1、Global AgriFoodTechInvestment Report 2024GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM03Introduction05Key insights072023 Investment highlights13Agrifoodtech VC trend predictions 202417AgFunder18Investments by category Including startups Nium,Rarebird,Goterra and Atinary48Investments by geo

2、graphy60Investments by stage68Food waste72Top investors74Category definitions75Sources&methodology76Data partners77Image creditsContentsGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMGlobal agrifoodtech investing in 2024The 50%year-over-year funding decline is a result of fewer and smaller d

3、eals.The decline in deal activity was less pronounced than dollar investment at 26%year-over-year(and we expect more deals to come to light in the coming months).Average deal sizes were down nearly 30%,year-over-year and some 50%on 2021.While some deals have been down rounds,dramatically shrinking s

4、tartup valuations,deal averages and medians,theres also been a halt to dealmaking in many instances at the early stages.This is in part down to some founders refusals to lower their company valuation expectations but in some cases,the correction has gone too far.Beleaguered plant-based company Beyon

5、d Meat has been trading on the Nasdaq stock exchange at a valuation of just 1x revenues;thats far below the 3x-5x multiples you typically see with an acquisition or among publicly-listed CPG companies,let alone the 8-10 x you might expect to see for tech companies.Given that VCs typically use the re

6、venues and earnings multiples of publicly listed companies to model out an“if everything goes right”scenario when pricing early-stage rounds,“now,even a$15 million valuation for a well-performing Seed/Series A startup can look rich,”Rob Leclerc,our founding partner,wrote to investors recently.Theres

7、 no way to sugarcoat this:investment in agrifoodtech startups is at its lowest point in six years.Not only is it lower than those pre/early-Covid,crazy-VC-infmated-valuations years between 2018 and 2021 but it also declined as an overall portion of the global venture capital landscape.In 2023,agrifo

8、odtech represented just 5.5%of all venture capital sector dollars,down from 6.7%in 2022 and 7.6%in 2021.Of course,we know this category and a few others got out of control valuation-wise but that was not unique to those categories and was certainly the case elsewhere in tech.This might read as depre

9、ssing news,and it should.Youll no doubt fjnd more closure stories on AgFunderNews in the coming months;2024 is going to be a painful year for many,especially the more mature agrifoodtech companies.But it will also be an incredible year to invest in new companies that have been forced to rethink thei

10、r business models and take a leaner approach;thats healthy for the market and for valuations.That agrifoodtech is just 5.5%of global venture capital investment is at odds with food and agricultures contribution to the global economy and livelihoods;the industries contribute at least 15%to global GDP

11、,hire over half the workforce,and contribute to one third of greenhouse gas emissions.Underinvestment is somewhat understandable given the relative lack of decent venture capital exits,which the industry desperately needs in 2024.But has the correction gone too far?Why arent more investors coming in

12、to agri-food?Find out what agrifoodtech VCs think on pages 13-16 and let us know what you think here Happy reading!Louisa Burwood-Taylor and the AgFunder teamAbout us and our partnersAgFunder is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21st centur

13、y.Born in Silicon Valley in 2013,we use technology,media and our global network to invest in and support transformational founders and technologies.With the worlds only truly global agrifoodtech investment portfolio,weve invested in more than 100 companies across six continents.AgFunderNews reports

14、on the evolution of the global food and agriculture system.By going beyond the headlines,we analyze the people,companies and technologies aiming to improve human and planetary health.Publishing daily news,our team of award-winning journalists delivers deeper insight on the growing foodtech,agtech an

15、d climate tech industries.A multimedia publication,AgFunderNews is a division of AgFunder Inc,one of the worlds most active agrifoodtech venture capital fjrms.AgriFutures growAG.is the gateway to Australian and global agrifood innovation.Explore,fjnd and connect with world leading agricultural resea

16、rch,unique technologies and commercialisation opportunities online in one,easy to use AgriFutures evokeAG.is a global agrifood tech event.It brings together investors,entrepreneurs,farmers,government,researchers and corporates for a more resilient,productive,and profjtable agricultural sector and va

17、lue chain.Join us in Brisbane,Australia on 18-19 February GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMKey insightsAgrifoodtech startups raised$15.6 billion globally in 2023,down 49.2%percent from$30.5 billion in 2022.Funding to all ca

18、tegories declined with the exception of two:Bioenergy&Biomaterials and Farm Robotics,Mechanization&Equipment.Bioenergy&Biomaterials was the biggest category,raking in$3 billion in 2023,up 20%from 2022.Investment in Farm Robotics,Mechanization&Equipment continued its steady upward trajectory of the p

19、ast fjve years,increasing 9%year-over-year to$760 million.Funding to upstream startups those operating on the farm or in food production accounted for 62%of overall dollar investment in 2023,compared with 51%in 2022 and 30%in 2021.No global region was immune to the downturn.Europe felt it less acute

20、ly with a 14%year-over-year decline in dollar funding.African investment levels remained higher than 2021 at$260 million whereas Asia did not recover its pre-Covid totals with$3.8 billion.The US was particularly badly hit with its share of agrifoodtech funding($5.4bn)dropping to just over 30%of glob

21、al funding;the country usually counts for at least 40%of global totals.Deal count in 2023 was down 26%,refmecting smaller rounds with one or two exceptions.The median deal size decreased 9%year-over-year whereas the average was down 30%on 2022 and 50%on 2021.In emerging markets,China and India lost

22、market share to other nations taking a combined 40%of funding,down from 55%in 2021.Startups in Indonesia,Saudi Arabia,Israel,Brazil and Singapore all contributed to the top 20 emerging market deals.Funding to Ag Biotech the leading upstream investment category in 2022 dropped 34%to$1.9 billion in 20

23、23.The decline was more pronounced in other categories:Novel farming systems-79%,Cloud retail-75%,eGrocery-60%,Farm Management SW,Sensing&IoT-58%,Online Restaurants&Meal Marketplaces-58%,In-store Retail and Restaurant Tech-57%,Midstream Tech-55%,Home&Cooking Tech-53%,and Innovative Food-51%.Key insi

24、ghtsTOTAL AGRIFOODTECH INVESTMENTS OF$15.6 billion IN 2023BIGGEST DOWNSTREAM CATEGORYeGrocery$1.9 BILLION FUNDING(-60%YOY)BIGGEST DEAL OF 2023Footprint$830 MILLION FUNDING BIOENERGY&BIOMATERIALS SERIES BBIGGEST UPSTREAM CATEGORYBioenergy&Biomaterials$3 BILLION FUNDING (+20%YOY)BIGGEST DEBT DEAL OF 2

25、023Eroski$545 MILLION FUNDING EGROCERYGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM2024 Investment highlightsGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM10 years of agrifoodtech GlobalGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM$15.6 billion raised globally in 2023$20

26、4.7 billion raised globally since 2014Global agrifoodtech investment by year Americas Asia Africa Europe50403020100Total funding in billions$USD20142023202220212020201920182017201620152023 agrifoodtech funding by region$260 MILLION(1.7%)$7 BILLION$11 BILLION$9 BILLION$12 BILLION$20 BILLION$21 BILLIO

27、N$26 BILLION$31 BILLION$16 BILLION$53 BILLION$6.1 BILLION(39.4%)$5.1 BILLION(32.9%)$3.8 BILLION(24.5%)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMGlobal agrifoodtech funding 2021-2023Investment by quarter($USD)15129630Total funding billions$USDIt appears as if the industry is starting a s

28、low recovery,which matches where venture capital investors think we are in the downturn cycle.But theres some way to climb to reach even 2020s levels of investment.2021 2022 20232021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q22023 Q32023 Q4$13.3 BILLION$12 BILLION$4.2 BILLION$1

29、1 BILLION$8.5 BILLION$3.3 BILLION$13.4 BILLION$5.3 BILLION$4 BILLION$15.2 BILLION$4.8 BILLION$4.1 BILLION6050403020100Number of deals by stageGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by supply chain2018-2023Global agrifoodtech investment by supply chain($USD)Upstream Midstr

30、eam DownstreamIn 2023,the percentage of overall investment moving into upstream categories such as Bioenergy&Biomaterials and Ag Biotechnology continued to increase,with upstream spending accounting for 62%of overall dollar investment in 2023,compared with 51%in 2022 and 30%in 2021.$20.2 BILLION2018

