Tracxn - Livestock Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Livestock - Sep 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on September 29, 2018.
Livestock Feed Summary
4
Livestock > Feed Summary
Companies leveraging technology and/or innovative business models for increasing production and processing
efficiency, and conglomerates operating across the value chain of dairy and meat industry
• Inclusions: 1. Companies offering tech solutions for
livestock production, farm monitoring & management, and
processing2. Companies developing advanced essential
consumables such as feed additives and vet products3.
Companies providing tech-enabled financial services and
products to livestock agribusinesses4. Livestock business
conglomerates operating across the livestock value chain
• Exclusions: 1.Companies which offer sector agnostic
products or solutions2. Companies with traditional
businesses which do not leverage modern technology to
develop products or solutions
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$3.3B
Funding
109
Mega
Companies
3861762
FundedCovered on
Tracxn
1
Unicorns
-
Soonicorns
5
Minicorns
86
IPO’d Cos
108
Late Stage Cos
57
108
Acquisitions
54
DeadPooled
-
Acquihired
Series A+ Cos
Danone
(1919, Paris)
Zoetis
(2012, Brussels)
Tyson Foods
(1935, Springdale)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Livestock
5
$50M - PE
Dodla Dairy (1998, Hyderabad, $69.9M)
$14M - Series B
Stellapps Technologies (2011, Bangalore,
$17.3M)
$40M - Series D
Calysta (2011, Menlo Park, $88M)
$10.3M - Series B
Licious (2015, Bangalore, $39M)
$25M - Series C
$3.1M - Seed
ZappFresh (2015, Delhi, $4.1M)
$22.7M - PE
ABP Food Group (1994, Ardee, $22.7M)
$2M - Series A
$17.3M)
$20M - PE
Overhill Farms (1968, Los Angeles, $20M)
$343k - Angel
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Livestock > Feed Summary > Investment Trend Summary
Seed High-Tech Grunderfonds (#2), 3one4 Capital (#1), AccelFoods (#1)
Series A/B Desjardins – Innovatech (#2), Aavishkaar (#1), Acequia Capital
(#1)
Series C+
ATP Private Equity Partners (#2), Abris Capital Partners (#1),
Axcel Partners (#1)
Incubators 500 Startups (#3), Techstars (#3), Venture Kick (#3)
Other Notable
Investors
Wheatsheaf (#5), B I R A (#3), Bpifrance (#2)
Debt Investors Tikehau Capital (#4), ADM Capital (#2), PMV (#2)
Most Active InvestorsRecent Investments
84 88
105 107
52
6
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded 22 26 34 39 46 27
$2.2B
$518M
$389M
$83.9M
$26.7M
US
Europe
India
Canada
New
Zealand
$ Funding
$115M
$231M
$80M
$2.B
$120M $189M $268M
36
2013 2014 2015 2016 2017 2018*
$ Funding $ Funding Predicted
# Rounds # Rounds Predicted

Summary of exit outlook in Livestock
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Oaktree Capital
Management
2
AdvancePierre Foods (1946, Cincinnati, $95M)
Campofrio Food Group (2008, Alcobendas)
3i Group 1 Phibro Animal Health (1946, Teaneck)
Arbor Investments 1 Columbus Craft Meats (1917, San Francisco)
ATP Private Equity
Partners
1 Columbus Craft Meats (1917, San Francisco)
Black River Asset
Management
1 Dodla Dairy (1998, Hyderabad, $69.9M)
Aug 2018 Keystone Foods Acq by Tyson Foods for $2.2B
Sep 2017 Bob Evans Farms Acq by POST HOLDINGS for $1.5B
Apr 2017 AdvancePierre Foods Acq by Tyson Foods for $4.2B
Jul 2014 Hillshire Brands Acq by Tyson Foods for $8.6B
Oct 2013
Vion Food Group Acq by Darling Ingredients for
$2.2B
May 2013
Smithfield Foods Acq by Shuanghui International for
$4.7B
Livestock > Feed Summary > Exit Outlook Summary
Hormel Foods 6
Columbus Craft Meats (Nov 2017, $850M), Applegate (May
2015, $775M), Fontanini Meats (Aug 2017, $425M)
Tyson Foods 3
AdvancePierre Foods (Apr 2017, $4.2B), Keystone Foods
(Aug 2018, $2.2B), Wright Brand (Jun 2001)
BC Partners 1 Allflex (May 2013, $1.3B)
Pfizer 2 Embrex (Jan 2007, $155M), Synbiotics (Dec 2010)
Terra Firma
Capital Partners
1 Central Pastoral Company (Mar 2009, $278M)
Recent IPOs Top Acquisitions
Synlait Nov 2016
Dairy processing and specialty milk produ…
IPO MCap: - Current MCap: $1.7B
ForFarmers May 2016
Manufacturer and supplier of feed for liv…
IPO MCap: - Current MCap: -
Wellard Oct 2015
Procures and supplies livestock and meat
IPO MCap: $407M Current MCap: $30.7M
Prabhat Dairy Sep 2015
Procurement, processing, and marketing of…
IPO MCap: $171M Current MCap: $221M
Octopus Robots Mar 2018
Develops mobile robots for the agricultur…
IPO MCap: $33M Current MCap: -
Godrej Agrovet Oct 2017
Manufacturer and supplier of agriculture…
IPO MCap: $1.4B Current MCap: -
Jeil Holdings Jun 2017
Produces, processes and supplies animal f…
IPO MCap: - Current MCap: -
Parag Milk Foods May 2017
Manufacturer and supplier of dairy produc…
IPO MCap: $280M Current MCap: -

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
FACTSHEET
* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies
Feed Report - Livestock - Sep 20187
Overview
Companies 1762
Funded 386 Series A+ 108
Funding $3.3B Last 2 yrs $323M
Most Active Investors
Seed High-Tech Grunderfonds (2)
Series A/B Desjardins – Innovatech (2)
Series C+ ATP Private Equity Partners (2)
Others Wheatsheaf (5)
Incubators 500 Startups (3)
Top Cities
Houston 6 Cos $1.6B
Vannes 2 Cos $236M
Feed in Numbers
Unicorns 1 Soonicorns -
Minicorns 5 Editor Picks 47
Acquihired - Deadpooled 54
Top Companies
Tyson Foods (1935, Springdale)
Danone (1919, Paris)
Zoetis (2012, Brussels)
Exits
IPOs 86 Godrej Agrovet, Wellard
Acquisitions 108 Hillshire Brands, Smithfield
Foods
Top Acquirers Hormel Foods, Tyson Foods
Marketmap: Livestock
PROCESSING & PRODUCE ENABLERS
PROCESSING MACHINERY
TRACEABILITY &
MONITORING SOLUTION*
FARM ENABLERS
MONITORING & MGMT. OPERATIONAL EFFICIENCY
FARM INPUTS
NUTRITION
FEED
FEED ADDITIVES
VET PRODUCTS
PRODUCERS & PROCESSORS
MEAT & EGG
POULTRY
RED MEAT
DAIRY
INPUT COMMERCE
PRODUCE COMMERCE
E-COMMERCE
MEAT
OFFLINE DISTRIBUTORS
Livestock > Feed Summary > BlueBox

Key Sub Sectors in Livestock Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Farm Monitoring & Management > Farm
Data & Analytics >
Integrated
96 $37.8M 16
Operations > Dairy > Agri Marketing >
Asset Heavy 62 $78.3M 5
Produce Supply Chain > Digital Market
Linkage > Meat Products > B2C >
E-Distributor
10 $39.7M 5
Farm Monitoring & Management >
Farm Management Solutions 192 $20M 11
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Produce Supply Chain
Companies offering supply chain platforms for farmers
to market their livestock farm...
102 24 $1.7B
Operations
Companies engaged in breeding, rearing, processing,
and marketing of livestock commodities...
555 138 $751M
Farm Consumables
Companies developing consumables for livestock
farms such as feeds & its additives and...
404 101 $587M
Farm Monitoring & Management
Companies leveraging technology to bring efficiency in
the planning and operations of...
359 75 $202M
Farm Infrastructure
Companies developing infrastructure and components
for livestock farming including products...
92 23 $70.9M
Processing Infrastructure
Companies developing technologies and machinery for
bringing efficiency in off-field...
213 18 $48.3M
Inputs Supply Chain
Companies offering supply chain platforms for farmers
to procure farm inputs for their...
36 7 $65k
Livestock > Feed Summary > Summary of Key Markets

List of Notable Companies in Livestock
Notable Companies in the Sector (1/3)
9
Note: *(Founded Year, Location, Total Funding)
Livestock > Feed Summary > Notable Companies in the Sector
Public
Godrej Agrovet
(1992, Mumbai, $92.7M)*
Phibro Animal Health
(1946, Teaneck)
Wellard
(1980, Fremantle)
Prabhat Dairy
(1998, Mumbai, $33.8M)
Beston Global Food
(2014, Adelaide)
Gene BioTech
(2000, Gyeongju)
Eco Animal Health
(1972, Malden, $3.4M)
Australian Dairy Farms
Group
(1992, Brisbane)
Lee Feed Mill
(1983, Bangkok)
Sysco
(1970, Houston, $1.6B)
Public
Dodla Dairy
(1998, Hyderabad, $69.9M)
Parag Milk Foods
(1992, Pune, $35M)
Wynnstay
(1917, Shrewsbury, $22.6M)
Synlait
(2000, Rakaia, $22.1M)
JBS
(1953, Sao Paulo)
Avivagen
(2005, Ottawa)
Sanderson Farms
(1947, Laurel)
The a2 Milk Company
(2000, Auckland)
Zoetis
(2012, Brussels)
CBH
(2003, Johannesburg)
Public
Dairy Crest
(1987, Esher)
ForFarmers
(1899, Lochem)
ImmuCell
(1982, Portland)
John Bean Technologies
(1894, Chicago)
Lay Hong
(1994, Klang)
LDC Group
(1968, St Laurent Des Arbres)
LTKM Berhad
(1997, Klang)
Marfrig Global Foods
(2000, Sao Paulo)
PWF Consolidated
Berhad
(1997, Bukit Mertajam)
Quantum Foods
(2013, Cape Town)
Public
Sierad Produce
(1985, Jakarta)
Amatheon Agri
(2013, Berlin)
Astral Foods
(2001, Sandton)
Bachoco
(1952, Celaya)
Bell Food Group
(1869, Basel)
Belor
(1970, Irkutsk)
BRF
(1934, Itajai)
Chew's Agriculture
(1987, Singapore)
China Dairy
(1979, Singapore)
Conagra
(1919, Chicago)
Public
Daesung
Microbiological Lab
(1966, Seoul)
Dbe Gurney Resources
(1986, Sitiawan)
Farm's Best food
Industries
(1989, Rawang)
Formosa Oilseed
Processing
(1986, Taichung)
Huat Lai
(1994, Merlimau)
Humatech
(1988, Houston)
Indykpol
(1991, Olsztyn)
Jaguar Health
(2013, San Francisco)
Kreka
(1971, Kavala)

