The US still attracts the bulk of agrifoodtech capital, according to AgFunder’s 2022 AgriFoodTech Investment Report. Startups in the US raised $21 billion in 2021 across 1,062 deals, accounting for 41% of investment capital for agrifoodtech.
At the state level, California agrifoodtech investment continues to dominate, thanks to both its agricultural and Silicon Valley venture capital roots. Startups in the Golden State raised $9.7 billion in deals in 2021, up from $5.6 billion in 2020. Notable names in agrifoodtech, from alt-protein companies like Impossible Foods and Perfect Day to ag biotech startup Pivot Bio, call California home and were among the top agrifoodtech investment deals in 2021.
California’s lead in the states is several billion ahead of the next-largest agrifoodtech investment state, which in 2021 was Pennsylvania. It should be noted, though, that the lion’s share of this fundraising went to Philadelphia-based “instant” grocery startup GoPuff, which raised $2+ billion in 2021.
New York, which accounted for $2.5 billion in deals, is by far the most diversified market on the list. Its top 10 deals include six upstream businesses, among them vertical farming startup Bowery Farming’s $300 million Series C raise. Augury, a midstream supply chain-focused tech company, biomaterials company Modern Meadow, and climate insights provider Gro Intelligence also garnered deals and boosted the New York agrifoodtech sector’s prominence.
Read the entire article at AgFunderNews (Jennifer Marston)