31、$2 BILLION$12 BILLION$6.2 BILLION$21.4 BILLION2019$1.8 BILLION$12.8 BILLION$6.8 BILLION$26.2 BILLION2020$3.2 BILLION$13.5 BILLION$9.4 BILLION$52.9 BILLION2021$3.6 BILLION$33.4 BILLION$16 BILLION$30.5 BILLION2022$2.5 BILLION$12.3 BILLION$15.7 BILLION$15.6 BILLION2023$1.1 BILLION$4.8 BILLION$9.5 BILLI

32、ONGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by supply chain2018-2023Global agrifoodtech deal activity by supply chain Upstream Midstream DownstreamWhile total dollar investment was down by 49.2%in 2023 vs 2022,deal count over the same period was down by a more modest 26%,ref

33、mecting smaller rounds as investors continued to pare back spending from the heady days of 2021 and early 2022.40003000200010000Number of deals by stage2369 TOTAL20182857 TOTAL20192873 TOTAL20203569 TOTAL20212940 TOTAL20222183 TOTAL2023296 DEALS664 DEALS1223 DEALS364 DEALS1021 DEALS1555 DEALS403 DEA

34、LS1440 DEALS1726 DEALS376 DEALS1126 DEALS1371 DEALS374 DEALS1214 DEALS1269 DEALS274 DEALS1080 DEALS1015 DEALS$3.0b$1.9b$1.6b$1.0b$760m$716m$680m$1.1b$31m$1.9b$1.5b$828m$378m$256mInvestments by category 2023($USD)Upstream Midstream DownstreamGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMTwo

35、categories experienced year-over-year growth in 2023:Bioenergy&Biomaterials(+20%)and Farm Robotics,Mechanization&Equipment(+9%).While there has certainly been additional innovation in alternative materials and fabrics,a large$830m investment for Footprint somewhat skewed the picture.Funding to Innov

36、ative Food startups(-50%),which includes the beleaguered alternative protein category,did not decline as much as most other categories;just Ag Biotech(-34%)and Ag Marketplaces+Fintech(-22%)fared better.Bioenergy&BiomaterialsAg BiotechnologyInnovative FoodAg Marketplaces&FintechFarm Robotics,Mechaniz

37、ation&EquipmentFarm Management Software,Sensing&IoTNovel Farming SystemsMidstream TechnologiesMiscellaneouseGroceryIn-store Retail&Restaurant TechOnline Restaurants&Meal MarketplacesCloud Retail InfrastructureHome&CookingWhich categories will bring in the most capital in 2024?Surprisingly,15%of resp

38、ondents still believe alternative protein will garner the most funding in 2024,with cultivated meat and precision fermentation particularly mentioned.The caveat is that most of those respondents are deeply invested in alt protein.Another 12%believe food delivery will be the best-funded category,with

39、 some predicting AI will enhance those offerings.Biotech and biological inputs along with health and nutrition-related startups were also popular choices,gaining 15%and 14%of the vote respectively.Climate and AI each received 9%of the vote.“By dollars,well have the same leaders as prior years-I thin

40、k those categories tend to be fairly consistent drivers-eGrocery,inputs,etc.”Seana Day-Culterra CapitalWhat trends do you expect to see appearing in 2024?AI and automation,health and nutrition,and carbon were the most mentioned keywords among VC responses.“Transition,not disruption.The food industry

41、 has witnessed an explosion of disruptive innovation over the past 5 years,from plant-based meats to synthetic fat replacers,and many more.All promised to revolutionize what we eat.However,it has turned out to be more hype than bite for many of these products.In 2024,you cant keep losing money and e

42、xpect to stay in business.We need to set a more realistic expectation and go back to the fundamentals.True innovations for food come in step changes,and take time to build.To realize that,we need to abandon the thought of disruptive innovation,and embrace the benefjt of sustaining innovation.But at

43、the end of the day,the innovation that transforms the food industry doesnt need to be fast and furious/quick and dramatic.Wed prefer to take a more humble mindset,and make it more gradual and less obvious.”Matilda Ho-Bits x Bites0102GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAgrifoodtech

44、 VC trend predictions for 2024As part of our review of the year gone by,we polled a range of venture capital investors focused on foodtech and agtech to get their take and predictions for 2024.Heres a taste of their responses.“More corporate investment activity as VCs continue to have diffjculty rai

45、sing funds.”Erin VanLanduit-Cargill“A handful of companies will emerge as clear category leaders with market-leading products.”Katrin Burt-Grosvenor Food&AgTech“2024 will be the fjrst year of the new-age farmers.The next generation of farmers is emerging now,as farmland is being passed on and Wester

46、n countries see a trend to go back to the land”driven by lifestyle choice and enthusiasm for regenerative practices and biodiversity.”Mark Durno-Rockstart“We will see two big exits.”Manuel Gonzalez-AgFunder“More early-stage entrants.Slow later stage until shift in interest rates.”Carter Williams-iSe

47、lect Fund“Its back to basics,which is fundamentally healthy.Profjt over growth.Investors want to understand the pathway to profjtability and an exit.I hope to see more climate tech funding going into ag/food.”Daniel Skaven Ruben-FoodTech Weekly/Solvable Syndicate“Investments made during 2024 will pr

48、ovide solid investment returns given the quality of businesses still standing will be higher on average(than in 2021 for example),and given that valuations will have further corrected from their highs of the past years.”Costa Yiannoulis-Synthesis Capital03GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|A

49、GFUNDER.COMWhat prediction do you have for investing in foodtech and agtech in 2024?The majority of investors spoke to the need for more discipline among investors and founders but there were other interesting predictions including exits and exciting investment returns.Agrifoodtech VC trend predicti

50、ons for 2024What world events are you worried about?Sadly this response was the same as last year but with the addition of new confmicts and geopolitical unrest in the wake of the war between Israel and Hamas and increasing tensions between China and Taiwan.There is widespread apprehension about the

51、 potential impact of these confmicts on global stability.Climate change and economic concerns also remain top of mind.Respondents also voiced concerns about social and political issues including populism,socialism,attacks on free speech,and governance,refmecting fears about the direction of politica

52、l discourse and societal governance.“Populism leading to too slow a transition to sustainable food systems.”Jaap Strengers-Future Food Fund“Several global factors are all contributing to one central concern:food security.Climate change,geopolitical shifts and confmict all remind us how crucial an is

53、sue this is and will continue to be,and its one we are deeply driven by.Democratizing food sources,mainly with local production,is one key to addressing this on a practical level.”Nadav Berger-Peakbridge04GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAgrifoodtech VC trend predictions for 20

54、24Startup valuations and the market correction06What frustrated you in 2023?Frustrations range from continually infmated valuations to the rapid exit of investors from agrifoodtech.“Too many people celebrated failures rather than learning from them,and in the end,we the planet,humanity actually need

55、 to be collectively successful.Perhaps a more controversial take is on founders,who are still not realistic about valuations.”Yoni Glickman-FoodSparks,PeakBridges seed fund“Entrepreneurs who havent realized the importance of focusing on business fundamentals versus focusing on raising VC.They still

56、have blind optimism that VC will keep the business going.”Seana Day-Culterra Capital“Endless bridge rounds,forestalling the inevitable.”Mark Kahn-Omnivore“How quickly the generalist funds left the segment once things got tough.”Gil Horksy-Flora Ventures05Where are we in the current down-cycle?(in va

57、luations/startups ability to raise)This is just the beginning-worse is yet to come Were at the lowest point now Were over the worst of it-better times to come I dont knowDo you expect the startup valuation correction to continue in 2024?27 responses Yes No29.6%44.4%14.8%11.1%96.3%A55%B10%E5%C10%D20%

58、Katrin Burt Grosvenor Food&AgTech Combination of A and C.A young industry with attractive fundamentals provided a breeding ground for overvalued companies compared to their business progress.The quality of products and services is only getting better and the industry will more accurately identify an

59、d price value which will lead to exits for the best-run companies that can deploy their solution at scale.Rob Leclerc AgFunder B,C,D.Exits will come,but they also need to be of suffjcient magnitude.We will need to focus on investing at the intersection with other sectors.Jaap Strengers Future Food F

60、undIndustry has an inherently different growth trajectory;mostly low margins,long R&D and sales cycles.Not a sector in which to get rich quickly!What also did not help is that government support has not materialized in a similar way compared to energy and mobility,for example.There,certain subsidy a

61、nd tax regimes effectively created a wholly new playing fjeld.Ben Belldegrun Aliment Capital Commodity price swings have made the ag majors conservative;they dont want to buy high cash burn and non-commercialized businesses,but it is also a function of the industry still being young and we still thi

62、nk its underinvested.Why havent we had more agrifoodtech exits in the past 10 years?We ask the leading AgriFoodTech VCs*GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM The industry is still young-exits are coming The incumbent corporates are too defensive Startups havent created good enough

