GlobalAgriFoodTech

InvestmentReport2025

AgFunderGlobalAgrifoodtechInvestmentReport2025

Page

03

LetterFromtheAuthors

04

AboutAgFunder

05

OurPartners

06

KeyInsights

08

VCPredictionsfor2025

10

TopAgFunderNewsArticles2024

11

InvestmentHighlights

16

SupplyChainTrends

23

CategorySpotlights

30

DevelopedMarkets

35

UnitedStatesInFocus

Contents

Contents

Page

45

UnitedKingdomSpotlight

50

DevelopingMarketsinFocus

57

IndiainFocus

62

AfricainFocus

66

FundingbyStage

71

InvestorAnalysis

73

AgFunderCategoryList

74

SourcesandMethodology

75

OurDataPartners

76

ImageCredits

Globalagrifoodtechinvestingin2025

ELAINEWATSONFOODTECHEDITOR

AgFunderGlobalAgrifoodtechInvestmentReport2025Introduction

You?reforgivenforassumingthedataisthisreportwillbedismal.

LOUISABURWOOD-TAYLORHEADOFMEDIA&RESEARCH

Thesectorhasbeeninfreefallforthelastfewyears,pulled

downbymacroeconomictrendsandventure

SAMUELEGABBIODATAJOURNALIST

capitalinvestordisenchantment,nottomentionapullbackacrossventurecapitalmorebroadly.

Allofthatstillexists,now

compoundedbygeopoliticaltensions,tradewars,andtheever-presentthreatofclimatechange.

Butin2025,therearesomesignsofrecovery.

JENNIFERMARSTONAGTECHEDITOR

Letterfromtheauthors

Globalagrifoodtechinvestmentreached$16billionin2024,justa4%dropfrom2023,inwhatatleasthalftheventurecapitalists

wesurveyed(pp8-9)believeisthebottomofthemarket.

Increasedinvestmentin

developedmarketssuchastheUSandtheNetherlands,and

developingnationslikeIndia,

alsohintatbetterdaystocome.

Butwe'renotoutofthewoodsyet:somemarketswerestill

downsigni?cantly,includingmuchofEuropeandChina.

Upstreaminvestmentdeclined22%year-over-year(YoY),withcategoriessuchasNovel

FarmingSystemsandBioenergy&Biomaterialsdownmorethan50%each.

Butconsumer-facingtech

downstreamraised38%more

YoYwithsomemegadealsoutoftheUSandIndia.

MidstreamTechfunding

increasedevenmoreat41%YoY.

Whileit?shardtobeupbeat

aboutthequantityofdeals

closing?dealcountdropped

below2017levels?thequalityofmanyofthecompaniesraisingdecent-sizedroundsis

promising.

Sodigintoour10thannual

globalreportandcheckoutthenewdevelopedanddevelopingmarketsectionswecreated

basedonyourfeedback.

ThankyoutoourpartnersAgri-TechE,FMOVentures,

Omnivore,andWesternGrowersfortheirsupport.

Asever,weloveyourfeedback.LouisaBurwood-Taylor&team

AgFunderGlobalAgrifoodtechInvestmentReport2025AboutAgFunder

HeadquarteredinSiliconValleywithof?cesinLondonandSingapore,AgFunder(AgF)backsfrontiertech

reshapingtheworld’smostfundamentalindustries.Ourmedia,research,andengineeringarmsgiveusanunfairadvantage—sourcingthebestdeals,intelligence,and

networksforfoundersandLPs.With$300m+AUMand100+portfoliocompaniesacrossfourcontinents,AgFisrede?ninghowcapitalfuelsbreakthroughinnovations.

AgFunderNewsreportsontheevolutionoftheglobal

foodandagriculturesystem.Bygoingbeyondthe

headlines,weanalyzethepeople,companies,and

technologiesaimingtoimprovehumanandplanetary

health.Publishingdailynews,ourteamofaward-winningjournalistsdeliversin-depthinsightsonthegrowing

foodtech,agtech,andclimatetechindustries.

AboutAgFunder

AgFunderGlobalAgrifoodtechInvestmentReport2025OurPartners

Agri-TechEisanindependent,not-for-pro?tmembership

organisation,nowinits11thyear.Weoperatewithout

governmentfundingorshareholders,ensuringoursolefocusisourmembers.Byconnectingfarmers,researchers,tech

developers,innovators,andpolicymakers,wedriveagriculturalinnovation,agri-techinvestment,andsustainability.