10
Public
Lala
(1985, Torreon)
Malindo Feedmill
(1997, Jakarta)
Merit Biotech
(2007, Taipei)
Nichiwa Sangyo
(1924, Kobe)
Octopus Robots
(1987, Cholet)
Pilgrim's
(1946, Greeley)
Rational
(1976, Landsberg Am Lech)
Ross Industries
(1970, Bealeton)
TPC
(1978, Alor Gajah)
Viscofan
(1975, Aranguren)
Public
Wingara
(1984, Kew)
Zemaitijos Pienas
(1924, Telsiai)
Aksha Corporation
(1962, Kagoshima)
Ceapro
(1997, Edmonton)
Farmsco
(1999, Yongin)
Jeil Holdings
(1962, Gangnam)
KC Feeds
(1999, Pohang)
Nippon Formula Feed
Manufacturing
company
(1929, Kanagawa)
Shin Tai Industry
(1989, Kaohsiung City)
Public
Wayne Farms
(1965, Gainesville)
Woosung
(1968, Daejeon)
Amrit Corp
(1940, Delhi)
Anpario
(1997, Worksop)
Campofrio Food Group
(2008, Alcobendas)
CCK Consolidated
Holdings Berhad
(1996, Kuching)
Easy Bio
(1988, Seoul)
Feed One
(2014, Yokohama)
Hind Industries
(1990, Delhi)
Japfa Comfeed
(1971, Jakarta)
Public
Marel
(1996, Reykjavik)
PeterLabs
(2002, Nilai)
Ridley
(1987, Melbourne)
Sealed Air
(1960, Charlotte)
Simran Farms
(1984, Indore)
SKM Egg Products
(1995, Erode)
Teo Seng Capital
Berhad
(2006, Johor Bahru)
Venky's India
(1971, Pune)
Acquired
Hillshire Brands
(1939, Chicago)
Smithfield Foods
(1936, Smithfield)
AdvancePierre Foods
(1946, Cincinnati, $95M)
Vion Food Group
(1934, Eindhoven)
Keystone Foods
(1956, West Chester)
Bob Evans Farms
(1946, Rio Grande City)
Allflex
(1972, Dallas, $106M)
Moy Park
(1943, Craigavon)
National Beef
(1992, Kansas City)
Tnuva
(1926, Tel Aviv)

11
Acquired
Columbus Craft Meats
(1917, San Francisco)
Applegate
(1987, Bridgewater)
Omega Protein
(1913, Houston)
Fontanini Meats
(1960, Cicero)
Gold Coin Group
(1953, Singapore)
Central Pastoral
Company
(1983, Brisbane)
SCR Engineers
(1976, Netanya)
Plumrose USA
(1932, Downers Grove)
Purina Mills
(1894, St. Louis)
Embrex
(1985, Durham)
Acquired
Farmer John
(1931, Los Angeles)
Burke
(1974, Nevada)
Unicorns
Neovia Group
(1954, Vannes, $236M)

List of Notable Companies by Market in Livestock
Notable Companies by Market (1/10)
13
Livestock > Feed Summary > Notable Companies by Market
Farm Data & Analytics
Allflex (1972, Dallas, $106M)
Manufactures products for livestock identification
Stage: Acquired
Epiris, Electra Private Equity
SCR Engineers (1976, Netanya)
Livestock monitoring, data collection and analytics
Stage: Acquired
Tene Investment Funds
Farm Consumables
Nutrition
Neovia Group (1954, Vannes, $236M)
Develops and manufactures feeds and nutrition
supplements
Unicorn. Stage: Funded
Eurazeo, Unigrains, CDC International Capital and 1
Other Investors
Godrej Agrovet (1992, Mumbai, $92.7M)
Manufacturer and supplier of agriculture input
products
Stage: Public
Temasek
Wynnstay (1917, Shrewsbury, $22.6M)
Vertically integrated business for supplying cereal
seeds, animal feeds, and pet feeds in the UK
Stage: Public
Avivagen (2005, Ottawa)
Development and marketing of livestock animal
feed additives
Editor's Pick. Stage: Public
Nutrition
ForFarmers (1899, Lochem)
Manufacturer and supplier of feed for livestock
animals
Stage: Public
Formosa Oilseed Processing (1986,
Taichung)
Produces and supplies animal feed products
Stage: Public
Gene BioTech (2000, Gyeongju)
Development, manufacturing, and marketing of
biological feed additives and veterinary medicines
for livestock animals
Stage: Public
Yuanta Investment
Gold Coin Group (1953, Singapore)
Manufactures and supplies animal feed products
Stage: Acquired
Humatech (1988, Houston)
Manufacturer and supplier of humic and fulvic acids
for animal feed and crop fertilizer
Stage: Public

14
Farm Consumables
Nutrition
Nichiwa Sangyo (1924, Kobe)
and livestock equipment
Stage: Public
Omega Protein (1913, Houston)
Biopharma company manufacturing and marketing
nutritional products
Stage: Acquired
Phibro Animal Health (1946, Teaneck)
Develops animal health and performance products
Stage: Public
3i Group
Wingara (1984, Kew)
Processor and marketer of agricultural products
Stage: Public
3C Capital
Nutrition
Ceapro (1997, Edmonton)
Production of active ingredients using plants as a
feedstock for human and animal consumption
Stage: Public
GCCIR, AVAC Group
Farmsco (1999, Yongin)
Manufacturer and supply animal feed
Stage: Public
JKL Partners
Jeil Holdings (1962, Gangnam)
Produces, processes and supplies animal feed
products
Stage: Public
KC Feeds (1999, Pohang)
Manufacturer and supplier of animal feeds
Stage: Public
Lee Feed Mill (1983, Bangkok)
Producer and seller of animal feed
Stage: Public
Nutrition
Shin Tai Industry (1989, Kaohsiung City)
Manufacturer and supplier of animal feed
Stage: Public
Woosung (1968, Daejeon)
Producer and supplier of animal feeds
Stage: Public
Anpario (1997, Worksop)
Development, manufacturing, and supply of feed
additives for livestock and aquaculture
Stage: Public
Easy Bio (1988, Seoul)
Manufactures and markets biological feed additives
Stage: Public
Korea Investment Partners
Feed One (2014, Yokohama)
Manufactures and markets feeds for livestock and
fisheries
Stage: Public

15
Farm Consumables
Nutrition
Japfa Comfeed (1971, Jakarta)
Production of animal feeds
Stage: Public
KKR
PeterLabs (2002, Nilai)
Manufactures and distributes animal health and
nutrition products
Stage: Public
Purina Mills (1894, St. Louis)
Manufacturer of Animal Feed Products
Stage: Acquired
Ridley (1987, Melbourne)
Manufacturing and supply of feed and feed
ingredients for livestock industry in Australia
Stage: Public
Vet Products
Eco Animal Health (1972, Malden, $3.4M)
Animal health products manufacturer and supplier
Stage: Public
Manufacturer and supplier of medicines, vaccines,
and diagnostic products for animals
ImmuCell (1982, Portland)
Manufacturer and supplier of products to improve
health and productivity of dairy & beef cattle
Stage: Public
TD Bank
Daesung Microbiological Lab (1966, Seoul)
Manufacturer and supplier of vaccines and
medicines for livestock animals
Stage: Public
Vet Products
Embrex (1985, Durham)
Manufacturer and supplier of biological and
mechanical products for the livestock animals
Stage: Acquired
Domain Associates
Jaguar Health (2013, San Francisco)
Developing gastrointestinal products for human
prescription use and animals
Stage: Public
Sagard Holdings
Merit Biotech (2007, Taipei)
Manufactures and distributes animal healthcare
products
Stage: Public

16
Farm Infrastructure
Farm Operations
Octopus Robots (1987, Cholet)
Develops mobile robots for the agricultural and
animal husbandry industy
Stage: Public
Operations
Dairy
Manufactures and distributes processed dairy
goods
Stage: Public
TPG, The Rise Fund, IFC and 2 Other Investors
Parag Milk Foods (1992, Pune, $35M)
Manufacturer and supplier of dairy products
Stage: Public
IDFC
Prabhat Dairy (1998, Mumbai, $33.8M)
Procurement, processing, and marketing of dairy
products
Minicorn. Stage: Public
TVS Capital Funds, Rabo Equity Advisors, Proparco
Synlait (2000, Rakaia, $22.1M)
Dairy processing and specialty milk products
Stage: Public
Bright Dairy & Food
Dairy
The a2 Milk Company (2000, Auckland)
Integrated company in the farming, processing, and
supply of milk
Cure Kids Ventures
Dairy Crest (1987, Esher)
Integrated business for sourcing and processing of
milk for the supply of consumer products in the UK
Stage: Public
Royal London Asset Management
Australian Dairy Farms Group (1992,
Brisbane)
Vertically integrated company in farming,
processing, and marketing of dairy products
Stage: Public
China Dairy (1979, Singapore)
Integrated company in dairy cattle farming and milk
production
Stage: Public

17
Operations
Dairy
Lala (1985, Torreon)
Produces and markets dairy products
Stage: Public
TPC (1978, Alor Gajah)
Owns and operates poultry farming business
Stage: Public
Zemaitijos Pienas (1924, Telsiai)
Manufactures and markets dairy products
Stage: Public
Central Pastoral Company (1983, Brisbane)
Integrated cattle farming business in Australia
Stage: Acquired
Amrit Corp (1940, Delhi)
Agribusiness with interests in dairy, BPO and real
estate
Stage: Public
Tnuva (1926, Tel Aviv)
Marketing cooperative of dairy farmers
Stage: Acquired
Apax Partners
Meat & Egg
AdvancePierre Foods (1946, Cincinnati,
$95M)
Convenience food product supplier to food
establishments
Stage: Acquired
Oaktree Capital Management
JBS (1953, Sao Paulo)
Fully integrated company in rearing, breeding,
processing, and marketing of chicken, beef and pork
products
Sanderson Farms (1947, Laurel)
Manufacturer and retailer of fresh and frozen
chicken products.
Peter J Solomon Company
CBH (2003, Johannesburg)
Production and marketing of poultry products and
animal feed
Stage: Public
Meat & Egg
Lay Hong (1994, Klang)
Integrated company in rearing & breeding,
processing, and supply of poultry egg and meat
products
Stage: Public
LDC Group (1968, St Laurent Des Arbres)
processing, and supply of meat products and eggs
Stage: Public
LTKM Berhad (1997, Klang)
Integrated company in rearing, processing, and
supply of poultry egg
Stage: Public
Marfrig Global Foods (2000, Sao Paulo)
Vertically integrated company in processing and
supply of meat products
Stage: Public
Moy Park (1943, Craigavon)
Fully integrated company in rearing, processing,
and supply of poultry products
Stage: Acquired