63、products/services Not all agrifoodtech can produce exit in venture timeframe Other*ACCORDING TO A SURVEY OF 27 AGRIFOOD-FOCUSED VENTURE CAPITAL FIRMS IN NOV/DEC 2023.AgFunder invests in world-leading deep tech startups that tackle important themes such as automation,carbon markets,food as medicine,s

64、ustainability,green ammonia,and more.These investments include DeHaat,Aquaconnect,Singrow,Nium,Mycoworks,Atinary,Propagate,Dataspan,Juicy Marbles,Umaro,Rarebird,and Brightseed.AgFunderNews is one of the keys to AgFunders success.Along with AgFunder Research reports,it has become the global epicenter

65、 for agrifood technology intelligence with subscribers from top stakeholders across the landscape.Gaia,AgFunders proprietary data platform,gives the fjrm unique capabilities in sourcing early-stage deals,expertise,investors,competitors,and insights for its portfolio companies and LPs.Gaia analyzes m

66、illions of startups around the clock,using a combination of bespoke machine learning,artifjcial intelligence,and tailored algorithms over public and proprietary data,specifjcally designed for early-stage VC.Gaia has sourced several promising portfolio companies and now assists with diligence on all

67、deals.AgFunder focuses on supporting the best entrepreneurs and companies,regardless of their geographical location.With roughly 50%of its companies based in the US,a track record of successful exits,and a global network,AgFunder has established itself as the go-to partner for investors seeking glob

68、al exposure to the agrifoodtech sector.AgFunder also has a base in Asia with the incorporation of a Singapore offjce in 2019,together with the launch of GROW Accelerator-Southeast Asias fjrst specialist agrifoodtech accelerator program.Asia-Pacifjc investments make up around 20%of the total About us

69、AgFunder is a pioneer in agrifoodtech.An investment and intelligence platform with a history of supporting entrepreneurs long before food and agriculture became a topic on investors agendas.Today,the fjrm has invested in over 100 companies across six continents and has an AUM of$200 million.The inte

70、lligence platform has a database of over 4 million startups and millions of readers from across the world each year.GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by categoryGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by category 2023($USD)Upstream Midstrea

71、m DownstreamCategory$USD Deals Bioenergy&Biomaterials 3.0b 176 Ag Biotechnology 1.9b 183 Innovative Food 1.6b 289 Ag Marketplaces&Fintech 1.0b 144 Farm Robotics,Mechanization&Equipment 760m 99 Farm Management Software,Sensing&IoT 716m 237 Novel Farming Systems 680m 93 Midstream Technologies 1.1b 283

72、 Miscellaneous 31m 9 eGrocery 1.9b 127 In-store Retail&Restaurant Tech 1.5b 271 Online Restaurants&Meal Marketplaces 828m 120 Cloud Retail Infrastructure 378m 84 Home&Cooking 256m 62Categories by funding($USD)10.9%(237)2.8%(62)3.9%(84)5.8%(127)0.4%(9)8.1%(176)5.5%(120)8.4%(183)4.3%(93)13.3%(289)6.6%

73、(144)4.5%(99)12.4%(271)13%(283)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestment by deal count2183 deals globally in 2023$15.6 billion$USD investmentGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by category 2019-2023($USD)5 years of funding in five select categor

74、ies543210Total funding billions$USD20192020202120222023 Farm Robotics,Mechanization&Other Farm Eq Ag Marketplaces&Fintech Cloud Retail Infrastructure Novel Farming Systems Innovative Food Farm Robotics,Mechanization&Equipment has been on a slow but steady upward trajectory over the past fjve years.F

75、unding for eGrocery continued its precipitous decline,dropping from$4.8bn in 2022 to$1.9bn in 2023.Some upstream categories captured new investor interest in the wake of the decline in downstream investment and increasing climate tech interest but they couldnt weather the overall downturn.GLOBAL AGR

76、IFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMGhost kitchens(industrial kitchens built to make food for pick-up or delivery)attracted a surge of investment during the pandemic but spent 2023 revising business plans and laying off staff.Within eGrocery,meanwhile,funding and deal numbers have been in s

77、harp decline,with the rapid grocery delivery market(think GoPuff and Getir)under particular pressure as consumers have returned to shopping in person post the pandemic and competition has heated up,prompting key players to scale back operations and tweak their business models.Changes in category inv

78、estment 2022 vs 2023Changes200-20-40-60-80-100-120 Upstream Midstream DownstreamChanges in deal count from 2022-20232940 DEALS 20222183 DEALS 2023Unknown -14 DEALSMidstream Technologies +1 DEALS-55 DEALSMiscellaneous Innovative Food Novel Farming Systems Farm Robotics,Mechanization&Equipment Ag Biot

79、echnology Agribusiness Marketplaces&Fintech Bioenergy/Biomaterials Farm Management Software&Sensing -49 DEALS-65 DEALS-54 DEALS-67 DEALS-7 DEALS-33 DEALS-59 DEALSeGrocery Home&Cooking Online Restaurants&Meal Marketplaces -24 DEALS-79 DEALS-60 DEALS-80 DEALS-114 DEALSIn-Store Retail&Restaurant Tech C

80、loud&Retail Infrastructure GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFarm tech spotlightFunding by year($USD)Farm tech investment reached its lowest point in six years in 2023 with a nearly 50%year-over-year decline.Buoyed in 2022 by its strong links to climate tech-most innovations by

81、their nature have a climate mitigation or adaptation angle in their focus on improving farming effjciencies-the category could not hold up against the severe market correction facing venture capital globally.The US was particularly badly hit;investment in farm tech in North and South America dropped

82、 68%year-over-year.121086420Total funding billions$USD2023202220212020201920182017201620152014$2.7 BILLION$2.1 BILLION$3 BILLION$3 BILLION$5.6 BILLION$5.6 BILLION$7.1 BILLION$10.9 BILLION$10.9 BILLION$5.2 BILLION10YR TOTAL$56.1 BILLIONFarm Tech Investment($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2

83、024|AGFUNDER.COMFarm tech spotlightInvestment by category 2023 Upstream Midstream DownstreamGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM21.2%(163)15%(115)11.5%(88)29.2%(224)11.6%(89)6.1%(47)0.4%(3)1.7%(3)2.5%(19)Categories by funding($USD)Investment by deal countCategory$USD Deals Ag Biot

84、echnology 1.7b 163 Ag Marketplaces&Fintech 824m 115 Farm Robotics,Mechanization&Equipment 751m 88 Farm Management Software,Sensing&IoT 659m 224 Novel Farming Systems 553m 89 Bioenergy&Biomaterials 503m 47 Innovative Food 10m 3 Midstream Technologies 51m 19 Miscellaneous 12.2m 8 Farm-to-Consumer eGro

85、cery 166m 13 Home Grow Systems 630k 2768 deals in farm tech 2023$5.2 billion$USD investment in farm tech 2023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFarm tech spotlightTop countries($USD)Europes farm tech scene held up relatively well compared to other regions,declining just 16%year-o

86、ver-year compared to the Americas which dropped 68%,Asia 46%and Africa 77%.While still a very small market,Oceania farm tech startups raised 141%more funding in 2023 than 2022.AMERICASAFRICAASIAEUROPEOCEANIA$1.9 BILLIONTOTAL$5.2 BILLION$1.6 BILLION$1.4 BILLION$87 MILLION$193 MILLIONTop read AgFunder

87、News articles of 2023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMImpossible Foods CEO:I feel good about where we are,I do not feel good about where the category is Alphabet brings agtech startup out of stealth with data from 10%of worlds farmland,3 major customers Keep calm and carry on:N

88、avigating the trough of disillusionment for plant-based meat Cultivated meat startup New Age Eats makes painful decision to shut down:Weve been unable to attract investment Fifth Seasons former VP on why it failed and how vertical farming must change Crunch time for cultivated meat:Probably 70-90%of

89、 players will fail in the next year 10 years in indoor ag:After a decade of tough lessons,indoor ag nears the plateau of enlightenment Ag Biotechnology2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestment in ag biotechnology(which spans everything from animal

90、health,breeding and feeding,to in-ovo egg sexing tech,biostimulants and biopesticides)fell 34%to$1.9 billion in 2023 against a backdrop of a 49.2%drop in agrifoodtech funding overall.The biggest check($325 million)went to Swiss green nitrogen co Atlas Agro.EUROPEASIAAMERICAOCEANIAAFRICA$86 MILLION$1

