Key Messages:1.Cotton is an important source of livelihood for millions of smallholders worldwide.It.
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Asia-Pacific AgriFoodTechInvestment Report 2022ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM01Asia-Pacific agrifood investing in 202202Key Insights03Our partners04Investment highlights05Thai Wah 06Investments by categoryFeaturing startup spotlights-Ai Palette,Mayani,Tepbac,Green Rebel Foods and Singrow07Investments by stage08Investments by countryFeaturing startup spotlights-Aquaconnect and Lyro09Top investors10AppendixContentsASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAsia-Pacific agrifoodtech investing in 2022Today Asia-Pacific generates roughly 30%of global agrifoodtech financing activity.But given estimates predict the region will account for 60%of global consumption by 2030,we need much more investment and industry development.As a region thats home to some 450 million smallholder farmers contributing up to 80%of its food supply,its important that technology development and investment is channeled to delivering solutions that cater to the needs of this user base.The good news is that investment in the regions foodtech and agtech startups broke records in 2021,reaching$15.2 billion,and if you exclude China data where financing has pulled back significantly it increased 15%during the first half of 2022 compared to H1-2021.India has now overtaken China as the regions biggest funder for agrifoodtech,closing$2.7 billion in H1-2022,and is set to break records for total funding in 2022.Meanwhile,China funding has declined significantly as investors pulled away from the eGrocery startups that inflated funding levels in 2021.High profile agrifoodtech deals such as those outlined in this report have helped to promote the sector to a broader audience across the venture capital landscape.Increasing participation from more generalist tech investors in the region is encouraging to see,as well as the creation of several corporate venture capital units within the industry in recent years.Much has evolved since AgFunder first established a presence in Asia in 2019 with our Singapore-based investment team and the launch of GROW,Southeast Asias first dedicated agrifoodtech accelerator.In 2022 we are doubling down on our commitment to the region through a dedicated Asia impact fund to invest in the most promising technologies advancing productivity,equitability and long-term resilience for Asia-Pacifics food system.We hope this report catalyzes further engagement and collaboration across this exciting space.Thank you to our partners Thai Wah,Omnivore and AgriFutures Australia for their support and particular shout out to AgFunders Ryan Lee for his hard work on this report.As always,we love to hear from you with your feedback.Louisa Burwood-Taylor,John Friedman and the AgFunder and GROW teams.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMKey insightsAsia-Pacific agrifoodtech funding totaled$5.3bn in H1-2022,a 47%year-on-year drop.Asia-Pacific agrifoodtech bucks VC decline,ex-China:Asia-Pacific agrifoodtech startups outside of China raised$3.9bn in H1-2022,a 15%year-on-year increase.2021 was a record-breaking year:Asia-Pacific agrifoodtech startup funding reached$15.2bn,a 67%jump from the$9.1bn raised in 2020.Almost half went to China.Even excluding Chinas mega-deals,the rest of Asia-Pacific broke records in 2021,raising$8.1bn in 2021,more than double 2020s$3.9bn total.Chinese mega-deals precede mega failures:After yet another crazy year of mega deals to Chinese food delivery startups the biggest a$3bn raise for Xingsheng Youxuan the high cash-burn,growth-at-any-costs model has finally cooled on the back of government regulations,significant downsizing and even eGrocery closures.China farmtech on the rise:It wasnt all about eGrocery in China in 2021;the country closed some$605 million in farmtech deals in 2021,a 60%year-on-year jump.Ag Biotech,supply chain tech and robotics are particular strengths.Downstream investment dominates,even outside China:Investors outside of China still pumped over$5 billion into downstream technologies,particularly those enabling food delivery like eGrocery,Restaurant Marketplaces,and Cloud Retail Infrastructure but also Retail and Restaurant Tech,which raised nearly$1 billion in the rest of Asia-Pacific.Farm tech is maturing as funding doubles:Farm tech funding in the region reached$2.2 billion in 2021,double 2020 levels,driven by some large,later stage deals as well as a 17.5%uptick in the number of deals year-on-year.Indian agrifoodtech could break records in 2022:$2.7bn of funding recorded in H1-2022.Singapore and Indonesia followed China and India as best funded countries in 2021:Singapore startups raised$1.1bn while Indonesia closed$816 million.Indonesia looks set to beat its 2021 record in 2022 while funding for Singapore agrifoodtech is in decline.A maturing ecosystem:The number of deals increased at every stage between 2020 and 2021 with the most pronounced growth at the late stages,which increased 34%year-on-year.Deals got bigger in 2021 but could drop in 2022:Median deal sizes increased across stages in 2021,hinting at inflated valuations,particularly at the early stages.The median decrease at late and growth stages in H1-2022 is indicative of the expected decline in funding for the year,particularly from China.Australias surprising downstream strength:Despite being a major global agriculture centre,Australias top three deals were restaurant technologies and the countrys leading plant-based meat company.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMKey insightsBIGGEST DEAL$3 billion SERIES D ROUND FOR CHINAS XINGSHENG YOUXUAN a community buying eGrocery platform thats since reportedly scaled back operationsBIGGEST CATEGORYeGrocery CLAIMED$7.5B(48%)of Asia-Pacific agrifoodtechfunding in 2021BIGGEST MARKETSChina,India,Singapore Indonesia CLAIMED 87.5%($13.3B)of regional funding in 2021BIGGEST EX.CHINA DEAL$800 millionLATE STAGE FOR SWIGGY Indias biggest restaurant marketplace that raised a further$400M 3 MONTHS LATERBIGGEST FARMTECH DEAL$182 millionSERIES C FOR XAG a Chinese agricultural drones service providerASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAgFunder is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21st century.Our news site,AFN,is dedicated to publishing daily,original news about the burgeoning foodtech and agtech startup and venture capital industry.Omnivore is a venture capital firm based in India and is the only impact investor in South Asia focused entirely on agriculture and food systems.Since 2011,Omnivore has backed over 45 agritech startups.Every day,Omnivore portfolio companies drive agricultural prosperity and transform food systems across India,making farming more profitable,resilient,and sustainable.AgriFutures growAG.is an online agrifood innovation marketplace to explore and connect with relevant expertise,research and investment opportunities in Australia.AgriFutures evokeAG.is Asia Pacifics premier agrifood tech event being held on 21-22 Februrary 2023 in Adelaide,Australia.Thai Wah is the SEA Agri Food Ingredients company committed to creating innovation and sustainability from Farm to Shelf.The company strives to catalyze and create a novel Agri Food ecosystem platform with global partners to drive disruptive change in the coming decade.Our partnersASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestment highlightsASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM10 years of agrifoodtech in Asia-Pacific2021 agrifoodtech funding in Asia-PacificAsia-Pacific agrifoodtech investment by year APAC(minus China/India)China India Global30%of global agrifoodtech VC$4.2 BILLION$15.2 billion total raised in APAC 2021$51.7 billion raised globally 2021$7.2 BILLION$3.8 BILLION$55.8 billion total raised in APAC since 201220151050Total funding in Billions$USD2012H1 2022202120202019201820172016201520142013ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM2022 agrifoodtech in Asia-Pacific2022 spotlighta glance into the current year01 India02 China03 Indonesia04 South Korea05 Singapore$978 MILLION$208.3 MILLION$625.5 MILLION$5.3 billion$USD investment H1 2022$4.3 billion$USD investment H1 2022 APAC ex.China363 deals across the region H1 2022$2.7 BILLION$283.8 MILLIONInvestments by countryInvestment totals 2021($USD)678 deals across the region514 unique companies$15.2 billion$USD investmentCOUNTRY DEALS India 225 China 104 Singapore 63 Indonesia 57 Australia 55 Japan 52 South Korea 23 Pakistan 17 Bangladesh 13$4.2 BILLION27.7%TOTAL$455.6 MILLION3.0%TOTAL$735.6 MILLION4.8%TOTAL$816.1 MILLION5.4%TOTAL$7.2 BILLION47.2%TOTAL$109.1 MILLION0.7%TOTAL$1.1 BILLION7.1%TOTAL$360.4 MILLION2.4%TOTAL$124.3 MILLION0.1%TOTALASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMWhy did you create Thai Wah Ventures?Adverse climate change and a rising population have been mounting stress on the global food and agriculture systems.In the near future,there will be 40%LESS farmland and 20-30%LESS crop yield.Continuing to feed the global population of 9 billion has become a critical agenda for the global community.The Thai Wah Ventures team aspires to be a catalyst for deep innovation to help improve the entire value chain from farm to shelf to drive change and scalable innovative food systems.Why is it important to the Thai Wah business and agrifood ecosystem in Asia?Thai Wah believes innovation starts at Ground Zero and that SEAs net zero journey is partly driven through agri-food system transformation by empowering 500 million smallholder farmers with sustainable practices and innovation.Developing SEA as a global center for ag and food tech with key transformational pathways in terms of human,technology and financial capital will amplify change.What is the ventures team thesis?The B2B Agri Food CVC platform Thai Wah Ventures is the vehicle to scale decarbonization and the Green Economy in the SEA Agri Food systems.The team seek to invest in scalable solutions and new strategic partnerships across four pillars:Farm agri and climate tech B2B supply chain and analytics Bioplastics and waste-upcycling Novel ingredients and new processing technologyWhat types of agrifood technologies are you most excited about?Deep tech with the potential to feed the people while decarbonizing the planet in the next decade:Crop and soil science including gene editing,IoT and analytics and models with intersection between farm and climate tech B2B digital supply chain enabling service to customers better,faster,cheaper Technology to transform waste to value Novel processing technology for starches,proteins,fibers including enzymatic modification and Partner Thai WahThai Wah is the SEA agri-food ingredients solutions company with 3 core businesses:The tapioca starch and starch-related ingredient solution,the food products,and the biodegradable products.We are committed to creating innovation and sustainability from farm to shelf by focusing on building strength across 4 core pillars:Farm,Factory,Family and Finished goods.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestments by categoryASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestments by category By funding($USD)Category$USD Innovative Food$356m Farm Management Software&Sensing$285m Agribusiness Marketplaces$628m Bioenergy/Biomaterials$583m Farm Robotics,Mechanization Equipment$348m Novel Farming Systems$91m Agbiotechnology$240m Midstream Technologies$1.4b Agrifood Fintech$324m Miscellaneous$3m eGrocery$7.4b In-Store Retail Tech$1.1b Online Restaurants/Mealkits$201m Cloud Retail Infrastructure$616m Restaurant Marketplaces$1.7b Home and Cooking$63mASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMCategories by deal count 2021Categories by funding 2021($USD)17.2%(123)16.5%(118)8.8%(63)10.4%(74)9.8%(70)5.0%(36)4.9%(35)3.4%(24)2.4%(17)5.0%(36)4.5%(32)3.8%(27)2.9%(21)2.8%(20)2.1%(15)0.4%(3)While dollar funding is heavily weighted towards downstream startups,skewed by some mega food delivery deals in China and India,the deal activity numbers are more balanced,highlighting the level of activity taking place in upstream innovation,which accounts for farm technologies as well as innovative food production including alternative protein.Technologies operating within the supply chain,between farmers and consumers,are gathering pace as startups look to reduce the inherent fragmentation and opacity apparent across the globe.Upstream Midstream DownstreamInvestments by supply chainGa.Aximusa ecearchic totamus animusanto officiatem audi dolumquo qui in nonseque moluptaquia nus,et ati aut officto te prereris que proviti cullaut aut offic te comnimpore,voluptatur?Te nim qui quibusa musdam fugiae conet atio tempor sus ea eaquate ssimusapero culpa consendande qui aut recero consequis ellab ipit vit,volupta tibusapedia con elique nis autInvestments by category ex China($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMCategory$USD Farm Management Software&Sensing$257m Innovative Food$307m Agribusiness Marketplaces$596m Bioenergy/Biomaterials$467m Novel Farming Systems$75m Farm Robotics,Mechanization Equipment$87m Ag Biotechnology$32m Midstream Technologies$973m Agrifood FinTech$170m Miscellaneous$3m eGrocery$1.9b In-Store Retail Tech$895m Cloud Retail Infrastructure$605m Online Restaurants/Mealkits$162m Restaurant Marketplaces$1.5b Home Cooking$27mCategories by deal count 2021(ex.China)574 deals across the region$8.0 billion$USD investment Upstream Midstream Downstream11.3%(65)9.4%(54)6.6%(38)4.7%(27)4.2%(24)11.1%(64)0.3%(2)2.6%(15)17.6%(101)10.6%(61)6.8%(39)5.1%(29)3.8%(22)2.1%(12)1.0%(6)2.6%(15)Categories by funding 2021($USD ex.China)Investments by supply chainGa.Aximusa ecearchic totamus animusanto officiatem audi dolumquo qui in nonseque moluptaquia nus,et ati aut officto te prereris que proviti cullaut aut offic te comnimpore,voluptatur?Te nim qui quibusa musdam fugiae conet atio tempor sus ea eaquate ssimusapero culpa consendande qui aut recero consequis ellab ipit vit,volupta tibusapedia con elique nis autChanges in category investment 2020 vs 2021Increasing deal activity in almost all upstream categories highlights the positive momentum for farm technologies and alternative proteins.Multiple rounds from dominant eGrocery players can,at least in part,explain the increase in deal activity in that category.