18
Operations
Meat & Egg
Plumrose USA (1932, Downers Grove)
Processor and supplier of value-added meat
products
Stage: Acquired
PWF Consolidated Berhad (1997, Bukit
Mertajam)
Integrated business for poultry farming, animal
feed milling, and grain processing
Stage: Public
Quantum Foods (2013, Cape Town)
Integrated company in poultry rearing and
production of animal feed
Stage: Public
Sierad Produce (1985, Jakarta)
Integrated company in feed production and
breeding, processing, & supply of poultry products
Stage: Public
Meat & Egg
Smithfield Foods (1936, Smithfield)
Fully integrated company in hog breeding &
rearing, processing and supply of hog meat
products
Stage: Acquired
Amatheon Agri (2013, Berlin)
Manages complete value chain of field crops and
livestock animals
Stage: Public
Applegate (1987, Bridgewater)
Processor and supplier of natural & organic meat
products
Stage: Acquired
Swander Pace Capital
Astral Foods (2001, Sandton)
Integrated company in poultry breeding, animal
feed, value-added poultry products
Stage: Public
Meat & Egg
Bachoco (1952, Celaya)
Fully integrated company in breeding, rearing,
processing and supply of poultry products
Stage: Public
Bell Food Group (1869, Basel)
products
Stage: Public
Bob Evans Farms (1946, Rio Grande City)
Restaurant chain and processed pork products
manufacturer & supplier based in USA
Stage: Acquired
BRF (1934, Itajai)
Integrated company in processing and supply of
value added meat products
Stage: Public
Burke (1974, Nevada)
Manufacturer and supplier of fully cooked meat
products & pizza toppings
Stage: Acquired

19
Operations
Meat & Egg
Chew's Agriculture (1987, Singapore)
Produces and supplies eggs
Stage: Public
Columbus Craft Meats (1917, San Francisco)
products
Stage: Acquired
ATP Private Equity Partners, Arbor Investments,
Endeavour Capital
Conagra (1919, Chicago)
Vertically integrated company in manufacturing
and supply of value-added meat and food products
Stage: Public
Uni-World Capital
Dbe Gurney Resources (1986, Sitiawan)
Manufactures and supplies chicken products
Stage: Public
Farmer John (1931, Los Angeles)
Brand of meat products
Stage: Acquired
Meat & Egg
Farm's Best food Industries (1989, Rawang)
Produces and markets poultry products
Stage: Public
Fontanini Meats (1960, Cicero)
products
Stage: Acquired
Hillshire Brands (1939, Chicago)
Manufacturer and supplier of value-added meat
products
Stage: Acquired
ValueAct Capital
Huat Lai (1994, Merlimau)
Produces and supplies eggs and poultry products
Stage: Public
Indykpol (1991, Olsztyn)
Fully integrated company in breeding, rearing,
processing, and supply of turkey meat products
Stage: Public
Meat & Egg
Keystone Foods (1956, West Chester)
processing, and supply of meat products
Stage: Acquired
Kreka (1971, Kavala)
Production and supply of meat products
Stage: Public
Malindo Feedmill (1997, Jakarta)
Fully integrated company in poultry breeding and
production of animal feed & value-added products
Stage: Public
National Beef (1992, Kansas City)
Fully integrated company in processing and supply
of processed beef products
Stage: Acquired
Us Premium Beef
Pilgrim's (1946, Greeley)
Fully integrated company in poultry(broiler)
farming, feed production, processing and supply of
poultry meat products
Stage: Public

20
Operations
Meat & Egg
Vion Food Group (1934, Eindhoven)
supply of fresh and value-added beef and pork meat
products
Stage: Acquired
Aksha Corporation (1962, Kagoshima)
Stage: Public
Nippon Formula Feed Manufacturing
company (1929, Kanagawa)
Integrated company in production & sale of fish,
hatching eggs, and animal feed
Stage: Public
Wayne Farms (1965, Gainesville)
supply of poultry meat products
Stage: Public
Meat & Egg
Producer, wholesaler and supplier of meat and
meat products based in Spain.
Stage: Public
Oaktree Capital Management
CCK Consolidated Holdings Berhad (1996,
Kuching)
Production and supply of poultry products
Stage: Public
Hind Industries (1990, Delhi)
Production of meat and meat based products
Stage: Public
Simran Farms (1984, Indore)
Engaged in integrated poultry and poultry products
Stage: Public
SKM Egg Products (1995, Erode)
Integrated poultry farming and egg processing firm
in India
Stage: Public
Meat & Egg
Teo Seng Capital Berhad (2006, Johor Bahru)
Poultry farming and production of eggs
Stage: Public
Venky's India (1971, Pune)
Manufacturer of processed and frozen poultry
products.
Stage: Public

21
Operations
Diversified
Belor (1970, Irkutsk)
Integrated company in rearing, processing, and
supply of meat & dairy products
Stage: Public
Beston Global Food (2014, Adelaide)
Integrated company in the production, distribution,
and export of food products
Stage: Public
Processing Machinery
John Bean Technologies (1894, Chicago)
Designer, manufacturer and supplier of complete
meat processing lines
Stage: Public
Rational (1976, Landsberg Am Lech)
Manufacturer and supplier of meat combi cooking
systems
Stage: Public
Ross Industries (1970, Bealeton)
Manufacturer and supplier of food processing and
packaging machinery
Stage: Public
Marel (1996, Reykjavik)
Manufacturer of industrial food processing
equipment
Stage: Public
Eyrir Invest
Packaging Solutions
Viscofan (1975, Aranguren)
Manufacturer and supplier of artificial casings for
meat products
Stage: Public
Sealed Air (1960, Charlotte)
Develops packaging solution to increase shelf life of
Consumer Packaged goods
Stage: Public

22
Offline Market Linkage
Sysco (1970, Houston, $1.6B)
Seller, marketer, and distributor of food products
Stage: Public
Trian Fund Management
Wellard (1980, Fremantle)
Stage: Public

List of Notable Companies in Livestock in China
Notable Companies in the Sector in China
23
Livestock > Feed Summary > Notable Companies in the Sector in China
Public
China Mengniu Dairy
(2004, Hohhot, $790M)
Fujian Sunner
Development
(1999, Nanping, $400M)
Sino Agro Food
(2006, Guangzhou, $450k)
WH Group
(1958, Luohe)
Guangdong HAID Group
(1998, Guangzhou)
Agfeed Industries
(1995, Nanchang)
China Purity Foods
(2007, Hong Kong)
Shenzhen Jin Xinnong
(1999, Shenzhen)
Sichuan Sundaily Farm
Ecological Food
(2003, Mianyang)
Public
Skystar Bio-
Pharmaceutical
(1997, Xian)
Wison International
Holdings
(2008, Hong Kong)
YuanShengTai Dairy
Farm
(2008, Qiqihar)
China Animal
Healthcare
(2010, Beijing)
China Modern
Agricultural
Information
(2005, Harbin)
Henan Huaying
Agricultural
(1991, Zhengzhou)
Public
Tanke International
Group
(1989, Guangzhou)
C P Pokhphand
(1987, Hong Kong)

Recent News in Livestock Sector
Recent News
24
Sep 2018
Hormel Foods expands Burke manufacturing facility in Nevada,
Iowa, Global FDI
Sep 2018
Seafood & Meat Brand Licious Raises $25 million for Expansion,
Pixr8
Sep 2018
Deal sees Neovia consolidate its position in Ecuador's shrimp feed
market, FeedNavigator
Sep 2018
Hormel Foods to invest $150m in cooked meats facility,
GlobalMeatNews
Sep 2018 ConAgra Brands misses by $0.02, misses on revenue, Seeking Alpha
Sep 2018
Licious raises Rs. 12 crores in venture debt from InnoVen Capital,
Business Standard
Sep 2018 FNG acquires Henkelman Group, FashionUnited
Sep 2018
Poultry producer MHP to acquire Perutnina Ptuj, Food Processing
Technology
Sep 2018
Hormel Foods Expands Our Food Journey™ with Launch of New
Podcast Series, PR Newswire
Sep 2018 Amul grabs 9th position in world dairy ranking, Nuffoods Spectrum
Sep 2018 a2 Milk to switch from plastic to carton, Packaging News
Sep 2018
Global Milking Robots Market Study 2018- Lely, DeLaval, Hokofarm,
GEA Farm, SA Christensen, Fullwood, Boumatic Robotics, Talk Daily
News
Sep 2018
Global Vitamin B-complex Ingredients Market 2018 : Adisseo
France, ADM, Amway, BASF, DSM, DuPont Danisco, Lonza Group,
Pfizer, Talk Daily News
Key Recent News Key Recent News
Sep 2018
Global Pet Oral Care Products Market Study 2018: Allaccem, Inc.,
Ceva Sante Animale S.A., Colgate-Palmolive Company, Talk Daily
News
Sep 2018 Zoetis Named a Top Company for Working Mothers, Business Wire
Sep 2018
Global Ready Meals (Prepared Meals) Market 2018 – Nestle,
ConAgra, Unilever, Kraft Heinz, Campbell Soup, Hormel Foods,
truthweek.com
Sep 2018
Parag Milk Foods to Expand Curd Portfolio with New Gowardhan
‘Kesar Dahi’, Corporate Ethos
Sep 2018
Knight Therapeutics and Jaguar Health Announce Strategic
Partnership, GlobeNewswire
Sep 2018
Global Disposable Toothbrush Market 2018 – Colgate-Palmolive,
P&G, Panasonic, Arm&Hammer, Omron, LION, WaterPik, Philips,
truthweek.com
Sep 2018
Foster Farms Debuts DORI™, A QR Code Virtual Assistant In The
Fresh Chicken Case, PR Newswire
Sep 2018
Global Refrigerated Meat Mincer Market 2018 – Dadaux SAS, AMB
FOOD TECH, Inox Sabat srl, Sammic S.L., Minerva Omega group,
truthweek.com
Sep 2018 Diehl v. Omega Protein Corporation et al, Global Legal Chronicle
Livestock > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
25
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Smart Grid
Aug 2018
Wedding Tech
Aug 2018
Consumer Robotics
Aug 2018

Investments ($M) and number of rounds in Livestock; 2011-2018
Global Funding Trends (1/2)
27
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Livestock > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 21% # of Rounds34% $ Funding
27% # of Rounds
33% $ Funding
$115M
$32M
$151M
$231M
$80M
$2.B
$120M
$189M
$268M
0
5
10
15
20
25
30
35
40
45
50
$0k
$500M
$1.B
$1.5B
$2.B
$2.5B
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

4 12 5 8 15 21 24 13
6
3
11
13
8
10
17
11
1 5 6 5 11 8 5 3
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
11
27
Total # of Rounds
$989K
$7M $2M $3M $6M $9M $17M
$16M
$31M
$5M
$88M
$42M
$44M
$43M
$59M
$51M
$139M $141M $35M $1.9B $69M $112M $48M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
28
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Livestock; 2011-2018
Livestock > Investment Trends > Global Funding Trends
19
10
11
16
25
24
11
116
$1.1M
$2.3M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
$8.0M
$9.0M
0
20
40
60
80
100
120
140
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
$1.1M $8.4M $2M $0.5M $1.5M $1.7M $0.9M $2.3M
$48M
$0K
$119M $192M $0K
$1.9B
$30M $90M $111M
3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
200000000
400000000
600000000
800000000
1E+09
1.2E+09
1.4E+09
1.6E+09
1.8E+09
2E+09
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
- 2 4 - 3 1 2 2
$32M
$115M
Total $ Invested