FMO,theDutchentrepreneurialdevelopmentbank,supportssustainableprivatesectorgrowthbyinvestinginambitiousprojectsandentrepreneurs.TheFMOVenturesProgram,co-fundedbytheDutchMinistryofForeignAffairsandthe

EuropeanUnion,focuseson?ntech,accesstoenergy,andagrifoodtech.

Omnivoreisanimpactventurecapital?rmthatsupports

visionaryfoundersadvancingagrifoodinnovation,climate

action,andruraltransformation.Overthepastdecade,

Omnivorepioneeredagritechandclimate-smartventure

investinginIndia,andcurrentlymanages$295millionacrosstwoactiveventurefunds.

WesternGrowersexistsforonereasononly:toensurethe

futureviabilityofitsmembers–thefarmers.Wepassionatelyadvocateforthematfederalandstatelevels,facilitatethe

advancementofvaluabletechnologiesthatcanboostfarm

ef?ciency,provideahostofinsurancesolutions,andmuchmore.

OurPartners

AgFunderGlobalAgrifoodtechInvestmentReport2025KeyInsights

Globalagrifoodtechfundingreached$16billionin2024,a4%declineon2023.

Dealcountdropped24%year-over-year,signallingthebottomofthedramaticdropinfundingtothesectorandtherestof

venturecapitalmorebroadly.

Investmentincreasedin?ve

countries:UnitedStates(+14%),India(+215%),theNetherlands(+118%),Finland(+403%),and

Japan(+76%).

Upstreamcategories

continuedtooutpacethoseindownstream,taking51%of

totalagrifoodtechfundingin2024over1,265deals.

Downstreaminnovationsattracted38%oftotal

AgBiotechnology,with$1.9billion,wasthebest-fundedUpstreamcategoryin2024despitea12%YoYdropin

funding.

NorthAmerica(US&Canada)wastheonlyregionamong

developedmarketstoshowapositivetrendintotalfunding,growing10%YoY.

TheUnitedStateswasthe

best-performingdeveloped

market,raising$6.6billion;

Chinafollowedwith$848

millionandtheUnitedKingdomwith$616million.

SouthAsiawastheonly

developingmarketregiontopostgrowth,upanimpressive202%thanksinlargeparttoIndia.

funding,anincreasedsharecomparedto2023.

Midstreamstartups

accountedfor11%oftotalfundingacross269deals.

eGrocerywasthetop-fundedcategoryin2024,accountingforalmost12%oftotal

agrifoodtechinvestment,anda17%increaseyear-over-year.

CloudRetailInfrastructure

wasthefastest-growing

categoryoftheyear,recordinga45%increaseintotal

investmentacross52deals.

NovelFarmingSystems

fundingdeclinedthemost,

down53%YoY.

MATTANDERSON-BARONFOUNDERFUTUREFIELDS

KeyInsights2025

AgFunderGlobalAgrifoodtechInvestmentReport2025KeyInsights

Totalfunding

$16billionin2024

Biggestdeal

(-4%YOY)

Topcategory

WonderSeriesC$700M

Downstream:eGrocery

$2.5BILLIONFUNDING(+17%YOY)

ONLINERESTAURANTS&MARKETPLACES

Upstreamfunding

$8.1billionin2024

-22%YOY

Biggestdebtdeal

Aymium:$210million

Topcategory

Upstream:AgBiotech

AYMIUMBIOENERGY&BIOMATERIALS

$1.9BILLIONFUNDING(-12%YOY)

KeyInsights2025

AgFunderGlobalAgrifoodtechInvestmentReport2025VCPredictions2025

01

DAVECHENEQUILIBRIUMCAPITAL

Whatdoyoupredictforagrifoodtechin2025?

“Protectionismcombinedwithinvestorsseekinga

fastercashreturnwillleadtoshort-termdecision

making,whilehighertariffswilllikelypush[interest]ratesbackupifmarketsareimpacted.Andcontinuedpoliticalinstabilitywillputpressureoncommodity

markets,"warnsMarkDurnoatRockstart.

