In some areas, agtech solutions are already driving the next level of farm productivity by reducing operational costs and enabling less resource-intensive growth. In January 2021, Gro Intelligence a US and Kenya-based AgTech company announced that it had closed $85 million USD in Series B funding. Still, agtech is not immune to some of the broader trends in venture. "A good portion of these funds will find their way to farmers, ranchers and food producers.". Key foodtech findings include: Foodtech investment continues to outpace that of agtech, with $7 billion in capital deployed within the sector in 2019. Our news site AFN conducted a series of interviews with the corporate venture capital arms of six of the world's leading agribusinesses to form the backbone of a deep dive into their activity, areas of focus and levels of investment over a five year period. Subscribe to the Crunchbase Daily. In thisreport released byIdea2ScaleandAgFunder,50 Food & AgTech investors across the globe were surveyed on the categories and geographies theyre most excited about, as well as the key challenges of investing in the space internationally and at home. In the past five years, early-stage investors have pumped more than $1 billion into African startups innovating for the food and agriculture industry, achieving a record-breaking $482 million in 2021 alone. Over the next two years, limited growth is projected across categories, with roughly 4 percent of farmers saying they plan to adopt either farm-management software, precision-agriculture hardware, remote-sensing solutions, or sustainability-related technologies, while additional automation and robotics adoption is projected to be slightly lower, at around 2.5 percent. Global investment in foodtech and agtech (agrifoodtech) startups totaled $29.6bn in 2022, a 44% decline on record-breaking 2021 levels. "While this change will be complex and difficult, technology has a key role to play," said Gupta. Investments into AgTech startups held up much better than in most industries. February 21, 2023. Surveyed farmers perceive agronomists to be the most trustworthy source of information, followed by neighboring farmers, sales representatives, and lastly, online sources.7Trustworthiness is defined as (credibility x reliability x intimacy)/self-orientation. Last year AgTech venture capital investments made up about 2.4% of total startup investments. Ag is a bedrock of society and the need to feed the planet is fundamental, yet the level of . 13 Hence, innovation for . Deal volume saw marginal growth with 133 deals in FY2020 compared to 125 deals in the previous year. Senior Managing Director und Chief Investment Officer bei S2G Ventures. AgTech startups raised $4.83 billion across 398 deals in VC investment activity in 2020, up 181% from 2019*. Across all markets, large farmsmore than 5,000 acresare the most willing to adopt agtech solutions (81 percent), with 76 percent of medium farms (2,000 to 5,000 acres) and 36 percent of small farms (fewer than 2,000 acres) using or planning to use at least one technology in the next two years. VCs invested $10.5 billion across 751 deals in agtech startups in 2021, a deal value increase of more than 58% year-over-year. "Vertical farms improve taste and nutrition and mitigate climate impact and biodiversity impact.". The three trends of agritech. The results from Q2 are in, and they are remarkable. Although the UN hopes to accomplish this goal by 2030, Sachin Gupta, Global Agribusiness Industry Leader at IBM, says it will require a profound change of the global food and agriculture system. IBM's blockchain application, Thank My Farmer, lets farmers bridge the gap between consumers and small-holder coffee farmers, letting coffee drinkers trace their coffee to understand its quality and origin and support the farmer who grew the beans. Agtech investment totaled $2.2 billion for the first two quarters of 2020; in contrast, our 2019 Report with PitchBook Data noted $2.7 billion was raised in 2019 FY and represented the highest year of funding on record. Agriculture venture capital firm AgFunder has released the results of its 2020 food and farm tech investing report, pointing to a bumper year for agriculture capital raising, amid and despite the global social, health and economic disruptions of covid-19. . Though agtech adoption is slow, farmers are open to innovation. The biggest deals of last year include an $800 million investment in e-commerce company Xingsheng Selected as well as a $660 million investment in Zomato and a $569.6 million investment in Deliveroo, two food delivery platforms. Thirty-nine percent of farmers surveyed globally are currently using or planning to use at least one agtech product in the next two years. Why VC Investors Are Plowing Record Sums Into Agtech. You may opt-out by. I can't wait to put my networking shoes on (just got comfy new ones for the occasion!) Short-Stature Corn. "The pandemic did not slowdown agtech investment by any means - 2020 was a record-breaking year handily exceeding 2019, itself a record year. Farm Tech startup investment has grown 370% since 2013, reaching $4.7bn in 2019 across 695 deals. Over the past decade, the number of farmer-facing agtech start-ups has ballooned. For farms of all sizes and income levels, ease of access would enable agtechs potential to positively impact livelihoods and the environment globally. Great day with Alberta Innovates with the