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMChanges in deal count from 2020-2021ChangesBioenergy/Biomaterials Farm Management Software&Sensing Innovative Food Novel Farming Systems Farm Robotics,Mechanization&Equipment Agribusiness Marketplaces Agbiotechnology 3020100-10-20-30 12 DEALS 12 DEALS 11 DEALS 8 DEALS 3 DEALS-9 DEALSAgrifood Fintech Midstream Technologies 2 DEALSeGrocery Cloud&Retail Infrastructure Home&Cooking Online Restaurants/Mealkits Restaurant Marketplaces 27 DEALS 18 DEALS 7 DEALS-5 DEALS-7 DEALS-12 DEALS 1 DEALS-2 DEALSMiscellaneous In-Store Retail Tech -25 DEALS Upstream Midstream DownstreamASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM10 years of farm tech fundingFarm tech spotlight Investment totals($USD)2.52.01.51.00.50Total funding in Billions$USD2012H1 2022202120202019201820172016201520142013Farmtech is a segment within agrifoodtech including all technologies used by farmers.The drivers for investment in farmtech differ substantially from the consumer end of foodtech,warranting separate analysis.Farmtech funding doubled in 2021 driven by large deals and a 17.5%uptick in deal numbers year-on-year.With$1.1 billion in H1-2022,it looks like startups maintained momentum this year.$2.2 BILLION$184m(8.5%)$48m(2.2%)$3.2m(0.1%)$91m(4.2%)$121m(5.6%)$216m(10%)$348m(16.1%)$629m(29%)$285m(13.2%)$240m(11.1%)Agribusiness Marketplaces Ag Biotechnology Farm Robotics,Mechanization Equipment Farm Mgmt SW,Sensing&IoT Novel Farming Systems Bioenergy&Biomaterials Midstream Technologies Agrifood FinTech Miscellaneous Farm-2-Consumer eGrocery Upstream Midstream DownstreamFarm tech spotlight Top countries($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM$160 MILLION$906.6 MILLION$186 MILLIONINDIANEW ZEALANDINDONESIACHINAKOREAAUSTRALIASINGAPORE$604.9 MILLION$133.3 MILLION$83.1 MILLION$31.2 MILLIONIndia is by far the most advanced farmtech ecosystem in Asia-Pacific with startups operating in every farm tech category.China agrifoodtech is not all downstream;its farm tech ecosystem is gathering pace with deals mostly in the Ag Biotech category.Indonesia has a range of farm tech innovations with a particular focus on Agribusiness Marketplaces.Startup spotlight Ai PaletteMIDSTREAM TECHNOLOGIESHow would you define the Asian consumer and their taste compared to other parts of the world?Asian consumers tastes are evolving rapidly and in some cases are even setting trends for other parts of the world.China is setting trends for collagen-based snacks and beverages while Japan is for nutricosmetics,for example.They are also highly influenced by international cuisines and experiment with flavor combinations and pairings influenced by local ingredients.While Asians exhibit a willingness to try cuisines and dishes from various cultures,their underlying need for complex flavours with the use of various local as well as regional culinary ingredients continues to drive innovation in the food and beverage industry.Bakery,confectionery,and even plant-based meat and dairy alternatives are often sought after and of great interest in localized formats and tastes.Pandan Chocolate Gula Melaka Cake,Coconut Flavored Soy Yogurt,Vegan Itlog na Maalat(the plant-based version of Filipino favorite salted egg),are some trending dishes that highlight Asian preferences for“Glocal”tastes.What is the Asia-Pacific agri food tech ecosystem like to work in?Its still early but is developing very fast now.When we started out in 2019,most people didnt know what foodtech was but things have changed completely in the last few years and its great to see a bustling agrifood tech scene in Singapore.While the majority of new startups are in alternative protein,there are many other verticals as well.We see more interest from corporates to work with startups now,however the local®ional players are still not very accessible as they are set in their old ways of working.There are a lot of investors for pre-seed and seed stage round,but it then gets difficult after Series A and before the later stages when there are more potential investors to raise from again.Asia is a very big and diverse market with multiple languages and cultures,which means you have to adapt your messaging and sales style for each Ai Palette is a food trend-spotting platform.It uses predictive analytics,Natural Language Processing(NLP)and computer vision to capture trends in real-time from a diverse set of sources including blogs,social media,recipes,and menus.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAgribusiness marketplacesTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM$60 MILLION$364 MILLION$8.0 MILLION$9.0 MILLION$149 MILLION$32.2 MILLION$6.4 MILLIONINDIAJAPANKOREAINDONESIACHINAAUSTRALIAPAKISTANThe geographic diversity of this category is indicative of the challenges presented by agricultural economies made up predominantly of smallholder farmers.With average farm sizes usually no bigger than 2 hectares(5 acres),farmers have struggled to get hold of high quality inputs seeds,fertilisers,pesticides and are usually at the behest of their local dealers.Agribusiness marketplacesTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMDeHaatAgriTech startup offering end-to-end agricultural services and products to farmers.$115mSERIES D ROUNDAgroStarOne of Indias foremost AgTech start-ups,working on the mission of#HelpingFarmersWin.$70mSERIES D ROUNDTaniHubB2B platform connecting farmers with businesses that use or sell their products.$65.5mSERIES B ROUNDTridgeOnline trade platform that matches global food agriculture buyers and sellers.$60mSERIES C ROUNDCaptain FreshFish and seafood supply chain platform designed to deliver a fast harvest-to-retail service.$40mSERIES B ROUNDArunaAn Indonesian integrated fishery platform.$35mSERIES A ROUNDDeHaatAgriTech startup offering end-to-end agricultural services and products to farmers.$30mSERIES D ROUNDJianan NongmuLogistics and distribution of agriculture and animal husbandry products.$30mSERIES B ROUND0105020603070408Most of the startups on this page are aggregating farmers into local hubs,giving them more buying power to access better products,as well as direct markets to sell their produce for better prices.With 450 million smallholder farmers in the region,the potential for this category to have a positive impact and big investment return is indicated in the investor backing for these startups.Startup spotlight MayaniAGRIBUSINESS MARKETPLACE Mayani took this challenge head-on by building an ag e-commerce platform that bridges aggregated market demand with a highly fragmented smallholder agri-supply chain.By directly connecting farmers with consumers,whether retail or commercial,it translates into better income opportunities for farmers through a broad and predictable market.It also optimizes the agri-supply chain by making crop production and harvesting more demand data-driven,thereby lowering transaction costs and lessening instances of gluts and post-harvest oversupply.This ultimately facilitates a more resilient value chain that can better withstand external shocks in the future.Mayanis impactMayani averages a 50%attributable rise in farmers incomes,and at least 30%food loss reduction between farmers and consumers.It even has an imperfect crops category meant to aggregate demand for cosmetically imperfect produce that usually gets rejected by Mayanis B2B clients like Shell,Walter Mart,and Healthy Options,but would nonetheless still find a market among consumers.Growing pains and supportBeing the fastest-growing,farm-to-table platform now in the Philippines,Mayani has had to quadruple its manpower size,expand its fleet of motorcycles and trucks for farm logistics,and make some key hires,particularly on the software engineering and data science side.And these moves necessitate capital beyond our organic warchest.This is where Mayani is really grateful to its early believers like the Asian Development Bank,which awarded the company a seed grant for winning the 2020 ADB Hard Hit Economic Sectors Challenge.Paired with ADBs technical support and guidance,the grant also enabled Mayani to jumpstart some tech talent hires and beef up the platform.Thereafter,Mayani was able to secure impact investors like the Jimenez family and AgFunder,being their first investment in the Philippines.Smallholder farmers are among the Philippines poorest of the poor.This is largely attributed to farmers dealing with about six to seven layers of middlemen between them and the consumer.This dismal reality has been exacerbated by the Covid-19 lockdown with about 40%of all rural harvest going unsold.mayani.phASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMFarm management softwareTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM$65.9 MILLION$105.8 MILLION$0.18 MILLION$31.9 MILLION$29.9 MILLION$12.0 MILLION$10.8 MILLION$28.6 MILLIONIndia is the clear leader for farm management software,sensing&IoT category,with startups dating back to the beginning of agtech globally.The country closed the most deals(25)in this category in 2021 but they werent the largest.Australia was the second most active,closing 11 deals with particular strength,unsurprisingly,in livestock farm management.INDIAJAPANAUSTRALIAKOREANEW ZEALANDINDONESIABANGLADESHCHINAFarm management softwareTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMGreenLabsData-Agritech company.$29.5mSERIES B ROUNDAgriWebbFarm and livestock app helping livestock producers with record keeping,compliance,and productivity.$23.1mSERIES B ROUNDHalterRedefining cattle herd management.$23mSERIES B ROUNDAgNextIntersection of hardware,software and analytics for quality estimation in agriculture and food.$21mSERIES A ROUNDCropinAI and data-led agri-tech organization providing SaaS solutions to agribusinesses globally.$20mSERIES C ROUNDFeiwei InformationReal property information management solution provider for farmers.$15.6mSERIES B ROUND0105020603070408GreenLabsData-Agritech company.$18.4mSERIES B ROUNDAbsolute FoodsAn OS that provides actionable insights based on inputs from the likes of sensors.$12.6mSERIES A ROUNDGreenLabs was one of just two Korean farm management software startups to raise funding in 2021 but it raised the categorys largest.This is a bit misleading as the business does more than farm management and has started branching out down the supply chain into B2B distribution.Startup spotlight TepbacFARM MANAGEMENT SOFTWARE SENSING&IOTVietnam-based Tepbac leverages an IoT system to create solutions to optimize produce from aquaculture,particularly shrimp farming.Founded in 2012 by Tran Duy Phong,Tepbac offers Farmext,a remote aquaculture farm management and inventory platform which tracks costs and digital farm logs.Its other solution is a remote water cleaning and monitoring device which keeps track of water conditions such as pH,oxygen,temperature and salinity.Users can remotely control and keep track of their ponds,helping them save on electricity and labor costs as well as improve farmer safety.A combination of the two devices improve operational efficiencies so much so,that one of Tepbacs users optimized a feeding program for fish,eliminating water pollution caused by overfeeding,according to the startup.Further,Tepbac offers a news platform where fish farmers and other players in aquaculture can view content pertaining to the seafood industry and best practices in the industry.The farmers also get to purchase a variety of fish food and farming equipment from Tepbacs own online aquaculture marketplace.Even though the startup says IoT development is challenging,Tepbac has numerous awards under its belt with the latest being the Winner of the Tech Planter Vietnam 2021,a deep tech acceleration program.Tepbac is also among the 2022 cohort of startups selected for the AgFunder-backed GROW Impact Accelerator.So far,Tepbac has reportedly served 1500 farms,with its clientele ranging from small and large scale farmers,to shrimp processing plants and the government.It hopes to increase incomes for aquaculture farmers in sustainable and environment-friendly ways.tepbac.vnVietnam is one of the worlds biggest producers of farmed shrimp,in the worlds highest producing region.But even with stellar export figures that hit close to$4 billion last year,Vietnamese farmers grapple with growing environmental and sustainability challenges.