91、6 MILLION$739 MILLION$604 MILLION$409 MILLIONAg BiotechnologyTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMTwo seed-stage startups to watch include Hyf,a US-based fjrm transforming food processing wastewater into feedstocks for biomanufacturing;and Australia-based Rumin8

92、,which is building a biomanufacturing platform for bromoform,a substance in red seaweed shown to reduce methane emissions in livestock.Locus Fermentation Solutions$117 millionDEBTKingAgroot$87 millionSERIES A0304Aphea.bio$77 millionSERIES C0501Atlas Agro$325 millionLATELoamBio$73 millionSERIES B06Bi

93、obest$129 millionLATE020708SuperBAC$62 millionLATEShiji Biotechnology$55 millionSERIES ANium is a team of scientists,entrepreneurs and engineers from Cambridge,UK on a mission to eliminate the emissions associated with the production of fertilizers,used for 50%of the worlds food production.Nium has

94、developed novel nanotechnology with its Mighty Minion,a reactor that synthesizes clean ammonia,on demand,to replace the polluting Haber-Bosch process and is working towards a cleaner future for food and fuel.Startup spotlight NiumAG BIOTECHNOLOGYGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.CO

95、MWhat agrifood challenges are you trying to solve and how?A century ago,ammonia saved our world.It can save us again today,but it shouldnt cost us the earth.Ammonia is the precursor to 50%of global food production.Theres one big problem though.The ammonia economy is dirty;responsible for 450 megaton

96、nes worth of annual carbon emissions.To put that into context,thats roughly 1.35 times more carbon dioxide than the entire UK.Enter the Mighty Minion,a reactor synthesizing clean ammonia on demand at low pressures and temperatures.It can work on any site and scales to meet local requirements.It is t

97、he key to decentralising,decarbonising and de-risking the ammonia supply chain.We can eliminate fertilizer emissions,which account for nearly 2%of global CO2 emissions.How have you weathered the current venture capital downturn?It has been a combination of factors.Firstly,our supportive investors,Ag

98、Funder and DCVC.We have also been mentored and supported by the BMW foundation and Octopus Ventures,who have provided mentorship,coaching and guidance.The value of being surrounded by people who have done this before cannot be understated.We are also looking at commercial deployment a lot sooner tha

99、n most hard tech and climate tech investments.Finally,the urgency of the climate emergency and the far reaching potential of our product speak for themselves.These have been a catalyst for the support we have received to date.What does 2024 have in store for you?We kicked off the year by moving into

100、 our brand new,purpose built,lab facility near Oxford.We have signed MOUs with ammonia offtake and hydrogen partners and are looking forward to pilots with these partners in the second half of this Ag Marketplaces&Fintech2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER

101、.COMThe Americas once again led this category,though unsurprisingly,investment to that region was down 22%compared to the previous year.Deal count also declined from 67 in 2022 to 51 in 2023.Asia another leading market for the category saw an even larger decline of 67%from 2022.AMERICASEUROPEASIAAFR

102、ICAOCEANIA$67 MILLION$59 MILLION$2.5 MILLION$713 MILLION$207 MILLIONAg Marketplaces&FintechTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAfrica and Asia both saw declines in investment in 2023.That said,agribusiness marketplaces and access to fjnancial tools are becoming

103、 hugely important to farmers livelihoods in these regions(as well as in Latin America).While dollar amounts may be down,it is encouraging to see Kenya-based food distribution startup Twiga;Indias Vegrow,which makes digital payment tech for farmers;and Brazil-based agrifjntech platform Nagro land in

104、the top rounds.Other notable rounds included a$14.4 million debt round for Cultivo,which offers credit for coffee producers,and a$35 million debt round for Mexico agrifjntech platform Verquor.Silo$100 millionDEBTVegrow$46 millionSERIES C0304Nagro$40 millionDEBT0501Indigo$250 millionLATETwiga Foods$3

105、5 millionDEBT06Xpansiv$125 millionLATE020708Silo$32 millionSERIES CGrainChain$29 millionSERIES CBioenergy&Biomaterials2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMThe biggest category in agrifoodtech in 2023,Bioenergy&Biomaterials raked in$3 billion in 2023,a 20

106、%increase vs 2022.The topline fjgure was bolstered by an$830 million mega-round for US-based Footprint,which makes molded fjber products that can be recycled or composted,but have the kind of barrier properties fjrms expect from plastic(warding off moisture,oil,and vapor).AMERICASEUROPEASIAOCEANIAAF

107、RICA$4.8 MILLION$365 MILLION$2.3 MILLION$1.9 BILLION$780 MILLIONFootprint$830 millionSERIES BEcoCeres$400 millionLATECambrian Innovation$200 millionLATEBioenergy&BiomaterialsTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMIn 2023 sizable seed investments went to US-based w

108、aste remediation startup Adar Technologies;Germany-based synbio fjrm Cambrian;and Danish startup Chromologics,which produces vibrant red pigments via precision fermentation.Yufunian$140 millionSERIES A0304050106020708Coffee Cherry$100 millionLATEEvozyne$81 millionSERIES BNEXT Renewable Fuels$75 mill

109、ionLATECharm Industrial$100 millionSERIES BFarm Management Software,Sensing&IoT2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMThe Farm Management category,which includes most precision ag tools as well as operations management software,declined from$1.7 billion in

110、 2022 to$716 million in 2023.While the Americas led the category in 2022,Europe sped ahead in 2023,with startups on the continent raising$240 million over 73 deals.Asia was far behind the Americas for funding in 2022,taking an equal share of funding dollars for this category in 2023.EUROPEAMERICASAS

111、IAOCEANIAAFRICA$87 MILLION$2.4 MILLION$240 MILLION$194 MILLION$193 MILLIONFarm Management Software,Sensing&IoTTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMMany of the top rounds went to technologies dealing with soil carbon data(e.g.Agreena)and crop management(e.g.Green

112、labs&CropX).However,the top spot went to Australias Halter,which makes precision tools for livestock management specifjcally dairy farming.Another livestock-management platform,US-based Vytelle,raised$20 million,while Indonesias JALA,which raised$16 million,offers precision ag technologies for shrim

113、p farming,which is a signifjcant source of livelihood in Southeast Asia.Greenlabs$39 millionDEBTOrbem$32 millionSERIES A0304CropX$30 millionSERIES C0501Halter$53 millionSERIES CEarthOptics$28 millionSERIES B06Agreena$50 millionSERIES B020708Source.ag$23 millionSERIES AHydrosat$23 millionSERIES AFarm

114、 Robotics,Mechanization&Other Equip.2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFarm Robotics is far more vast than the autonomous tractors and harvesting bots the category typically calls to mind.Asias lead in 2023 underscores this:its$379 million raised by st

115、artups is largely thanks to two raises by Indonesias eFishery,which automates processes for fjsh and shrimp farmers.The Americas,which held the top place for investment dollars in 2022,saw less funding for Farm Robotics in 2023 but over a few more deals than in Asia:37 and 31,respectively.ASIAEUROPE

116、AMERICASOCEANIA$9 MILLION$139 MILLION$379 MILLION$233 MILLIONFarm Robotics,Mechanization&Other Equip.Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFor the second consecutive year,eFishery held the top deal with a$200 million Series D that took place across two rounds.Oth

117、er notables included deals for drones(Percepto),precision spraying(Ecorobotix)and precision irrigation(N-Drip).Elsewhere,Agtonomy,which“uplifts”tractors to make them autonomous,raised$22 million,as did drone manufacturer Wingtra.Zordi raised$20 million for its modular robotic greenhouse platform,and

118、 AgFunder portfolio company Aigen landed$12 million for its fmeet of solar-powered fjeld robots.Percepto$67 millionSERIES CEcorobotix$52 millionSERIES C0304N-Drip$44 millionSERIES C0501eFishery$108 millionSERIES DCarbon Robotics$43 millionSERIES C06eFishery$92 millionSERIES D020708Sollum Technologie

119、s$25 millionLATEEcozen$25 millionSERIES CInnovative Food2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFunding for this category fell 51%to$1.6bn in 2023,while deal count fell a more modest 19%,with the big checks going to alternative protein startups in 2021 and

120、early 2022 replaced by smaller sums going to a broader range of fjrms in everything from sugar reduction tech(Incredo,Bonumose)to meal replacements(yfood Labs,Huel).EUROPEASIAAMERICASOCEANIAAFRICA$24 MILLION$165 THOUSAND$746 MILLION$582 MILLION$200 MILLIONInnovative FoodTop deals 2023($USD)GLOBAL AG

121、RIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMOne segment to watch closely in 2024 is cultivated meat,which attracted just$177 million in 2023 with the top threepretty modest checks going to Meatable($35 million series B),BlueNalu($33.5 million series B)and Uncommon($30 million series A).Meanwhile,t