Livestock > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Livestock
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Houston 1.6B 1
Vannes 236M 1
Mumbai 131M 5
Dallas 118M 3
Cincinnati 95M 1
Hyderabad 92.9M 5
Bay Area 92.2M 9
Belgorod 70M 1
Winnipeg 56.9M 1
Bangalore 56.2M 8
Total Funding
91
76
54
14
6
1
11
10
# Rounds
$2.2B
$518M
$389M
$83.9M
$26.7M
$24M
$18.5M
$16.4M
US
Europe
India
Canada
New
Zealand
Morocco
Australia
Latam
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.5
$0.7
$0.5 $0.4 $0.5
$0.7
$1.0
2011 2012 2013 2014 2015 2016 2017
$4.0
$0.7
$13.9
$3.6 $2.1
$5.2 $3.5
$11.3
$4.0
$5.9 $5.2
$8.8
$6.6 $7.8
$0.0
$46.2 $35.2 $8.8
$211.9
$17.1 $28.0
Livestock > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Livestock; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$10.9K* $4.2M
$50.6K $56.9M
$1.2M $14M
$1.7M $1.6B
$17.5M
$6.6M
$3.6M
$426K
Series C+
Series B
Series A
Seed
Stage

Note: 286 companies with undisclosed funding amount are not included
31
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
39
39
30
8
3
No. of Companies
Livestock > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Livestock; as of Sep 2018
Distribution of companies by Funding Range
$12M
$161M
$614M
$600M
$1.9B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
22%
6%
4%
3%
32
Note: Numbers in the brackets show the count of companies
Time to raise
next round
57
67
108
386
1762
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
22% 6%
(109)
6%
(108)
- 3%
(54)
75%
(1322)
28% 18%
(70)
18%
(69)
- 3%
(10)
69%
(268)
62% 12%
(13)
11%
(12)
- 3%
(3)
35%
(38)
85% 18%
(12)
16%
(11)
- 1%
(1)
13%
(9)
- 21%
(12)
19%
(11)
- 2%
(1)
7%
(4)
Livestock > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Livestock
Funding Funnel
22 Months
30 Months
24 Months
Investment backedBootstrapped
1
47
55
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Livestock > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Livestock; Sep 2016-Sep 2018
Notable Investments in last 24 months
LATE STAGE
$50M - PE May 2017
Manufactures and distributes processed dairy goods
TPG, The Rise Fund
$40M - Series D May 2017
Calysta (2011, Menlo Park, $88M)
Production of protein nutritional feeds and animal
health products
Mitsui & Co, Temasek, Cargill, Municipal Employees
Retirement System, Walden Riverwood Ventures,
Aqua Spark, Pangaea Ventures
$25M - Series C Sep 2018
Online platform for delivery of meat and seafood
Bertelsmann India Investments, Vertex Ventures,
Mayfield, 3one4 Capital, Sistema, InnoVen Capital,
UCLA Investment Company
$22.7M - PE Jun 2018
ABP Food Group (1994, Ardee, $22.7M)
Processor and supplier of fresh and value-added
meat products
EARLY STAGE
$14M - Series B May 2018
$17.3M)
Farm optimization and monitoring support solution
provider
Bill and Melinda Gates Foundation, IndusAge
Partners, Qualcomm Ventures, ABB, Omnivore
Partners, Blume Ventures, Venture Highway,
Beenext, Binny Bansal
$10.3M - Series B Mar 2017
Mayfield, Sistema, 3one4 Capital, Neoplux
$2M - Series A Jul 2017
$17.3M)
Farm optimization and monitoring support solution
provider
Blume Ventures, Binny Bansal, Venture Highway,
500 Startups
SEED STAGE
$3.1M - Seed Mar 2018
Online fresh meat delivery service
SIDBI Venture Capital, Amit Burman
$343k - Angel Feb 2017
Mohammad Arif Khan, Abhishek Goyal, Samir Saran,
Vishal Chaudhary, Jitendra Gupta, Gaurav Sharma,
Ashvin Chadha

Livestock > Investment Trends > Notable Investments in last 24 months in China
Major funding rounds by Stage in Livestock; Sep 2016-Sep 2018
Notable Investments in last 24 months in China
EARLY STAGE
$20.2M - Series B Aug 2017
DQY Agriculture Technology (2002, Beijing,
$20.2M)
Egg producer factory and biogas plant
Capital Today Group

Most Active Investors (VC, PE) by Stage in Livestock; Last 5 years (Sep 2013-Sep 2018)
Most Active VC & PE Investors
35
Livestock > Investment Trends > Most Active VC & PE Investors
SEED STAGE
High-Tech Grunderfonds(2 Investments)
Fodjan, PerformaNat
1
Orios Venture Partners
Country Delight
2
Max Ventures
Porter Road
3
3one4 Capital
Licious
4
Inseed Investimentos
Chip Inside
5
Acumen
EthioChicken
6
NZVIF
Mastaplex
7
Mena Venture investments
Connecterra
8
Ag Startup Engine
Automed
9
Sierra Ventures
Herddogg
10
EARLY STAGE
Desjardins – Innovatech(2 Investments)
Prevtec Microbia, Thymox Technology
1
Aavishkaar
Osam Dairy
2
Pangaea Ventures
Calysta
3
Mayfield
Licious
4
Blume Ventures
Stellapps Technologies
5
Venture Highway
6
Avrio Capital
Enterra
7
Inseed Investimentos
Intergado
8
Aqua Spark
Calysta
9
Walden International
Calysta
10
LATE STAGE
ATP Private Equity Partners (2
Investments)
Frontmatec, SFK Leblanc
1
Unigrains
Neovia Group
2
Eight Roads Ventures
Milk Mantra
3
Temasek
Calysta
4
Vertex Ventures
Licious
5
Middleland Capital
Advanced Animal Diagnostics
6
Go Capital
VitamFero
7
M Capital Partners
La Fermiere
8
Walden Riverwood Ventures
Calysta
9
Eurazeo
Neovia Group
10

Livestock > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Livestock; Last 5 years (Sep 2013-Sep 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(3 Investments)
Stellapps Technologies, Farmeron, Rex
1
Techstars(3 Investments)
Rex, Tsenso, Grubbly Farms
2
Venture Kick(3 Investments)
Vigilitech, AlpenHirt, TwentyGreen
3
Brand Capital(2 Investments)
Country Delight, Arrowline Organic Dairy
4
SOSV(2 Investments)
EIO Diagnostics, Smart Shepherd
5
Village Capital(2 Investments)
M-shamba App, Mifugotrade
6
7 Percent
Connecterra
7
Coolhouse Labs
Rex
8
Food-X
EIO Diagnostics
9
Scape
CattleFit
10
OTHER NOTABLE INVESTORS
Wheatsheaf(5 Investments)
AgriWebb, Enterra, Cogent Breeding
1
B I R A(3 Investments)
Mother Dairy, Wobble Base, Abhay Cotex
2
Bpifrance(2 Investments)
Obione, Ducatillon
3
Cargill(2 Investments)
Calysta, Agriness
4
Department of Biotechnology(2
Investments)
Globion India, Wobble Base
5
European Investment Bank(2
Investments)
FrieslandCampina, Devenish Nutrition
6
Scottish Enterprise(2 Investments)
MiAlgae, Well Cow Limited
7
8 Miles
Biyinzika Poultry International
8
ABB
9
AgFunder
Connecterra
10
DEBT INVESTORS
Tikehau Capital(4 Investments)
Ceva, IMV Technologies, Hypred
1
ADM Capital(2 Investments)
Enterra, Yeeda
2
PMV(2 Investments)
Virovet, Porphyrio
3
Sinergi Burkhina(2 Investments)
Agroserve
4
Idinvest Partners
Hypred
5
InnoVen Capital
Licious
6
KKR
Japfa Comfeed
7
Siparex
Obione
8
TPG
Dodla Dairy
9

Livestock > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/2)

Livestock > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (2/2)

Livestock > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
40
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
AgriTech
Aug 2018
Field Crops
Jul 2018
Agriculture
Jul 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.
Feed Report - Livestock - Sep 201842
Marketmap: Livestock
Livestock > Market Details > BlueBox

Key Sub Sectors
43
Key Sub Sectors in Livestock
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies offering supply chain platforms for farmers to market their livestock farm produce
as well....
Sysco (1970, Houston, Public)
102 24 $1.7B
Operations
Companies engaged in breeding, rearing, processing, and marketing of livestock commodities
such as milk, meat, etc
Acquired)
Kwality (1992, Delhi, $77.4M)
555 138 $751M
Farm Consumables
Companies developing consumables for livestock farms such as feeds & its additives and vet
products
Godrej Agrovet (1992, Mumbai, Public)
Neovia Group (1954, Vannes, $236M)
404 101 $587M
Companies leveraging technology to bring efficiency in the planning and operations of on-field
activ....
Allflex (1972, Dallas, Acquired)
$17.3M)
359 75 $202M
Farm Infrastructure
Companies developing infrastructure and components for livestock farming including
products for auto....
Agrologic (1988, Netanya, Acquired)
Advanced Animal Diagnostics (2001,
Morrisville, $45.1M)
92 23 $70.9M
Companies developing technologies and machinery for bringing efficiency in off-field part of
the liv....
Frontmatec (1931, Kolding, Acquired)
SFK Leblanc (1931, Kolding, $18.2M)
213 18 $48.3M
Inputs Supply Chain
Companies offering supply chain platforms for farmers to procure farm inputs for their
livestock farms
Westpoint Farm Vets (2007, Horsham,
Acquired)
Minneapolis Biomass Exchange (2009,
Minneapolis, $65k)
36 7 $65k
Livestock > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/7)
44
Livestock > Market Details > Detailed Sector Taxonomy

45

46

47

48

49

50

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+1)
Farm Monitoring & Management > Farm Data & Analytics > Integrated
Platforms providing insights on animal health and productivity by real-time monitoring of animals
using wearables and sensors
(Companies covered 96 | Funded 43 | Total Funding $61.3M)
$37.8M
(+$35.2M)
16
(+7)
(2011, Bangalore, $17.3M)
2
(-1)
Operations > Dairy > Agri Marketing > Asset Heavy
Forward integrated companies with their own processing infrastructure that are involved in sourcing
and processing of milk to market consumer products under their own private…
(Companies covered 62 | Funded 22 | Total Funding $293M)
$78.3M
(+$30.2M)
5
(-)
Dodla Dairy
(1998, Hyderabad, Public)
3
(-)
Produce Supply Chain > Digital Market Linkage > Meat Products > B2C > E-
Distributor
Companies which are e-distributor of meat products sourced directly from farmers to end consumers
$39.7M
(+$35.6M)
5
(+1)
Licious
(2015, Bangalore, $39M)
4
(-)
Farm Monitoring & Management > Farm Management Solutions
Companies providing on-premise or cloud-based software products for resource management in
livestock farms
$20M
(+$15.1M)
11
(+6)
AgriWebb
(2013, Sydney, $16.4M)
51
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Livestock in last 2 years (September 2016 - August 2018)
Livestock > Market Details > Top Markets of Investment Activity

