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1、2021 European AgriFoodTechInvestment 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
2、 one of 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&
3、agtech founders2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM32021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM4INTRODUCTIONAgriFoodTechInvesting in Europe in 2021For all of the trials and tribulations of 2020,the agrifoodtech sector proved incredibly resilient(as we all did.)Glob
4、al trends point to a maturing sector with investors increasingly eager to cut checks for deep-tech upstream ventures as well as less capital-intensive software companies.Those trends resonated in Europes agrifoodtech scene,even with a slight dip in capital commitments in 2020.European agrifoodtech v
5、entures raised$3.3 billion in 2020,a 15%drop from 2019.We expect the total investment tally to reach$3.8 billion as new 2020 deals come to light.At that level,Europes 2020 funding would only represent a 2.6%decrease from 2019.Counter to global trends,the decrease was down to a drop in late-stage dea
6、ls.This appears to be the start of a new investment cycle in Europe,based on historical data,particularly last years late-stage deal spike.Indeed,last year we saw companies like Germanys Marley Spoon IPO after a late-stage round in 2019,while the UKs Deliveroo paused fundraising in 2020 ahead of a p
7、lanned IPO.There were also a number of undisclosed late-stage funding rounds that made the total commitments appear lower.There was heightened activity in early-stage investing,however,both in terms of dollars committed and number of deals closed.The big winners:European startups developing Novel Fa
8、rming Systems,Innovative Foods,and addressing Covid-19 impacts with Restaurant and Retail Eech and eGrocery solutions.A brief update on our methodology:we improve our dataset continuously,meaning total figures from previous years reports will shift as our dataset becomes more accurate.To account for
9、 data reporting latency,weve included projected totals based on quantitative analysis of the expected number of deals reported by December 31,2021.Weve based this off patterns from inbound data across previous years.As we observed in our Mid-Year review,now is the time to invest in agrifoodtech.In E
10、urope,investors have a new crop of early-stage innovators on the rise that will be eagerly watched(and supported)as they progress in the coming years.Thank you for reading and,as ever,were always open to feedback and questions.Jessica Pothering,Louisa Burwood-Taylor,and the AgFunder team2021 EUROPEA
11、N AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM5INTRODUCTION2021 Highlights from F&A Nexts FoundersCovid-19 heightened vulnerabilities in food and agriculture,exposing the need for sustainable practices and efficiency in the supply chain.In Europe,as globally,food retailers faced the brunt of the pand
12、emics impacts,while new entrants in last-mile food delivery emerged because forced at-home consumption accelerated consumer acceptance of digital offerings.Consumers dialed up demands for transparency about the origins of their food.At the same time,processed convenience products like ready-made mea
13、ls substituted fresh products.According to multiple surveys,the eating at home trend is likely to continue even when life normalizes.One somewhat surprising trend:Dutch innovators ascended to the top of Europes alternative protein craze,with MosaMeat and The Protein Brewery raising two of the larges
14、t three deals in the category in 2020.The European ecosystem remains small compared to other markets like the US,but clearly has its own unique dynamics and momentum,in spite of a small drop-in investment activity in 2020.The total number of deals in 2020 ended up just over 20%more than 2019(with th
15、e projected total even higher)thanks to a strong rise in Seed and Series A funding.Indeed,more than 65%of all deals were at the seed stage,pointing to strong entrepreneurial activity on the continent and positively,to the start of a new innovation cycle.Upstream investment surpassed downstream inves
16、tments,as they did globally in 2020.Geographically,Europes ecosystem is widening.While the UK and France continue to dominate,smaller markets like Greece,Lithuania and Iceland are showing up on the innovation map.Several new agrifoodtech-focused investors also entered the network,while many establis