122、he best-funded player(UPSIDE Foods)hit pause on plans to build a large-scale commercial site in Illinois;GOOD Meat was sued by its bioreactor supplier over allegedly unpaid bills;Finless Foods made big cutbacks;and New Age Eats shut up shop after running out of cash.Ripple Foods$49 millionLATEDAIZ$4

123、8 millionSERIES C0304L Nutra$47 millionSERIES D0501yfood Labs$229 millionSERIES CENOUGH$44 millionSERIES C06Huel$83 millionSERIES C020708No Meat Factory$42 millionSERIES BBonumose$35 millionSERIES C Rarebird makes Px coffee.Its coffee,but better.Instead of caffeine,our patented coffee contains Px,th

124、e worlds fjrst caffeine replacement.Rarebirds coffee tastes and is brewed like any other;the difference is in how you feel.Compared to regular coffee,people whove switched to Px feel better during the day and sleep better at night.Startup spotlight RarebirdINNOVATIVE FOOD&BEVERAGESGLOBAL AGRIFOODTEC

125、H INVESTMENT REPORT 2024|AGFUNDER.COMWhat agrifood challenges are you trying to solve and how?Following water,coffee is the most consumed beverage in the United States,and caffeine,the active ingredient that gives coffee its spark,is the most consumed drug globally.The issue with caffeine is it magn

126、ifjes feelings of stress and anxiety that jittery,wired feeling and it persists in the body for a long time,negatively affecting sleep quality.Rarebird replaces the caffeine in coffee with Px,an active metabolite of caffeine that doesnt come with caffeines negative side effects.Its metabolized by yo

127、ur body faster so its less likely to affect sleep quality.It also doesnt leave you feeling jittery and stressed out.In short,its coffee that is better for your mental wellbeing.How have you weathered the current venture capital downturn?We returned to business fundamentals and have focused our time

128、and effort on the core aspects of the business.When capital was abundant,you had the ability to pursue projects with longer term returns,where now its about doing what needs to be done to make the business profjtable.What does 2024 have in store for you?Were excited to introduce Px coffee to more pe

129、ople!It wont happen in 2024,but our goal is for you to walk into any coffee shop in the US and see Px coffee on the menu board.Want to try Rarebird?Buy it online here.We invested in Rarebird because we saw an opportunity to improve a drink loved by over 2 billion people daily.Rob Leclerc Founding Pa

130、rtner,AgFunderrarebird.coffeeNovel Farming Systems2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFunding for Novel Farming Systems fell off a cliff in 2023,with startups attracting just$680 million in 2023 a 75%drop on 2022 levels,as jaundiced investors saved thei

131、r capital for models with proven unit economics and fjnancial returns.However,not all such bets paid off.Several companies that secured funding in 2023 headed into bankruptcy proceedings in the same year(Lemnature AquaFarms,AeroFarms);while others(nsect)laid off staff and restructured in a bid to ac

132、celerate profjtability.The bankruptcies have continued in 2024,such as Smallhold.EUROPEAFRICAAMERICASOCEANIAASIA$33 MILLION$30 MILLION$35 MILLION$379 MILLION$202 MILLIONNovel Farming SystemsTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMDespite the fmood of bankruptcies,l

133、ayoffs,and grim headlines in 2023,several players raised some sizable sums,with Protix netting$61 million from Tyson Foods to build a new insect farming facility in the US;and GoodLeaf Farms and Planet Farms securing$58 million and$40 million respectively to expand their vertical farming operations

134、for leafy greens.Protix$61 millionLATEGoodLeaf Farms$58 millionDEBT03040501Ynsect$175 millionSERIES D06AeroFarms$71 millionLATE020708Stacked Farm$27 millionSERIES ACH4 Global$29 millionSERIES BVictory Farms$35 millionSERIES BPlanet Farms$40 millionSERIES BGoterra is revolutionizing waste management

135、in the agrifood sector with innovative,sustainable solutions.By harnessing the power of maggots and robotics,Goterra transforms food waste into valuable protein and soil conditioner,tackling environmental challenges and contributing to a circular economy.Startup spotlight GoterraNOVEL FARMING SYSTEM

136、SGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMWhat agrifood challenges are you trying to solve and how?In addressing agrifood challenges,Goterra focuses on two main issues:food waste management and sustainable protein production.Our unique approach uses maggots in modular systems to proces

137、s organic waste on-site,or as close to the source of waste as possible.This method not only reduces greenhouse gas emissions by 97%versus landfjll,but also creates high-quality protein for animal feed and a nutrient-rich soil conditioner(frass).By converting waste into resources,were contributing to

138、 a more sustainable agrifood system.How have you weathered the current venture capital downturn?The recent venture capital downturn has been challenging,but Goterras resilience lies in our innovative business model and the growing recognition of the importance of sustainable waste management.Our par

139、tnerships with key stakeholders,including venture capitalists but also collaboration with research institutions like CSIRO and Deakin University,have been pivotal.Weve focused on optimizing our operations and demonstrating the tangible environmental and economic benefjts of our solution to maintain

140、investor confjdence and attract potential funding.What does 2024 have in store for you?Goterra is set for signifjcant expansion.Our goal is to increase our waste processing capacity,further reducing negative environmental impacts.We plan to introduce our innovative waste management systems in new ma

141、rkets,both domestically and internationally.These expansions will be accompanied by continuous technological advancements to enhance effjciency and adaptability to various waste types.Furthermore,we aim to solidify our position as a leader in sustainable waste management in the agrifood sector,provi

142、ding a blueprint for others to follow in making the food supply chain more sustainable.goterra.auIn-store Retail&Restaurant Technology 2023 Funding by region($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMTotal funding in this category fell 57%to$1.5bn in 2023,with the biggest checks go

143、ing to UK-based Iwoca,which provides credit fjnancing to restaurants and other small businesses;and US-based Restaurant365,which provides accounting,inventory management,scheduling,payroll and HR services to restaurants.AMERICASASIAEUROPEAFRICAOCEANIA$60 MILLION$1.5 MILLION$557 MILLION$543 MILLION$3

144、23 MILLIONIn-store Retail&Restaurant TechnologyTop deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMPlayers to watch include Irish startup Everseen,which applies computer vision to the retail sector to tackle theft;and Chinese fjrm Minicoffee,which develops and operates smart c

145、offee terminal equipment for companies.Everseen$71 millionSERIES AMinicoffee$63 millionSERIES B0304Instawork$60 millionSERIES D0501iwoca$244 millionDEBTiwoca$56 millionDEBT06Restaurant365$135 millionLATE020708Odeko$53 millionSERIES DTrax$50 millionDEBTMidstream Technologies2023 Funding by region($US

146、D)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMThe Midstream Technologies category includes areas along the middle of the supply chain such as food safety and traceability,logistics and processing.The Americas formerly led the Midstream category but saw investment dollars plummet 75%to jus

147、t$279 million in 2023.Asia took the top spot in 2023,with startups raising$423 million,albeit across fewer deals:79 compared to 104 in the Americas.ASIAVAMERICASEUROPEAFRICAOCEANIA$58 MILLION$423 MILLION$271 MILLION$279 MILLION$8 MILLIONMidstream TechnologiesTop deals 2023($USD)GLOBAL AGRIFOODTECH I

148、NVESTMENT REPORT 2024|AGFUNDER.COMUS-based Divert,which converts food waste into biogas,had the categorys largest round,followed by a strong showing from Chinese companies,three of which landed in the top rounds.Other notable rounds in the category include a$20 million raise from retail inventory te

149、ch startup Crisp as well as$18 million for Chinas Zhu Hang Xian Sheng,which integrates online and offmine food retail data for the pork industry.Ruiyun Cold Chain$69 millionSERIES AOritain$57 millionLATE0304PhaBuilder$53 millionSERIES A0501Divert$100 millionLATE06Qianhai Yueshi Information Tech.$86

150、millionSERIES B020708Controlant$40 millionLATESabi Am$38 millionSERIES BGoglio Group$50 millionDEBT Atinary is an enterprise SaaS startup,providing AI solutions that make innovation exponentially faster by fully integrating AI,robotics(optional)and cloud computing in R&D labs.Atinary augments resear

151、chers and speeds up the discovery and optimization of materials and molecules with machine learning,accelerating the time-to-market of breakthrough products.Startup spotlight AtinaryMISCELLANEOUS(AI RESEARCH)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMWhat agrifood challenges are you tryi

