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AgTech Investment Report - 2019 Global and European Trends
- 1. AgTech Investment Report - 2019 Global and European Trends
- 2. research@agroecology.io www.agroecologycapital.com A Venture Capital Firm that invests in AgTech companies, based on in-depth market analysis. We target technologies that help agriculture transition to sustainable, safe, equitable, and productive practices (Agroecology) Based in Silicon Valley, Agroecology Capital only invests in bioengineered technologies and data/ software solutions (across all Ag verticals)
- 3. Achieving superior returns for our investors and the Planet
- 4. Agroecology Capital’s investment areas Agroecology Capital invests in transformational technologies. Input Technologies Seed Technology and Genetics Plant Health and Nutrition Biological Solutions Next Generation Proteins Operations Efficiency Next Generation Farming (CEA) Precision Agriculture Market Places Food Safety and Traceability Deep technology companies tend to create durable returns, making timing much less important.
- 5. Executive summary AgTech funding activity reached $2.4B in 2019 Precision Agriculture-related deals dominated 2019 funding with $706M In 2019, the US captured 47% of the global number of transactions and 63% of the total funding Europe accounts for 18% of the global number of transactions and 20% of the total funding. Insect (France) was the largest deal in Europe and the third largest globally ($125M) 4
- 6. Global AgTech investment landscape - 2019
- 7. Deals completed and capital raised in 2019 Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Discrepancies with CB Insight / Pitchbook’s figures for 2018, Q1 2019, Q2 2019, Q3 2019 and Q4 2019 are due to the restatement of non-AgTech related investments (FinTech, InsurtTech, Food Tech) and Private Equity deals. Years prior 2018 have not been restated. 2010 2011 2012 2013 2014 2015 2016 2017 2018 20129 Number of deals Capital raised ($M) 2,436 2,0161,950 1,200 711773 292356370 106 305260254224 176158 83895944 305260254224 176158 83895944
- 8. 305 Deals completed and $2.4B capital raised in 2019 Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Discrepancies with CB Insight / Pitchbook’s figures for 2018, Q1 2019, Q2 2019, Q3 2019 and Q4 2019 are due to the restatement of non-AgTech related investments (FinTech, InsurtTech, Food Tech) and Private Equity deals. Years prior 2018 have not been restated. Q1 2019 Q2 2019 Q3 2019 Q4 2019 Number of deals Capital raised ($M) 628 731 618 459 141 55 70 39 141 55 70 39
- 9. 29% 9% 16% 1% 21% 12% 11% 3% 49% 11% 13% 3% 8% 6% 5% 6% Next Generation Proteins Seed Technology and genetics Plant/Animal Health and Nutrition Biological Solutions Food Safety and Traceability Next Gen. Farming (CEA Marketplaces Precision agriculture “Precision agriculture” ventures dominated the funding landscape during 2019* *Details in Exhibit 305 deals $2.4B Operations 231 deals $1.1B Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Bioengineering 74 deals Outer graph: Number of deals Inner graph: Capital raised $1.3B
- 10. 4%2% 6% 3% 19% 18% 47% USA Europe Asia Australia Canada Africa Other 1% 1% 2% 2% 12% 20% 63% 305 deals $2.4B California represents 33% of the US and 20% of the worldwide investment volume Europe represents 19% of the global investment volume, with Ynsect (France) ranking among the 10 top deals globally Ginko Bioworks Farmers Business Network Ynsect AeroFarms Nijacart Infarm AppHarvest Inari Provivi Plant Response 77 85 89 98 100 100 100 125 175 290 7 of the 10 top AgTech deals in 2019 were US-based Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Outer graph: Number of deals Inner graph: Capital raised India France Germany
- 11. 23% 44% 22% 11% Angel Seeds Early Stage Later Stage 66% 29% 4% 2% AgTech is still maturing with 66% of 2019’s deal volume invested in Later Stage rounds 305 deals $2.4B Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Outer graph: Number of deals Inner graph: Capital raised