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInnovative foodsTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM$101.1 MILLION$95.1 MILLION$39.8 MILLION$37.4 MILLION$49.3 MILLION$29.6 MILLION$1.2 MILLION$2.0 MILLIONNoticeably absent from several categories top deals,Singapore is the regional leader for alternative protein,which is the core segment within our Innovative Food category.The governments own investment in the category via its state funds as well as its trailblazing regulations are no doubt a key reason for this lead.China closed the biggest number of deals in the category(16)mostly at seed stage,followed by Singapore(15)and India(14).SINGAPOREINDONESIAKOREAAUSTRALIAINDIAKOREAPHILLIPINESJAPANInnovative foodsTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMv2foodPlant-based meat company that produces legume-based meat alternatives.$52.9mSERIES B ROUNDTurtleTree LabsCreating real milk in its full composition,functionality and taste using cell-based tech.$30mSERIES A ROUNDGrowthwell GroupVegetarian food solutions company.$22mSERIES A ROUNDNext Gen FoodsFood-tech startup that offers plant-based meat products.$20mSEED ROUNDZikooin CompanyAlternative meat-Unlimeat made out of grains including oats.$16.8mSERIES B ROUNDDAIZDAIZ produces and sells plant-based meat from germinated soybeans.$16.7mSERIES B ROUNDRefine BiologyResearch,development,and manufacturing of natural food ingredients through biotechnology.$15.7mSERIES A ROUNDAll G FoodsLeading in technological innovations to create next generation dairy and meat.$15.5mSEED ROUND0105020603080407Taking three of the top deals,including a record-breaking seed stage transaction,Singapore Innovative Food startups are set to beat 2021s total in 2022 in the wake of a$100m mega Series A from Next Gen Foods in February.Australias alt protein sector,which was arguably slow to start,has a leading growth stage company in V2Food and some well funded early stage companies coming through.Just three Korean startups closed funding during the year.Startup spotlight Green Rebel FoodsNOVEL FOODSFounded in 2020 by the business and life partner duo Max Mandias and Helga Angelina Tjahjadi,founders of Burgreens,Indonesias largest vegan restaurant chain Green Rebel was launched into a startup ecosystem with lots of investment and support available.With backers including AgFunder,Teja Ventures and Unovis,the Indonesian startup says it has been able to fundraise relatively quickly.Getting customers can also be very fast,between one and three months,but they employ a mixture of outbound sales and inbound responses to prospective clients.The core challenge to getting new customers?“Market education to ensure the sell-out enables our partners to justify keeping meat and dairy alternatives on the menu and shelves.As a brand owner,we cannot focus only on selling our products to clients,but rather we work collaboratively with them on the marketing and messaging to make sure their plant-based menu and our products are a success.The same menu promoted differently could bring very different results,”says Tjahjadi.This education is key to scaling the consumption of alternative meat and dairy products,she argues,which has been slower than expected,particularly considering the tight timeline to meet global carbon emissions goals in 2030.Further product innovation to keep costs down is also key:“Plant-based meat alternatives still have a lot of homework to do to achieve price parity with their animal counterparts.Its not impossible,but requires a lot of hardwork and process innovation.The fluctuating prices in supply chain and logistics operations can be tricky to manage as well,especially for a brand doing cross-border operations,which Green Rebel plans to do more of.While still growing aggressively in its domestic market of Indonesia,Green Rebel is focusing on expanding elsewhere in Southeast Asia,and over the next five years,plans to launch in Australia and the USGreen Rebel is the Southeast Asian archipelagos top-selling plant-based protein brand,using local ingredients to create clean-label meat and dairy alternatives with distinct Asian flavors.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMNovel farming systemsTop deals($USD)$10.1 MILLION$13.1 MILLION$17.9 MILLION$15.7 MILLION$34 MILLIONFood security and lacking farmland are often touted as drivers for investing in Novel Farming Systems,which includes indoor agriculture,insect farming and aquaculture.Somewhat surprisingly,India closed most deals in the category in 2021 with its startups deploying a mix of formats.Just one Korean company raised funding during the year.KOREACHINAINDIAAUSTRALIASINGAPORENovel farming systemsTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMN.THINGN.THING is Seoul-based vertical farming company.$26mSERIES B ROUNDXiaoZao TechA farming processor dedicated to the R&D,vcultivation,and production of microalgae EPA.$16mSERIES B ROUNDN.THINGN.THING is Seoul-based vertical farming company.$13mSERIES B ROUNDProvectus AlgaeBiotech startup specializing in the optimization of Algae to produce high-value compounds.$8.1mSEED ROUNDAqgromalinTech-driven farm diversification platform for animal husbandry and aquaculture.$5.9mSERIES A ROUNDNutrition TechManufactures protein,oil and organic fertilizer from Black Soldier Fly larvae.$5mSERIES A ROUNDBardeeAgtech that break down food waste,converting it into fertliser and proteins for pet foods and chicken feed.$5mSEED ROUNDVertical OceansProducing the worlds best tasting,most sustainable shrimp in advanced technology aqua towers.$3.5mSEED ROUND0105020603070804Two strategics invested in N.Things round:energy company E1 and KT&G South Koreas largest tobacco company.Despite its long history in urban farming,just three Singaporean startups raised funding in 2021.Startup spotlight SingrowNOVEL FARMING SYSTEMSWhats Asia-Pacific agrifoodtech like today?There are definitely more investors looking into the agrifoodtech space in the past two years.Asia investors tend to invest downstream,closer to the consumers,with shorter return-on-investment periods.As a solution provider and seeds company,however,Singrow also received a lot of interest from Pan-Asia Investors;we had investors from the Philippines and Japan in our recent round.And there are lots of opportunities in the market;most of our current business leads have been inbound.The end consumer in Asia is more price sensitive so a solution that can really bring down the cost,while adding extra value to the ecosystem,will be preferred in Asia.Whats Singrows five-year plan?Singrow recently launched a new core business model:Farming as a Service(FaaS).We are now actively applying this into different downstream practices,including enabling more farms through franchise and contract farming,empowering retailers by establishing our own e-commerce channels with the new Singapore premium fresh produce standard,as well as enlarging our business by working closely with forward-thinking partners like SMRT group(Singapore)and RSP Architects(Singapore,China),to make vertical farming a new retail and landscaping enabler.We have already expanded into Singapore,Indonesia and China and have plans for Thailand,Philippines and Hong Kong in the next 12 months.In the next 2-3 years we aim to cover more tier 1 and 2 cities in South East Asia,major cities in the Middle East,and more regions in China.Meanwhile in R&D,we are working on new crops and plan to launch our next flagship crop saffron in the next 12 months.If you could start again,what would you do differently?Start with a more diversified team instead of a group of pure Ageing Farmers.Crop losses from weather events or pest damage.Food waste along the food supply chain.Lacking standards.Uninspiring brands.These are the main challenges Singrow wants to tackle with its vertical farming-focused ag technologies.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMIn-store retail&restaurant techTop deals($USD)$112.4 MILLION$33.4 MILLION$155.6 MILLION$708.1 MILLION$6.9 MILLION$12m MILLION$16.8 MILLIONIts been a bumpy ride for this category,particularly on the restaurant side where investment dipped during the pandemic,and while the numbers were up in 2021,it was mostly due to a mega late stage deal for Singapores Trax,the store shelf image recognition tech that raised a$640m round.SINGAPOREVIETNAMKOREACHINAAUSTRALIAINDONESIAJAPANINDIAASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMTraxThe world leader in computer vision solutions for retail.$640mLATE ROUNDPuduTechUses artificial intelligence to build autonomous delivery robots for home care,food service,and catering.$78mSERIES C ROUNDMr YumMobile ordering platform that provides a visual menu and tool for table-ordering,pickup,and delivery.$63.6mSERIES A ROUNDEatClubAn app that shows its users restaurants nearby with spare tables,offering last minute deals.$40mVENTURELoveLocal(formerly Paani)Digitising and organising local retailers to deliver the neighbourhood shopping experience of the future.$19.1mSERIES B ROUNDChopeA restaurant reservation application to simplify table booking services.$15mLATE ROUNDLoshipVietnams fast-growing one-hour-delivery e-commerce startup.$12mSERIES C ROUNDTinvioB2B transactions platform to manage orders,invoices,and payments with suppliers via a chat-led interface.$12mSERIES A ROUND0105020603040708As well as being home to the biggest round of the year in this category,Singaporean startups also closed the most deals during the year,followed by India and Japan.A bevy of seed stage deals not shown in this chart indicates a potential resurgence as startups look to create digital operating systems for restaurants.In-store retail&restaurant techTop deals($USD)A lot of people in the agrifoodtech industry globally are fatigued with this category as its investment totals have drowned out other innovative sectors and potentially stolen funding from arguably more impactful technology only to result in major failures.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMRestaurantmarketplacesTop deals($USD)$157 MILLION$1.9 MILLION$0.57 MILLION$13 MILLION$2.5 MILLION$0.5 MILLION$1.5 BILLION$7.5 MILLIONINDIAMALAYSIAINDONESIACHINAKOREAJAPANSINGAPOREPAKISTANRestaurantmarketplacesTop deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMSwiggyFood delivery platform that brings food from neighborhood restaurants directly to customers doors.$800mLATE ROUNDSwiggyFood delivery platform that brings food from neighborhood restaurants directly to customers doors.$450mLATE ROUNDZomatoOnline food ordering platform that delivers meals from restaurants$250mVENTUREMeicanProviding mobile ordering of foods,detailed take-out menus,and more.$100mLATE ROUNDMeicanProviding mobile ordering of foods,detailed take-out menus,and more.$57mLATE ROUNDHangryMulti-brand virtual restaurant company that focuses on food delivery in Jakarta.$13mSERIES A ROUNDMunchiesKarachi-based snack delivery service company.$2.5mSEED ROUND0105020603070408The Asian market has had its fair share of food delivery failures were looking at you Foodpanda but the biggest players have held their ground,with Indias Swiggy contributing to the vast majority of the countrys total funding in 2021.Snack 24Snack24 provides office snack management services.$7.6mSERIES B ROUNDInvestments by stageASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMDeals8006004002000201620172018201920202021ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestments by stageThe number of deals increased at every stage between 2020 and 2021 with the most pronounced growth at the late stages,which increased 34%year-over-year.Growth stage deals also increased significantly in number(22%)whereas early stage activity was more muted with just 6%Year-on-year increase in deals closed.Will we see fewer deals close in 2022 on the back of this?Number of deals by maturity375 TOTAL403 TOTAL558 TOTAL661 TOTAL637 TOTAL678 TOTAL37 GROWTH323 EARLY12 LATE44 GROWTH335 EARLY14 LATE69 GROWTH449 EARLY34 LATE98 GROWTH509 EARLY37 LATE94 GROWTH485 EARLY38 LATE110 GROWTH494 EARLY50 LATE Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D )DebtInvestments by stageAs the number of late stage deals increased,so did their median size,contributing to the bump in total funding in 2021.While there were fewer early stage deals,the increase in the size of deals hints at potentially inflated valuations.The median decrease in H1 2022 is indicative of an expected decline in funding for the year,particularly from China.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D )$USD806040200Median round sizeH1 2022$56.2 MILLION$2 MILLION$23.5 MILLION2017$20 MILLION$0.51 MILLION$8.6 MILLION2018$63.2 MILLION$1.4 MILLION$15 MILLION2019$39.9 MILLION$1.23 MILLION$11.3 MILLION2020$45.7 MILLION$1.4 MILLION$14.3 MILLION2021$65 MILLION$1.59 MILLION$20.3 MILLIONInvestments by stageTop deals 2021($USD)Unsurprisingly China tops the leagues at every stage except seed where Singaporean alt protein maker Next Gen Foods broke records.But its exciting to see so much funding for Bangladeshi startup ShopUp thats digitizing small,local retailers,a trend we saw play out across Africa too.Thailand also appeared with GudangAda,and a few large early stage deals from Australia hints at positive momentum in that market both upstream and downstream.Upstream Midstream DownstreamASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$20mNext Gen Foods$18.6mRuiyun Cold Chain$16mAll G Foods$15mRuiyun Cold Chain$12.9mVOLY COUNTRYRAISEDCOMPANIES FUNDEDSTREAM$120m Mojia Bioscience$92.6mXianshenghuo$63.6mMr Yum$61.2mQianhai Yueshi Information Technology$60mZeptoSeedSeries ACOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$123.8m Wangjiahuan$109mShopUp$100mT11 Food Market$100mGudangAda$95mRWDC IndustriesSeries BCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$200m Pupumall$182mXAG$100mZepto$96mKopi Kenangan$84.9mJumbotailSeries CInvestments by stageTop deals 2021($USD)Startups bringing food to the homes of the worlds two most populous countries China and India reeled in cash over multiple rounds during the year,attracting a mix of investors from sovereign wealth funds,state-controlled entities,technology giants and large US-based private equity and banking players with just a few major venture capital firms like Tiger Global and Sequoia re-upping in these massive deals.Trax is a leader in computer vision for retail.