152、ng to solve and how?Atinary has use cases and clients in various industries,including food,life sciences,and climate tech.Atinarys no-code AI platform,SDLabs,can seamlessly integrate robotic platforms into the workfmow and close the loop with ML algorithms,enabling what they call Self-Driving Labs.T

153、he ideal applications are in formulation,catalysis,and synthesis,allowing users to optimize chemical reactions and fjnd the best materials and molecules 100X faster and at a fraction of the cost compared to current methods such as Design of Experiments and High-throughput Experimentation.Our SDLabs

154、platform has been validated and deployed with leading companies such as DSM-Firmenich and IBM Research Zurich,as well as in top universities including MIT,ETH Zurich and DTU,among many others.How have you weathered the current venture capital downturn?Atinary has maintained lean operations with its

155、outstanding team of engineers and experts in AI,machine learning,chemistry,and software development.We were also fortunate to close a$5 million seed round led by AgFunder and supported by Cherubic Ventures in 2023.What does 2024 have in store for you?In 2024,Atinary looks to accelerate its revenues

156、and scale its client base.The target industries are pharma and biotech,with additional clients in the chemical,advanced materials and climate tech industries,as well as partnerships in academia and other strategic partners.NYU professor Scott Galloway argues that most$100 billion companies are time

157、machines,reshaping our understanding of whats possible when times ticking away.Atinary is just that.Manuel Gonzalez Partner,AgFInvestments by geographyGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM$5.4 BILLION$683 MILLION$540 MILLION$457 MILLION$400 MILLION$358 MILLION$790 MILLION$1.3 BILLI

158、ON$1.3 BILLION$776 MILLIONGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMInvestments by geographyTop countries 2023($USD)2183 deals raised globally in 20231939 unique companies globally$11.9 billion raised globally in 2023 Country$USD%change01 United States 5.4b-58%02 United Kingdom 1.3b-29%

159、03 China 1.3b-14%04 India 790m-76%05 Germany 776m+59%Country$USD%change06 Spain 683m+348%07 France 540m-58%08 Switzerland 457m+197%09 Canada 416m-60%10 Hong Kong 400m+179%20192020202120222023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMShare of agrifoodtech investment by geography 2019-202

160、3($USD)Americas Asia Europe Africa Oceania5 years of agrifoodtech by region($USD)No global region was immune to the downturn,although European startups felt it less acutely with a 14%decline.African investment levels remained higher than 2021 whereas Asia did not recover its pre-Covid totals.The US

161、was particularly badly hit with its share of agrifoodtech funding dropping to just over 30%;the country usually counts for at least 40%of all investment.2520151050Total funding billions$USD$8.7 BILLION$752 MILLION$348 MILLION$14.8 BILLION$5.9 BILLION$16.3 BILLION$626 MILLION$450 MILLION$24.2 BILLION

162、$11.3 BILLION$8.4 BILLION$193 MILLION$261 MILLION$13.9 BILLION$3.4 BILLION$5 BILLION$157 MILLION$111 MILLION$12.4 BILLION$3.5 BILLION$5.1 BILLION$260 MILLION$271 MILLION$6.1 BILLION$3.8 BILLIONGLOBAL AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM10 Years in AgTech&FoodTech e-zineAgFunder was incor

163、porated in 2013 to bring more funding and innovation to the agrifood sector.It was founded in the same year as Monsantos pivotal$1bn acquisition of Climate Corp.This celebratory zine takes you on a journey of investment trends,category timelines,OG founder interviews,VC views,and the history of AgFu

164、nder and its team.So sit back and enjoy the ride-we certainly did!10 Years in Agtech and FoodTech a celebration and potted historyDownloadUS spotlight Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM01Footprint 830 million BIOENERGY&BIOMATERIALS02Indigo$250 million AG MARK

165、ETPLACES&FINTECH03Cambrian Innovation$250 million BIOENERGY&BIOMATERIALS04Restaurant365$135 million INSTORE RETAIL&RESTAURANT TECH05Xpansiv$125 million AG MARKETPLACES&FINTECHDollar funding in US agrifoodtech startups dropped 58%to$5.37bn in 2023,while deal count fell 26%to 655,refmecting generally

166、smaller rounds,with the exception of an$829.5m mega-deal for biomaterials specialist Footprint at the end of the year.US spotlight2014-2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM Upstream Midstream Downstream2520151050Total funding billions$USD2023202220212020201920182017201620

167、152014$3.2 BILLION$3.4 BILLION$2.5 BILLION$5 BILLION$9.2 BILLION$10.2 BILLION$13 BILLION$12.7 BILLION$5.4 BILLION10 year agrifoodtech investment in US($USD)64874868777689297410211204876655Number of deals$21.4 BILLIONThe big shift in 2023 was a move towards categories such as Bioenergy&Biomaterials(F

168、ootprint),and Ag Marketplaces&Fintech(Indigo)and away from categories that attracted the big bucks in 2021 and early 2022,when huge checks went to eGrocers such as Weee!,indoor farmers such as Plenty,and cultivated meat startups such as UPSIDE Foods.US spotlight2023($USD)GLOBAL AGRIFOODTECH INVESTME

169、NT REPORT 2024|AGFUNDER.COM5.2%(34)10.6%(69)5.9%(38)8.8%(57)12.9%(84)4.9%(32)7.9%(51)13.3%(86)14.5%(94)3.5%(23)4.9%(32)4.3%(28)2.9%(19)0.3%(2)Categories by funding($USD)Investment by deal countCategory$USD Deals Bioenergy&Biomaterials 1.8b 69 Ag Marketplaces&Fintech 626m 38 Ag Biotechnology 501m 57

170、Innovative Food 458m 84 Farm Robotics,Mechanization&Equipment 194m 32 Novel Farming Systems 140m 19 Farm Management Software,Sensing&IoT 140m 51 Midstream Technologies 256m 86 Miscellaneous 25m 2 In-store Retail&Restaurant Tech 509m 94 Online Restaurants&Meal Marketplaces 241m 34 Cloud Retail Infras

171、tructure 231m 23 Home&Cooking 171m 32 eGrocery 77m 28655 deals across the region$5.4 billion$USD investment Upstream Midstream DownstreamAustralia in focus Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM0201Stacked Farm$26.7 million BIOENERGY&BIOMATERIALSLoamBio$73.2 mill

172、ion AG BIOTECHNOLOGY03Eden Brew$15.4 million INNOVATIVE FOOD04Rumin8$12 million AG BIOTECHNOLOGY05FoodByUs$12 million ONLINE RESTAURANTS&MARKETPLACESParts of Australia are considered climate“hotspots,”experiencing some of the most extreme impacts of climate change.It follows,then,that some of the to

173、p agrifoodtech investments in the country went to upstream startups focused on soil carbon storage(Loam Bio),methane reduction(Rumin8)and energy-effjcient indoor farming systems(Stacked Farm).Australian agrifoodtech startups raised$187 million in 2023 across 29 deals.Australia spotlight2023($USD)GLO

174、BAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM3.4%(1)10.3%(3)17.2%(5)6.9%(2)10.3%(3)6.9%(2)17.2%(5)6.9%(2)3.4%(1)10.3%(3)6.9%(2)Categories by funding($USD)Investment by deal countCategory$USD Deals Ag Biotechnology 501m 3 Novel Farming Systems 140m 5 Innovative Food 458m 2 Farm Robotics,Mechan

175、ization&Equipment 194m 3 Bioenergy&Biomaterials 1.8b 2 Farm Management Software,Sensing&IoT 140m 5 Ag Marketplaces&Fintech 626m 2 Midstream Technologies 256m 2 Online Restaurants&Meal Marketplaces 241m 1 eGrocery 77m 1 In-store Retail&Restaurant Tech 509m 329 deals across the region$187 million$USD

176、investment Upstream Midstream DownstreamEmerging market spotlight Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM01EcoCeres$400 million BIOENERGY&BIOMATERIALS02Zepto$200 million EGROCERY04Nana$133 million EGROCERY03Yufunian$141 million BIOENERGY&BIOMATERIALS05eFishery$108

177、 million FARM ROBOTICS,MECH.&OTHER EQChina and India have dominated emerging market agrifoodtech funding totals for many years,especially in 2021 when they brought in a combined$11 billion.In 2022 and 2023 their share of emerging markets declined to around 40%with big deals from countries like Indon

178、esia(eFishery),Saudi Arabia(Nana),Israel(Percepto),Brazil(SuperBAC)and Singapore(Trax)among the top 20.GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMEmerging market spotlight 2014-2023($USD)Emerging market agrifoodtech ecosystems with signifjcant downstream investment activity in previous y