- 12. Strong and sustained innovation-pace: 77% of 2019’s deals were Angel, Seeds, and Early Stage rounds Agersens Farmshelf Tortuga AgTech Ageris Pusell Agri-Tech Agrevolution UV Boosting Cambridge Crops Agvend Hectare Agritech 3.91 4 4 4.08 4.17 4.49 4.61 5 5.72 10.2 AppHarvest Bowery Farming Fifth Season V2 Food Oishii Iron Ox FarmWise Labs Ascus Biosciences Farmobile MacFly 14.9 15 16 16.56 20.2 22.75 23.93 32.23 50 98 10top2019Angel&Seedsdeals($M)10top2019EarlyStagedeals($M) Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data
- 13. - 2019 US AgTech investment landscape
- 14. The US accounts for $1,528m (63%) of World Wide Deals Massachusetts $440m 14 deals California $506m 44 deals New Jersey $107m 3 deals Kentucky $98m 2 deals Missouri $83m 7 deals New-York $66m 5 deals Michigan $40m 1 deals Pennsylvania $36m 9 deals Only States with a 2019 total deal amount over $30m are represented (90% of US total) Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data
- 15. 5% 47% 17% 9% 4% 10% 9% Plant/Animal Health & Nutrition Biological solutions Nex Generation Proteins Seed Technology and Genetics Next Generation farming (CEA) Precision Agriculture Market Places 2% 31% 17% 15% 1% 28% 6% Bioengineering- related deals got momentum in the US in 2019 144 deals $1,528M Operations 101 deals $762M $766M Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Bioengineering 43 deals Outer graph: Number of deals Inner graph: Capital raised
- 16. US AgTech innovation is balance between Operation and Bioengineering- related startups Farmers Business Network Aerofarms AppHarvest Bowery Farming Fifth Season Soft Robotics Oishi Iron Ox Farmwise Labs Farmobile 15 17 20 23 25 32 50 98 100 175 Ginko Bioworks Inari Provivi Benson Hills Vestaron TerViva Ascus Biosciences ZeaKal Sound Agriculture Hazel Technologies 13 13 15 16 22 40 73 85 89 290 TopUS2019Operationsdeals($M)TopUS2019Bioengineeringdeals($M) Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data
- 17. European AgTech investment landscape - 2019
- 18. 5% 57% 7% 2% 13% 7% 9% Plant/Animal Health & Nutrition Biological solutions Nex Generation Proteins Seed Technology and Genetics Next Generation farming (CEA) Precision Agriculture Market Places 3% 17% 23% 1%2% 16% 37%Operations-related deals dominated the European funding in 2019 56 deals $493M Operations 39 $275M $218M Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Bioengineering 17 deals Outer graph: Number of deals Inner graph: Capital raised
- 19. Largest European AgTech deals in 2019 Ynsect InFarm Plant Response Biotalys WeFarm Gamaya Wingtra Hummingbird Technologes Intelligent Growth Solutions MOA Technology 8.0 9.0 9.0 10.0 12.0 13.0 50.0 77.0 100.0 125.0 24% 4% 2% 37% 7% 6% 20% France Germany Spain UK Belgium Switzerland Other 4% 23% 30% 43% 56 deals $493M France, with Insect ($125m), Germany with Infarm ($100m) and Spain with Plant Response (76.9m) represents 61% of the European investment volume 2019 European AgTech VC Investment Source : Agroecology Capital Research 2020 Figures from Pitchbook, Crunchbase, Various market data Outer graph: Number of deals Inner graph: Capital raised
- 21. 21 Financing data used - 2019 Company Category Amount $M 30MHz Precision agriculture 3.93 Abundance Enterprises Next Generation Proteins 2.5 AdaViv Precision agriculture 1 Advanced Farm Technologies Precision agriculture 7.5 Aerobotics Precision agriculture 4 AeroFarms Next Gen. Farming (CEA) 100 AgBoost Precision agriculture 0.12 Agdaptive Next Gen. Farming (CEA) 0.45 Agerris Precision agriculture 4.61 Agersens Precision agriculture 10.22 Aggio Precision agriculture 0.36 AgNext Precision agriculture 2 Agragene Biological Solutions 0.25 Agrasys Seed Technology and Genetics 3.53 Agrevolution Marketplaces 4.17 Agricultural Gas Precision agriculture 0.4 Agrimedia (Cultivation) Marketplaces 4.14 Agrimetis Biological Solutions 9.88 Agrionica Precision agriculture Agrisoma Next Generation Proteins 1.49 Agritask Precision agriculture 8.5 Agritask Precision agriculture 6 Agrivida