2022-09-24-PitchBook-Agtech报告_11页_3mb

Emerging Tech Research Agtech Report Summary

Q2 2022 Preview

Key Findings:

1. VC Activity:

   • Agtech startups raised $2.5 billion in Q2 2022 across 204 deals, down 19% quarter-over-quarter (QoQ) and 23% year-to-date (YTD).
   • Deal concentration shifted toward larger early-stage transactions, with the median early-stage deal size rising to $4.1 million, a 18% YoY increase.

2. Sector Breakdown:

   • Indoor Farming (31.6% of deal value) and Ag Biotech (26.5% of deal count) dominated investments.
   • Top deals included $300M raised by Little Leaf Farms and $180.5M by Pure Harvest Smart Farms.

3. Late-Stage Trends:

   • Median pre-money valuations for late-stage startups fell 37% YoY to $31.4M, driven by market volatility reducing IPO opportunities and exit windows.
   • Late-stage investors migrated to early-stage deals to weather market uncertainty.

4. Geographic & Regulatory Focus:

   • Europe saw initiatives like the "End the Slaughter Age" subsidy program for alternative proteins.
   • Companies like Cargill promoted regenerative agriculture practices.

Select Companies

• **Inari:**Raised $208M in Series D, uses AI/genome editing for crop trait optimization.
• **Little Leaf Farms:**Raised $300M in late-stage funding, focusing on vertical farming.

Summary Notes:

• Agtech investment dipped due to macroeconomic factors but remained concentrated in high-growth subsectors.
• Valuation drops in late-stage rounds reflect broader market trends, while early-stage valuations remain resilient.

Source: PitchBook Institutional Research, June 2022.