Corporate Venture Capital funds have become real players in foodtech.
In 2021, Corporate VC funds invested $7.7 billion in foodtech startups, or 19% of all investment. Corporate VCs participated in every fifth deal last year, with the number of rounds with CVC participation increasing 63% year-on-year. CVCs are an important source of capital for foodtech startups, bringing a mix of operational, technology and investing expertise. We've had a closer look at the most active VC arms of Food and Agriculture corporates.
Bayer's Leaps by Bayerparticipated in eight funding rounds last year. It backs life-science startups that help conquer "ten large challenges facing humanity". In 2021, Leaps by Bayer invested in the gene editing company Pairwise that develops new types of leafy greens, berries, and cherries.
Delivery Hero's DX Ventures invests in startups enabling on-demand delivery, optimizing the supply-chain and shaping how we consume food. Last year it backed eight startups, including OLIO, a marketplace for a soon-to-expire food.
Rich Products Ventures focuses on startups disrupting nutrition, food supply-chain and retail. Last year they participated in five deals, including lab-grown meat company Future Meat Technologies and grocery delivery service Good Eggs.
Syngenta Ventures invest in companies shaping the future of agriculture and food. It made seven investments in 2021. For example, it backed the crop protection company BioPhero last year.
Danone Manifesto Ventures participated in four deals last year. It invests in the future of healthy food. Last year it invest in London-based ZELP that makes beef and dairy sustainable. It also invested in organic baby oatmeal company Ready, Set, Food!.
🛵 Indian food delivery giant Swiggy eyes $1 billion IPO via TechCrunch. Swiggy, which was valued at $10.7 billion in its last private round in January this year, has hired bankers to "gear up for an initial public offering" in 2023.
🌾 Russia temporarily bans grain exports to ex-Soviet countries via Reuters. Russia, world's largest wheat exporter, has seen a 45% decline in wheat exports since the start of the current marketing season. Russia also banned the export of white and raw sugar to ex-Soviet countries, which are in the economic zone with Russia.
🥛 Chobani Executives Depart as Yogurt Maker Delays IPO via WSJ. The maker of yogurt, oatmilk and dairy could be valued at as much as $10 billion at IPO. The plans for the initial public offering have been delayed until last this year or 2023.
🍔 Slim Jim is creating a “Meata-verse” and a marketplace for virtual food via TheSpoon. Slim Jim joins other big food companies such as Nestle and McDonald's in combining Web3 and food. In a new filing the company announced plans to “providing a metaverse for people to browse, accumulate, buy and sell virtual food products”.
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Latest foodtech deals
Select deals from last week:
🇺🇸 Swiftly, a California-based retail tech company, raised $100 million in Series B funding. The company helps brick-and-mortar retailers connect the digital and in-store experience to compete with the food and grocery delivery marketplaces.
🇮🇳 BlinkIt, an ultrafast delivery service in India, secured $100 million at $1.0 billion valuation from Zomato. The quick commerce category in India will be valued at $5.0 billion by 2025. The new funding will help BlinkIt accelerate growth and capture market share against the other 8 grocery delivery companies in India.
Other notable foodtech deals from around the globe:
🇺🇸 Once Upon a Farm, a US-based baby food company, bagged $52 million Series D led by CAVU Venture Partners.
🇮🇳 Captain Fresh, a Bengaluru-based B2B seafood marketplace, raised $50 million at $500 million valuation.
🇺🇸 Mori, a Boston-based innovative packaging company, secured $50 million in Series B funding. Have a look at 18 innovative packaging startups reducing food waste.
🇩🇪 Perfeggt, a Berlin-based plant-based eggs company, raised a €3.6 million Seed round. There are 200+ startups globally working on plant-based diary and eggs products.
In the Investment Heatmaps tab, one can compare and analyze trends in VC investment, new funds raised, exits and unicorns. In this heatmap, we've compared the global tech hubs investment in foodtech.
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