Atbase,saysDaveChenatEquilibriumCapital,thereisadisconnectbetween“theneedfor

globalizationinourfoodsystemandthemovetonationalism,protectionism,andtradebarriers.”

Meanwhiletariffs"don’tneedtobeenactedforthethreattohavedisruptiveresults.”

TherearealsoconcernsthattheTrump

administrationcouldcreate“chaos”attheFDAand“furthercomplicateregulatoryframeworksand

approvalsfornewbio-basedfoodingredients,”predictsGilHorskyatFloraVentures.

Meanwhiletradewarsandcon?ictsintheMiddle

EastandEasternEuropecouldfurtherdisruptsupplychainsthatarealreadychallenged,headds.

Cont

GILHORSKYFLORAVENTURES

“Thereisstillcapitalinthemarket,albeitinvestorswillbemuchmoreselective,”saysMarkDurno.

“Mostneworsecond-andthird-generationfundsare

closingatonlytwo-thirdsthesizethatwesawin

2021/2022,drivingamoreconservativeapproachto

investingthanwehaveseeninpreviousyears,”headds.

Whiletheremaybesome“category-de?ningexitsinthenextyear,we’reprobablystillsometimeawayfrom

agrifoodtechexitsandtheirvaluationsbeingfrequentandrepeatable,”addsMichaelLavinatGermin8

Ventures.“Somespecialistinvestorsarewideningtheirsectoraperturestoyieldmoreshotsongoal,atrendthatmaycontinuein2025.”

AgFunderpartnerRobLeclerc,meanwhile,isexpectingtosee“morecapitallightbusinessmodelsandmore

incorporationofAI”goingforward,butcautionsthat,

“Foodandagwillcontinuetosufferuntilweseebegintoseeenormousexits."

K

If2024wasayearofmarketcorrectionsandrecalibration,2025couldbeayearof“chaos,”“uncertainty,”and“short-

termdecisionmaking,”predict

agrifoodtechinvestorsquizzedby

AgFunderNewsatthestartoftheyear.

VCPredictions2025

AgFunderGlobalAgrifoodtechInvestmentReport2025VCPredictions2025

ANTONYYOUSEFIANTHEFIRSTTHIRTY

03

What’shotandwhat’snotinagrifoodtechinvesting?

TheriseofGLP-1drugsdoesn’tnecessarilymeanconsumersarelookingfor

"tech"solutions,withmanyfoodcompaniesinsteadseeinganopportunityto

reframeexistingproductsas“companion”foods.

However,forthoseunabletoaffordorsustainusageofthesedrugs,weare

seeinga“massive,untappedopportunityforthefoodandsupplementsindustry

tostepinwithinnovative,next-genoralproductsandingredients[thatboost

satiety],”claimsGilHorskyatFloraVentures.

“Thefutureofweightmanagementmightnotbeinpriceyinjections,butin

accessible,powerfulfoodalternativesthat?tseamlesslyintoconsumers’lives.”

AgFunderpartnerManuelGonzalezsaysthesmartmoneywillgoon“appliedAI

solutions,adrivetowardscost-cuttingsolutions,”andstartupsthat“focuson

ef?ciency,realhealth,energydeliveryandfoodsecurity.Decreasing

dependenceonlongsupplychainswillalsobeatrend.”

AntonyYouse?anatTheFirstThirty,meanwhile,expectstosee?rmsfocuson

bene?tsthataretangiblefortheendconsumer:“Healthoverclimate."

04

Whatfrustratedyouin2024?

“Founderswhorefusedtofacethemusic,withhigh

expectationsforvaluationsandfalsenotionsaboutthefundraisinglandscape.”

YANNIVDORONE,FALLLINECAPITAL

“Overregulation,AIfearmongering,andlackofunderstandingofcapitalef?ciency.”

MANUELGONZALEZ,AGFUNDER

“Whatannoyedmemostabout2024wastherampantmisuseofAIinpitchesandmessaging."

STEPHANIEDORSEY,E2JDJ

"Companiesthatignoredgoodadvicetoreducecashburnwho?nallyrealizedtheirmistakeandasked

existinginvestorstobailthemout."

