year.This can be because a company closes subsequent rounds in the same year,bu

152、t it can also be the result of several closes of the same round.We keep them separate unless they are announced as one single round.2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM52Sources&MethodologySOURCESCategorizationAgFunders categorization system is designed to capture broad themes across the co

153、mplex agrifoodtech value chain(see page 16 for a list of categories).The agrifoodsector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribution,and the consumer.In many cases,technologies such as marketplaces connect different l

154、inks in the supply chain and so in this report weve chosen to focus on high-level themes.To assist with the categorization and to avoid subjectivity,AgFunder first employs over 150 machine learning and artificial intelligence models to suggest category placement and to help tag the company according

155、 to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with significant research and debate among our team.In 2019,we added a new category,Cloud Retail Infrastructure,to relieve the Midstream Tech category of later-strea

156、m deals we felt no longer fit.Cloud Retail Infrastructure includes the growing number of technologies enabling companies to provide customers with on-demand,at-home dining such as ghost kitchens and last-mile delivery services including delivery robots.Weve also taken taken a stricter stance on cann

157、abis and CBD-related startups;there needs to be clear proprietary technology involved.We will not include pure consumer packaged goods or pure production,as we wouldnt include pure production in any other crop.If we believe the growing facilities are particularly high tech or utilize proprietary tec

158、hnology,we will still include it in our Novel Farming Systems category.The same goes for processed products;if the extraction technique is particularly innovative,well include it as a Biomaterials or Midstream Tech startup.Large vertically-integrated cannabis companies are also excluded.Special Ackn

159、owledgementSpecial thanks to Tim Li,Ellen Ehrsam,and the rest of the Crunchbase team for their support and assistance.2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM53SOURCESOur International Data PartnersIn addition to our partnership with Crunchbase,weve partnered with several groups from around the

160、 world to help us collect more international data at the local level to ensure we can present the most comprehensive data set in the industry.Our partners for the 2020 report include Start-up Nation Central in Israel,SP Ventures in Brazil,Glocal in Argentina,Bits x Bites in China,ShakeUpFactory in Europe,and Omnivore in India.Thanks also to Sofia Ramirez for her Latin America contributions.ChinaIsraelSouth AmericaIndiaEurope2021 FARM TECH INVESTMENT REPORT|AGFUNDER.COM54Are we missing your data?Dont forget to send it to us!DataAgFor add direct onto CImage courtesy of Trace Genomics