top high growth start up Alberta companies at SXSW conference. This suggests that the current solutions impacts arent easily measurable. Yet those working in China's agrifoodtech ecosystem have a lot to feel positive about. The AgTech sector has not historically been a hotbed for investment. In total, up to 100 different data fields need to be collected and recorded during the growing season to meet validation and verification requirements. Some $9.2 billion dollars was invested in agrifoodtech ventures in Europe in 2021. Although there is higher agtech adoption in larger farms, the number of small and medium farms with limited adoption in the developed world presents a significant market opportunity, though product offerings would need to be tailored for these operations. "It's a complex journey from the farms through the coffee supply chain continues through mills and ports, through roasteries and shops," said Gupta. According to Steve Lindsley, President, Grov Technologies, there are three main reasons why the government will play an increasing role in AgTech and vertical farming: climate change, growing populations and supply chain disruptions. "The holy grail is to have one platform that can orchestrate all of these services and technologies from a single dashboard. On the other hand, inflationary pressures are mounting and farmers are facing an onslaught of challengeshaving to scrutinize weather forecasts, be aware of shifts in the regulatory landscape, or face evolving consumer preferences, rising costs from inflation, and unreliable supply chains. Different protocols have varying permanence requirements. "Specialized components like this are already finding their way into commercial use, although their adoption will be challenging from an operator standpoint until a centralized software platform can streamline their management, said Bachar. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Their unease is well-founded, as farmers globally report that their input prices have risen between around 80 percent and 250 percent in the last few years. This report will take you through the five latest agtech trends to watch for in 2023 and beyond. "Farmers are struggling to manage all the risks associated with changing climates such as prolonged droughts, floods, severe storms, erratic growing seasons and rising sea levels, to name a few," said Lindsley. Usage-based models (for example, $/per acre, $/per module/per acre) are by far the most common pricing models, with prices as low as $1 an acre to as high as $60 an acre. The agtech industry continues to garner significant investment and interest from institutional and strategic investors. McKinseys recent article on conscious eating shows that nearly 30 percent of respondents have increased their consumption of more sustainable food products since the start of the COVID-19 pandemic. While not approaching the funding numbers of enterprise software or FinTech, AgTech funding in the U.S. increased from about $1.8 billion in 2018 and $2.4 billion in 2019 to $5.1 billion in 2020. According to AgFunder's latest investment report in 2017, the total investment in agrifood technology reached $10.1 billion, of which farm tech investment represented 26%, with $2.6 billion, and a 32% year-over-year increase. The economy of China has moved away from manufacturing to homegrown development in the last several decades. Sustainability-related technologies include software and hardware designed to measure carbon emissions and sequestration, monitor and optimize irrigation systems, and estimate sustainability impact scores. Discussion document: Reducing emissions arising from the application of fertilizer in Canadas agriculture sector, Agriculture Department, Government of Canada, October 4, 2022. 2022 Agriculture Investment Trends. #agtech #sxsw2023 #fertilizer #cleantech The decline is largely in-line with global venture capital markets, however several climate-related categories bucked the global trend posting year-over-year increases. David Fiocco is a partner in McKinseys Minneapolis office, Vasanth Ganesan is a partner in the New York office, and Maria Garcia de la Serrana Lozano and Hussain Sharifi are associate partners in the San Francisco office. Last year was a record year for agtech, with nearly $5 billion invested in the sector in 440 funding deals to VC-backed . Between 2020 and 2027, the global agritech industry is expected to develop at a compound annual growth rate (CAGR) of 12.1%. Mirroring the global VC markets, a few mega deals drove the funding increase, as well as some maturation in the sector. #agtech #sxsw2023 #fertilizer #cleantech FY2020 was a difficult financial year in India, with a slowdown in consumption growth, deteriorating public finances, and overall economic malaise. In our recent publication on agtech funding over the last decade, we showed that most deals are occurring in the Seed and Series A rounds. Agtech has started to cement its place as an industry of interest for the tech VC community with investment in Agtech breaking records from 2012-2015 and remaining strong during 2016 with total investment reaching US$3.2 billion in 2015 2. Looking at agtech submarkets, farm-management software has the highest adoption among farmers at 21 percent, followed closely by a 15 percent utilization of remote-sensing and precision agriculture hardware. "Ultimately, this sophisticated software component is the missing