Biological Solutions 11 Agrome IQ Marketplaces AgroScout Precision agriculture 0.34 Agrosmart Precision agriculture 5.8 AgroStar Marketplaces 27 Agryo Marketplaces AgsenZE Precision agriculture 0.39 AgVend Marketplaces 4 Aibono Precision agriculture 2.5 Aker Technologies Precision agriculture 1.96 Aker Technologies Precision agriculture 2.6 Amber Agriculture Precision agriculture American Robotics Precision agriculture 4.5 Andes Ag Seed Technology and Genetics 10 ApisProtect Precision agriculture Apollo Agrigulture Marketplaces 8.56 AppHarvest Precision agriculture 97 AppHarvest Precision agriculture 1 Aquaponic Management Project Group Next Gen. Farming (CEA) 4.98 Aquilon Biological Solutions 0.61 Arable Labs Precision agriculture 6 Arbol Marketplaces 2.2 Arpac Drones Precision agriculture Artemis Precision agriculture 8 Ascus Biosciences Plant/Animal Health and Nutrition 16 Augean Robotics Precision agriculture 1.5 Augmenta (B2C Electronics) Precision agriculture 2.3 Auranta Plant/Animal Health and Nutrition Company Category Amount $M AutoMed Precision agriculture 0.37 Autonomous Tractor Precision agriculture 0.35 AvL Motion Precision agriculture 1.1 Babylon Micro-Farms Next Gen. Farming (CEA) Bee TV (Shenzhen) Marketplaces 1.47 BeeFlow Precision agriculture 3 Beewise Precision agriculture Benson Hill Biosystems Seed Technology and Genetics 32.6 Benson Hill Biosystems Seed Technology and Genetics 40 Beta Hatch Next Generation Proteins 0.13 Bijak Marketplaces 2.48 Bio Huma Netics Plant/Animal Health and Nutrition 1.35 BioConsortia Biological Solutions 8 Biolumic Seed Technology and Genetics 6.7 Biome Makers Biological Solutions 0 Biome Makers Biological Solutions 4 BioScout Precision agriculture 1.78 Biotalys Plant/Animal Health and Nutrition 50.49 Bloomfield Robotics Precision agriculture Blue Planet ecosystems Next Gen. Farming (CEA) 1.2 Boragen Biological Solutions 3 Botanisol Analytics Biological Solutions 2.5 Bowery Farming Next Gen. Farming (CEA) 50 Breedr Precision agriculture 2.6 Bric Agri-info Group Marketplaces Brytemap Precision agriculture 1.5 Bulrush Agritech Marketplaces 0.02 California Safe Soil Plant/Animal Health and Nutrition 6.82 California Safe Soil Plant/Animal Health and Nutrition 1.05 Cambridge Crops Plant/Animal Health and Nutrition 4 Centaur Analytics Precision agriculture 3.16 Cervest Precision agriculture 4.67 CharGrow Plant/Animal Health and Nutrition 0.1 Clarifruit Precision agriculture Cloud Agronomics Precision agriculture Cloud Young Precision agriculture 1.47 Concentric (Biological Optimizers) Precision agriculture 4 Concentric (Biological Optimizers) Biological Solutions 3.2 Crop Enhancement Plant/Animal Health and Nutrition Crop Metrics Precision agriculture 0.2 Crop Metrics Precision agriculture 1 CropX Precision agriculture 14 CultYvate Precision agriculture 0.07 Decisive Farming Precision agriculture Demand side instruments Precision agriculture 3.87 Dewey Scientific Seed Technology and Genetics 1.25 Dilepix Precision agriculture 1.13 DiMuto Food Safety and Traceability DryGro Next Generation Proteins 1.39 DryGro Next Generation Proteins 1.8
- 22. 22 Financing data used - 2019 Company Category Amount $M EarthSense Precision agriculture Ec2ce Precision agriculture EcoPhage Marketplaces Edenworks Next Gen. Farming (CEA) 0.05 Element Farms Next Gen. Farming (CEA) 0.67 Elevated Signals Precision agriculture 0.89 Entobel Plant/Animal Health and Nutrition 1.13 Entocycle Next Generation Proteins 0.9 Entomics Precision agriculture 0.79 Farm Crowdy Marketplaces 1.5 Farm Jenny Precision agriculture 0.43 Farm Jenny Precision agriculture 0.03 Farmart Precision agriculture FarmBX Food Safety and Traceability Farmers Business Network Precision agriculture 175 Farmforce Marketplaces FarmLead Resources Marketplaces 3 Farmobile Precision agriculture 15 Farmote systems Precision agriculture Farmshelf Next Gen. Farming (CEA) 5.72 Farmshine Marketplaces 0.25 FarmWise Labs Precision agriculture 16.56 Fasal Precision agriculture 1.54 FieldIn Marketplaces 