AgFunder-欧洲农业食品科技报告（英文）-2019.8-67页_2mb

European AgriFood Tech Investment Summary (2018)

Core Content

This report provides an overview of the state of AgriFood Tech investment in Europe during 2018, highlighting key trends, growth areas, and the role of various stakeholders in fostering innovation.

Main Points

• AgFunder is a global venture capital platform that invests in entrepreneurs transforming the food and agriculture system. It leverages in-house technology and a large community of over 60,000 members to support its portfolio companies.
• F&A Next is a collaborative initiative by Rabobank, Wageningen University & Research, Anterra Capital, and StartLife, aimed at accelerating innovation in the agrifood sector. It brings together entrepreneurs, corporates, and investors to drive sustainable food solutions.
• The European agrifood tech ecosystem has its own distinct characteristics, with a more even distribution of technologies compared to the global market, which is dominated by downstream food delivery startups.

Key Insights for 2018

1. Upstream Startups Drive Growth

• Total investment in European agrifood tech startups remained at $1.6 billion, with 421 deals.
• Upstream startups (including farm tech, biotech, and novel farming systems) accounted for 54% of deal count and 64% of dollar funding, indicating a shift in focus from downstream to upstream.
• Upstream investment increased by 200% year-over-year, reaching nearly $1 billion.
• The largest upstream deal was Ferbiteria's $89 million private equity round, followed by InnovaFeed's $47 million Series B.
• Downstream investment declined by 50% due to the exits of food delivery companies like Delivery Hero and Deliveroo, which raised over $1.75 billion between 2015 and 2017.

2. Europe's Share of Global Funding is Low Relative to GDP

• Europe contributed 9.4% of global agrifood tech funding, despite representing 20% of global GDP.
• Europe had 421 deals, accounting for 30% of the global deal count, with 605 investors involved, representing 30% of the global investor base.
• Early-stage deals (seed and Series A) dominated the market, making up 42% of total dollar funding and 66% of deal activity.

3. UK and France Lead in Agrifood Tech Investment

• The UK and France accounted for 45% of total funding and 40% of deal flow in Europe.
• The UK saw significant activity in Ag Biotech, Farm Robotics, and eGrocery, while France led in Novel Farming Systems with startups like Ynsect, which closed a $125 million Series C round in 2019.

4. Growth in Specific Categories

• Ag Biotechnology saw strong growth, with a focus on sustainable alternatives to synthetic inputs.
• Farm Robotics & Equipment and Farm Management Software & IoT experienced over 500% growth in funding.
• Midstream Technologies represented 12% of total funding and included several late-stage deals, such as DecaWave's $30 million Series D and Pyreos' Series C.
• Novel Farming Systems (indoor ag, insect farming, aquaculture) had a 116% year-over-year increase, reaching $162 million in 2018.

Funding by Category

Methodology and Data Sources

• Data was collected from Crunchbase, AgFunder's proprietary database, and several European partners including Forward Fooding, ShakeUp Factory, StartupBootcamp, Sweden FoodTech, and the F&A Next consortium.
• Machine learning and AI were used to categorize and tag startups, with manual review to ensure accuracy.
• Undisclosed financings were excluded from average and median calculations.
• Multiple financings for the same company in the same year were aggregated if they occurred within two months.

Summary

• The European agrifood tech sector is becoming more diversified, with a growing emphasis on upstream innovation such as ag biotech, farm robotics, and novel farming systems.
• Despite being a smaller portion of global funding, Europe is showing strong investor activity and a robust startup ecosystem.
• Late-stage funding remains underdeveloped, with most investment concentrated in early-stage rounds.
• The UK and France are the leading contributors to European agrifood tech investment, showing maturity and innovation in various sub-sectors.