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM Upstream Midstream DownstreamCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$3.0b Xingsheng Youxuan$750mNice Tuan$700mDingdong Maicai$330mDingdong Maicai$145mNinjacartCOUNTRYRAISEDCOMPANIES FUNDEDSTREAM$800mSwiggy$640mTrax$450mSwiggy$300mXingsheng Youxuan$250mZomatoSeries DLate StageASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestments by countryIndia spotlight Top deals($USD)While the top deals are all downstream startups,India has a bustling farmtech ecosystem and was one of the first agtech centres globally.In 2021,Indias biggest farmtech deals included Ninjacart,the major supply chain tech for the fresh produce industry which raised$145m,followed by DeHaat,the agribusiness marketplace that aggregates smallholder farmers and enables them to buy higher quality inputs and access markets.DeHaat,which is an AgFunder and Omnivore portfolio company,raised$115m Series D.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM01Swiggy$800 million RESTAURANT MARKETPLACES02Swiggy$450 million RESTAURANT MARKETPLACES03Zomato$250 million RESTAURANT MARKETPLACES05Rebel Foods$175 million CLOUD RETAIL INFRASTRUCTURE04Licious$192 million EGROCERYIndia spotlight Investment totals($USD)225 deals across the region$4.2 billion$USD investmentASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM Upstream Midstream DownstreamCategory$USD Farm Management Software&Sensing$106m Agribusiness Marketplaces$364m Innovative Food$40m Novel Farming Systems$18m Bioenergy/Biomaterials$48m Farm Robotics,Mechanization Equipment$9m Agbiotechnology$1m Midstream Technologies$487m Agrifood Fintech$160m eGrocery$1b In-Store Retail Tech$33m Cloud Retail Infrastructure$334m Restaurant Marketplaces$1.5b Online Restaurants/Mealkits$46m Home and Cooking$21m4.9%(11)4.9%(11)4.0%(9)4.4%(10)4.9%(11)5.8%(13)19.1%(43)5.3%(12)6.2%(14)9.3%(21)10.7%(24)2.7%(6)14.7%(33)0.9%(2)2.2%(5)Investment by deal count 2021Investment by category 2021($USD)Startup spotlight AquaconnectNOVEL FARMING SYSTEMSWhat is the Asia-Pacific agrifood tech ecosystem like to work in?In the last five years,we have witnessed significant developments for agrifoodtech in the Asia-Pacific region.An increasing number of startups are pioneering advanced technologies to drive transformation across the value chain from post-harvest market linkages to formal credit access,cold storage,and consumer markets.Furthermore,Asia is a hotbed for founders to raise investments due to future forward business models.Startups have been able to access capital,growth advisory and inter-portfolio networking that helps in solving business obstacles and forging potential synergies to accelerate business goals.Whats Aquaconnects goal for the next five years?Our business model focuses on strengthening scalable solutions using deep-tech intervention to cater to aquaculture stakeholders needs across the production and post-harvest value chain.In the coming years,we shall widen our business operations to cover major production markets in South East Asia.We are also growing our post-harvest services capabilities to fulfil demand in major markets like the US,Japan,and China by enabling sustainable shrimp sourcing from India.With our growth trajectory and newer market expansions,we aim to generate$500 million in revenue in the next five years.aquaconnect.blueAsia-Pacific is the worlds largest aquaculture producer but inefficiencies in production and resource use are creating long-term concerns.At the same time,given the challenging environment and smallholder nature of much of the industry,technology development and adoption is hard.Founded in India in 2017,Aquaconnect is meeting these challenges with its pond-to-plate platform using remote sensing,data analytics and AI.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAustralia spotlight Top deals($USD)Despite being a major global agriculture centre,Australias top three deals were restaurant technologies and the countrys leading plant-based meat company.While not directly interfacing with consumers,Konvoy Kegs is another efficiency play but for beer producers.The only farmtech deal in the top five hints at Australias strength in carbon tech;Loam Bio is a microbial seed coating producer that aims to help crops sequester and store carbon in the soil.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM01Mr Yum$63.6 million IN-STORE RETAIL TECH02v2food$52.9 million INNOVATIVE FOOD03EatClub$40 million IN-STORE RETAIL TECH05Konvoy Kegs$30 million MIDSTREAM TECHNOLOGIES04Loam Bio$30.1 million AG BIOTECHNOLOGYAustralia spotlight Investment totals($USD)55 deals across the region$360.4 million$USD investmentASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM Upstream Midstream DownstreamCategory$USD Farm Management Software&Sensing$32m Innovative Food$95m Bioenergy/Biomaterials$9m Agribusiness Marketplaces$8m Novel Farming Systems$13m Ag Biotechnology$30m Farm Robotics,Mechanization Equipment$0m Midstream Technologies$33m eGrocery$26m In-Store Retail Tech$112m Online Restaurants/Mealkits$0.5m Restaurant Marketplaces$0m Cloud Retail Infrastructure$1m Home Cooking$0.1m1.8%(1)1.8%(1)3.6%(2)3.6%(2)3.6%(2)3.6%(2)9.1%(5)14.5%(8)7.3%(4)10.9%(6)12.7%(7)5.5%(3)20%(11)Investment by deal count 2021Investment by category 2021($USD)Startup spotlight LyroMIDSTREAM TECHNOLOGIESLyro Robotics is easing the pressures involved in the fresh produce supply chain.The Australia-based startup produces robotic solutions that pack and sort fresh produce.These pressures,according to Lyro revolve around labor shortage in the food packaging industry coupled with massive food wastage in the food value chain between producers and consumers.With robotics,Lyro makes food picking and packaging much faster,more efficient and is optimized for shipping.The startup,founded in 2019 by Juxi Leitner and Nicole Robinson,claims their software Lyro Machine Intelligence can not only be used to sort produce,but for packaging food in meal boxes and fulfilling grocery orders.Further,Lyro offers a robot as a service model for businesses in the food packaging industry.With the service,users only pay for how much has been packed by the robots.Additionally,the startup claims its robots can be fitted in existing packaging lines in various industries including agriculture,manufacturing and even recycling.“We want to use robots for good;to create a positive impact,to better food security through the supply chain.Impact to us would mean having our robots out there helping farmers,warehouse managers,food companies,and packing lines,to get their food products picked,packed,and into the supply chain,”said Robinson.“In doing so,impact would mean helping to get fresh produce through the supply chain faster to enable more people to enjoy fresh and high-quality food products.”Earlier this year,the robotics startup secured$1.5 million in a pre-Series A round from Boab AI,an early-stage venture capital fund and AI accelerator managed by Artesian Capital Management.AgFunder and Japans machinery and design company,Toyo Kanetsu also participated in the round.With the financing,Lyro was set to provide its agri-focused clients with around 20 autonomous robotic packers.lyro.ioThe food supply chain has a massive labour shortage that was exacerbated by the Covid-19 pandemic.Coupled with inflation thats driving up material costs,labor shortages are causing an overall increase in the cost of food packaging.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMChina spotlight Top deals($USD)ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM01Xingsheng Youxuan$3 billion EGROCERY02Nice Tuan$750 million EGROCERY03Dingdong Maicai$700 million EGROCERY04Dingdong Maicai$330 million EGROCERY05Xingsheng Youxuan$300 million EGROCERYFunding for eGrocery in China exploded in 2021 as startups,typically offering the community buying model,helped Chinese consumers get access to fresh food at reasonable prices during the countrys many lockdowns.The high cash-burn,growth-at-any-costs model looks less rosy today;government clampdowns on pricing fraud and product dumping have contributed to a slowdown thats seen several companies close or pare back their businesses substantially,including all of those listed.Nice Tuan is reportedly closed after first announcing layoffs in August 2021,just 5 months after this major Alibaba-backed round.China spotlight Investment totals($USD)104 deals across the region$7.2 billion$USD investmentASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COM Upstream Midstream DownstreamCategory Deals Innovative Food 16 Ag Biotechnology 13 Farm Management Software&Sensing 8 Farm Robotics,Mechanization Equipment 5 Agribusiness Marketplaces 3 Novel Farming Systems 3 Bioenergy/Biomaterials 3 Midstream Technologies 19 Agrifood FinTech 1 Miscellaneous 1 eGrocery 15 Online Restaurants/Mealkits 6 Home Cooking 5 Restaurant Marketplaces 2 Cloud Retail Infrastructure 2 In-Store Retail Tech 214.4%5.8%4.8.4.5.3%1.0%1.0%2.9%4.8%7.7%Investment by category 2021(Number of deals)1.9%Investments by supply chainGa.Aximusa ecearchic totamus animusanto officiatem audi dolumquo qui in nonseque moluptaquia nus,et ati aut officto te prereris que proviti cullaut aut offic te comnimpore,voluptatur?Te nim qui quibusa musdam fugiae conet atio tempor sus ea eaquate ssimusapero culpa consendande qui aut recero consequis ellab ipit vit,volupta tibusapedia con elique nis autChina spotlight Funding($USD)While eGrocery clearly dominates Chinas agrifoodtech landscape,China was the second most active country for farmtech investment after India,with a particular focus on Ag Biotech,where companies like Mojia Bioscience and MoonBiotech raised funding for their synthetic biology and microbial approaches to reducing chemical usage.Midstream Technologies were also numerous with entrepreneurs looking to improve the countrys cold chain and fresh produce sourcing infrastructure,as well as food safety.Robotics are a Chinese strength,showcased by large deals from agricultural drone providers XAG and EAVision.Chinas innovative food category,which includes alternative protein,is still surprisingly small,albeit dominated by seed stage deals hinting at momentum.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMInvestment by funding 2021$USD BILLIONS6.0 4.0 2.0 0eGrocery Online Restaurants&Mealkits Home&Cooking Cloud Retail Infrastructure In-store Retail&Restaurant Tech$5.5 BILLION$10.8 MILLION$155.6 MILLION$36.9 MILLION$39.2 MILLIONInnovative Food Farm Management Software&Sensing Novel Farming Systems Bioenergy/Biomaterials$49.3 MILLION$115.8 MILLION$15.7 MILLION$28.6 MILLIONMidstream Technologies Agrifood Fintech Miscellaneous$154.5 MILLION$417.7 MILLION$0 MILLION Upstream Midstream DownstreamRestaurant Marketplaces$157 MILLIONAgbiotechnology$208.6 MILLIONAgribusiness Marketplaces$32.2 MILLIONFarm Robotics,Mechanization&Equipment$261.3 MILLIONTop investors by deal countRANKINVESTORN0.DEALSCOMPANIES FUNDED01Omnivore18DeHaat,ReshaMandi,AgNext Technologies,Stellapps,Animall02AgFunder11DeHaat,Fable Food,Green Butcher,Mayani,Ai Palette03Y Combinator11Zepto,Super,Nino Foods,KiranaKart,Titipku04Tiger Global Management11Dingdong Maicai,Zomato,DealShare,blinkit,ShopUp05AC Ventures10Ula,Aruna,LoveLocal(formerly m.Paani),Eden Farm Indonesia,Segari06Global Founders Capital9Zepto,Eden Farm Indonesia,VOLY,Tinvio,Krave Mart07East Ventures8Aruna,TreeDots,KitaBeli,FoodMarketHub,Warung Pintar08Sequoia Capital India8Rebel Foods,DeHaat,ShopUp,GudangAda,Ula09SOSV8Vertical Oceans,Supplynote,Coffee Exchange,Bistrochat,24seven.pk10Temasek Holdings7Xingsheng Youxuan,Licious,DeHaat,RWDC Industries,EAVISIONASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAppendixASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMAgrifoodtech category defintionsMidstream TechnologiesFood safety&traceability tech,logistics&transport,processing techAgrifood FintechTech-enabled financial services for the agrifood value chainMiscellaneousAll other agrifood-related techIn-Store Retail&Restaurant TechShelf-stacking robots,3D food printers,POS systems,food waste monitoring IoTRestaurant MarketplacesOnline tech platforms delivering food from a wide range of vendorseGroceryOnline stores marketplaces for sale and delivery of processed and unprocessed ag products to consumerHome&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devicesOnline Restaurants&MealkitsStartups offering culinary meals and sending pre-portioned ingredients to cook at homeCloud Retail InfrastructureOn-demand enabling tech,ghost kitchens,last-mile delivery robots&servicesAg Biotechnology On-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal healthAgribusiness MarketplacesCommodities trading platforms,online input procurement,equipment leasingBioenergy&BiomaterialsNon-food extraction&processing,feedstock technology,cannabis pharmaceuticalsFarm Management Software,Sensing&IoTAg data capturing devices,decision support software,big data analyticsFarm Robotics,Mechanization&EquipmentOn-farm machinery,automation,drone manufacturers,grow