DAVIDPIERSON,SYNGENTAVENTURES

YANNIVDORONEFALLLINECAPITAL

VCPredictions2025

STEPHANIEDORSEYE2JDJ

MANUELGONZALEZAGFUNDER

AgFunderGlobalAgrifoodtechInvestmentReport2025

MOTIFFOODWORKSBOWSOUT

September:MotifFoodWorks—best-knownforitsmeatytastingheme

proteinsproducedviaprecision

fermentation—isclosing.

Clickhere

THEEVOLUTIONOFINSECTAG

April:Investorshave“seenalotof

capitalnotachievingverymuchinthisspace,”saysoneindustrysource.

“Milestoneshavebeenmissedand

therehasn’tbeenenoughde-riskingofthetechnology.”

Clickhere

MINERALWINDSDOWN

July:Google’sparentcoAlphabetis

windingdownoperationsatAI-fueledagintelligencestartupMineral,justoverayearafteritemergedfromstealth,andswitchingtoalicensingmodel.

Click

here

OISHIIBRINGSINTHEBIGBUCKS

November:Whilemany"prioritizeshortcropcyclesandunrelentingexpansion,Oishiihasbuckedalltrendsby

emphasizingtasteovertimelinesandpro?tabilityoverproliferation."

Click

here

CHINESEAGDRONESUNDERFIRE

June:AttemptstorestricttheactivitiesofChinesedronemakerDJI—the

marketleaderinagspraydronesintheUS—couldhaveadevastatingeffectontheUSagsector,warnkey

stakeholders.

Clickhere

GROINTELLIGENCECALLSITQUITS

May:AginsightsplatformGro

Intelligenceiscallingitquitsafter

failingtosecureenoughcapitaltostaya?oatfollowingaturbulentfewmonths.

Clickhere

TopAgFunderNewsArticles2024

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentHighlights

Investment

Highlights2025

JEFFREYDIETRICHFOUNDERRAREBIRD

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentHighlights

10yearsofglobalagrifoodtech

Fundingin2024fell4%versus2023.However,thiswaswellbelowthe52%declineinfundingin2023versus

2022,suggestingthingsarebeginningtostabilize.Dealcountsfell24%YoY,whiledealvalueincreasedslightly.

Globalagrifoodtechinvestment2015–2024

DealsUSD

$56.3

BILLION

Totalfunding

$34.4

BILLION

$27.5

BILLION

$21.9

$21.4

BILLION

BILLION

$16

BILLION

$16.7

BILLION

$12.8

$10.4

BILLION

$9.2

BILLION

BILLION

2015201620172018201920202021202220232024

Year

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentHighlights

Globalagrifoodtechinvestmentbycountry

2024agrifoodtechfundingbycountry

$389M

+403%

-51%

$614M

$263M

NETHERLANDS

+118%

-37%

FINLAND

$848M

$561M

-32%

CANADA

$616M

-45%

$290M

+76%

CHINA

$421M

UNITED

KINGDOM

-25%

FRANCE

JAPAN

GERMANY

$2.5B

+215%

$6.6B

+14%

UNITEDSTATES

INDIA

Globalrankingschangedin2024

comparedto2023.TheUSkeptitstopspot,butIndiarosefromfourthto

secondplacewhileChinafellfromsecondtothirdafteradramatic51%dropinfundingyear-over-year.

COUNTRY$TOTAL$CHANGEDEALS

COUNTRY$TOTALCHANGDEALS

UnitedStates6.6B14%468

India2.5B215%218

China848M-51%169

UnitedKingdom616M-45%113

Netherlands614M118%35

Germany561M-32%56

France421M-25%70

Finland389M403%18

Japan290M76%89

Canada263M-37%65

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentHighlights

Globalagrifoodtechfundingbyquarter

2022-2024

Investmentlevelsremainfarbelowthepeakof2021butappeartobelevellingout.FundinganddealcountsdidedgeupslightlyinQ4versusQ32024,

thoughit'stooearlytosayifthisisindicativeofageneralupswing.