17、hed agrifoodventure capital firms are raising new funds.Closer to home,Wageningen Campus is delivering on its promise to accelerate agrifoodtech entrepreneurship and innovation in the Netherlands thanks to coordinated initiatives by FoodValley,StartLife,Invest-NL and Wageningen University and Resear
18、ch.The latter launched The AtlasInvest Entrepreneurship Grant to support student entrepreneurs with impactful ideas.We hope you enjoyed the second virtual edition of F&A Next.Please stay connected and we very much look forward to catching up with all of you in person soon.Jan Meiling,StartLife|Jeroe
19、n Leffelaar,Rabobank2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM6SPECIAL THANKSCover&Section ImagesSpecial thanks to the portfolio companies of AgFunder and the F&A Next founders who contributed images to this years report.Connecterrais a Dutch AI startup using sensors,data,machine lear
20、ning to help farm operations become more efficient,productive and sustainable.(AgFunder portfolio.)Learn MoreFul Foods produces citrusy beverages from microalgae.Fuls production process enables the company to remove more carbon than it emits,making its products carbon negative.(F&A Next Heroes)Learn
21、 moreLa Fourche is a French online,organic store that promises savings of up to 50%cheaper delivered to your door.Learn moreWefarmis a farmer-to-farmer network and agribusiness marketplace for emerging markets,based out of the UK.It currently has over 2 million East African farmers on the platform.(
22、AgFunder portfolio.)Learn MoreSupplantis a brand-new blend of sugars from plant fibers,meaning Its lower in calories,low glycemic,prebiotic,and can help create a more efficient agricultural ecosystem.(AgFunder portfolio.)Learn MoreSAIA Agroboticsis working to help growers accelerate the adoption of
23、indoor farming by providing harvesting and crop handling services for greenhouse users.(F&A Next Heroes)Learn more2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM72020 OverviewImage courtesy of SAIAEuropean AgriFoodTechFunding Breakdown 2020UpstreamDownstream*projected increase as new deals
24、 come to light over next 12 months.See p.38In-store Restaurant&Retail,Online Restaurants&Mealkits,eGrocery,Restaurant Marketplaces,Home&CookingAg Biotech,Farm Management SW,Farm Robotics&Equipment Bioenergy&Biomaterials,Novel Farming,Agribusiness Marketplaces Midstream,Innovative Food 2021 EUROPEAN
25、AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM9Key InsightsWhile agrifoodtech funding soared globally in 2020,commitments to European startups dropped,falling to$3.3 billion from$3.9 billion in 2019.Even after a projected increase to$3.8 billon as we gather more data from the year,funding decreased on
26、the continent.To blame:the significant drop in late-stage deals,which saw its lowest level of funding since 2013.This could be cyclical for the continents agrifoodtech sector,however.The last big drop in late-stage funding(2016)followed a late-stage spike(2015),much like the one the sector witnessed
27、 in 2019.The continent is busy seeding the next wave of growth-stage companies:Seed and Series A-stage companies comprised 86%of round counts in 2020.Downstream funding dropped nearly$900 million from last year,again,largely because of a lack of late-stage deal activity.Upstream funding was the brig
28、ht spot in 2020 European agrifoodtech investing,as it was globally.Startups working close the farm brought in$600 million more in 2020 than in 2019 and an additional 90 ventures raised rounds.Upstream investment increased 50%YoY to$1.8 billion,surpassing downstream investment.It marks a major shift
29、from 2019,when the top funded categories were Restaurant Marketplaces,eGrocery and Cloud Retail Infrastructure.The three collectively accounted for nearly 50%of European agrifoodtech funding last year,but only 19%in 2020.(There were no Cloud Retail deals in 2020.)Novel Farming ventures claimed the l
30、argest share of agrifoodtech investments in Europe,with some big rounds for insect farming ventures in particular.In-Store Restaurant and Retail Tech took in 19%of 2020 fundinga considerably higher percentage than the global trend.Three companies are responsible for 88%of the capital committed to th
31、e sector.Innovative Food held on to third place and grew both in round counts and dollars committed.Key category moves:YEAR IN REVIEW2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM10“Key InsightsGlobally,agrifoodtech is no longer an early-stage industry.Europes ecosystem is far smaller tha
