The survey results show that most food and ag-tech startups have already taken or plan to take additional steps to adapt to the COVID-19 situation. While 45% of startups expect increased demand for their products or services in 2020 due to COVID-19, 52% anticipate a net negative impact on supply. The majority of startups plan to keep headcount and salaries the same but expect decreased capital expenditures. Most startups are currently raising or planning to raise funds this year, though many expect fundraising efforts to be negatively impacted by accepting lower valuations or postponing fundraising.

1. SURVEY RESULTS
Food & Ag-Tech During
the COVID-19 Pandemic
April 2020

2. INTRODUCTION
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Arpegio is a Latin American VC firm investing in
early-stage food & ag-tech startups with SDG
impact potential.

3. The survey was designed to give startups and investors in the food industry some visibility as to what others are doing,
or planning to do, in response to COVID-19.
About the Survey
INTRODUCTION
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• Survey was sent out 3 of April 2020
• Total valid responses from 65 companies
• Covering entire food industry value chain
• 83% in early stages, from pre-seed to early venture
• Companies from 12 countries
• 71% with HQ in a Latin America; 20% in the US
• We may repeat the survey in a few weeks to understand how sentiment is changing over time
This report simply shows the answers to the survey questions, with no further analysis. If you would like access to the data
please write to gonzalo@arpegio.vc. Data will not contain any names, emails or other information in order to keep the responses
anonymous.

4. Funding Stage & Industry Target
GENERAL INFORMATION ABOUT THE STARTUPS
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9%
36%
38%
3%
14%
0%
0%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Funding Stage
29%
5%
17%
14%
6%
6%
11%
0%
6%
6%
0%
5%
10%
15%
20%
25%
30%
Industry Target
Choose your current funding stage if you're fundraising
or planning to do so in 2020, or your last completed
round stage.
Select the MOST RELEVANT industry stage that your
company serves or operates in, within the Food &
Agriculture (F&A) industry or other.

5. Business Model, Runway & HQ
GENERAL INFORMATION ABOUT THE STARTUPS
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B2B
49%
B2C
11%
Both
40%
Main Business Model
< 1
5%
1-3
30%
4-6
30%
7-9
9%
10-12
11%
13-18
9%
> 18
6%
Runway
Does your business primarily
target businesses, consumers, both?
How many months of runway do
you have?
LATAM
72%
United
States
20%
Other
8%
HQ Country
Where is your company
headquartered?

6. How worried are you about your startup and the COVID-19 situation?
General Worry
COVID-19 RELATED QUESTIONS
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6%
17%
43%
22%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Not Worried
Slightly
Moderately
Very
Extremely

7. Responding to the Situation
COVID-19 RELATED QUESTIONS
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Yes
92%
No
8%
Already taken steps
Yes
92%
No
8%
Plan to take [additional] steps
We have already taken steps to adapt to the COVID-19
situation.
We plan to take [additional] steps in the near future to
adapt to the situation.

8. How will the COVID-19 situation most likely impact total DEMAND for your products and/or services in 2020?
Demand
COVID-19 RELATED QUESTIONS
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45%
37%
15%
3%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Increase
Decrease
No change
Not applicable

9. How will the COVID-19 situation most likely impact the SUPPLY for our products and/or services in 2020?
Supply
COVID-19 RELATED QUESTIONS
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8%
52%
32%
8%
0%
10%
20%
30%
40%
50%
60%
Net positive impact
Net negative impact
No significant impact
Not applicable

10. How will the COVID-19 situation most likely impact HEADCOUNT for your team in 2020?
Headcount
COVID-19 RELATED QUESTIONS
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20%
29%
48%
3%
0%
10%
20%
30%
40%
50%
60%
Increase team size
Reduce team size
Keep same team size
Not applicable

11. How will the COVID-19 situation most likely impact average INDIVIDUAL SALARIES for your team in 2020?
Salaries
COVID-19 RELATED QUESTIONS
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6%
34%
55%
3%
0%
10%
20%
30%
40%
50%
60%
Increased
Reduced
Stay the same
Not applicable

12. How will the COVID-19 situation most likely impact total projected CAPITAL EXPENDITURES for 2020?
CAPEX
COVID-19 RELATED QUESTIONS
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12%
48%
32%
8%
0%
10%
20%
30%
40%
50%
60%
Increase
Decrease
Stay the same
Not applicable

13. Are you currently raising or expecting to raise funds in
2020?
Fundraising
COVID-19 RELATED QUESTIONS
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Yes
85%
No
15%
Currently raising?
Yes
68%
No
23%
Not
Applicable
9%
Negatively impacted?
Up to this point, has the COVID-19 situation negatively
impacted your FUNDRAISING plans for 2020?

14. If you plan to raise funds this year, how will the COVID-19 situation most likely impact your FUNDRAISING efforts (mark
all that apply)?
Fundraising
COVID-19 RELATED QUESTIONS
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14%
17%
20%
20%
29%
32%
0%
5%
10%
15%
20%
25%
30%
35%
Not applicable
We plan to raise MORE money than we originally
expected
We expect NO CHANGES to our fundraising
plans
We will POSTPONE our fundraising until the
market improves
We will begin fundraising SOONER than planned
We may have to accept a lower VALUATION (or
offer other benefits) than originally expected

15. GONZALO
PÉREZ TERRY
Managing Director
gonzalo@arpegio.vc
www.arpegio.vc