179、ears were the most badly hit.Africa in 2023,where upstream and farmtech investments have generally dominated,has fared better;in 2023 the region brought in more funding than 2021,albeit from a low base.Asias prowess in alternative protein,indoor farming and food delivery did not serve the region wel

180、l in 2023.With so much need and opportunity to serve the worlds 600 million smallholder farmers producing at least one third of the worlds food,its good news that in 2023 upstream investment($2.45bn)was greater than downstream$1.3 billion),although investment in the midstream was very low($497 milli

181、on).20151050Total funding billions$USD2023202220212020201920182017201620152014$5.1 BILLION$3.9 BILLION$3 BILLION$4.3 BILLION$8.8 BILLION$7 BILLION$9.5 BILLION$10.9 BILLION$19.8 BILLION$4.7 BILLION10 year agrifoodtech investment in emerging markets($USD)Emerging market spotlight2023($USD)GLOBAL AGRIF

182、OODTECH INVESTMENT REPORT 2024|AGFUNDER.COM11.4%(89)8.5%(67)4.7%(37)4.8%(38)10.6%(83)12.9%(101)9.3%(73)4.2%(33)13.3%(104)6.8%(53)5.5%(43)6.3%(49)1.4%(11)0.4%(2)Categories by funding($USD)Investment by deal count785 deals across the region$4.7 billion$USD investment Upstream Midstream DownstreamCateg

183、ory$USD Deals Bioenergy&Biomaterials 818m 37 Ag Biotechnology 585m 67 Farm Robotics,Mechanization&Equipment 389m 38 Ag Marketplaces&Fintech 365m 83 Farm Management Software,Sensing&IoT 294m 101 Innovative Food 234m 73 Novel Farming Systems 103m 33 Midstream Technologies 505m 104 Miscellaneous 125k 3

184、 eGrocery 733m 53 In-store Retail&Restaurant Tech 421m 89 Cloud Retail Infrastructure 109m 43 Online Restaurants&Meal Marketplaces 88m 49 Home&Cooking 39m 11 Unknown 14m 1Investments by stageInvestments by stage 2018-2023Investment by stage($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.CO

185、MEarly-stage investment appears close to pre-Covid levels,however funding in the second half of the year dropped signifjcantly.Growth and late stage companies are also expected to continue to face severe challenges in raising funds,especially those with high capex requirements.2520151050Total fundin

186、g billions$USD20192018$4.4 BILLION$10.5 BILLION$4.5 BILLION$700 MILLION2020$9.3 BILLION$10.1 BILLION$5.3 BILLION$1.5 BILLION$17.7 BILLION$24.6 BILLION$9.3 BILLION$1.3 BILLION$11.4 BILLION$8.7 BILLION$8.5 BILLION$2 BILLION$4.6 BILLION$4.3 BILLION$4.6 BILLION$2 BILLION$6.7 BILLION$8.7 BILLION$5 BILLIO

187、N$996 MILLION202120222023 Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D+)DebtInvestments by stage 2018-2023Deal activity by stageGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAfter steady growth during the pandemic years,the number of agrifoodtech deals has dropped roughly 9

188、%below 2019 levels.Much of this can be attributed to wider macro trends that have made investment dollars less plentiful.Early,growth and late stages all saw fewer deals in 2023 compared to 2019.Debt funding was the only stage that saw a modest increase in deal numbers in 2023.3000250020001500100050

189、00Number of deals20192018188 GROWTH105 LATE2009 EARLY67 DEBT2020255 GROWTH115 LATE2383 EARLY119 DEBT253 GROWTH124 LATE2386 EARLY94 DEBT2021367 GROWTH201 LATE2853 EARLY148 DEBT2022160 DEBT295 GROWTH121 LATE2364 EARLY2023174 GROWTH87 LATE1797 EARLY124 DEBT Early(Pre-Seed to Series A)Growth(Series B to

190、 C)Late(Series D+)DebtInvestments by stage 2018-2023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMMedian deal size by stage($USD)Its interesting to see that median deal sizes remain above pre-Covid/pre-VC boom times across all stages despite the dramatic decrease in overall funding levels.I

191、n fact,venture debt deals appear to have continued their upward trajectory.6050403020100Total funding millions$USD20192020202120222023 Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D+)Debt$922 THOUSAND$13.7 MILLION$39.9 MILLION$1 MILLION$2.1 MILLION$1.8 MILLION$20 MILLION$50 MILLION$1.

192、3 MILLION$1.5 MILLION$28.2 MILLION$60 MILLION$1.5 MILLION$4 MILLION$4.2 MILLION$27.1 MILLION$56.6 MILLION$1.5 MILLION$18.2 MILLION$47 MILLIONInvestments by stage Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMThe majority of early-stage rounds went to upstream companies t

193、hose working at the farm or lab.This shouldnt surprise,as much focus has shifted in that direction since 2021.All four Ag Biotechnology companies in the top rounds were Chinese startups,as were two midstream startups.Restaurant tech,online restaurants and at-home cooking represented the downstream s

194、ector in the top rounds.COUNTRYRAISEDCOMPANIES FUNDEDSTREAM$25mqlub$20.3mThe Cumulus Coffee Company$20mADAR Technologies,LLC$19.6mKonscious Foods$18.8mConstellr$15mBetter Foods$14.5mQihe Biotech$14mYDLabs$13.8mWeiyuan Synthetic Biotechnology$12.7mCookinCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$141.4mYufun

195、ian$86.6mKingAgroot$70.9mEverseen$68.9mRuiyun Cold Chain$54.7mShiji Biotechnology$53.3mPhaBuilder$40mMarketForce$38.7mTraceless Materials$36mKernel Foods$34mUmiamiSeed Upstream Midstream DownstreamSeries AInvestments by stage Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.CO

196、MBioenergy&Biomaterials companies accounted for two of the three top spots for Series B rounds in 2023.These mega-raises from materials science company Footprint and biomass conversion startup Charm Industrial suggest growing interest in alternative materials and converting waste such as agricultura

197、l byproducts into other uses.Chinas Bluepha,which has developed a microbial plastic replacement material,also had a healthy Series B round.COUNTRYRAISEDCOMPANIES FUNDEDSTREAM$829.5mFootprint$161.3mFlink Food$100mCharm Industrial$85.9mQianhai Yueshi Information Technology$81mEvozyne$73.5mShef$73.2mLo

198、am Bio$62.9mMinicoffee$60mFulfjl Solutions$58.6mBluephaCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$229.4myfood Labs$133.3mNana$82.5mHuel$71.1mAphea.Bio$70mMill$67mPercepto$53.3mHalter$50mJOKR$50mDaki$47.6mDAIZSeries B Upstream Midstream DownstreamSeries CInvestments by stage Top deals 2023($USD)GLOBAL AGRIF

199、OODTECH INVESTMENT REPORT 2024|AGFUNDER.COMBiomaterials companies once again contributed to a big chunk of late-stage investments,most notably with EcoCeres$400 million round from Bain Capital.Meanwhile,downstream companies were prominent amongst Series D fundings,including three startups from eGroc

200、ery,a once-prominent category that has since struggled in the midst of consolidation,stiff competition and tough capital markets.COUNTRYRAISEDCOMPANIES FUNDEDSTREAM$174.8mYnsect$108meFishery$104.1mFreshtohome$100mLeafLink$92meFishery$60mInstawork$53mOdeko$50mDaki$50mJOKR$47mNewLeaf SymbioticsCOUNTRY

201、RAISEDCOMPANIES FUNDEDSTREAM$400mEcoCeres$353.4mButternut Box$325mAtlas Agro$250mIndigo$200mZepto$200mCambrian Innovation$135mRestaurant365$129mBiobest$125mXpansiv$100mDivertSeries D Upstream Midstream DownstreamLateInvestments by stage Top deals 2023($USD)GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|

202、AGFUNDER.COMClearly eGrocery is down but not out,if Spanish online grocery company Eroskis$544 million raise is any proof.Restaurant tech companies also had a few notable rounds,including iwoca,which connects small businesses in the UK and Germany,including bars and restaurants,to credit access.The

203、company had two major raises in 2023,including one for$244 million.Debt Upstream Midstream DownstreamCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$544.7mEroski$244.2miwoca$177mLocus Fermentation Solutions$100mSilo$58mGoodLeaf Farms$55miwoca$50mTrax$50mAemetis Biogas$49.5mGoglio Group$49.4mGreen GeniusFood Was

204、teGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMFunding and deals 2019-2023Funding by solutionDeals by solutionGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMSignifjcant investment has been supporting recycling solutions which have the perception of being able to scale and handle la