12 Fifth Season Next Gen. Farming (CEA) 32.23 Flurosat Marketplaces 2.86 ForFarming Next Gen. Farming (CEA) 4 Freight Farms Next Gen. Farming (CEA) 8.09 FreshVnF Marketplaces 2 FruitSpec Precision agriculture 4 Fungialert Precision agriculture 0.46 Gago Precision agriculture Gamaya (Swiss) Precision agriculture 12.1 GeoVisual Analytics Precision agriculture 0.64 Ginko Bioworks Biological Solutions 290 Global Surface Intteligence Precision agriculture 1 Gramophone Marketplaces 3.5 Green Onyx Next Gen. Farming (CEA) 2 Greeneye Technology Precision agriculture 14.63 Greengage Precision agriculture 4.01 GroGuru Precision agriculture 2.9 Growave Precision agriculture 0.9 Grower's Secret Biological Solutions 1.2 Growers Precision agriculture 7 Growgenics Next Gen. Farming (CEA) 0.37 Grownetics Next Gen. Farming (CEA) 0.05 Grubbly Farms Next Generation Proteins 0.6 Harvest CROO Robotics Precision agriculture 0.5 Harvest CROO Robotics Precision agriculture 3.5 Hazel Technologies Plant/Animal Health and Nutrition 13 Hectare Agritech Marketplaces 3.91 Company Category Amount $M Hectre Precision agriculture 0.63 HerdDogg Precision agriculture 0.35 HerdX Food Safety and Traceability 7.22 Hexafly Next Generation Proteins 2.51 High Sierra Analytics Precision agriculture 0.34 Hummingbird Technologies Precision agriculture 9.04 Hydrogreen Next Gen. Farming (CEA) 0.01 IDGeo Precision agriculture 0.18 Inalve Next Generation Proteins 1.78 Inari Seed Technology and Genetics 89 Indigo Agriculture Biological Solutions Indorz Next Gen. Farming (CEA) 3.25 Infarm Next Gen. Farming (CEA) 100 InnerPlant (Agriculture) Seed Technology and Genetics 2.4 Inno-3B Next Gen. Farming (CEA) 2.04 Intelligent Growth Solutions Next Gen. Farming (CEA) 8.64 Intello Labs Precision agriculture 2 ioCrops Precision agriculture Iron Ox Next Gen. Farming (CEA) 13.2 Iron Ox Next Gen. Farming (CEA) 7 Irriot Precision agriculture 0.26 Iunu Precision agriculture 13.09 Jala Precision agriculture Jiahe Info Precision agriculture Jiawo Tianhe Precision agriculture Kalera Next Gen. Farming (CEA) 3.1 Kapsera Biological Solutions 0.8 Katif Next Gen. Farming (CEA) Kisan Hub Precision agriculture 4.31 Kisan Network Marketplaces 3.38 Kiwi Technologies Precision agriculture 6 Kwidex Marketplaces 0.01 Leaf Agriculture Precision agriculture 0.05 Linglian Ar-chain Food Safety and Traceability 6 Main Street Data Precision agriculture 1.95 Mantle Labs Precision agriculture McFly Precision agriculture 14.9 Microsynbiotix Biological Solutions MOA Technology Plant/Animal Health and Nutrition 7.73 Nanoguard Technologies Food Safety and Traceability 6 NaPanta Precision agriculture Natufia Next Gen. Farming (CEA) 2 New Leaf Precision Ag Precision agriculture 0.15 Ninjacart Marketplaces 100 Nitropivot Precision agriculture 1.01 Niumengmeng Precision agriculture 0.86 NovoNutrients Next Generation Proteins Nutrition Technologies Next Generation Proteins 8.53 Oishii Next Gen. Farming (CEA) 22.75 OnePointOne Next Gen. Farming (CEA) 5.7 Orbem Precision agriculture 0.07
- 23. 23 Financing data used - 2019 Company Category Amount $M Oreka Solutions Next Generation Proteins 1.5 Panacea.AG Precision agriculture 0.11 Panacea.AG Precision agriculture 0.1 Pasture Map Precision agriculture PathogenDx Plant/Animal Health and Nutrition 7.5 PATS Precision agriculture 0.03 Peas & Love Next Generation Proteins 1.68 Peat (Plantix) Precision agriculture 7.32 Performance Livestock Analytics Precision agriculture Pharm2Farm Plant/Animal Health and Nutrition Phospholutions Plant/Animal Health and Nutrition 1.5 Phylos Seed Technology and Genetics 5.97 Phylos Seed Technology and Genetics 5 Pink Farms Next Gen. Farming (CEA) 0.52 Planetarians Precision agriculture 0.73 PlantResponse Biological Solutions 76.9 Plastomics Seed Technology and Genetics 1.29 Plution Biosciences Biological Solutions 0.85 Pollen Systems Precision agriculture 1.25 Polynatural Food Safety and Traceability PowerPollen Precision agriculture 0.64 Protifarm Next Generation Proteins Provivi Biological