32、n the US,but the latest data show that the continent has already gone through a couple of innovation cycles,in the downstream sector at least.Many of the late-stage deals in 2020 were undisclosed rounds,such as Germany beverage delivery company Flaschenpost,which raised a Series D round in May.It wa
33、s then acquired by Dr.Oetker for$1 billion in November.Other late-stage companies had significant milestones:Germanys Marley Spoon IPOed in April after raising$30 million in 2019.And big late-stage ventures,like UKs Deliveroo,took 2020 after large rounds in 2019.Deliveroo,for example,was busy prepar
34、ing for an IPO.Behind the late-stage dropEuropes late-stage activity plummeted while early-stage increased,signaling that 2020 was the start of a new innovation cycle on the continent.Median deal sizes are climbing,except for at the seed stage.This suggests that as companies raise later rounds,theyr
35、e able to secure more capital than their earlier-generation peers.The increase in median deal sizes was also reflected in the wider global venture capital markets,according to VenturePulse report,though not as acutely.Geographically,the ecosystem is widening.Though the map continues to be dominated
36、by the UK and Northern Europe,this years Top 20 list included Greece,Lithuania and Iceland.Russian startups raised about$47 million more in 2020 than in 2019.YEAR IN REVIEW2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM11YEAR IN REVIEWAnnual Financings|2012-2020Current total as of April 26
37、,2021Projected increase from reporting latency2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM12YEAR IN REVIEWProjected Annual Funding($)|2012-2020Upstream/Downstream$1.2bn$1.8bnDownstreamUpstream2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM13Projected Number of Deals(#)|2012-20
38、20DownstreamUpstreamUpstream/Downstream260420YEAR IN REVIEW2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM14YEAR IN REVIEWMedian Deal Size|2012-2020DownstreamUpstream$1.3m$0.88mUpstream/Downstream2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM15Deals by CategoryImage courtesy of
39、Supplant2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM16In-Store Retail&Restaurant TechShelf-stacking robots,3D food printers,POS systems,food waste monitoring IoT.Home&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devices.Restaurant MarketplacesOnline tech plat
40、forms delivering food from a wide range of vendors.eGroceryOnline stores and marketplaces for sale&delivery of processed&unprocessed ag products to consumer.Online Restaurants&MealkitsStartups offering culinary meals and sending pre-portioned ingredients to cook at home.Innovative FoodCultured meat,
41、novel ingredients,plant-based proteins.Miscellaneous eg,fintech for farmersUpstreamDownstreamBothAgriFoodTech Category DefinitionsWHAT IS WHAT IS AGRIFOODTECHAGRIFOODTECH?Midstream TechnologiesFood safety&traceability tech,logistics&transport,processing tech.Bioenergy&BiomaterialsNon-food extraction
42、&processing,feedstock technology,cannabis pharmaceuticals.Ag BiotechnologyOn-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal health.Novel Farming SystemsIndoor farms,aquaculture,insect&algae production.Farm Robotics,Mechanization&EquipmentOn-farm machinery,automation,dro
43、ne 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.Cloud Retail InfrastructureOn-demand enabling tech,ghost kitche
44、ns,last-mile delivery robots&services2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM17DEALS BY CATEGORY2020 Deal Volume and Activity by Category$665M$545M$408M$279M$238M$182M$167M$163M$151M$104M34029475601 02 03 04 05 06 07 08 001 0 02 0 03 0 04 0 05 0 06 0 07 0 0Novel Farming S
45、ystemsIn-store Retail&Restaurant TechInnovative FoodeGrocerRestaurant MarketplacesAg BiotechnologyBioenergy&BiomaterialsOnline Restaurants&MealkitsFarm Mgmt SW,Sensing&IoTMidstream Technologies#Deals Financing2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM1824%19%15%10%9%6%6%6%5%Novel Farm
46、ing SystemsIn-store Retail&Restaurant TechInnovative FoodeGrocerRestaurant MarketplacesAg BiotechnologyBioenergy&BiomaterialsOnline Restaurants&MealkitsFarm Mgmt SW,Sensing&IoTEuropean Deal Volume($)by CategoryDEALS BY CATEGORY2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM19Deal Count(#)b
