PitchBook-2023年二季度Agtech报告（英）-2023.8-12页_5mb

Agtech Q2 2023 Analysis Summary

Market Overview

Q2 2023 saw 210 agtech VC deals totaling $1.8 billion, with a slight increase in deal count but a decrease in deal values compared to the previous quarter, indicating a plateau in activity. Growth was 3.4% QoQ but showed negative YoY trends due to high interest rates, making the funding environment challenging. Valuations reached a median pre-money of $17 million, a 33.1% YoY increase, driven by GP focus on due diligence and quality deals, leading to longer closing times.

Key Events

Notable events include AeroFarms filing for Chapter 11 bankruptcy on June 8, reflecting financial pressures in indoor farming. On the positive side, N-Drip raised a $44 million Series C on June 21, and Ocean Harvest had its IPO raising £6 million on April 4. Environmental concerns were highlighted by lawsuits against the EPA over pesticide-coated seeds.

Investment Highlights

VC deal activity reached 986 TTM deals with $9.2B in funding, but YoY growth was negative. Inflation has dampened deal flow, with notable investments in companies like Ynsect ($175 million Series D) and AIS ($117 million late-stage round). Agtech's focus on quality means portfolio companies and lower-risk firms are prioritized, reducing deal velocity.

Exit Activities

Exit activity declined in Q2, with only 13 transactions, mostly from undisclosed M&A. IPOs are rare; Ocean Harvest's debut on the London Stock Exchange and Cibus's Nasdaq reverse merger were exceptions. High interest rates limit M&A opportunities, with acquisitions including Dhaksha Unmanned Systems by Coromandel Technology for $24.8 million.

Company Highlights

eFishery was highlighted as a leader in aquaculture technology, with a Series D funding of $195.7 million. It offers smart feeding solutions using IoT and AI, operating in Indonesia with over 2,000 employees. Other companies like Invetx were briefly mentioned, emphasizing the sector's innovation in integrated farming systems.

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