link we need to rationalize and unite the coming wave of technologies.". European e-Grocery startups raised $4.2 billion, representing 43% of Europes total agrifoodtech investment capital and a 1,300% year-over-year jump. While this was on par with the total in 2017, there was 23% growth in the number of deals and the majority of activity took place at the earliest stages. For example, agribusiness marketplace adoption is highest in Germany at 13 percent, whereas precision-agriculture hardware usage is highest in the Netherlands at 33 percent. Historical data shows that smart agriculture has grown from $9.58 billion in 2017 to $12.4 billion in 2020. In what can be described as the Netscape moment for agriculture technology (AgTech), the sector had a breakout year in 2014, receiving over $2.36 billion of investment across 264 deals spanning . . Our . Products, Technologies, Trends and Innovations. Our 2022 Agtech Overview dives into the innovative tech solutions and investment opportunities that could change the game, from custom plant biotech to aquaculture to weeding robots. In fact, in each of the last two years, venture capitalists invested $4 billion in startups in the agtech space, according to Crunchbase data. To help, AgroHub supported by AgFunder and Top Leadhas carried out research to create a guide to farm management systems (FMS). Consumption dipped, supply chains broke down, and the economy slowed. Instead of targeting the adoption of individual agtech solutions, the current environment is likely to encourage farmers to focus attention on combining two key submarkets: farm-management software systems and precision-agriculture hardware solutions. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. Regulation already plays a critical role in shaping the future of agtechour survey data show that government-sponsored programs are the main drivers of sustainability-program adoption, with about 40 percent of farmers reporting that they participate in these initiatives. Farmers can leverage agtech more deliberately to support the broader adoption of sustainable farming practices. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. While that may seem low compared to more matrue markets like the US and Europe, itrepresents a 400% increase since 2014. Products that offer greater personalization and provide science-backed, actionable insights around input optimization are the ones most likely to foster trust and gain traction in the current inflationary environment. But Lindsley believes that governments worldwide need to support and subsidize the Ag industry's adoption of new AgTech and vertical farming systems to feed their growing populations and reduce food and feed insecurity. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. Despite start-up and investment interest in farm-management software solutions, cost is a major barrier for farmers, with 47 percent of respondents citing it as a top . What's the future of Agtech? Likenesses do not necessarily imply current client, partnership or employee status. 2020 was a record year for VC activity in the U.S., with $156B invested. Farmers responses reveal that agtech adoption varies markedly across geographies, and that hesitant adopters are particularly wary of unclear ROI and high prices (Exhibit 1). 2022 is bringing change, improvement, and adaptation to many industries, and agriculture is no exception. Foodtech and agtech startups raised$19.8bn in venture funding across 1858 deals. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Telecom Argentina has announced a plan to boost the Agtech ecosystem in Argentina with the deployment of infrastructure, technology and digital services. Farm-management software is the most common submarket among North American farmers. "At the same time, some customer segments of vertical farming like restaurants that were hard hit by the pandemic and may have harmed vertical farms, it was nowhere near the effects it has had on outdoor growing because vertical farms can turn off OPEX.". The combination of AI-backed machine vision and automatic nozzle shutoffs on GPS-guided spray equipment can also significantly maximize the efficiency of herbicide application and prevent costly overlap. Investors have poured a record $7.8 billion into agtech deals so far this year, amid booming demand for climate-friendly investments, food security and productivity gains, according to . It involves growing food on different levels that stack one on top of the other. 2020 was a year whichturned even optimists into skeptics. Amazingly, the sector has held up well, raising $8.8 billionin total across 798 deals, according to currently available data. The agtech space offers immense opportunities to stimulate farmer buy-in, but more work lies ahead to drive adoption. The Top 50 selections were made based on their exemplary leadership teams, innovative technologies, investment, and traction. Agtech adoption is not uniform across regions and, in some cases, there is substantial variation between countries within regionsboth in terms of the percentage of farmers using agtech, and the agtech submarkets they adopt. Though farmers are currently producing food under elevated sales price conditions, the volatility of the commodity marketscombined with rising input pricesintroduces great uncertainty on future profitability. Similar to the global agrifoodtech scene, investors mostly backed online grocery ventures