205、rge volumes of waste.This area has also gotten a lot of government infrastructure support.Recycling Rescue Prevention General6050403020100Total funding millions$USD20192020202120222023$3.7 MILLION$8 MILLION$13.5 MILLION$16.8 MILLION$16.3 MILLION 250200150100500Total deals20192020202120222023173 DEAL

206、S 184 DEALS 206 DEALS 166 DEALS 123 DEALS Deals by stage 2019-2023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMAlthough food waste as a sector still is in the early stages of development,we are now seeing solutions companies enter the later stage and are starting to scale with the help of

207、corporates.Early Late Exit OtherFood waste deal activity by stage250200150100500Number of deals by stage19 DEALS108 DEALS6 DEALS40 DEALS25 DEALS88 DEALS8 DEALS63 DEALS2019202020212022202342 DEALS88 DEALS19 DEALS57 DEALS49 DEALS59 DEALS15 DEALS43 DEALS37 DEALS51 DEALS12 DEALS22 DEALSLargest deals and

208、 participants 2023GLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMCOMPANY$SOLUTION TYPEINVESTORDEAL TYPE Sevana Bioenergy$250 million Recycling Ontario Teachers Pension Plan Buyout/LBOYnsect$175 millionRecyclingAstanor Ventures,FootPrint Coalition Ventures,Robert Downey,Upfront Ventures,Wind

209、CapitalLater Stage VC-Series DDivert$100 millionRecyclingAra Partners,EnbridgePE Growth/ExpansionAgrofresh$9 millionPreventionPaine Schwartz Partners,The Norinchukin Bank,Onex FalconBuyout/LBOMill$70 millionRecyclingBreakthrough Energy,Energy Impact Partners,GV,Lowercarbon Capital,MarketX,Prelude Ve

210、ntures,Springdale VenturesLater Stage VC-Series C Recycling Rescue Prevention GeneralNOTE:EXCLUDES WONDERS ACQUISITION OF BLUE APRON.Top agrifoodtech investors by deal countGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COM AGFUNDER GLOBAL FUNDS3374 venture investors backed Global companies in

211、2023RANKINGINVESTORN0.DEALSCOMPANIES FUNDED INCLUDE01SOSV45GOZEN,Fashol,Prime Roots02Techstars29Farmshare,FreshX,Hydrosat03Big Idea Ventures26Future Cow,Multus,PFx Biotech04Antler24KaFresh,Farmio,Agrigate05Crowdcube23Toraphene,RootWave,TiPJAR06ProVeg Incubator19Poseidona,AlliumBio,Ergo Bioscience07A

212、gFunder16Tepbac,Azaneo,Fable Food08FJ Labs15Fudo,Cayena,Chowbus09Bpifrance13Farmitoo,CarbonFarm Technology,Umiami10Leaps by Bayer11Andes,EarthOptics,Fork&Good11Anterra Capital10Berkeley Yeast,BiomEdit,Its Fresh!12Grosvenor Food&AgTech10Gousto,Vytelle,AeroFarmsAppendixGLOBAL AGRIFOODTECH INVESTMENT R

213、EPORT 2024|AGFUNDER.COMAgrifoodtech category definitionsMidstream TechnologiesFood safety&traceability tech,logistics&transport,processing techMiscellaneousAll other agrifood-related techIn-Store Retail&Restaurant TechShelf-stacking robots,3D food printers,payment systems,food waste monitoring IoTeG

214、roceryOnline stores+marketplaces for sale and delivery of processed and unprocessed ag products to consumerHome&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devices&home grow kitsOnline Restaurants and Meal MarketplacesOnline tech platforms delivering prepared food and me

215、al kits from a wide range of vendorsCloud Retail InfrastructureOn-demand enabling tech,ghost kitchens,last-mile delivery robots&servicesAg Biotechnology On-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal healthAgribusiness Marketplaces&FintechCommodities trading platform

216、s,online input procurement,equipment leasing,farmer fintechBioenergy&BiomaterialsNon-food extraction&processing,feedstock technology,cannabis pharmaceuticalsFarm Management Software,Sensing&IoTAg data capturing devices,decision support software,big data analyticsFarm Robotics,Mechanization&Equipment

217、On-farm machinery,automation,drone manufacturers,grow equipmentNovel Farming SystemsIndoor farms,aquaculture,insect&algae productionInnovative FoodCultured meat,novel ingredients,plant-based proteins Upstream Midstream DownstreamGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMSources&methodol

218、ogyGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMData Sources&CurationUtilizing new advanced machine-learning algorithms and artifjcial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to more than 30,000companies,with new startups and historic

219、al 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 fjlings,as well as crowdsourcing directly from our local data partners;in this case,Global:Omnivore,BitsxBites

220、,and Beyond Next Ventures.AgFunder contributes data from its own collection methods,including private communications with investors and companies.We also collect data from partners across the globe to ensure we have the most comprehensive,accurate and curated dataset and knowledge base of agrifoodte

221、ch companies and investments.The raw data is painstakingly curated by the AgFunder team,along with their data partners,to ensure they are relevant,accurate,up-to-date,and categorized according to AgFunders proprietary tagging system.We update and improve our dataset continuously throughout the year,

222、meaning total fjgures from previous years reports will shift as our dataset becomes more complete.In 2022,we tightened our defjnitions of what constitutes an agrifoodtech venture to ensure that the emphasis on food and agriculture is core to the business.Thats had a recalibrating effect on this year

223、s investment fjgures as well as some past data.Examples include logistics,drones,cloud and any other tech services that may have started in agrifood but have since added other sectors or pivoted away from agrifood.Weve maintained historical rounds that were raised on an agrifood focus,where we could

224、.While we are happy to share our fjndings,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 the data,charts,or commentary are used.Undisclosed FinancingsOf the 2183fjnancings in this reports curated dataset,655were

225、undisclosed and could not be determined through research or direct sources.We exclude undisclosed fjnancings when computing averages and median values.In some cases,were able to confjdentially obtain fjnancing fjgures directly from investors on the condition theyre only included in aggregate.Multipl

226、e FinancingsIn some cases,Crunchbase displays multiple fjnancings for the same company in the same year.This can be because a company closes subsequent rounds in the same year,but it can also be the result of several closes of the same round.We keep them separate unless they are announced as one sin

227、gle round.CategorizationAgFunders categorization system is designed to capture broad themes across the complex agrifoodtech value chain.The agrifood sector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribution,and the consumer

228、.In many cases,technologies such as marketplaces connect different links 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 fjrst employs over 150 machine learning and artifjcial intelligence models

229、 to suggest category placement and to help tag the company according to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with signifjcant research and debate among our team.Starting with our 2023 Global Agrifoodtech In

230、vestment Report,we combined Agribusiness Marketplaces and Fintech into one category as there is often overlap between the two.We maintained any fjntech tools for retailers or restaurants within the Retail Tech category.Given the reduction in funding to food delivery services,we have also now combine

231、d Online Restaurants&Meal Kits and Restaurant Marketplaces into one category.Weve also taken taken a stricter stance on cannabis 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

232、pure production in any other crop.If we believe the growing facilities are particularly high tech or utilize proprietary technology,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

233、it as a Biomaterials or Midstream Tech startup.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementTim Li and the rest of the Crunchbase team for their continued support and assistance.To Ryan Lee,for his tireless work with the data;Elaine Watson and Jenn Marston,

234、the main authors of the report;Robin Chauhan for his behind-the-scenes contributions,and our designer Katie Lively for her continued hardwork&support bringing our research to life-and patience with various last minute additions!Data partnersGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMDATA

235、 POWERED BYImage creditsPage 28 NiumPage 16 Mercy CorpsPage 26 Modern SynthesisPage 18 Hoxton FarmsPage 29 Mercy AgriFinPage 15 AradoPage 40 Pink FarmsPage 35 TerraoptimaPage 39 RarebirdPage 31 ToopiPage 33 WeenatPage 37 UmiamiGLOBAL AGRIFOODTECH INVESTMENT REPORT 2024|AGFUNDER.COMCover Modern Synth

236、esisPage 03 ZoomAgriPage 14 EggfjeldPage 02 KlimPage 05 RebreadPage 08 Ch4 GlobalPage 73 VackaPage 60 EionPage 55 Fable FoodsPage 68 ReFEDPage 57 DehaatPage 42 GoterraPage 47 AtinaryPage 45 BrightseedPage 43 Stock imagePage 52 FYTOPage 48 Ecobean agfunder agfunder agfunder AgFunderVCSubscribe to our must-read food+ag+climate newsletter and alerts about our funds at