47、y Category 2019 vs 2020DEALS BY CATEGORYInnovativeFoodeGrocerIn-Store Retail&Restaurant TechMidstream TechnologiesRestFarm Mgmt Software,Sensing&IoTInnovativeFoodeGrocerIn-Store Retail&Restaurant TechMidstream TechnologiesRestFarm Mgmt Software,Sensing&IoT7110.8%497.5%10415.6%29644.3%7511.4%7010.5%7
48、510.9%7811.3%9513.8%31345.4%639.2%659.4%2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM20Fund IVInvest with us in iconic,next generation and planet positive foodtech and agtech startups.Get notified:https:/ EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM21$222M$170M$166M$60M$23M$11M$7
49、M$5M$4M$3M$3M$2M$2M$1M$1MYnsectInfarmInnovaFeedThe Kingfish CompanyPlantLabnextProteinEntocycleIntelligent GrowthNasekomoSimris AlgLettUs Grow LtdDrygroOcean RainforestVertical FutureChamperchTop Ag Biotech DealsDEALS BY CATEGORYEuropean innovators lead the novel farming sector worldwide.Insect farm
50、ing is having a moment,with French innovation(Ynsect,InnovaFeed,also,nextProtein)at the forefront.For indoor ag,German hyperlocal vertical farming venture InFarm raised the biggest round both in Europe and globally in 2020.Gene editing technologies continue to dominate.French“Synthetic DNA”producer
51、DNA Script extended its Series B round,raising an additional$50 million on top of$39 million in 2019.Some biotech startups raised capital for turning their attention to Covid-19.Top Novel Farming Systems DealsUpstreamAgFunder portfolio company$50M$30M$29M$17M$11M$7.6M$6.6M$6.5M$4.0M$3.8M$3.1M$2.7M$2
52、.0M$1.3M$1.2MDNA ScriptevonetixTropic BiosciencesAphea.BioBiotalys(was AgroSavfe)MootralVirovetMoA Technology LtdAnimabMicroGen BiotechAgroSustainLes AlchimistesBioStrandMiAlgaeeniferBio2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM22Top Innovative Food DealsDEALS BY CATEGORYEntering the
53、scene:companies supporting the agrifood sectors clean energy transition.Lithuania-based Green Genius develops distributed clean energy products,including for food companies like Polands Marwit Foods.Alt-meat is here to stay.The Netherlands cultured-meat company Mosa Meat raised two slugs of capital
54、to put its hamburger on track for market,pending regulatory clarity.Cubiq is growing cellular fats.The Meatless Farm,The Protein Brewery and THIS.CO are focused on new plant-based alternative meats.Top Biomaterials&Bioenergy DealsUpstream$55M$31M$26M$20M$17M$14M$11M$10M$9M$8M$6M$5M$4M$3M$3MMosa Meat
55、The Meatless FarmThe Protein BreweryMosa MeatYFood Labs GmbHEvolvaCubiq FoodsMushLabsYoojiNutriLeadsTHIS.COTHIS.CONoquo FoodsNourish3dGnubiotics Sciences$33M$22M$19M$11M$9.8M$7.5M$6.0M$5.4M$4.8M$2.9MGreen GeniusSolar Foods OyPolymateriaPhynova GroupCeltic RenewablesSomaiPharmaceuticals LtdColorifixS
56、wedish Algae FactoryCeltic RenewablesCellugy2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM23Top eGrocery DealsDEALS BY CATEGORYMeanwhile,In-store Restaurant and Retail Tech companies more than doubled their capital intake from 2019.UK-based kitchen leasing company Karma Kitchen accounted
57、for more than half of the sectors$545 million.Frances Lunchr,which had focused on workplace lunches,pivoted effectively during the pandemic.European eGrocery companies raised just$279 million in 2020-half of what they raised in 2019.Theyre also bringing in significantly smaller rounds than their glo
58、bal peers.No European companies made it on the top 15 global list of eGrocery rounds,where deal sizes ranged from$60 million to$700 million.Top In-Store Restaurant and Retail TechDownstream$316M$83M$79M$10M$8.7M$6.0M$5.4M$4.7M$3.9M$3.5M$2.7M$2.2M$1.6M$1.4M$1.3MKarma KitchenViva WalletLunchrYumpingoK
59、arakuriBotsAndUs Ltdready2orderTotemEverseenSmarkSlerpLoyal GuruPlaced AppPrognoliteBibeCoffee$51M$45M$44M$26M$14M$12M$12M$11M$9.0M$7.4MMathemInstamartGorillasTannicoJustSpicesSupermercato24La Belle Vie(LatestFarmy.chCrispFarmDropDeals by StageImage courtesy of Ful2021 EUROPEAN AGRIFOODTECH INVESTME
60、NT REPORT|AGFUNDER.COM25Deal Volume($)and Count(#)by StageDEALS BY STAGE$279M$935M$518M$764M$153M$223M$424M3468426123161705 01 0 01 5 02 0 02 5 03 0 03 5 04 0 0$0$1 0 0$2 0 0$3 0 0$4 0 0$5 0 0$6 0 0$7 0 0$8 0 0$9 0 0$1,0 0 0SeedABCDLateDebt2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM26P
61、rojected Deal Volume($)by Stage|2012-2020DEALS BY STAGE Europe saw the lowest late-stage level of funding since 2013.Late stage includes Series D and later.This could be cyclical for the continents agrifoodtech sector:the last big drop in late-stage funding(2016)followed a late-stage spike(2015),muc