Solutions 85 Pure Harvest Next Gen. Farming (CEA) 1.75 Pursell Agri-Tech Plant/Animal Health and Nutrition 4.49 Pyka Precision agriculture 11 Quanhui Marketplaces 1.34 Rantizo Precision agriculture 0.5 Rebellyous Foods Next Generation Proteins 0.35 Red Sea Farms Next Gen. Farming (CEA) 1.9 RedBud Software Precision agriculture 0.3 Ricult Marketplaces Rootwave Precision agriculture 2.03 Sabanto Precision agriculture 2 Secure Food Solutions Food Safety and Traceability 0.1 SeeTree Precision agriculture 11.5 Segra Seed Technology and Genetics 2.04 Sensegrass Precision agriculture 3 Shepherd Farming Precision agriculture 0.3 Shipshape Urban Farms Next Gen. Farming (CEA) 0.15 Shuxi.ai Precision agriculture Silo (Agribusiness) Marketplaces 3 SkymatiX Precision agriculture 0.02 Smart Yields Precision agriculture 0.1 SmartFarms Marketplaces 1.5 Smartwyre Marketplaces 3.08 Soft Robotics Precision agriculture 25 Soileos Biological Solutions SomaDetect Precision agriculture 0.5 SomaDetect Precision agriculture 1.98 Sound Agriculture Biological Solutions 13 Source Trace Systems Food Safety and Traceability Company Category Amount $M Stellaps Food Safety and Traceability Stewart Farms (Aquaculture) Next Gen. Farming (CEA) Sufresca Biological Solutions 1.4 Sweeper Biological Solutions 2.84 SwineTech Precision agriculture 4.63 Talent Cloud Precision agriculture Taransense Precision agriculture 2 Tensorfield Agriculture Precision agriculture Teralytic Precision agriculture 6.79 Terrabio Precision agriculture TerraClear Precision agriculture 6.1 TerViva Seed Technology and Genetics 21.52 Tevel Aerobotics Technologies Precision agriculture 10 The Yield Precision agriculture Thegreendata Precision agriculture 2.27 Thymox Technologies Biological Solutions 0.46 Tillable Marketplaces 8.25 Tortuga AgTech Precision agriculture 5 Trace Genomics Precision agriculture Trella Technologies Next Gen. Farming (CEA) 0.09 Trym Precision agriculture 2 Tulaa Marketplaces UV Boosting Precision agriculture 4.08 V2 Food Next Generation Proteins 23.93 Verdant Robotics Precision agriculture 11.5 Vertical Farm Systems Next Gen. Farming (CEA) 0.71 Vestaron Plant/Animal Health and Nutrition 40 vHive Precision agriculture 5.5 VineView SAI Precision agriculture 10 Viridix Precision agriculture 2.35 Vive Crop Protection Plant/Animal Health and Nutrition 10 Vivid Garden (Japan) Marketplaces 1.86 Vultus Precision agriculture 1.04 Vytelle Seed Technology and Genetics Waterbit Precision agriculture 2.45 Weenat Precision agriculture 2.26 WeFarm Marketplaces 12.57 Wild Type Next Generation Proteins 12.5 Wingtra Precision agriculture 9.98 Xaircraft Precision agriculture Xfarm Precision agriculture 3.31 Xiangchuang Technology Precision agriculture Ynsect Plant/Animal Health and Nutrition 124.96 Your Local Greens Next Gen. Farming (CEA) 0.35 Your Local Greens Next Gen. Farming (CEA) 0.51 Zea Biosciences Next Gen. Farming (CEA) 0.3 Zea Biosciences Next Gen. Farming (CEA) 0.34 ZeaKal Seed Technology and Genetics 15 Zelp Precision agriculture 1.5 ZhongNongPuHui Next Gen. Farming (CEA) 5.81 Ztractor Precision agriculture 1.25
- 24. Methodology 24 •Scope: this report includes the startups that have shown a clear AgTech/innovation component in their operations. •Financing data: •This report uses data available on Pitchbook (April 2020). •Agroecology Capital completed some of the amounts when the companies provided the necessary data and expressly authorized Agroecology Capital to use it and to disclose it in this report. •Agroecology Capital only considered Angel and Venture Capital funding and excluded debt and project financing. Some deals use a mix of debt and equity and the split is generally not disclosed. Agroecology Capital did not restate the amounts for this report. Therefore, amounts related to such deals could be significantly lower. •If your firm has not been listed, please send us an email to research@agroecology.io to update your company’s funding information. •For any question, please contact research@agroecology.io