equipmentNovel Farming SystemsIndoor farms,aquaculture,insect&algae productionInnovative FoodCultured meat,novel ingredients,plant-based proteins Upstream Midstream/Both DownstreamASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMDATA POWERED BYSources&methodologyData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to more than 30,000companies,with new startups and historical data being added each day.The raw data for our reports comes from Crunchbase,which gathers publicly-available information such as press releases and US Securities and Exchange Commission filings,as well as crowdsourcing directly from the industry.AgFunder contributes data from its own collection methods,including private communications with investors and companies.We also collect data from partners across the globe to ensure we have the most comprehensive,accurate and curated dataset and knowledge base of agrifoodtech companies and investments.The raw data is painstakingly curated by the AgFunder team,along with their data partners,to ensure they are relevant,accurate,up-to-date,and categorized according to AgFunders proprietary tagging system.We update and improve our dataset continuously throughout the year,meaning total figures from previous years reports will shift as our dataset becomes more complete.In 2022,we tightened our definitions of what constitutes an agrifoodtech venture to ensure that the emphasis on food and agriculture is core to the business.Thats had a recalibrating effect on this years investment figures as well as some past data.Examples include logistics,drones,cloud and any other tech services that may have started in agrifood but have since added other sectors or pivoted away from agrifood.Weve maintained historical rounds that were raised on an agrifood focus,where we could.While we are happy to share our findings,we reserve all rights with respect to AgFunder research and this report and we require it to be fully and accurately cited when any of the data,charts,or commentary are used.Undisclosed FinancingsOf the 679financings in this reports curated dataset,175were undisclosed and could not be determined through research or direct sources.We exclude undisclosed financings when computing averages and median values.In some cases,were able to confidentially obtain financing figures directly from investors on the condition theyre only included in aggregate.Multiple FinancingsIn some cases,Crunchbase displays multiple financings for the same company in the same year.This can be because a company closes subsequent rounds in the same year,but it can also be the result of several closes of the same round.We keep them separate unless they are announced as one single round.CategorizationAgFunders categorization system is designed to capture broad themes across the complex agrifoodtech value chain.The agrifood sector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribution,and the consumer.In many cases,technologies such as marketplaces connect different links in the supply chain and so in this report weve chosen to focus on high-level themes.To assist with the categorization and to avoid subjectivity,AgFunder first employs over 150 machine learning and artificial intelligence models to suggest category placement and to help tag the company according to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with significant research and debate among our team.Starting with our 2022 Asia-Pacific Agrifoodtech Investment Report,we added a new category Agrifood Fintechin light of Asia-Pacifics unique investment trends.The category encompasses startups whose primary objective is advancing financial inclusion for farmers,retailers and other agrifood businesses.This category will be applied to global data going forward.Weve also taken taken a stricter stance on cannabis and CBD-related startups;there needs to be clear proprietary technology involved.We will not include pure consumer packaged goods or pure production,as we wouldnt include pure production in any other crop.If we believe the growing facilities are particularly high tech or utilize proprietary technology,we will still include it in our Novel Farming Systems category.The same goes for processed products;if the extraction technique is particularly innovative,well include it as a Biomaterials or Midstream Tech startup.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementTim Li and the rest of the Crunchbase team for their support and assistance,and to the teams of Bits x Bites and Omnivore for supplying local data and working closely with us on ensuring the accuracy of our research.ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMImage creditsPage 25 Green RebelPage 28 SeadlingPage 35 MYCLPage 46 LYROPage 19 OmnivorePage 22 growAGCover MYCLPage 4 SingrowPage 7 GreenRebelPage 40 AgrifuturesPage 11 Thai WahPage 27 Green RebelPage 24 TepBacPage 18 AI PalettePage 30 SingrowPage 43 AquaconnectPage 21 MayaniASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022|AGFUNDER.COMv agfunder agfunder agfunder AgFunderVCSubscribe to our must-read food/ag newsletter,research and alerts about our funds at For partnership and advertising enquiries,please contact
2023-08-15
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GROWING OUR FUTURE SCALING REGENERATIVE AGRICULTURE IN THE UK:ACCELERATING CHANGE THROUGH COLLABORATIONAbout Forum for the FutureForum for the Future is a leading international sustainability non-profit.For more than 25 years weve been working in partnership with business,governments and civil society to accelerate the shift towards a just and regenerative future in which both people and the planet thrive.As our environmental,social and economic crises intensify,the world is rapidly changing,with multiple transitions already reshaping how we all live and work.But will we go far enough,and fast enough?Forum is focused on enabling deep transformation in three game-changing areas:how we think about,produce,consume and value both food and energy,and the role of business in society and the economy.Were working with ambitious and diverse change-makers to shift how they feel,think,act and collaborate to drive systemic change for sustainability.Find out more at www.forumforthefuture.org 2023 Forum for the FutureThis project is made possible with funding from the Co-op Foundation,John Ellerman Foundation and Peoples Postcode Lottery.3CONTENTSEXECUTIVE SUMMARY.4 A Food System Tipping Point:What Needs to Change?.4 Shifting the Goals of Food and Farming:A Systemic Approach.5 Growing our Future:Joined Up Action to Accelerate Transformation.6 Growing our Future:An International Initiative.7 The Value of Collaboration.8TRANSFORMING UK FOOD AND FARMING-WHAT IS THE CHALLENGE WE FACE?.9 The Context for Regenerative Transformation.10SHIFTING THE GOALS OF THE FOOD AND AGRICULTURE SYSTEM.13 A Systemic Approach.14 What is Regenerative?.14COLLABORATIVE ACTION TO UNLOCK ACCELERATED PROGRESS.16 The Power of Partnership.17 Shared Challenges Ripe for Collaboration.17 Spotlight on Major Food Business Action.19GROWING OUR FUTURE:WORKING TOGETHER TO ACCELERATE ACTION TOWARDS A JUST AND REGENERATIVE FOOD SYSTEM IN THE UNITED KINGDOM.20 Growing our Future:What is the Plan?.22WHAT OUTCOMES IS GROWING OUR FUTURE WORKING TO ACHIEVE?.23 Growing our Futures Outcomes.25 Four Key Principles for Collaborative Action.26 The Importance of Mindset Shifts:New Thinking Driving Novel Action.26GROWING OUR FUTURE:JOIN THE REGENERATIVE TRANSFORMATION.28 We Are At a Pivotal Moment to Shape the UKs Food System.29APPENDIX:CASE STUDY EXPLORING THE OPPORTUNITIES FOR AND BARRIERS TO THE ADOPTION OF REGENERATIVE FARMING PRACTICES IN THE M&S POTATO GROWER BASE.30SCALING REGENERATIVE AGRICULTURE IN THE UK:ACCELERATING CHANGE THROUGH COLLABORATION4This report is part of an ongoing enquiry by Forum for the Future that explores what it will take to transform the UKs food and farming system towards more regenerative agricultural practices that deliver positive economic,environmental and social outcomes alongside productivity.It asks:“How can the UK food system,and food companies in particular,support and enable a shift in agricultural practices that helps them to achieve their carbon,biodiversity,environment and social goals in a way that is compelling for consumers and beneficial to farmer livelihoods?”A FOOD SYSTEM TIPPING POINT:WHAT NEEDS TO CHANGE?The food system needs to transform rapidly at scale and approaches to producing,purchasing,and consuming food will need to shift in order to meet the scale of change needed.Food and agriculture,both in the UK and internationally,have played a key role in climate impacts,land and nature EXECUTIVE SUMMARYThis decade brings a unique and urgent opportunity to reset the way we produce and consume food,as we tackle some of the biggest challenges to the health of both people and the planet.These are global challenges that need local and regional action,and this report explores how the sector can unlock and accelerate action in the UK.degradation and,while contributing to mass production of cheap calories,fall far short of supporting equitable healthy diets for all.Farming and food production,with their close relationship to land,livelihoods,and human wellbeing,are at the forefront of regenerative transformation,from nature restoration to carbon drawdown,to access to healthy,sustainable diets.We have a narrowing window to stay close to 1.5 C of global heating,and food and agriculture globally will soon become the greatest source of carbon emissions as the energy system rapidly decarbonises.But there is huge potential for positive change by reorienting the food system towards goals fit for the 21st Century.A 2019 Environment Agency survey noted that almost 4 million hectares of soil are at risk of compaction,and over 2 million hectares of soil are at risk of erosion,while intensive agriculture has caused arable soils to lose about 40 to 60%of their organic carbon.Soil degradation was calculated in 2010 to cost 1.2 billion every year.1 Defra data suggests UK food value chains leave 4almost 30%of farmers with literally no profit from their endeavours,2 while Sustain reported that farmers in major retail supply relationships often receive tiny fractions of profit,while bearing much of the production risk.3 These figures will differ across retailers and supply chains and may not reflect every farmers experience or retailer support,but provide a picture of the sector as a whole.Increasing demands on land for biofuels,energy,carbon credits,housing,and rewilding will compete with food production,potentially driving land out of food production.The UK food system is also quite different from its European counterparts,in its highly consolidated nature,with(as of April 2023)92.5%of spend through just eight retailers.This presents both a real challenge and opportunity in shifting supply chain behaviour and demonstrates the importance of reaching out to both well established regenerative practitioners and those embedded in mainstream agriculture.5SHIFTING THE GOALS OF FOOD AND FARMING:A SYSTEMIC APPROACH Many other publications,such as the 2023 Oxford Farming Conference report,have made the detailed case for why the food system needs to refocus,with urgency,on broader goals than profit and productivity.These shifts are broadly(rather than comprehensively)outlined here:Indeed,reconfiguring the UKs agriculture system could deliver for both businesses net zero commitments and government ambitions for climate reduction.5 There is a fundamental need to shift the goals of our food and agriculture system from maximising yield and efficiency,to pursuing economic,environmental,and social outcomes alongside productivity and profit.Farming systems will need to deliver more holistic outcomes,across the health and productivity of soil,biodiversity and ecosystem restoration,and support rural communities in ways that are economically viable and provide thriving livelihoods.Regenerative agriculture and agroecology offer a route to support these interconnected outcomes.There is already much good practice underway,especially at individual farm level;but more action is needed to scale and mainstream,with structures that support and incentivise change,and an accompanying shift in skills,knowledge,and mindsets.The burden of this challenge cannot sit solely with farmers.These goals need to be systemically embedded in how we grow,source,process,distribute,and eat food.It comes at a time when decisions on land use at farm,landscape,and national level need to provide greater resilience to current and future disruption from extreme weather events,supply chain uncertainties and,most importantly,ending reliance on fossil fuels.5Restores ecosystems services at the landscape level(soil health,carbon sequestration,water quality,biodiversity)Regionalise,localise,and diversify equitable production systems that respect planetary boundariesMaximise nutrition,nutrient density,and public health and wellbeingReimagined connection between people as citizens and productive,supportive land as a leverage point to wider system regenerationEquitable creation and distribution of value and risk,fostering accountability and responsibility at all stakeholder levelsGovernance that fosters social equity and welfare for all(incl animals)with continuous inclusive upskillingThe environment and biodiversity positive mindset has gone global,and is woven throughout local and international supply chainsFigure 1:Reframing the goals of the food and agriculture