and other asset-light downstream technologies. "In the coming years, I believe rising economic and environmental constraints will push the operational efficiency space to explode," said Bachar. Sustainability-related technology (such as software and hardware that measure carbon emissions and sequestration, and monitor and optimize irrigation systems), and automation and roboticstechnologies that are still in their infancylag at about 5 percent adoption. Venture capital investors pumped $51.7 billion into agrifood technologies in 2021; an 85% increase over 2020. Rising input prices are currently the greatest worry that farmers face, with 67 percent citing increased input prices as one of their top three concerns for profitability over the next two years. Despite the attractiveness of these models to agtech players, even products in the lower per-acre price range have struggled to scale. Business models continue to evolve toward integrated solutions. In fact, 50 percent of farmers globally are unwilling to pay for these solutions at allthis may be because input manufacturers, distributors, and equipment companies have historically offered deep discounts or no-charge subscriptions to comprehensive digital platforms, leaving farmers to question the ROI of newer offerings. Fifty-one coffee growers in Lempira and Intibuc in Honduras grow Arabica coffee cherries that Segafredo uses in its coffee. According toRasmus Bjerngaard, founder and CEO of Nextfood, vertical farming checks many boxes. European farmers show considerable variation by country, as well as within submarkets. In the controlled environment agriculture like indoor vertical farms, analysis from Allied Market Research projected growth investment in 2018 of $2.4 billion to 18 billion by 2026. There is a transition toward more sustainable, less resource-intensive food systems, with precision agriculture as a key enabler. Water management is likely to gain more attention, receiving increasing societal and regulatory pressure. Broadly it means a set of practices that Listen to article. Given agtech suppliers increasing interest in the value of farmer data, and their accompanying digital channels and cloud-based software offerings, the underlying assumption has been that data-ownership worries harbored by farmers will not persisthowever, survey results indicate that is not the case. This is more important in certain product categories than othersfor example, evaluating new seed varieties requires more dialogue with sales experts, compared to the routine purchase of equipment replacement parts. Driverless tractor is trending in market as these tractor can steer automatically using GPS-based technology, lift tools from the ground . Based on the $2.6 billion already given out as of Aug. 14 of this year, 2020 is poised to repeat or even exceed the previous years. "In addition to reducing transportation issues and GHG emissions, local, vertical farming increases food and feed value and nutrition and increases local food resilience," adds Lindsley. Top 5 AgTech Trends to Watch1. What a year. "Colorado has structured their program, the Colorado Agriculture Future Loan Program within the Department of Agriculture; in California, water is structured within the State Senate as Natural Resources and Water; and in Utah, ag development funding comes through the Governor's Office of Economic Opportunity," said Lindsley. The report, which presents findings from a survey of C-Suite agribusiness executives and agritech venture capitalists, joins a group of commentators in the sector that are pointing to a new paradigm for the industry, where technological innovation stands to disrupt the food and agriculture industrys status quo leaving some agribusinesses unsure about their future. Steve Lindsley, President of Grov Technologies, says that vertical farming technology localizes production at the source of consumption, either urban/human or rural/animal. For example, high-resolution fertility mapping, when coupled with variable-rate applications of fertilizer, can both optimize and increase productivity of fertilizer usage and prevent over application. It was another record-breaking year for European Agri-FoodTech as investment reached $3.4bn in 2019, a 70% jump on 2018. Key categories featured in this special collaboration with F&A Next include Novel Farming Systems, eGrocery, robotics on the farm and in the supply chain, and Innovative Food, including alternative protein. New solutions can be found in agtech to address freshwater usage and waste from agricultural practices. Europe also increased it's slice of the global agri-foodtech pie accounting for 17% of the global total, up from under 10% in 2018. This is particularly important when developing agtech products that are meant to have functionality for both specialty- and row-crop farmers, as there are distinctions between crop physiology, cultural practices, grades, and end-market uses for each. Gupta says technology like blockchain will help increase supply chain transparency, enabling consumers to understand better the origins and quality of the products they purchase. Opportunities and Challenges As far as long-term investment goes, this is perhaps the most stable and . For example, optimizing input application through variable rate applications, especially when coupled with advanced guidance systems and automatic shutoffs, gives farmers greater control at preventing site-specific