A preview of our in-depth report on investment in the agriculture technology ("AgTech") industry in 2014, capturing all deal data, trends, and sector highlights. Look inside AgTech's record-breaking year with 264 deals worth over $2.35B - putting it ahead of cleantech ($2.0B) and fintech ($2.2B) for the first time. Access the full report here: http://agfunder.com/reports/agtech-investing-report-2014.

1. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
AgTech Investing
Y E A R I N R E V I E W 2 0 1 4
MARCH 2015
REPORT PREVIEW

2. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
AGTECH INVESTING REPORT 2014
INTRODUCTION
AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
The AgTech sector had a record breaking year in 2014, with $2.36B invested across 264
deals. The big takeaway is that agriculture is being transformed by a confluence of new
technologies drawn from many industries: from genomics and non-GMO crop technologies,
to drones and the Internet of Thing (IoT) that give farmers real-time information, to protein
substitutes that threaten to disrupt the meat industry, and delivery services that threaten to
disintermediate traditional grocers and connect farmers more directly with consumers.
The opportunity for technology to modernize agriculture is massive. Agriculture is a $6.4T
global industry that employs 1.3B people worldwide and new technologies are emerging
which are promising to transform agriculture from a calcified industry to a tech industry as it
races against a growing population and middle class, changes in taste and diet, and faces its
impact on the environment.
This is the most complete profile of AgTech funding activity to-date to provide investors,
entrepreneurs, and industry participants with proof of this expanding sector. Like cleantech,
which was orientated around diverse technologies dealing with energy, efficiency, and
sustainability; AgTech’s north star looks to the agriculture value chain and the
diverse technologies that directly touch the industry.
AgFunder is an online equity
crowdfunding platform for
agriculture technology. We
help Accredited and
Institutional Investors
discover & invest in
developing technologies to
transform the agriculture
industry.
Learn more @
www.agfunder.com
Authors: Melissa Tilney,
Rob Leclerc, and Emily Demarest.
Design: Simona Barta
Still on our mission to feed 10B by 2050!
Rob Leclerc, AgFunder CEO

3. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 4
YEAR IN REVIEW

4. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 5
271
Unique Investors
264
Deals
$2.36B
Invested
OVERVIEW 2014

5. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 6
1. AgTech as a Sizeable Investment Class
AgTech had a breakout year in 2014 in terms of deal volume
and investment totals. Our analysis of AgTech’s $2.36B in
financing over 264 deals in 2014 shows that AgTech received
more financing than seven of the 19 sectors tracked by
MatterMark1 and is on par with venture funding for security
companies ($2.3B), and ahead of cleantech ($2.0B) and fintech
($2.2B).
2. The Emergence of Precision Ag
Precision agriculture is broadly defined as the group of
hardware and software technologies that help farmers improve
decision-making with data-driven analytics. Companies can be
analytics providers or provide supporting technologies, such as
drone platforms that have identified agriculture as a key vertical.
Precision ag represented 30% of AgTech deals in 20142, but
received only 12% of investment capital. Most investment
centered on early stage opportunities: 83% of the deals were
Seed or Series A, with median deal size of $1.15M. FarmLink
($40M) and Airware ($25M) stood out at later stage companies
that received significant financing.
We anticipate that large, stand-alone companies will emerge as
the space matures, and this may trigger consolidation and M&A.
3. Bullish Bets Were Made in FoodTech
At the other end of the agriculture value chain spectrum,
foodtech3 companies saw $679M in financing over 59 deals.
Dominating this group was grocery delivery service Instacart
($260M), and Hampton Creek ($113M), which is aiming to
disrupt the poultry industry with a plant-based egg. Together,
these two companies represented over 50% of the total
foodtech financing. Overall, sustainable protein also attracted
some of most elite firms in Silicon Valley, as these companies
disrupt the meat and egg industry, which traditionally demands
many resources to maintain and has a huge environmental
impact. It appears these investors are challenging the idea that
venture capital isn’t out to solve big problems.
Five themes stood out from the AgTech fundings for 2014:
THEMES
1. Mattermark Traction Report 2014. Note: time period for Mattermark Oct. 1, 2013-Sept. 30, 2014.
2. Precision Ag mostly encompasses the companies in the categories: Decision Support Technologies, Drones & Robotics, and Smart Equipment & Hardware
3. FoodTech mostly encompases companies in the ategories: Sustainable Protein, Farm2Consumer (F2C), Food Ecommerce, Food Safety & Traceability.

6. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 7
4. Indoor Agriculture’s New Frontier
Indoor Agriculture also had a breakout year, receiving seven
percent of invested dollars in 2014. Long considered unviable
due to high energy costs, the emergence of Indoor Agriculture is
being driven by the local food movement and water
conservation initiatives, affordable LEDs, and a nascent
cannabis industry. The largest deals in 2014 were London-
headquartered SunDrop Farms, which raised $100M from KKR,
and New Jersey Based Aerofarms which raised $36M.
5. Investors Got High on Cannabis
Given deregulation trends (and Snoop Dogg’s recent announcement
of a $25M fund for weed startups) no AgTech report would be
complete without a summary of technology geared towards the
cannabis industry.
While not all cannabis startups fall within the scope of AgTech, twelve
weedtech (and hemp) companies captured nearly $23M in total
funding for 2014, with a median deal size of $1.16M. The largest
financing went to GrowLife ($12.1M), which produces cultivation
technology for growers and trades on the OTC under the symbol
PHOT. Of notable mention, Eaze gave new meaning to the term
‘getting high’ after it raised $1.5M for its marijuana drone delivery
service. In this case, we know what those investors were smoking.
Five themes stood out from the AgTech fundings for 2014:
THEMES

7. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
$467
$416
$509
$969
55
78
67
64
Q1 Q2 Q3 Q4
8
Investment was strong across all
quarters. Investment dollars dipped
slightly in Q2, but deal volume
surged to 78 deals and stayed
above Q1 levels for the rest of the
year.
Q4 ended on an upswing as deal
flow reached $969M, a 90% jump
over Q3 and greater than any other
two quarters combined. Five deals
(Instacart, LanzaTech, SunDrop
Farms, Hampton Creek, and
Impossible Foods) drove this
performance, accounting for 54%
of Q4 investments.
Deal Volume and Amount by Quarter
DEAL ACTIVITY BY QUARTER
Deal Volume
Financing | $Millions

8. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 9
As the chart illustrates, the AgTech
industry is diverse and investment
is distributed across many
subsectors, with ten subsectors
receiving >5% of total funding.
Food ecommerce, bioenergy, and
soil & crop technology were the
largest subsectors in 2014,
accounting for 45% of all
investment dollars.
(See “Deal Volume and Amount by
Subsector” for complete list of
subsectors.)
AgTech Subsector Breakdown
DEALS BY SUBSECTOR
16%
16%
13%
8%
7%
7%
7%
5%
5%
5%
9% Bioenergy
Food Ecommerce
Soil & Crop Tech
Sustainable Protein
Biomaterials & biochem
Indoor Agriculture
Waste Mitigation
Decision Support Tech
Smart Equip. & Hardware
Drones & Robotics
Other
% of Total Investment Dollars

9. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
$374
$370
$314
$200
$177
$175
$154
$129
$125
$119
$59
$49
$25
$19
$16
$54
Bioenergy
Food Ecommerce
Soil & Crop Tech
Sustainable Protein
Biomaterials & Biochem
Indoor Agriculture
Waste Mitigation
Decision Support Tech
Smart Equip & Hardware
Drones & Robotics
Farm2Consumer (F2C)
Food Safety & Traceability
Food Storage
Water
Animal Nutrition & Health
Miscellaneous
10
Bioenergy received the most
investment capital with $374M, but
there are three broad financing
clusters: one group above $300M,
a second group from $100M-
$200M, and then a third group
below $60M.
Deal volume was distributed
differently. The top three
subsectors by deal amount
accounted for only 25% of deal
volume. In contrast, precision ag
(drones, smart equipment, and
decision support technology)
accounted for 29%.
Deal Volume and Amount by Subsector
DEALS BY SUBSECTOR
Financing | $Millions
# Deals
19
22
26
6
22
19
12
30
22
23
14
10
4
5
5
25

10. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 11
Seed stage deals accounted for
over 46% of all AgTech deals, but
received only 3% investment
dollars. This is expected for a
relatively new industry where the
majority of activity is in new
company formation.
Deal volume shows a clear trend—
the number of companies receiving
capital is highest for seed stage
and then declines dramatically with
each next stage.
Deal Amount and Volume by Stage
DEALS BY STAGE
$82
$419
$349
$617
$299
$424
$171
121
53
33
16
7
17 17
Seed A B C D Late/
Other
Debt
Deal Volume
Financing | $Millions

11. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 12
AgTech had 271 unique investors
2014, and forty one of those made
two or more investments. This is a
healthy indicator showing recurring
activity in the sector, and it’s
comparable to other fast growing
industries.
The most active investors were top-
tier Silicon Valley investors with a
history in cleantech, like Khosla
(10), Kleiner (5), and Andreesson
(5). Ag focused investors, like
Cultivian Sandbox (6) were the
other notable group. Among active
investors, a new crop of
accelerators participated, albeit in
small investment amounts.
Number of Deals by Investors
INVESTOR ACTIVITY
#AgTech Investments Added to Portfolio in 2014
#Investors
NumberofInvestors
230
29
x1 x2 x3 x4 x5 x6 x10

12. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM
Instacart
$220M Series C
Advanced Animal Diagnostics
$15M Series C
Edyn
$1.15M Seed
Instacart
$220M Series C
Instacart
$220M Series C
LanzaTech
$112M Series D
Vestaron
$14M Series C
Tule
$1M Seed
Instacart
$44M Series B
Airware
$25M Series B
Hampton Creek
$90M Series C
Conservis
$10M Series A
Glowing Plants
$120k Seed
Airware
$25M Series B
Farmer’s Business Network
$4.6 M Series A
Impossible Foods
$75M Series A
AbClex
$2M Series B
Ginko Bioworks
$120k Seed
Granular
$4.2M Series A
Beyond Meat
Undisclosed Series B
Instacart
$44M Series B
enEvolv
$1.8M Series A
TerrAvion
$97k Seed
AgLocal
$1.3M Seed
Farmer’s Edge
Undisclosed Series B
Hampton Creek
$23M Series B
Novihum Technologies
Undisclosed
Meadow
$97k Seed
BioConsortia
$15M Series B
Blue River Technologies
$10M Series A
Granular
$4.2M Series A
Tule
$1M Seed
13
Investments by Top 5 Most Active Investors
INVESTOR ACTIVITY

13. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 14
Learn more @ www.agfunder.com Contact us @ media@agfunder.com
Get the full 50-page report:
http://agfunder.com/reports/agtech-investing-report-2014