systemCURRENT FOOD AND AGRICULTURE SYSTEMREGENERATIVE FOOD AND AGRICULTURE SYSTEMProfit maximisation for a small number of powerful players over the short termEquitable economic prosperity allowing people and planet to flourish long-termExternalises environmental impactsEconomies of scale and intensive,specialised productionMaximise calories producedCompetitive price reduction for consumersMaximise profit for power holders in supply chainsSystematic social inequitySHARED GOALSPRODUCTIVEVIABLEPROFITABLEFOOD SAFETYReframing the goals of the food and agriculture system toward future-fit outcomes6In the coming years,changes in the natural environment and the food systems operating context will come whether we prepare for them or not.The rapid pace and complexity of change will continue to accelerate whilst expectations from government,investors,and consumers grow.Challenges are bigger than any one actor can solve and will need the collaborative effort of people and organisations from every part of our complex food system,working together.A new style of pre-competitive collaborative action from multiple actors including farmers,retailers,policymakers,and citizens,will be key to unlocking potential change and driving greater impact.Across the UK and Ireland there are many convenings,initiatives,pilots,and partnerships,all contributing to the transition to regenerative agriculture in a meaningful way.How could we,together,connect these initiatives to support and build greater ambition and proliferation of regenerative food and farming?How can we unlock the barriers that stand in the way of change?How can we enable mainstream actors to dig deeper into transformation while enabling the great breadth of regenerative producers and communities to flourish?Forum for the Futures Growing our Future programme aims to support the action that is already underway through system-wide co-created opportunities for collaboration that enable new partnerships and pathways to action.It is not here to replicate or duplicate existing efforts but to bring together all those working towards a more just and regenerative food system to maximise shared impact.This collaboration aims to address three key questions:Where is there potential to catalyse new or increased action in the transition to regenerative agriculture,through more coherent,collaborative action and how can this potential be realised?What role can major food companies play in enabling the shift to regenerative production and consumption,and what do they need to enable this?How can the UK food system unlock new routes to market that connect regenerative producers and consumers through new business models,and what more is needed?6GROWING OUR FUTURE:JOINED UP ACTION TO ACCELERATE TRANSFORMATION7GROWING OUR FUTURE:AN INTERNATIONAL INITIATIVE The UK Growing our Future programme is part of an international programme that builds on learnings from similar projects.In the United States,Forum for the Future has convened a similar programme since 2019,bringing together over 135 actors,including Indigenous farmers,the largest commodity businesses,investors,and retailers-often diverse and unlikely allies.This unique collaboration has explored the root causes and levers to action,with a thriving community and co-created active workstreams exploring new pathways to market,an ecosystem services pilot,an assessment of social outcomes for regenerative agriculture frameworks,and transformative agriculture policy.Forum for the Future learnt from this earlier work and created our current active programme to address specific UK challenges.Participants in the US collaboration have highlighted significant benefits from contributing to Growing our Future:1.Collective action can achieve greater impact by addressing shared barriers to change;2.Systemic change can happen through new partnerships and relationship building;3.Addressing multiple challenges and recognising interconnection allows for more complex and comprehensive solution development;4.Collaborative co-creation leads to more equitable outcomes and an understanding of the new action underpinning them;5.Collaboration can lead to new innovation initiatives.78THE VALUE OF COLLABORATION Each actor in the food system has potential to influence both upstream and downstream.Action can happen within organisations themselves,within their immediate supply chains and customers,or in influencing the wider operating context such as policy or finance.While many organisations are currently focused on the first level of their own operations,many are facing the same challenges,but doing it alone.Collaboration can de-silo action,broaden spheres of influence and provide insights from and access to other sections of the food system that drive greater action.As part of creating a food system that is fit for the future,regenerative agriculture has the potential to build resilient supply chains,restore biodiversity,distribute value and access to land equitably,and enable farmers,businesses,and communities to thrive.While progress towards regenerative agriculture in the UK has accelerated over the last five years,there are significant barriers holding us back.We have been holding conversations with,and listening to,people across the UK food system to develop a deeper understanding of these barriers and the enablers for change.This includes a call from many for greater collaborative action to address the challenges,activate leverage points and move towards the future we need.For example,collaborative action to accelerate the transition to a just and regenerative food system could support:UK farmers,growers or farming and growing networks interested in regenerative agriculture,whether aiming to transition existing operations,to scale the work you already do,or to address barriers to entry;UK businesses,brands and retailers that are exploring how future business models or value chains could support farmers in adopting regenerative agriculture;Policymakers seeking to create a supporting environment for action commensurate with the challenges the UKs food system faces;NGOs and civil society involved in creating the enabling conditions for change in the UKs food system;Investors or finance actors seeking to leverage financial mechanisms to catalyse positive food system transformation;Existing food system collaborations and networks looking to maximise reach and potential for impact;Organisations interested in food innovation,particularly in new access and alternative routes to markets for farmers producing regenerative food and services;Consumer groups and other actors with a stake in the shift to more regenerative food and farming.JOIN GROWING OUR FUTURE Growing our Future aims to bring together the vast range of perspectives,expertise and initiatives to collaboratively identify opportunities to catalyse faster and deeper transformation.It is not a membership programme,nor a secretariat or a pay-to-play collaboration.Through time-bound co-creative activities,participants can together identify and shape areas of work that are ripe for action,and help ensure existing work creates maximum impact to transform our food system.We invite you to join us to meet the urgency for transformation,while ensuring a robust shift that delivers across our social,environmental and economic goals and paves the way for a thriving just and regenerative future.8Contact us on infoforumforthefuture.org9TRANSFORMING UK FOOD AND FARMING:WHAT IS THE CHALLENGE WE FACE?910Although this is the norm wholly,or partially,for some small and large food and farming businesses across the UK,it is fragmented and there is huge scope for great changes and transformation at a large scale to reverse the major negative footprint food and farming have on the planet.At a global level,agriculture is the largest user of water,a major contributor to climate change,and a source of ecosystem degradation and biodiversity loss.6/7/8 The growing demand for food and subsequent agricultural expansion have been a contributing factor to the world crossing six out of nine planetary boundaries:land use system change,biosphere integrity,biogeochemical flows,freshwater change and novel entities(chemical pollution).Climate change is expected to reduce major crop yields by 3-7%for every 1C increase of warming,while the frequency of extreme weather events will,to a higher degree,affect food production and supply chains.12/13 This combination of global agricultural expansion,ecosystem degradation,and environmental impacts of climate change is contributing to the degradation of the natural resources that food systems are dependent on.While we know that future food production is dependent on natural resource conservation and sustainable use,14 monocultural production has stripped soil fertility the UK has lost 84%of fertile topsoil since 1850.15 Soil degradation costs England and Wales an estimated 0.9-1.4bn annually,with almost 17%of land affected by soil erosion.16 27 gigatons of soil organic carbon is expected to be lost by 2050,leading to fewer soil nutrients and lower water-retention capacity,potentially reducing resilience and impacting agricultural yields,which in turn will threaten the UKs food security and the livelihoods of farmers and their communities.17/18 THE CONTEXT FOR REGENERATIVE TRANSFORMATIONFarming has huge potential to deliver multiple benefits,not just to continue to feed the population and maintain a thriving export income,but to produce food and fibre whilst increasing crop diversity and nutritional quality,economically sustainable farm businesses,access to regeneratively produced food in thriving communities,and meeting the multiple challenges upon us,particularly the urgent challenges of climate change and biodiversity loss.1011Disruption has been rife for the UKs food and agriculture sectors over the last few years.Brexit,the impact of the COVID-19 pandemic,19 Russias invasion of Ukraine,the avian influenza pandemic,and the cost of living crisis have led to uncertainty,volatility,and an increase in prices of fuel and farming inputs that have driven producers to the edge of financial viability.Behind these is the greater spectre of the climate crisis and impacts on growing seasons and weather extremes.Throughout,the food sector needs to maintain affordable and available food supplies.This raises the question of how to build greater resilience to shocks and disruption,while reducing dependence on fossil fuel hungry inputs.This increasingly precarious situation is having tangible effects across the food system,from farmers to consumers.For consumers,even before the energy crisis hit hard,more than a sixth of all UK households were food insecure in April 2022,20 and in 2020/2021 almost one in five children lived in families in food poverty.21 For farmers,in 2020-21,29%of UK farms had a Net Farm Income of less than zero,with an average of 33,000/year.22 Many farmers have survived due to the presence of the Basic Payment Scheme(BPS)and other subsidies.In order to weather the turbulence of the coming decades,we will need a food system that delivers on both positive environmental and social outcomes,delivering long-term resilience to multiple challenges,to both our ecosystems and communities.This is not just an issue of environmental concern,but one for the operating context of businesses throughout the food system.23 Scrutiny is increasing from both regulatory and financial environments upon action and disclosure on carbon,nature and biodiversity impacts,and more recently on social impacts,whether from the Task Force on Climate-related Financial Disclosures(TCFD),24 its equivalent on nature-based disclosures(Task Force on Nature-related Financial Disclosures(TNFD)25 or attention to ESG risk for investment,and from international benchmarking agencies such as the World Benchmarking Alliances Food and Agriculture Benchmark.26 1112Work toward regenerative agriculture,both globally and in the UK specifically,has accelerated,but is fragmented,with gaps in existing approaches and often a lack of trust or connection between initiatives.We recognise that many have been farming regeneratively for a long time and there are a growing number of trailblazing farms transitioning towards regenerative agriculture.Some major food companies have begun to include regenerative agriculture as a key component of their strategies towards reaching net zero carbon and becoming nature positive.But the pathways to making this a reality at scale are still unclear,or piecemeal,and require new structures that support and incentivise these outcomes.Most governments are yet to introduce policies which support regenerative or agroecological farming,meaning the business case is challenging for farmers,most of whom have relied on government support for at least some of their income.Importantly,the challenge of revolutionising our food system does not just involve farmers and their fields.These goals need to be embedded in how we grow,source,process,distribute and eat food,including enabling citizens to understand the benefits of regeneratively produced food and the power of their purchasing choices.Transitioning to new agricultural practices and farming models will require new incentives,knowledge,finance,and connections involving a wide range of actors from farmers to retailers,advisers,researchers,manufacturers,wholesalers,investors and policy makers,to name a few.1213SHIFTING THE GOALS OF THE FOOD AND AGRICULTURE SYSTEM1314WHAT IS REGENERATIVE?At Forum for the Future,we specifically refer to