AGFUNDER-2020年东盟农业食品科技投资报告-2020.7-42页_1mb

2020 ASEAN AgriFoodTech Investment Report Summary

Core Content Overview

This report provides an analysis of the agrifoodtech investment landscape in Southeast Asia in 2019, highlighting key trends, investment flows, and insights into the sector's growth and development.

Main Points

• AgFunder's Role: AgFunder is a leading venture capital firm in the agrifoodtech space, focusing on transformative technologies. It has built a global ecosystem with over 80,000 subscribers and supports startups aiming to make a positive impact in the food system.
• GROW Accelerator: GROW is Southeast Asia's first dedicated agrifoodtech accelerator, emphasizing impact and sustainability. It supports startups across the entire food value chain, from farm to consumer.
• ASEAN Market Overview: ASEAN comprises 10 countries with a population of 661 million and a GDP of $9.73 trillion. The region's growing middle class is driving demand for convenience, premium, and sustainable food options.
• Investment Trends: In 2019, $423 million was invested in 99 agrifoodtech deals, showing a 33% YoY growth in investment and a 41% increase in deals. Downstream sectors such as In-Store Retail & Restaurant Tech, Online Restaurants & Mealkits, and eGrocery attracted the most investment.
• Key Sectors:
  • In-Store Retail & Restaurant Tech: Dominated by Trax's $100 million Series D raise.
  • Online Restaurants & Mealkits: Showed strong growth with $86 million in 13 deals.
  • Innovative Food: Focused on alternative proteins and novel ingredients, with Singapore as a key hub.
  • Midstream Technologies: Encompassed food traceability, quality testing, and logistics, with notable deals like Telio.vn and AI Palette.
  • Upstream Innovations: Included startups targeting smallholder farmers, such as those offering fintech and marketplace solutions.

Investment Insights

• Early-Stage Focus: Most investment in ASEAN agrifoodtech occurred at the seed stage, with 63 deals raising $39 million. Series A and B rounds were less frequent but saw significant investment amounts.
• Downstream Preference: Investors showed a clear preference for downstream startups that directly engage with consumers, such as food delivery apps and online grocery services.
• Upstream Potential: Despite lower investment, upstream startups are gaining traction as investors become more confident in fundamental innovations, particularly in supporting smallholder farmers and improving agricultural productivity.
• Impact and Sustainability: The report underscores the importance of investing in technologies that deliver impact and sustainability, such as those that improve food quality, reduce waste, and support eco-friendly practices.
• Regional Growth: The agrifoodtech sector is still in its early stages, but the influx of capital and the development of accelerators indicate a promising future. The report suggests that as the ecosystem matures, more investment will shift towards upstream and midstream innovations.

Data Sources and Methodology

• Data Collection: AgFunder uses a combination of machine learning algorithms, AI, and direct data collection from investors and companies to build its database.
• Curation Process: The data is curated to ensure accuracy and relevance, with a proprietary tagging system used to categorize companies.
• Disclosure Issues: Some financings had undisclosed amounts, which were excluded from calculations. AgFunder also notes that certain round codes may not be standard in the region, leading to potential estimation inaccuracies.
• Special Acknowledgment: AgFunder acknowledges the support of the Crunchbase team and other contributors for their data and insights.

Key Deals and Startups

• Trax: Singapore-based company raised $100 million in Series D funding, becoming the largest agrifoodtech deal in ASEAN in 2019.
• Shiok Meats: Singapore's cultured seafood startup received seed funding and continued to grow with a $3 million bridge round in 2020.
• Telio.vn: Vietnam's B2B marketplace for restaurants and retailers raised Series A funding, reflecting the growing interest in online supply chains.
• Fore Coffee and Kopi Kenangan: Indonesian 'digital-first' coffee chains attracted Series A investment, indicating the rise of new retail concepts.
• AI Palette and Singene: Both are midstream tech startups using AI and machine learning to improve food safety and traceability.

Investment Stage Analysis

• Seed Stage: 63 deals raised $39 million, showing the dominance of early-stage investment in the region.
• Series A: 20 deals raised $95 million, indicating some diversification but still limited compared to seed stage.
• Series B: 12 deals raised $146 million, showing a more mature stage of investment.
• Series C and D: Only two Series C deals and one Series D deal were recorded, highlighting the nascent nature of later-stage investment in ASEAN agrifoodtech.

Conclusion

The ASEAN agrifoodtech sector is experiencing rapid growth, driven by a rising middle class and increasing demand for sustainable and convenient food solutions. While downstream investments dominate, upstream and midstream innovations are gaining traction, signaling a shift in investor focus as the ecosystem matures. The report emphasizes the importance of impact and sustainability in shaping the future of agrifoodtech in the region.