62、h like the one the sector witnessed in 2019.At the early-stage(seed and A),seed-stage investments were up from 2019,and Series A-stage were nearly triple 2019 levels because of a big round by UK-based Karma Kitchen.GrowthEarlyDebtLate2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM27Deal Av
63、erage and Median by Stage DEALS BY STAGE Median and average deal sizes differ for upstream and downstream ventures.Unlike the global trend,the divergence in Europe happens early on.European downstream ventures overtook upstream ventures round sizes at the Series A stage.210 upstream ventures raised$
64、182 million in seed funding in 2020,while 57 raised$431 in Series A funding.134 downstream ventures raised only$96 million in seed funding,while 26 raised$486 in Series A funding.MedianAverage$1.1M$14M$24M$64M$77M$22M$30M$0.5M$6.0M$15M$68M$77M$21M$1.6M$0$1 0$2 0$3 0$4 0$5 0$6 0$7 0$8 0$9 0SeedABCDLa
65、teDebt2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM28$316M$60M$44M$31M$26M$23M$22M$21M$20M$19M$19M$16M$16M$13M$12MKarma KitchenThe Kingfish CompanyGorillasThe Meatless FarmThe Protein BreweryPlantLabSolar Foods OySmunch.coHungryPandaPolymateriaDescartes UnderwritingNaio TechnologiesKbox
66、GlobalVitiBotLa Belle Vie(Latest RoundTop 15 Seed DealsDEALS BY STAGETop 15 Series A DealsUK-based kitchen space rental company Karma Kitchen is responsible for a huge bump in Series A-stage funding in 2020 and accounted for 34%of total Series A financing.Also on the list:Dutch novel farming venture
67、s The Kingfish Company and PlantLab and German hyper-fast eGrocer,Gorillas.Seed stage deals deal count and share of total capital commitment was up slightly in 2020,accounting for 69%of deal count and 8.5%of capital invested.Polands farm bot maker Nomagic topped the list,followed by the U.K.s climat
68、e analytics software company Cervest.$8.6M$8.0M$6.3M$6.1M$6.0M$6.0M$5.4M$5.2M$5.2M$4.8M$4.7M$4.5M$4.0M$4.0M$4.0MNomagicCervestKbox GlobalTHIS.COBotsAndUs LtdAllPlantsready2orderTHIS.CONotplaCeltic RenewablesTotemNasekomoAnimabiFarm projectSoplaya2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.
69、COM29Top 15 Series B DealsDEALS BY STAGENovel farming also led the Top Series C deal roster:French insect farm Ynsects$222 million raise was a continuation of its$150 million Series C raise last year,German hyper-local vertical farming venture,Infarm.Also on the list:Finnish remote sensing venture I
70、CEYE and Greek digital payments venture Viva Wallet.Series B rounds appeared a little fatter in 2020 than 2019 because of French insect farming venture InnovaFeeds large round,which accounted for a third of Series B funding.Other leaders:Dutch cultured meat venture Mosa Meat,and French and UK”synthe
71、tic DNA”companies DNA Script and evonetix.Top Series C Deals$166M$55M$50M$30M$29M$26M$20M$18M$17M$17M$15M$14M$9.0M$8.8M$7.7MInnovaFeedMosa MeatDNA ScriptevonetixTropic BiosciencesTannicoMosa MeatDeliverectYFood Labs GmbHAphea.BioControlantJustSpicesCrispConnecterraNutriLeads$222M$170M$160M$87M$83M$7
72、9M$70M$12M$11M$9.8M$9.3M$7.4MYnsectInfarmPerfect Day FoodsICEYEViva WalletLunchrHungryPandaSupermercato24Biotalys(was AgroSavfe)Celtic RenewablesEcoRobotixFarmDropAgFunder portfolio company2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM30Top Late DealsDEALS BY STAGE Europe may have a short
73、 list of late-stage deals for 2020,but it makes up for it with interesting activity.Finnish delivery company Wolt graduated from a Series C in 2019 to a Series D in 2020.Swedens Mathem reappeared on the 2020 list,following a$97 million round last year.UK-based meal kit service Gousto raised two roun
74、dsin April and Novembergranting it unicorn status.Russias Instamart was acquired by Sberbank in November,becoming Sbermarket,after its Series D in April.Not on the list:Germanys Flaschenpost was acquired by Dr.Oetker for$1 billion in November,following an undisclosed Series D in May.The UKs Delivero
75、o,which raised$575 million in 2019 and then took 2020 off ahead of a planned IPO.Also,Germanys Marley Spoon IPOed in April after raising$30 million in 2019.$108M$51M$45M$41M$39M$32M$14M$11M$3.2MWoltMathemInstamartGoustoGroupe FloGoustoEvolvaPhynova GroupSimris AlgDeals by CountryImage courtesy of La
76、 Fourche2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM32#DealsEuropean Deal Activity MapDEALS BY GEOGRAPHY2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM33Top 20 Countries by InvestmentDEALS BY COUNTRY#Deals There were a few notable changes from 2019.Germany replaced Spain as th