Incubators 500 Startups (#1), RTBI (#1)
Seed Omnivore Partners (#1), Mena Venture investments (#1)
Series A/B Inseed Investimentos (#1), Renaissance PME (#1)
Series C+ Iris Capital (#1), Cornerstone Capital (#1)
Silent Herdsman Feb - 2016
Acq by Afimilk
SCR Engineers Dec - 2014
Acq by Allflex for $250M
Series A
Smart Animal Husbandry Care
(2014, Ayer Raja New Town)
$2.3M - Seed
Herddogg (2013, Ashland, $3.1M)
$2.7M - Series A
Intergado (Betim, $2.7M)
$14M - Series B
Stellapps Technologies (2011,
Bangalore, $17.3M)
$2.9M - Series A
Connecterra (2014, Amsterdam,
$5.1M)
$2.7M - Seed
Vence (2016, San Francisco, $2.7M)
$1.5M - Seed
Quanturi (2016, Helsinki, $1.5M)
$120k - Seed
Cowlar (2015, Islamabad, $170k)
$2M - Series A
Stellapps Technologies (2011,
Bangalore, $17.3M)
Aug 2018
HerdDogg Goes Big Down Under, Partners with Meat &
Livestock Australia on Large-Scale Animal Health Pilot
Study, PRWeb
Jul 2018
HerdDogg Raises $2.3m Seed Round for Livestock IoT,
AgFunderNews
Jun 2018
Andermatt Biocontrol and Trifolio-M acquires shares in
Biocont Poland, Agropages
May 2018
Stellapps bags $14 million in a round led by Gates
Foundation, others, Indiatimes
May 2018
ABB invests in start-up Stellapps, set to give Indian dairy
economy a booster shot, Zeebiz
Feb 2018
Pitching a wearable to make cattle farming more sustainable,
Vence raises $2.7 million, TechCrunch
Oct 2017
Stellapps brings high-tech production solutions to India’s
dairy industry, StartUp Beat
Aug 2017
Chipsafer Connects Cattle Ranching to the Cloud with LoRa
Technology, IoT Business News
Jul 2017
Omnivore-backed IoT solutions firm Stellapps secures Series
A funding, VCCircle
Jun 2017 Vodafone Germany offers Moocall, Telecompaper
May 2017
Datamars Inc. Releases State-of-the-Art RFID LaundryChip,
PR Newswire
Nov 2016
Agri-tech startup SmartAHC tests 'FitBit' for pigs in China,
E27
May 2016
Connecterra Raises $1.8M in First Round funding |
Connecterra, Connecterra
News
4
5
12
43
96
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Farm Monitoring & Management > Farm Data & Analytics > Integrated: Market Factsheet
52
Exits
Recent InvestmentsPlatforms providing insights on
animal health and productivity by
real-time monitoring of animals
using wearables and sensors
(2011, Bangalore, $17.3M)
Datamars
(1988, Lugano, $8.8M)
Silent Herdsman
(2009, Dumfries, $8.6M)
Smartbow
(2009, Weibern, $5.3M)
Top Companies
#1 Top Markets of Investment Activity
Livestock > Market Details > Market: Integrated
Companies Created 96 | Funded 43 | Total Funding $61.3M
0
5
10
$0k
$50M
$100M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Integrated

Farm Monitoring & Management > Farm Data & Analytics > Integrated: Top Companies
Market: Integrated
Analyst’s Pick
$17.3M)
Farm optimization and monitoring support
solution provider
Minicorn. Stage: Series B
Bill and Melinda Gates Foundation, IndusAge
Partners, Qualcomm Ventures and 8 Other
Investors
Connecterra (2014, Amsterdam, $5.1M)
Integrated cattle health tracking platform for dairy
farmers
Editor's Pick. Stage: Series A
Sistema Venture Capital, AgFunder, 7 Percent and 7
Other Investors
Vence (2016, San Francisco, $2.7M)
Integrated hardware and software platform for
real-time livestock monitoring and data analysis for
disease detection
Editor's Pick. Stage: Seed
Eniac Ventures, Rabobank, Kickstart Seed Fund and
2 Other Investors

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
54
Farm Monitoring & Management > Farm Data & Analytics > Integrated: Leaderboard
Better than Market Average
Market: Integrated
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Connecterra 2014 Amsterdam Series A $5.1M 5 5 - - 3 2.9M 663 300 2 2M 107% 1 100% 97 17%
4.9
Stellapps
Technologies
2011 Bangalore Series B $17.3M - 5 3 4 4 1.3M 154 5k 40 196k 18% 8 22% 46 42%
4.9
TruTest
NorthAmerica
1963 Auckland Funded - - 4 - 2 - 2.8M 230 34k 94 2M 65% 6 6% 33 16%
4.8 Smartbow 2009 Weibern Series A $5.3M - 4 - 4 - 10M 239 61k 382 11M 214% - - 34 17%
4.8 Shearwell 1990 Somerset Unfunded - - 4 - - - 2.8M 3.9k 8k 37 291k 11% 2 6% 107 3%
4.7 Digitanimal 2016 Madrid Unfunded - 3 5 4 4 - 3.6M 151 4k 16 -722k -17% 9 129% 131 259%
4.7 CowManager 2008 Harmelen Unfunded - - 4 - - - 4.7M 514 8k 61 828k 21% 3 5% 86 20%
4.6 SCR Engineers 1976 Netanya Acquired - - 4 - - - 3M - 11k 124 2M 54% 14 36% - -
4.6 HerdInsights 2007 Cork Unfunded - - 5 - - - 10M 403 300 14 - - - - 23 6%
4.5 Rotem 1997 Petah Tikva Unfunded - - 5 - - - 3.4M - 750 7 3M 229% 1 17% - -
4.5 Moocall 2010 Dublin Unfunded - - 4 - - 1 2.9M - 30k 63 168k 7% 13 24% - -
4.4 Luda Farm 2004 Gothenburg Unfunded - - 4 - - - 2.5M - 19k 48 -2.3M -47% 2 4% - -
4.4 Datamars 1988 Lugano Acquired $8.8M - - - - 4 2.4M 209 - - 2M 117% - - 4 1%
4.3 Smart Barn 2012 Kettering Unfunded - - - - 3 - 10M 1.3k - - 7M 86% - - 905 136%
4.2 Thingc 2016 Scottsdale Funded - - - - 3 - 10M 740 - - -5.3M -30% - - 91 13%

Incubators
Seed Aavishkaar (#1), Mumbai Angels (#1)
Series A/B Lok Capital (#1), ASK Pravi Capital Advisors (#1)
Series C+ Eight Roads Ventures (#1), TPG (#1)
Parag Milk Foods May - 2017
IPO'd on BOM
CoreFX Ingredients Nov - 2016
Acq by Ornua for $5M
Woolwich Dairy Oct - 2015
Acq by Saputo for $80M
Prabhat Dairy Sep - 2015
IPO'd on BOM
Tnuva May - 2014
Acq by Bright Food Group for $960M
Alpine Lace Oct - 1997
Acq by Land OLakes for $62M
$50M - PE
Dodla Dairy (1998, Hyderabad,
$69.9M)
$4.3M - Series B
Osam Dairy (2010, Ranchi, $13.1M)
$10M - Series D
Milk Mantra (2009, Bhubaneswar,
$29.5M)
$7.4M - Series A
Gho Agro (2016, Chennai, $7.4M)
$6.6M - Series B
Osam Dairy (2010, Ranchi, $13.1M)
$22.6M - PE
Creamline Dairy (1986, Hyderabad,
$22.6M)
Sep 2018
Parag Milk Foods to Expand Curd Portfolio with New
Gowardhan ‘Kesar Dahi’, Corporate Ethos
Sep 2018
Changing consumer preference and cost pressures bringing
rivals closer in FMCG & automobile sectors, Indiatimes
Sep 2018 Kwality withdraws QIP issue of Rs 80 crore, Business Standard
Sep 2018
Creamline Dairy to set up dairy unit in Visakhapatnam, The
Hindu
Sep 2018
Pelwatte Dairy commissions new milk powder plant, Lanka
Business Online
Sep 2018
UK's Dairy Crest expects rise in first-half profit, revenue,
Reuters
Sep 2018
Dairy Crest 'Well-Positioned' Despite Market Challenges:
Analysis, ESM Magazine
Sep 2018
Moo-ving forward: Dairy Crest on track for full-year targets
as Cathedral City and Clover brands milk revenues, City A.M.
Sep 2018
Protein Hydrolysate Market Analysis by Players –
Frieslandcampina, Arla Foods, Kerry Group PLC, Davisco,
Fonterra, Milk Specialities Limited, Amco Proteins, Hilmar
Whey Proteins, The Camping Canuck
Sep 2018 Kwality Q1 Net Profit Slumps To Rs 1 Crore, BTVI Live
Sep 2018 Kwality continues on its downward spiral, Livemint
Sep 2018
Global Prebiotic Ingredients Market 2018-2023: BENEO,
Cargill, DuPont, and FrieslandCampina have Acquired a
Leading Market Position, PR Newswire
Sep 2018
FrieslandCampina to Invest 23million Euros in Local Milk
Production – CEO, Beverage Industry News
News
9
7
10
22
62
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Operations > Dairy > Agri Marketing > Asset Heavy: Market Factsheet
55
Exits
Recent InvestmentsForward integrated companies
with their own processing
infrastructure that are involved in
sourcing and processing of milk to
market consumer products under
their own private label
Kwality
(1992, Delhi, $77.4M)
Dodla Dairy
Milk Mantra
(2009, Bhubaneswar, $29.5M)
Creamline Dairy
Osam Dairy
(2010, Ranchi, $13.1M)
Top Companies
Livestock > Market Details > Market: Asset Heavy
Companies Created 62 | Funded 22 | Total Funding $293M
0
2
4
6
$0k
$50M
$100M
2014 2015 2016 2017 2018
Market: Asset Heavy

Operations > Dairy > Agri Marketing > Asset Heavy: Top Companies
Market: Asset Heavy
Analyst’s Pick
Prabhat Dairy (1998, Mumbai, $33.8M)
Procurement, processing, and marketing of dairy
products
Minicorn. Stage: Public
TVS Capital Funds, Rabo Equity Advisors, Proparco
Ananda Dairy Foods (1989, Noida)
Manufacturer, Wholesaler & Distributor- Dairy
Products
Editor's Pick. Stage: Unfunded
Granarolo (1957, Bologna)
Processes and markets milk and milk products
Editor's Pick. Stage: Funded
Cassa Depositi e Prestiti