Globalagrifoodtechinvestmentbyquarter2022–2024

●2022

●2023

●2021

Deals

$12.6

BILLION

$9.7

BILLION

Totalfunding

$6.7

BILLION

$5.5

BILLION

$4.5

BILLION

$4.6

BILLION

$4.3

BILLION

$4.2

$4.4

$3.7

$3.7

BILLION

BILLION

BILLION

$3.2

BILLION

2022Q1

2022Q2

2022Q3

2022Q4

2023Q1

2023Q2

2023Q3

2023Q4

2024Q1

2024Q2

2024Q3

2024Q4

BILLION

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentHighlights

Topagrifoodtechdeals2024

Toproundsin2024sawagreatermixofcategoriescomparedtotheheadydaysof2020-2022,whereeGrocery

andrestaurantsdominated.In2024,

toproundsalsowenttoagbiotechandsupplychaintechnologies.

*totalraisedduringtheyearacrossmultiplerounds

Top-fundedglobalagrifoodtechcompanies2024

COMPANYTOTAL$COUNTRYCATEGORYSTAGE

1

2

3

4

5

6

7

8

9

1.4B*

700M*

425M

388M

260M

210M

210M

200M

175M

India

UnitedStates

UnitedStates

Netherlands

Finland

India

UnitedStates

UnitedStates

UnitedStates

eGrocery

OnlineRestaurants&Marketplaces

MidstreamTechnologies

eGrocery

NovelFarmingSystemsCloudRetailInfrastructure Bioenergy&BiomaterialsHome&Cooking

In-storeRetail&RestaurantTech

Late

C

Late

Late

A

Late

Debt

Late

Late

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentTrends

SupplyChainTrends

JALENEANDERSON-BARONCOFOUNDERFUTUREFIELDS

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentsbySupplyChain

Globalagrifoodtech

investmentbysupplychain

TotalfundingUSD

Whileupstreamcategoriesaccountedforalmosttwothirdsoffundingin

2023,drivenbyahugeroundfrom

materialssciences?rmFootprint,that?guredroppedtojustover50%in

2024.

Fundingbysupplychain2020–2024

●Upstream

●Midstream

●Downstream

$8.1B

$33.6

BILLION

1265

DEALS

$6.1B497

DEALS

$13.9

BILLION

2024

$14.5

$3.8

$3

BILLION

BILLION

BILLION

$5.1

$1.7B

$6.1

BILLION

$1.7

BILLION

$8.1

BILLION

269

DEALS

$3.2

BILLION

$18.8

$1.3

$17.5

BILLION

BILLION

BILLION

$9.8

BILLION

$10.4

BILLION

BILLION

20202021202220232024

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentsbySupplyChain

Dealcountbysupplychain2020–2024

Globalagrifoodtech

●Upstream

●Midstream

●Downstream

investmentbysupplychain

TotalfundingUSD

Dealactivitytellsadifferentstorytodollarfundingtotals,withdeclines

acrossthesupplychain.Thenearly

20%year-over-yearincreasein

downstreamfundingwascombinedwitha37%decreaseinthenumberofdealsin2024versus2023.A14%YoYincreaseinthemediandealsize

downstreamhelpedpushtotalsup.

20202021202220232024

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentsbyCategory

Globalagrifoodtech

investmentbycategory

Onacategorybasis,lastyear'sleaderBioenergy&Biomaterialsdroppedinto?fthplaceonthebackofa50%dropinfunding;eGroceryregainedthetopspotat$2.5billion.

Fundingbycategory2024(USD$)

CATEGORYTOTAL$DEALS

AgBiotechnology1.9B272 Bioenergy&Biomaterials1.5B165 InnovativeFood1.4B227 NovelFarmingSystems960M94 AgMarketplaces&Fintech865M162 FarmRobotics,Mechanization&FarmEq774M104 FarmMgmtSW,Sensing&IoT764M241 MidstreamTechnologies1.7B249 Miscellaneous31M20 eGrocery2.5B100 In-storeRetail&RestaurantTech1.6B217 OnlineRestaurants&Marketplaces1.2B89 CloudRetailInfrastructure572M52 Home&CookingTech344M39

2%

(39)

3%

(52)

4%

(89)

13%

(272)

11%

8%

(165)

(217)

5%

(100)

1%

(20)

11%

2024dealcount

(227)

12%

(249)

5%

(94)8%

(162)

12%

(241)5%

(104)

●Midstream

●Upstream

●Downstream

AgFunderGlobalAgrifoodtechInvestmentReport2025InvestmentsbyCategory

F