regenerative agriculture.Forums vision and the principles that underlie our strategy and work are built on a just and regenerative future,which goes beyond sustainable and net positive to transformed understanding of the relationships between the economy,society and planet,enabling the capacity of all living beings to thrive and with that capacity to adapt to future challenges.This includes the food system as one of three major global transitions.To reach this just and regenerative functioning,transition and transformation is required.A SYSTEMIC APPROACHMany other publications,such as the 2023 Oxford Farming Conference report,have made the detailed case for why the food system needs to refocus,with urgency,on broader goals than profit and productivity.These shifts are broadly(rather than comprehensively)outlined here:Restores ecosystems services at the landscape level(soil health,carbon sequestration,water quality,biodiversity)Regionalise,localise,and diversify equitable production systems that respect planetary boundariesMaximise nutrition,nutrient density,and public health and wellbeingReimagined connection between people as citizens and productive,supportive land as a leverage point to wider system regenerationEquitable creation and distribution of value and risk,fostering accountability and responsibility at all stakeholder levelsGovernance that fosters social equity and welfare for all(incl animals)with continuous inclusive upskillingThe environment and biodiversity positive mindset has gone global,and is woven throughout local and international supply chainsFigure 2:Reframing the goals of the food and agriculture systemCURRENT FOOD AND AGRICULTURE SYSTEMREGENERATIVE FOOD AND AGRICULTURE SYSTEMProfit maximisation for a small number of powerful players over the short termEquitable economic prosperity allowing people and planet to flourish long-termExternalises environmental impactsEconomies of scale and intensive,specialised productionMaximise calories producedCompetitive price reduction for consumersMaximise profit for power holders in supply chainsSystematic social inequitySHARED GOALSPRODUCTIVEVIABLEPROFITABLEFOOD SAFETYReframing the goals of the food and agriculture system toward future-fit outcomes15There is currently no universally-accepted definition of regenerative agriculture,nor is there clear alignment around results that measure outcomes of regenerative agriculture.There are many farm-level practices within the regenerative agriculture umbrella(which overlaps into other holistic land management systems),including agroforestry,cover crops,crop rotation,integrated livestock,no or low tillage,intercropping,and minimal use of agrochemicals,among others.This long-list of practices allows farmers to adapt their approach to their given location and situation,allowing for context specificity to adopt practices that best suit their farm and its ecosystem.Within this focus on context specificity,regenerative agriculture also considers practices that connect the farm to its community and farm workers.This includes practices such as worker ownership,cooperative agreements,community engagement in farming systems,and direct-to-consumer selling.“Im seeing systems much more clearly and simply.”-Growing our Future US participant Although sometimes definitions narrow in on soil health,regenerative agriculture is a broader transformation.Regeneration aims to build a system that delivers equitable economic prosperity allowing people and planet to flourish long term.Outcomes include optimising nutrition and public health,equitable distribution of value,rewarding stewardship of ecosystem services,diversified production systems and deeper connections between consumers and production,reflecting the shift to a more resilient and thriving agriculture system.Many people are just beginning to think about nature based and regenerative farming and are at different stages in this transition.Growing our Future aims to build and support broad engagement,but also recognises the need to move towards a reconfiguration of mindsets,behaviours,and approaches to agriculture and the system within which food is produced.Even when focusing on outcomes,there is a risk that key factors such as sequestration of carbon may be prioritised and rewarded in agriculture at the expense of other highly connected and critical goals,such as water stewardship,biodiversity,livelihoods,fair value and even food production itself.The power of the regenerative mindset is to enable consideration of multiple interconnected outcomes for the long-term health of the planet,people and economy.15There is a risk of focusing on practice-based definitions of regenerative agriculture that can draw accusations of greenwashing and,at worst,predatory delay-a deliberate avoidance of taking prompt and necessary action on global problems.At its heart,regenerative agriculture is a different way of seeing the farm,the produce,the livestock,the community,and the farmers as interconnected systems-be they ecological,societal,or economic systems.Regeneration,in the origin of its meaning,is“to bring forth again”.16COLLABORATIVE ACTION TO UNLOCK ACCELERATED PROGRESS 1617Combining insights,resources,creativity,and collective leverage for action can enable a shared goal of creating a food system that is more resilient,healthy,and sustainable for people and the planet.By collaborating on the transition to regenerative agriculture,we can drive greater impact,catalyse systemic change,address multiple challenges,achieve equitable outcomes,and drive innovation in the sector.SHARED CHALLENGES RIPE FOR COLLABORATION The Growing our Future programme has undertaken extensive interviews,desk research and immersion in the UK food system over the past year,to explore where there is potential for action,taking stock of the current state of agriculture broadly,and regenerative agriculture specifically,THE POWER OF PARTNERSHIPCollaboration is rapidly emerging as an essential part of successful business.From facing rising resource costs,to concerns about financial shocks,disruption in supply chains,changing consumption patterns,and emerging new business models and the urgent need to reduce impacts on the environment businesses are having to learn to navigate a rapidly changing context.These pressures call for significant innovation and reimagination of how to operate for long-term viability.in the UK.This research coincided with Forums production of the 2023 Oxford Farming Conference report on“Supply Chain Synergies:What is the appropriate role of supply chains in achieving responsible production at farm level?”.The report focused on the barriers to food supply chain transformation,identifying pathways to change,and outlining how both voluntary food sector action,as well as policy,could enable these ambitions.This extensive research made it clear that the barriers to transitioning to regenerative agriculture are significant.Given the multitude of initiatives around regenerative agriculture in the UK,finding a path forward can also be a daunting task.How can we ensure that we avoid pulling in different directions and,instead,pull together coherently?1718Although not exhaustive,clusters of potential action areas were identified.These are being explored further through the Growing our Future programme and collaborative activities,with the aim of prioritising pathways for action and partnership.Areas identified include:New framing and ways of thinking:-Recognising the potential to deliver value through regenerative farming;-Rethinking the value created through pre-competitive action;-Willingness to act without complete information and prioritise action to bridge the innovation and knowledge gap;-Reframing goals of food and agriculture to underpin future strategies;-Exploring the level of ambition to prevent watering down of progress and ambition;-Building social,environmental and ethical components of food systems into regenerative agriculture,and not just focusing on soil and environmental impacts;-Considering longer timelines,financial commitments and complexity in determining the need for different infrastructure,logistics and relationships to support more diversified and regenerative production,processing and supply.Public movement and advocacy:-Galvanising a movement towards regenerative agriculture that brings consumers along as informed citizens and addresses diets and nutrition;-Researching and identifying potential for regenerative agriculture to deliver healthy diets and food security.Creating viable business models that recognise wider value:-Generating mechanisms to guarantee purchases of new diverse farm outputs;-Creating new business models and marketplaces for regeneratively produced food;-Shifting economic models to reflect regenerative outcomes;-Paying for ecosystem services:Developing equitable voluntary payment mechanisms for ecosystem services and incentivising and rewarding action beyond the standard price;-Developing economic models that reward diverse and smaller actors,not just economies of scale.De-risking the transition:-Developing fair mechanisms that share the risk of transitioning to regenerative agriculture along the food system value chain.Outcome frameworks:-Developing and aligning on standardisation of an outcome-based framework for regenerative agriculture between on-farm,regional,and global level metrics and initiatives.Enabling diverse farmers and farming systems to co-create solutions:-Bringing together diverse voices from across the agricultural sector and supply chain to have honest conversations around power and consolidation within food and agriculture and identify ways to address this;-Addressing the lack of financial,policy,and infrastructure support for small scale and community-focused food production that provide multiple benefits to society and local communities;-Addressing historic issues facing new entrants to farming,including land access.Creating enabling policy and finance mechanisms:-Developing evidence for policy and infrastructure which supports a less centralised,more regenerative system;-Overcoming uncertainties around ELMs and the anticipated Land Use Frameworks for England;-Defining how to drive public sector procurement to drive change in the wider system;-Streamlining robust green finance mechanisms and regulatory environment.Building accessible and attractive education and knowledge exchange mechanisms to reshape the skills base across the food system:-Developing knowledge hubs to support diverse actors transitioning to regenerative agriculture;-Increasing funding for research on agroecological systems,addressing gaps in knowledge of impact,business cases for regenerative practices and how to viably create multiple gains and prevent trade-offs(e.g.where is the productivity vs.biodiversity sweet spot?).1819Through this research we looked specifically at the mechanisms that major food companies and retailers are using to enable more regenerative agricultural practices in their supply chain and for products to reach the market.This is a rapidly emerging area for action and,given the potential impact and leverage of these businesses,these levers will inform decisions on where Growing our Future could contribute.Across the UK,US,and internationally,we identified a range of levers that major food businesses are exploring:SPOTLIGHT ON MAJOR FOOD BUSINESS ACTIONCASE STUDY:EXPLORING THE OPPORTUNITIES FOR AND BARRIERS TO THE ADOPTION OF REGENERATIVE FARMING PRACTICES IN THE M&S POTATO GROWER BASEFigure 3.Examples of retailer and food company actions to test how to accelerate the shift of their supply chains towards regenerative agriculture/agroecology.During the development phase of Growing our Future,Forum for the Future worked with long-term partner and leading British retailer,Marks and Spencer(M&S),to explore how to“find fair mechanisms between retailers,suppliers,processors,and farmers and growers to share both the risks and the benefits of the transition”.The intention of this pilot was to explore the role M&S can play to support shifts in conventional agricultural practices to more regenerative agriculture approaches,working within its potato supply chain.This case study,ongoing since 2021,has provided invaluable insights and learnings around what approaches would support M&S growers to adopt regenerative practices in a way that builds soil fertility and carbon,whilst avoiding impact on quality and remaining commercially viable for the grower and M&S.Insights from this case study will be fed into the collaboration and more details can be found in the Appendix.Levers being explored by retailers and food companiesCoalition building in grass rootsFinancial incentives or mechanismsIncrease demandAccess to expert advice and new informationAdvocacy andcollaborationInvest in researchAccess to agronomists or training to support changes to practice or financial managementFunds to support implementation of new approaches and access to new tools and inputsAdvocacy and lobbying for supportive policies and greater ambitionSector wide collaboration to accelerate change through shared direction,challenges and learningInvest in and champion research,often in collaboration with own supply chain and academic partners.To create the evidence needed to unlock further routes to change across finance,policy,knowledge and ways of thinkingSlow loans:low interest,longer time span loans in recognition that agriculture and soil health take time to changeExtended contracts and minimum price/volume commitments