57
Operations > Dairy > Agri Marketing > Asset Heavy: Leaderboard
Market: Asset Heavy
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0
FrieslandCamp
ina
1871 Amersfoort Funded - - 3 - - 37 199k 8.7k 30k 61 -7k -3% 5 8% -158 -2%
4.9 HAP 1970 Chennai Unfunded - 3 4 - 3 11 496k - 3k 40 128k 32% 10 29% - -
4.8
CoreFX
Ingredients
2016 Chicago Acquired - 4 - - 4 - 10M 42 - - - - - - 6 12%
4.7 Granarolo 1957 Bologna Funded - - - - 4 4 3.8M 845 - - -297k -7% - - 31 4%
4.6 Tanga Fresh 1996 Tanga Seed $450k - - - 3 1 5.7M 2.4k - - -3.4M -37% - - 2.1k 858%
4.6
Ananda Dairy
Foods
1989 Noida Unfunded - - 4 - - 5 1.6M 1.8k 6k 147 -148k -9% - - -1134 -42%
4.5 Milk Mantra 2009
Bhubanesw
ar
Series D $29.5M - - - 4 6 2.1M 2.4k - - -10k - - - -326 -19%
4.4
Parag Milk
Foods
1992 Pune Public $35M - - - - 24 878k 893 - - -14k -2% - - 236 36%
4.3 La Fermiere 1952 Marseille Funded $2.8M - - - 3 - 9.4M - - - 10M 334% - - - -
4.2 Dodla Dairy 1998 Hyderabad Public $69.9M - - - - 9 1.7M 21 - - -18k -1% - - 8 55%
4.1 Prabhat Dairy 1998 Mumbai Public $33.8M - - - - 7 10M 386 - - -669k -5% - - 21 5%
4.0 Pelwatte Dairy 2006 Colombo Unfunded - - - - 3 3 6.4M 59 - - 6M 474% - - 8 13%
3.9 Mother Dairy 1974 Delhi Funded - - - - - 20 307k 20k - - -90k -23% - - 3 -
3.9 Verka 1973 Chandigarh Unfunded - - - - - 2 830k 1.7k - - 420k 97% - - 102 6%

Incubators
Seed 3one4 Capital (#1), SIDBI Venture Capital (#1)
Series A/B Sistema (#1), Neoplux (#1)
Series C+ Bertelsmann India Investments (#1), Vertex Ventures (#1)
None
$25M - Series C
$3.1M - Seed
$1.1M - Seed
Field & Flower (2010, London, $1.1M)
$10.3M - Series B
$343k - Angel
$224k - Angel
$3M - Series A
$415k - Angel
$537k - Seed
Sep 2018
Seafood & Meat Brand Licious Raises $25 million for
Expansion, Pixr8
Sep 2018
Licious raises Rs. 12 crores in venture debt from InnoVen
Capital, Business Standard
Aug 2018
ZappFresh and Licious are working on the meat of the
matter - finding profitability, YourStory Media
May 2018
Indian Gourmet Meat Brand Licious Recognised With
FSSC22000, One of the Highest Food Safety Certification in
the World, BW Businessworld
May 2018
Licious gets funds infusion to spur tech installation & brand
building, Food And Beverage News
Apr 2018
Zappfresh takes ex Reliance Comm. CEO on-board as advisor,
Asian News International
Mar 2018
Zappfresh raises Rs 20 cr from Amit Burman, SIDBI Venture
Cap, Indiatimes
Oct 2017
Field&Flower Secures £750,000 Funding Target in Under
Two Weeks on Crowdcube, Crowdfund Insider
Sep 2017
Zappfresh in talks with Dabur’s Amit Burman, others to raise
$5 million - nternet, Nternet
Aug 2017
Former Snapdeal exec Vineet Khanna joins Licious as head of
ops, Deal Street Asia
Feb 2017
Meat ordering startup Licious raising Series B funding,
VCCircle
Sep 2016 Raw Meat Etailer EasyMeat Acquires NonVeggies, Inc42
News
-
1
1
3
10
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Produce Supply Chain > Digital Market Linkage > Meat Products > B2C > E-Distributor: Market Factsheet
58
Exits
Recent InvestmentsCompanies which are e-
distributor of meat products
sourced directly from farmers to
end consumers
Licious
(2015, Bangalore, $39M)
ZappFresh
(2015, Delhi, $4.1M)
Field & Flower
(2010, London, $1.1M)
Al Baqarah
(2016, Hyderabad)
Top Companies
Livestock > Market Details > Market: E-Distributor
0
2
4
$0k
$50M
$100M
2014 2015 2016 2017 2018
Market: E-Distributor

Produce Supply Chain > Digital Market Linkage > Meat Products > B2C > E-Distributor: Top Companies
Analyst’s Pick
Minicorn. Stage: Series C
Bertelsmann India Investments, Vertex Ventures,
Mayfield and 19 Other Investors
Minicorn. Stage: Seed
SIDBI Venture Capital, Amit Burman, Mohammad
Arif Khan and 17 Other Investors

60
Produce Supply Chain > Digital Market Linkage > Meat Products > B2C > E-Distributor: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Licious 2015 Bangalore Series C $39M - 4 - - 15 127k 472 300k 2k -33k -21% 659 52% 13 3%
4.4 ZappFresh 2015 Delhi Seed $4.1M 4 5 - 4 8 764k 346 8k 734 -313k -30% 816 594% 28 9%
3.9 We Are Fresh 2016 Thrissur Unfunded - - 4 3 3 - 2.9M 1 750 14 -2.5M -47% 2 15% - -
3.3 Field & Flower 2010 London Seed $1.1M - - - - 1 1.1M 4.1k - - 44k 4% - - 306 8%
2.8
Dorset Meat
Company
2017
Blandford
Forum
Unfunded - - - - 4 - 5.8M 1.6k - -
-
50.7M
-90% - - 535 55%
2.2 Al Baqarah 2016 Hyderabad Unfunded - - - - 4 - 9M 3 - - -3.7M -29% - - - -
1.7
Organic Meat
Online
2013 Boonah Unfunded - - - - 4 - 2.8M - - - -1.2M -29% - - - -
1.1 Rooted Foods 2015 Ottawa Unfunded - - - - - - 10M 1 - - 15M 303% - - - -
0.6
Meine kleine
Farm
2011 Berlin Unfunded - - - - - - 5.1M - - - 3M 112% - - - -
0.0 KhasiOnline 2016 Bangalore Unfunded - - - - - - 10M - - - - - - - - -

Livestock > Market Details > Market: Farm Management Solutions
Market: Farm Management Solutions

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
64
Notable Acquisitions
Top Acquirers

Public companies (1/13)
66
Performance indicators of public companies in Livestock
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Mar 2018
Octopus Robots (1987, Cholet)
Develops mobile robots for the agricultural and animal husbandry
industy
$33M $79.3k EPA:MLOCT
Oct 2017
Godrej Agrovet (1992, Mumbai)
Manufacturer and supplier of agriculture input products
$1.4B $566M BOM:540743
Jun 2017
Jeil Holdings (1962, Gangnam)
Produces, processes and supplies animal feed products
KOSDAQ:3380
May 2017
Parag Milk Foods (1992, Pune)
Manufacturer and supplier of dairy products
$280M $267M 639889
Nov 2016
Synlait (2000, Rakaia)
Dairy processing and specialty milk products
$1.7B $583 ASX:SM1
May 2016
ForFarmers (1899, Lochem)
Manufacturer and supplier of feed for livestock animals
$2.7B
EURONEXT:FFA
RM
Jan 2016
Sino Agro Food (2006, Guangzhou)
Produces and markets beef and seafood
$343M
OSLO
BORS:SIAF-ME
Oct 2015
Wellard (1980, Fremantle)
$30.7M $407M $383M ASX:WLD
Sep 2015
Prabhat Dairy (1998, Mumbai)
Procurement, processing, and marketing of dairy products
$221M $171M $218M 30.48 BOM:539351
Livestock > Exit Outlook > Public Companies

67
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 2015
Beston Global Food (2014, Adelaide)
Integrated company in the production, distribution, and export of
food products
$55.5M $96.5M $19.6M ASX:BFC
Mar 2015
The a2 Milk Company (2000, Auckland)
Integrated company in the farming, processing, and supply of milk
$6.4B $401M ASX:A2M
Oct 2014
Feed One (2014, Yokohama)
Manufactures and markets feeds for livestock and fisheries
$1.9B TYO:2060
Apr 2014
Phibro Animal Health (1946, Teaneck)
Develops animal health and performance products
$1.8B $582M $764M 26.36 NASDAQ:PAHC
Jul 2013
Aksha Corporation (1962, Kagoshima)
TYO:1381
Jul 2013
Nichiwa Sangyo (1924, Kobe)
Manufactures and supplies animal feed products and livestock
equipment
TYO:2055
Feb 2013
Amatheon Agri (2013, Berlin)
Manages complete value chain of field crops and livestock animals
$2.9M
EURONEXT:MLA
AH
Mar 2010
Agfeed Industries (1995, Nanchang)
Integrated company in animal feed production and rearing,
processing, and supply of hog and its products
EURONEXT:ALH
OG
Jul 2008
John Bean Technologies (1894, Chicago)
Designer, manufacturer and supplier of complete meat processing
lines
$3.7B $1.6B 38.76 NYSE:JBT

68
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Nov 2006
Anpario (1997, Worksop)
Development, manufacturing, and supply of feed additives for
livestock and aquaculture
$146M $9M $30.1M 30.5 LON:ANP
Jun 2006
Australian Dairy Farms Group (1992, Brisbane)
Vertically integrated company in farming, processing, and marketing
of dairy products
$28.4M $10.3M $19.2M ASX:AHF
Apr 2006
Gene BioTech (2000, Gyeongju)
Development, manufacturing, and marketing of biological feed
additives and veterinary medicines for livestock animals
$29.8M $46.1M KOSDAQ:86060
Feb 2006
Skystar Bio-Pharmaceutical (1997, Xian)
Manufacturer and supplier of vaccines & pharmaceutical products
for animals
NASDAQ:SKBI
Feb 2006
Malindo Feedmill (1997, Jakarta)
Fully integrated company in poultry breeding and production of
animal feed & value-added products
$389M IDX:MAIN
May 2004
Wynnstay (1917, Shrewsbury)
Vertically integrated business for supplying cereal seeds, animal
feeds, and pet feeds in the UK
$449M 13.95 LON:WYN
Jan 2004
PWF Consolidated Berhad (1997, Bukit Mertajam)
Integrated business for poultry farming, animal feed milling, and
grain processing
KLSE:PWF

69
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Jul 2003
Venky's India (1971, Pune)
Manufacturer of processed and frozen poultry products.
$503M $387M 16.45 NSE:VENKEYS
Nov 2001
Viscofan (1975, Aranguren)
Manufacturer and supplier of artificial casings for meat products
$3.5B $772M 24.5 BME:VIS
May 2001
SKM Egg Products (1995, Erode)
Integrated poultry farming and egg processing firm in India
$27.6M $39.3M BOM:532143
Feb 2001
Simran Farms (1984, Indore)
Engaged in integrated poultry and poultry products
$3M $63.3M BOM:519566
Oct 2000
BRF (1934, Itajai)
Integrated company in processing and supply of value added meat
products
$16.7B $10.4B NYSE:BRFS
Sep 2000
Shin Tai Industry (1989, Kaohsiung City)
Manufacturer and supplier of animal feed
$77.1M $3.6M 10.31 TPE:1235
Apr 2000
Daesung Microbiological Lab (1966, Seoul)
Manufacturer and supplier of vaccines and medicines for livestock
animals
$25.5M KOSDAQ:36480
Mar 2000
Rational (1976, Landsberg Am Lech)
Manufacturer and supplier of meat combi cooking systems
$8.7B $648M 49.41 FRA:RAA
Nov 1999
Easy Bio (1988, Seoul)
Manufactures and markets biological feed additives for livestock
animals
$1.2B KOSDAQ:35810