over-application. India AgriFood Startups raised $1.66 billion between 2013 and 2017 with investment from a mix of major global venture capital investors, multinational tech corporations, impact investors and dedicated agrifood funds. The authors wish to thank Dave Eickholt, Emma Galeucia, and David Greenawalt for their contributions to this article. South American farmers have been the hardest hit (at about 247 percent), while Asias input costs (around 82 percent) are the least affected. Through the expansion of Personal's 4G network, Telecom Argentina aims at bolster connectivity for agricultural production in rural areas. However, results from our survey show that the direct adoption of agtech has yet to align with investor and consumer sentimentsuch as sustainability-related technologies and those that support the transition to more sustainable farming practices. The Investment Corporation of Dubai alone just dropped $203 million into agtech investments; another $200 million came from the Japanese holding behemoth SoftBank; and dedicated VC funds are zeroing in on the sector's potential. Farm Techinvesting soared to $7.9 billion in 2020, topping 2019 investments by $2.3 trillion, or 41%, according to AgFunders latest Farm Tech Investment Report. Crunchbase points out a variety of factors driving this, including shifting consumer habits and needs, COVID and climate change factors, as well as a greater variety of exit options for AgTech companies. With already $1 billion in investment so far in 2022, investment in the AgTech sector shows no signs of slowing down in the world. The AgTech sector mirrored the overall market, with $6.1B invested in 493 companies, a small decrease from the . In part 1 of this series, I reflected on the last decade of investment in agtech and shared my long-held belief that there is still a big, underserved tech-driven opportunity for many founders and investors.. Over the past 10-plus years I've seen farmtech innovation opportunities progressing, from inputs (biologicals, genomics, etc.) Farmers worldwide have always wrangled with weather drought, flooding, or something in between. But Boaz Bachar, CEO ofFieldin, believes that autonomous farming technology is moving towards commercial maturity. Farmers and ranchers are modernizing food production to meet increased consumer interest in supporting local agriculture, and demand for sustainable practices continues to drive buying preferences. Agtech: Breaking down the farmer adoption dilemma. "The big data play with farmers is just starting, and it's about exploiting data, revealing new insights about what is influencing yields, including fruit quality and sweetness.". This report delves into ways Australias agrifood sector can learn from the Dutch. The State of Agtech: Reaching Scale Through Digitization. Tofurky's new owner Morinaga Nutritional Foods paid north of $50m for the family-owned alt meat brand, one of the leading players in the US meat alternatives market, AFN has learned. Startups in all industries raised $445B in 2022, which represented a 35% decline from 2021. It also bucks the trend for investment in agri-foodtech -- innovation . In this fourth iteration of the India AgriFoodTech Investment report, in collaboration with Omnivore, we detail a record-breaking $4.6 billion in investment in the fiscal year ending March 31, 2022. Bachar believes that autonomous farming solutions will develop rapidly to combat these challenges and boost the bottom line for growers. AgTech Investment 2020 - Africa Market Map. Overall, the AgTech sector fared much better than venture capital investments across all industries which endured a 33% quarter-over-quarter reduction in funding, according to Crunchbase News. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. AgTech companies that will engage these demographics now will win in the long-term. Stories is CB Insights' interactive presentation . In Asia, farmers in India currently use more agtech products than those in China across all submarkets. By. To put this in perspective, Farm Techs acceleration was about six percentage points greater than agrifoodtech overall -- that's foodtech and farm tech combined -- and 37 percentage points higher than global VCs year-over-year increase in 2020 (which Crunchbase pegged at just 4%.). Chinas expertise in AI research could foster other AgTech applications such as agricultural operations productivity, crop predictions, and specific nuances in the agricultural supply chain. I'm a senior tech contributor who writes about science and technology, Apple Loop: iPhone 15 Pro Price Leaks, iPhone SEs Stunning Upgrade, iPad Fights MacBook, Android Circuit: Impressive Galaxy A54 Launch, OnePlus Pad Preorders, Pixel 8 Pro Details Leak, YouTube Lifts Ban On Donald Trump After Evaluating Risk Of Real-World Violence, Nothing Ear (2): Founder Carl Pei Teases Secrets Of The Next Cool Earbuds, This Week In XR: SXSW Winners, $350 Million For Adept AI, Tilia Raises $22 Million, New Apple Exclusive Reveals iPhone 15 Price Shock, New OLED Breakthrough Could Lead To Much Cheaper TVs And Mobile Phones. Deals in FY2020 compared to 125 deals in FY2020 compared to more matrue markets the... Trending in market as these tractor can steer automatically using GPS-based technology, lift tools from Dutch... % increase over 2020 less resource-intensive growth and food producers. `` any! 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