77、e third biggest agrifoodtech market in 2020,because of Infarms$170 million Series C.About half of the German companies funded did not disclose the size of their rounds.Greece not only made the list in 2020,it claimed the seventh spot with only six deals.Thats because of digital payments company Viva
78、 Wallets$83 million Series C round.Spain dropped from third place to 20th.Ten of Spains 24 deals had undisclosed funding sizes.A notable un-change:UK startups raised the same amount of capital in 2020 as the did last year(though the number of companies that raised was higher:140,up from 112.)About h
79、alf of the commitments went to two companies:Karma Kitchen(Series A)and iwoca(debt.)248224$1.1B$659.9M$309.6M$250.6M$225.0M$196.1M$86.0M$79.9M$68.5M$64.2M$63.5M$59.8M$36.0M$25.0M$20.2MUnited KingdomFranceGermanyNetherlandsFinlandIrelandGreeceSwedenRussiaBelgiumSwitzerlandItalyL
80、ithuaniaIcelandSpainImage courtesy of LavvaSources&Methodology2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM35What 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 f
81、ood and agriculture industry.As with all industries,technology plays 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 toda
82、y agriculture remains the least digitized of all major industries,according 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 chan
83、ge and global warming;environmental degradation;changing consumer demands;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 indus
84、try and create new efficiencies at various points in the value chain.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 ineff
85、iciencies,food safety and traceability,farm efficiency and profitability,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 consultat
86、ion with venture capitalists,entrepreneurs,and other industry experts.2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM36Sources&MethodologySOURCESData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech
87、startups,our knowledge base has grown to over 29,939companies,with new startups 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
88、 crowdsourcing directly from the industry.AgFunder contributes data from its own collection methods,including private communications with investors and companies.We also collect data from partners across the globe(see page 57 below)to ensure we have the most comprehensive,accurate and curated datase
89、t and knowledge base of agrifoodtech companies and investments.The raw data are 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 yea
90、r,meaning total figures from previous years reports will shift as our dataset becomes 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 futur
91、e.The adjustments(roughly+17%for overall dollar volumes and+45%for deal counts,with 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 researc
92、h 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 512financings in this reports curated dataset,119were undisclosed and could not be determined through research or direct sources.We exclude undisclosed
93、 financings when computing averages and median values.In some cases,were able to 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
94、 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 single round.2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM37Sources&MethodologySOURCESCat
95、egorizationAgFunders categorization system is designed to capture broad themes across the complex 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 distr
96、ibution,and the consumer.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 first employs over 150 machine learning and artifi
97、cial intelligence models 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 significant research and debate among our team.In 2019,we added a ne
98、w category,Cloud Retail Infrastructure,to relieve the Midstream Tech category of later-stream 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
99、 delivery services including delivery robots.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 pure production in any other cro
100、p.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 it as a Biomaterials or Midstrea
101、m Tech startup.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementSpecial thanks to Tim Li,Ellen Ehrsam,and the rest of the Crunchbase team for their support and assistance.2021 EUROPEAN AGRIFOODTECH INVESTMENT REPORT|AGFUNDER.COM38Are we missing your data?Dont forget to send it to us!DataAgFor add direct at CImage courtesy of Connecterra