70
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Mar 1998
Sealed Air (1960, Charlotte)
Develops packaging solution to increase shelf life of Consumer
Packaged goods
$6.5B $6.8B 24.11 NYSE:SEE
Sep 1997
Bachoco (1952, Celaya)
Fully integrated company in breeding, rearing, processing and
supply of poultry products
$54.9B $2.5B 10.26 NYSE:IBA
Dec 1996
Sierad Produce (1985, Jakarta)
Integrated company in feed production and breeding, processing, &
supply of poultry products
IDX:SIPD
Aug 1996
Dairy Crest (1987, Esher)
Integrated business for sourcing and processing of milk for the
supply of consumer products in the UK
$518M 4.37 LON:DCG
Sep 1995
Eco Animal Health (1972, Malden)
Animal health products manufacturer and supplier
$10.4M $76.4M 34.3 LON:EAH
Jan 1990
Wingara (1984, Kew)
Processor and marketer of agricultural products
$22M $7.7M ASX:WNR
Jan 1990
Lee Feed Mill (1983, Bangkok)
Producer and seller of animal feed
$32.9k $97.2M BKK:LEE
Oct 1989
Japfa Comfeed (1971, Jakarta)
Production of animal feeds
$498M IDX:JPFA

71
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 1987
Ridley (1987, Melbourne)
Manufacturing and supply of feed and feed ingredients for livestock
industry in Australia
$322M $662M 25.68 ASX:RIC
Jul 1987
ImmuCell (1982, Portland)
Manufacturer and supplier of products to improve health and
productivity of dairy & beef cattle
$43.9M $9.5M NASDAQ:ICCC
May 1987
Sanderson Farms (1947, Laurel)
Manufacturer and retailer of fresh and frozen chicken products.
$2.3B $2.8B 16.54 NASDAQ:SAFM
Nov 1986
Pilgrim's (1946, Greeley)
Fully integrated company in poultry(broiler) farming, feed
production, processing and supply of poultry meat products
$4.7B $7.9B 8.46 NASDAQ:PPC
May 1981
Amrit Corp (1940, Delhi)
Agribusiness with interests in dairy, BPO and real estate
$53M $10.4M 25.22 BOM:507525
Jan 1978
Sysco (1970, Houston)
Seller, marketer, and distributor of food products
$38.3B $55.4B 28.58 NYSE:SYY
Jan 1978
Conagra (1919, Chicago)
Vertically integrated company in manufacturing and supply of value-
added meat and food products
$14.9B $7.8B 27.72 NYSE:CAG
Bell Food Group (1869, Basel)
Processor and supplier of value-added meat products
$2B 13.97 SWX:BELL

72
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Ceapro (1997, Edmonton)
Production of active ingredients using plants as a feedstock for
human and animal consumption
$23.3M $10.2M CVE:CZO
Avivagen (2005, Ottawa)
Development and marketing of livestock animal feed additives
$14.2M $18.2M $120k CVE:VIV
China Mengniu Dairy (2004, Hohhot)
Manufacture and marketing of milk and dairy products
Fujian Sunner Development (1999, Nanping)
Breeding, processing and supply of chicken
Dodla Dairy (1998, Hyderabad)
Manufactures and distributes processed dairy goods
Manufacturer and supplier of medicines, vaccines, and diagnostic
products for animals
Marel (1996, Reykjavik)
Manufacturer of industrial food processing equipment
ICE:MARL
JBS (1953, Sao Paulo)
Fully integrated company in rearing, breeding, processing, and
marketing of chicken, beef and pork products
$52.3B BVMF:JBSS3
Lala (1985, Torreon)
Produces and markets dairy products

73
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
WH Group (1958, Luohe)
Vertically integrated pork food agribusiness
Marfrig Global Foods (2000, Sao Paulo)
Vertically integrated company in processing and supply of meat
products
$5.9B BVMF:MRFG3
LDC Group (1968, St Laurent Des Arbres)
Fully integrated company in rearing, breeding, processing, and
supply of meat products and eggs
LOUP
CCK Consolidated Holdings Berhad (1996, Kuching)
Production and supply of poultry products
KLSE:CCK
Wayne Farms (1965, Gainesville)
Vertically integrated company in processing and supply of poultry
meat products
NASDAQ:WNFM
Guangdong HAID Group (1998, Guangzhou)
Manufactures and markets feeds for aquaculture and livestock
animals
Quantum Foods (2013, Cape Town)
Integrated company in poultry rearing and production of animal feed
JSE:QFH
Lay Hong (1994, Klang)
Integrated company in rearing & breeding, processing, and supply of
poultry egg and meat products

74
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Belor (1970, Irkutsk)
Integrated company in rearing, processing, and supply of meat &
dairy products
Indykpol (1991, Olsztyn)
Fully integrated company in breeding, rearing, processing, and
supply of turkey meat products
$316M WSE:IND
Producer, wholesaler and supplier of meat and meat products based
in Spain.
Astral Foods (2001, Sandton)
Integrated company in poultry breeding, animal feed, value-added
poultry products
$889M JSE:ARL
Dbe Gurney Resources (1986, Sitiawan)
DBE
C P Pokhphand (1987, Hong Kong)
Animal feeds research, manufacturing and supply
PeterLabs (2002, Nilai)
Manufactures and distributes animal health and nutrition products
KLSE:PLABS
Farmsco (1999, Yongin)
Manufacturer and supply animal feed
$785M KOSDAQ:36580

75
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
CBH (2003, Johannesburg)
Production and marketing of poultry products and animal feed
Zemaitijos Pienas (1924, Telsiai)
Manufactures and markets dairy products
TAL:ZMP1L
Farm's Best food Industries (1989, Rawang)
Produces and markets poultry products
Jaguar Health (2013, San Francisco)
Developing gastrointestinal products for human prescription use and
animals
Woosung (1968, Daejeon)
Producer and supplier of animal feeds
$228M KOSDAQ:6980
Chew's Agriculture (1987, Singapore)
Produces and supplies eggs
SGX:5SY
Teo Seng Capital Berhad (2006, Johor Bahru)
Poultry farming and production of eggs
LTKM Berhad (1997, Klang)
Integrated company in rearing, processing, and supply of poultry egg
KLSE:LTKM
Humatech (1988, Houston)
Manufacturer and supplier of humic and fulvic acids for animal feed
and crop fertilizer

76
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Ross Industries (1970, Bealeton)
Manufacturer and supplier of food processing and packaging
machinery
YuanShengTai Dairy Farm (2008, Qiqihar)
Operates and manages dairy farms
Shenzhen Jin Xinnong (1999, Shenzhen)
Integrated company in breeding & rearing of pig and production of
swine feed
China Modern Agricultural Information (2005, Harbin)
Integrated company in breeding of cows & calves, production and
sale of fresh milk
China Purity Foods (2007, Hong Kong)
Vertically integrated company operates slaughterhouses and
supplies pork
Nippon Formula Feed Manufacturing company (1929,
Kanagawa)
Integrated company in production & sale of fish, hatching eggs, and
animal feed
Wison International Holdings (2008, Hong Kong)
Produces, processes and supplies pork products
China Dairy (1979, Singapore)
Integrated company in dairy cattle farming and milk production

77
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
KC Feeds (1999, Pohang)
Formosa Oilseed Processing (1986, Taichung)
Produces and supplies animal feed products
Kreka (1971, Kavala)
Production and supply of meat products
Huat Lai (1994, Merlimau)
Produces and supplies eggs and poultry products
Sichuan Sundaily Farm Ecological Food (2003, Mianyang)
Integrated business chicken breeding and supply eggs
Hind Industries (1990, Delhi)
Production of meat and meat based products
TPC (1978, Alor Gajah)
Owns and operates poultry farming business
China Animal Healthcare (2010, Beijing)
Manufacturer and supplier of health care products for livestock
Henan Huaying Agricultural (1991, Zhengzhou)
Integrated company in poultry breeding, slaughtering, and
processing
Merit Biotech (2007, Taipei)
Manufactures and distributes animal healthcare products

78
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Tanke International Group (1989, Guangzhou)
Manufacturer and supplier of feed additives & nutritional products
for animals

Notable Acquisitions (1/10)
79
Notable Acquisitions in Livestock
Livestock > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: Danpo
Rokkedahl Kylling (1963, Nibe)
Produces and markets chicken products
Acquirer: La Coop fédérée
W-S Feed & Supplies (1965, Conestogo)
Manufactures and supplies animal feed
Acquirer: Allflex
Agrident (1999, Barsinghausen)
Electronic animal identification products
manufacturer and supplier
Acquirer: Tyson Foods Deal: $2.2B
Keystone Foods (1956, West Chester)
processing, and supply of meat products
Acquirer: Provisur
Hoegger (1976, Flawil)
Manufacturer and supplier of food processing
equipment
2018 YTD
Acquirer: Exponent Private Equity
Meadow Foods (1992, Chester)
Integrated business of sourcing and processing of
milk and supply of dairy ingredient products
Acquirer: Marel
MAJA (1955, Kehl)
Manufacturer and supplier of meat processing
machinery and refrigeration machinery
Acquirer: Pilmico Deal: $413M
Gold Coin Group (1953, Singapore)
Acquirer: Neovia Group
Hi-Nutrients International (2004, Ajuwon)
Manufactures and supplies animal feed additives
Acquirer: Marfrig Global Foods
Deal: $969M
National Beef (1992, Kansas City)
Fully integrated company in processing and supply
of processed beef products
2018 YTD
Acquirer: Middleby
Vemac (1988, Castelnuovo Rangone)
Manufacturer and supplier food processing
machinery
Acquirer: Ajinomoto
Circle Foods (1983, San Diego)
Manufacturer and supplier of frozen Mexican food
products

80
2017
Acquirer: Cooke AquacultureDeal: $500M
Omega Protein (1913, Houston)
Biopharma company manufacturing and marketing
nutritional products
Acquirer: Adisseo
Nutriad (1963, Chester)
Producer of animal feed additives
Acquirer: Hormel Foods Deal: $850M
Columbus Craft Meats (1917, San Francisco)
products
Acquirer: Argos Soditic
Gruppo Fabbri (2009, Modena)
Manufacturer and supplier of packaging machinery
Acquirer: POST HOLDINGS Deal: $1.5B
Bob Evans Farms (1946, Rio Grande City)
Restaurant chain and processed pork products
manufacturer & supplier based in USA
2017
Acquirer: Pilgrim's Deal: $1B
Moy Park (1943, Craigavon)
Fully integrated company in rearing, processing,
and supply of poultry products
Acquirer: Phibro Animal Health
Biotay (1985, Buenos Aires)
Manufactures and markets veterinary products
Fontanini Meats (1960, Cicero)
products
Acquirer: Ceratti
Hormel Foods (1891, Austin)
Manufacturer and supplier of food products
Acquirer: Provisur
Lutetia (1965, Plailly)
Manufacturer and supplier of poultry, meat and
seafood processing machinery
2017
Acquirer: Marubeni
Creekstone Farms (1995, Arkansas City)
Beef processing and supply in the USA
Acquirer: Bachoco
AlbertVille Quality Foods (1988, Albertville)
products
Acquirer: Church & Dwight Deal: $75M
Agro Biosciences (2013, Milwaukee)
Development and marketing of biological feed
additives and cultured food ingredients
$95M)
Convenience food product supplier to food
establishments
Acquirer: US Foods
FirstClass Foods (1962, Hawthorne)
Produces and supplies meat products

81
2017
Acquirer:
Anco Eaglin (1902, High Point)
Manufacturer and supplier of by-products
processing and waste water treatment plants
Acquirer: Land OLakes
Vermont Creamery (1984, Burlington)
Produces and supplies cheese, cream and butter,
and dairy products
Acquirer: JBS Deal: $230M
Plumrose USA (1932, Downers Grove)
products
Acquirer: US Foods
SRA Foods (1987, Birmingham)
Processes and markets meat products
Acquirer: West Liberty Foods
Crystal Lake Farms (1939, Bentonville)
A fully integrated company in breeding, rearing and
supply of poultry birds
2017
Acquirer: Nutreco
Hi-Pro Feeds (1942, Okotoks)
Manufactures and supplies animal nutrition
products
Acquirer: IDT Biologika
Ridgeway Biologicals (1999, Newbury)
Manufactures and supplies autogenous vaccines
Acquirer: VISKASE
Walsroder Casings (2001, Bomlitz)
Manufacturer and supplier of sausage casings
Acquirer: H.I.G. Capital
Bigsal (2003, Ji Parana)
Manufacturer and supplier of feeds for livestock
animals
2016
Acquirer: Deal: $42.7M
Carnicas Toni Josep (1978, Vic)
Fully integrated company in rearing, slaughtering,
processing and supply of pig meat products
Acquirer: Performance Food Group
Kinnealey Meats (1939, Brockton)
Processes and supplies meat products
Acquirer: Triple Crown Feed
Mercer Milling (1828, Syracuse)
Private label animal feed manufacturers
Acquirer: Smithfield Foods Deal: $145M
Farmer John (1931, Los Angeles)
Brand of meat products
Acquirer: Ornua Deal: $5M
CoreFX Ingredients (2016, Chicago)
Manufactures and markets dry dairy and lipid
ingredients

82
2016
Acquirer: JBT Deal: $90M
Cooling & Applied Technology (1997,
Russellville)
Manufacturer and supplier of meat processing
equipment
Acquirer: Watts Deal: $24M
Danone (1919, Paris)
Multi category manufacturer and brand of food
products
Acquirer: Virtus Nutrition
Farmeron (2010, Columbus, $4.3M)
ERP for livestock management
Acquirer: Renovo Capital
All Holdings (1893, Harleysville)
Processor and supplier of value-added pork, beef
and turkey meat products
Acquirer: Ridley
Ranch-Way Feeds (1968, Fort Collins)
Manufactures and markets animal feeds
2016
Acquirer: Cargill
Five Star Custom Foods (1999, Fort Worth)
Downstream food processing on a turnkey basis
Acquirer: Ardian
Hypred (1985, Dinard)
Produces and supplies hygiene and cleaning
solutions for food processing and farming
industries
Acquirer: Clayton Dubilier & Rice
Kalle (1863, Wiesbaden, $13.3M)
Manufacturer and supplier of casings for sausages
Acquirer: Perten Instruments
Delta Instruments (1985, Drachten)
Developer of instruments for milk analysis and
processing
Acquirer: Afimilk
Silent Herdsman (2009, Dumfries, $8.6M)
Health-monitoring software and smart collars for
cattle
2016
Acquirer: Chr. Hansen
Bovamine (2010, Hoersholm)
Probiotics for livestock animals

83
2015
Acquirer: Neogen
Virbac (1968, Carros)
Manufacturer and supplier of animal health
products
Acquirer: Cargill
Format International (1980, Minneapolis)
Formulation and Feed software
Acquirer: Boehringer Ingelheim
Merial (1997, Duluth)
Pharmaceutical products and vaccines for livestock,
pets, and wildlife
Acquirer: Nutreco
Micronutrients (1992, Indianapolis)
Manufactures and supplies animal feed premixes
and supplements
Acquirer: De Heus
Saprogal (1991, Trofa)
Manufacture and supply of nutrition supplements
2015
Acquirer: Merck Animal Health
Harrisvaccines (2005, Ames)
Develops vaccine technology for the treatment and
prevention of infectious diseases in swine, bovine,
and farmed shrimps
Acquirer: Alltech
Masterfeeds (1929, London)
Manufacturer and supplier of animal nutrition
products
Acquirer: Saputo Deal: $80M
Woolwich Dairy (1983, Kitchener)
Produces goat cheese products
Acquirer: Novozymes
Pacific Vet Group (2008, Fayetteville)
Feed additives and end products for poultry
Acquirer: POST HOLDINGS Deal: $90M
Willamette Egg Farms (1934, Oregon City)
Produces, processes, and supplies shell and liquid
eggs
2015
Acquirer: Union Park Capital
Westco Scientific Instruments (2002,
Milford)
Near-Infrared analytical solutions for agriculture,
food, and other industries
Acquirer: JBT Deal: $51.3M
Stork Food & Dairy Systems (1915,
Amsterdam)
Processing & packaging lines manufacturer
Applegate (1987, Bridgewater)
Processor and supplier of natural & organic meat
products
Acquirer: Masan Group
ProConco (1991, Dong Nai)
Development, manufacturing, and supply of animal
feed and feed additives
Acquirer: Wheatsheaf
FarmWizard (2004, Belfast)
Cloud based herd management software

84
2015
Acquirer: SHV Deal: $53.1M
Nutreco (1994, Amersfoort)
Produces and supplies animal and fish feed
2014
Acquirer: Allflex Deal: $250M
SCR Engineers (1976, Netanya)
Livestock monitoring, data collection and analytics
Acquirer: JBT Deal: $54M
Wolf-Tec (1977, Kingston)
Processing machinery for poultry and seafood
businesses
Acquirer: Qualium Investissement
IMV Technologies (1963, Laigle)
Designer and manufacturer of technical and
material solutions for breeders.
Acquirer: Datamars
Zee Tags (1991, Auckland)
RFID tags for livestock and pet animals
Acquirer: GEA Group
Scan-Vibro (1949, Svendborg)
Equipment for dairy farming, food processing and
other industries
2014
Hillshire Brands (1939, Chicago)
Manufacturer and supplier of value-added meat
products
Acquirer: American Foods Group
Kings Command Foods (1997, Kent)
Manufacturer and supplier of pre-cooked and
ready-to-cook meat products
Acquirer: Bright Food Group Deal: $960M
Tnuva (1926, Tel Aviv)
Marketing cooperative of dairy farmers
Acquirer: Columna Capital Deal: $83M
Datamars (1988, Lugano, $8.8M)
Integrated solution for identification and
monitoring of livestock, pet animals and textile
Acquirer: Pioneer Capital
Waikato Milking Systems (1990, Hamilton)
Design, manufacture, and supply milking systems
for dairy farmers

85
2014
Acquirer: Linas Agro
Lielzeltini (1994, Riga)
Production and processing of poultry meat
Acquirer: August Equity
Westpoint Farm Vets (2007, Horsham)
Veterinarian services to the livestock farmers
2013
Acquirer: Darling Ingredients
Deal: $2.2B
Vion Food Group (1934, Eindhoven)
supply of fresh and value-added beef and pork meat
products
Acquirer: Shuanghui International
Deal: $4.7B
Smithfield Foods (1936, Smithfield)
Fully integrated company in hog breeding &
rearing, processing and supply of hog meat
products
Acquirer: Thomas H Lee Partners
CTI Foods (2003, Dallas)
Downstream processing company offering value-
added meat products, ready to eat soups, sauces &
beans
Acquirer: BC Partners Deal: $1.3B
Allflex (1972, Dallas, $106M)
Manufactures products for livestock identification
2013
Acquirer: UAC of Nigeria Deal: $8.2M
Livestock Feeds (1963, Ikeja)
Acquirer: Olymel Deal: $65.3M
Big Sky Farms (1995, Quebec City)
Production of hogs

86
2012
Acquirer: Datamars
Temple Tag (1998, Temple)
Integrated platform for livestock identification and
data recording
Acquirer: aniMedica
Invesa (1980, Barcelona)
Manufacturer and supplier animal nutrition
products
Acquirer: Chore Time Brocks
Meyn (1959, Oostzaan)
Equipment and machinery for processing in poultry
Acquirer: Mason Wells
Eddy Packing (1953, Yoakum)
products
2011
Acquirer: Affinity Equity Partners
Primo (1985, Chullora)
products
Acquirer: VIA equity
Frontmatec (1931, Kolding, $16.9M)
Offers solutions for automation in the food industry
Acquirer: Allflex Deal: $25M
Destron Fearing (1945, Dallas)
Hardware solution provider for identification and
real-time monitoring of livestock and other animals
2010
Acquirer: Pfizer
Synbiotics (1982, Kansas City)
Manufacturer and supplier of diagnostics products
for livestock

87
2009
Acquirer: Pfingsten Partners
Marlen International (1952, Riverside)
Manufacturer and supplier of meat & fish
processing machinery
Acquirer: Terra Firma Capital Partners
Deal: $278M
Central Pastoral Company (1983, Brisbane)
Integrated cattle farming business in Australia
Before 2008
Burke (1974, Nevada)
Manufacturer and supplier of fully cooked meat
products & pizza toppings
Acquirer: Pfizer Deal: $155M
Embrex (1985, Durham)
Manufacturer and supplier of biological and
mechanical products for the livestock animals
Acquirer: Riverside Company
Anitox (1977, Lawrenceville)
Products for livestock feed pathogen control,
increasing milling efficiency, alcohol fermentation,
and pet foods preservative
Acquirer: Chore Time Brocks
Agrologic (1988, Netanya)
Design, manufacturing, and supply of electronic
climate control and weighing products for livestock
farmers
Before 2008
Valley Fresh (1990, Stockton)
Manufactures and distributes precooked chicken
products
Acquirer: Land OLakes Deal: $230M
Purina Mills (1894, St. Louis)
Manufacturer of Animal Feed Products
Acquirer: Hormel Foods
Jennie-O (1940, Willmar)
Processor and marketer of value-added turkey meat
products
Acquirer: Tyson Foods
Wright Brand (1922, Springdale)
Manufacturer and brand of packaged bacon
Acquirer: Wilcox Farms
Dairy (2000, Frisco)
Develops software platforms for dairy farmers

Tracxn - Livestock Startup Landscape

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