to provide greater security and share the risks of investing in practice change with farmers Direct payment for outcomes or adoption of new practices to incentivise change(including carbon payments)Enabling or championing peer to peer learning spaces and network building within and across supply chainsMarketing of regenerative products with stories that resonate,to increase consumer understanding and buy-inProduct development and labelling to distinguish products grown using regenerative practices and help consumers to navigate their options20GROWING OUR FUTURE:WORKING TOGETHER TO ACCELERATE ACTION TOWARDS A JUST AND REGENERATIVE FOOD SYSTEM IN THE UNITED KINGDOM202021Forum for the Futures Growing our Future programme aims to bring together the vast range of perspectives,expertise,and initiatives to collaboratively identify opportunities to catalyse faster and deeper transformation.21Participants will have the opportunity to find new connections and partnerships,experiment with new ways of thinking about the potential of their businesses or those they work with,broaden their sphere of influence,and clearly see their role in driving change.We hope this will open new ways of thinking and avenues for action.Growing our Future has also been mapping the diverse array of action that is underway in the UK in the regenerative agriculture movement.The aim of this map is to enable organisations to navigate regenerative action and identify potential partners.It demonstrates where there is significant momentum in the food system and highlights potential gaps and opportunities for further action and has been used as a first step in group discussions.Together,we are exploring implications of this work and focussing on priority areas of potential action.Growing our Future is not a membership initiative,nor is it a secretariat,or a pay-to-play collaboration.Instead,it is a time-bound pre-competitive programme for food system actors and organisations to come together to identify and implement areas of work that are ripe for collaboration.These areas of work will build on existing action,but by combining forces and aiming to work in a more coherent,joined-up way,Growing our Future will aim to ensure the existing work helps drive maximum impact to transform our food system.Its ultimate outcome is to accelerate the transition towards a more just and regenerative food and agriculture system.Forum for the Future aims to engage diverse actors,from farmers and growers,farmworkers and landowners,NGOs,and civil society,to agricultural producers and suppliers,investors and policymakers,and retailers and brands.It aims to build a community,bringing in diverse and differing perspectives,with a willingness to address the hard challenges this transition will encounter.22GROWING OUR FUTURE-WHAT IS THE PLAN?Throughout 2023 and 2024,Growing our Future is bringing together food system actors in focused collaborative working sessions.These will be in-person wherever possible and necessary,ideally alongside other major events in the food and agriculture calendar,and geographically dispersed,at venues that demonstrate agricultural regeneration,to engage actors across the nations.Together,participants are collectively defining which priority areas warrant collaborative action,where there is potential to develop programmes of work and pathways to action.Additionally,in late 2023 Growing our Future will also host an innovation sprint-a rapid workshop process-to reveal what is needed for niche and disruptive actors to grow alternative routes to market and greater market access for regenerative producers and farmers.This will build momentum for innovation by identifying priority areas for action,raising visibility of existing initiatives that show how new approaches can work in practice,alongside what the wider mainstream food and agriculture sector can do to enable these shifts.2223WHAT OUTCOMES IS GROWING OUR FUTURE WORKING TO ACHIEVE?2324Forum for the Futures international Growing our Future programme is seeking to support the transition to a just and regenerative food system in the UK,US,India and at the international level.Forum has tested this approach through its Growing our Future US programme.Three major outcomes underpin the initiative:“Participation in Growing our Future US gave me a greater understanding of how to look at everything with the lens of equity and justice.”-Growing our Future US participant24Collaborative principles fostering conectivity;centering farm communities;addressing power and equity and supporting mindset shiftsChange ways of collaborating by breaking down silos and building relationship and connectionsShifting how the agriculture system worksCross-system convening to shift how change makers feel,think act and collaborateShiftingpolicyUnlocking pathways to marketFinancingthe transitionChanging how participants see their potential to engage and contribute to long-term changeGOAL:Transitioning to a just and regenerative agriculture in the USChanging how change is perceived by shifting the public narrativeFigure 4:Growing our Futures collaborative approach to change251.CHANGING WAYS OF COLLABORATING Growing our Future is being convened with the understanding that while there has been significant activity and interest in regenerative agriculture,that activity has largely been happening within existing silos.For example,there is currently insufficient interaction between incumbent players,innovators,and marginalised groups;food and fashion companies rarely connect and farmers are often disconnected from the very organisations and resources seeking to support them.By convening diverse regenerative agriculture actors,our aim is to harness the benefits of collaboration and support participants to see the whole,inspiring new ideas of what the UK food system can be,empower individuals as change agents,and catalyse action.Participants will be guided through working sessions to collectively define which priority areas in regenerative agriculture warrant collaborative action to drive further impact.The collaboration will bring forward these prioritised areas into workstreams,defined by the participants.The aim is to be the connective tissue between people already changing the food system.GROWING OUR FUTURES OUTCOMES2.REFRAMING HOW CHANGE IS PERCEIVEDWe are working to raise awareness of the potential of regenerative agriculture,spark dialogue,surface major challenges and differing perspectives-and ultimately enable new collaborative pathways and solutions to transition the UK food system.We will aim to bring together existing and unlikely allies and foster a clearer understanding of regenerative agriculture that integrates both social and environmental goals.In turn,the programmes outputs can help shape todays dominant narrative around what the agriculture system is,and demonstrate what future it could be working towards.3.CHANGING HOW PARTICIPANTS ACT The first outcome is greater collaborative action.Priority action areas will be defined and shaped by participants.Recognising the dynamism of regenerative agriculture and agroecology in the UK,as well as the wide-ranging initiatives and networks that are already underway,Growing our Future will aim to be additive to existing initiatives,adding value to other work and momentum in the wider system.2526These help ensure that our interventions are not simply different approaches to policy,marketing,operations,or growing,but are simultaneously addressing specific challenges while intentionally bringing in some of the deeper change needed across the food system.THE IMPORTANCE OF MINDSET SHIFTS:NEW THINKING DRIVING NOVEL ACTIONIn order to achieve a transformation that does not fall into the same traps as our current food system,and does not perpetuate the extractive practices or render regenerative agriculture another tick box exercise,new mindsets will be needed(in other words,our way of thinking and our underlying assumptions27).26FOUR KEY PRINCIPLES FOR COLLABORATIVE ACTIONFour key principles underpin design and implementation of Growing our Future:1.Foster connectivity between actors Recognise trust,data and technology as critical enablers of change;Break down silos between stakeholders and across different projects across the UK;Support data alignment and connectivity.2.Centre farmers and growers Enable farmers and growers to participate in and self-determine their own thriving future in the UK food system;Provide farmers and growers with credible information,evidence,and tools to give confidence in regenerative agriculture.3.Address power and equity Foster social justice and equity;Shift the power dynamics that underpin the system today.4.Support mindset shifts Shift from short-term to long-term thinking;Understand,value,account for the true cost of food/crops;Shift from a siloed view to a more systemic,holistic view;Shift to a regenerative and just mindset.27What is a mindset?The term mindset is often used interchangeably with world-view or paradigm.It is a set of assumptions,concepts,and values that inform how we see the world.For individuals,it informs how we act,consciously or subconsciously.For communities or organisations,it underpins how we organise.Many of us in the food system are looking at regenerative agriculture through a specific lens or practice,but in doing so we miss an opportunity to see regenerative agriculture as a new system,and not simply as a set of practices.The vision of a future just and regenerative agriculture system is one of a system that has been fundamentally reformed and rewired,requiring changes at all levels:from on-farm management practices,to incentives,investments,infrastructure,relationships and mindsets.Growing our Future seeks explicitly to contribute to a deeper transition for the system more broadly.The regenerative agriculture movement is developing at an incredible pace,and given the urgency of the challenges we face,we need to develop the answers as we continue to move forward.If a silver bullet existed,it would have been found and deployed by now.The transition will require a clear vision of the future,an understanding of the components of the past that need to be replaced,and a clear roadmap for experimentation,learning,and collective efforts.The regenerative agriculture transition so far in the UK has been driven from a bottom-up approach,by farmers,and this should not be undervalued as momentum and change grow.We invite those within the food system in the UK who are committed to this transition to join us in catalysing change.2728GROWING OUR FUTURE:JOIN THE REGENERATIVE TRANSFORMATION2829WE ARE AT A PIVOTAL MOMENT TO SHAPE THE UKS FOOD SYSTEMThe future of food and farming will need to encompass environmental,social and economic outcomes as well as redefined value and risk distribution if we are to create a future-fit food system that provides everyone with nutritious affordable food,while ensuring farmers can earn good livelihoods and the environment is regenerated rather than exploited.Many of the challenges and barriers we face are both structural and cultural,so will need a great degree of collaboration and shared learning if solutions are to be found that work for all and can be catalysed quickly.We need to harness the momentum that regenerative agriculture has and ensure actors across the food system are collaborating and driving change together.29Contact us on infoforumforthefuture.org30 APPENDIX CASE STUDY:EXPLORING THE OPPORTUNITIES FOR AND BARRIERS TO THE ADOPTION OF REGENERATIVE FARMING PRACTICES IN THE M&S POTATO GROWER BASE3031As part of M&Ss commitment to supporting its British farmers to transition to low impact farming,the business introduced its Farming with Nature Programme in 2021.FARMING WITH NATUREThe M&S Farming with Nature programme covers 100%of M&S British Select Farm fresh produce growers and aims to support them to achieve biodiversity improvements on farm.The programme has three pillars of activity:1.Standards:M&S,in partnership with LEAF(Linking Environment and Farming),is delivering verified modules on biodiversity and integrated pest management across the British grower base.These modules aim to assist farmers to achieve outcomes beyond the LEAF Marque standard,which is their minimum sourcing requirement;2.On-farm advice:M&S is providing funding to support groups such as the Farming&Wildlife Advisory Groups(FWAGs)and Wildlife Trusts(along with other independent consultants)to provide knowledge and enable knowledge sharing between growers;3.Indicator&Innovation Farms:M&S has funded five such farms to trial carbon reduction and biodiversity improvement initiatives,with its partners,The Game&Wildlife Conservation Trust(GWCT)and Fera Science.These trials employ cutting-edge monitoring approaches and the results and learnings from these trials are shared through farm visits and communication to the M&S grower network.To Marks&Spencer(M&S),low impact farming means the adoption of farming practices that deliver increased biodiversity,increased resilience to climate change impacts and reduced carbon emissions in line with our net zero mission,in a way which ensures productive and profitable farming.3132SUPPORTING SHIFTS TOWARDS REGENERATIVE AGRICULTUREM&S recognises the opportunities that regenerative agriculture offers in delivering positive outcomes across biodiversity,decarbonisation,and climate resilience;equally understanding the systemic barriers that farmers face in this transition and the supporting role retailers need to play.To shape its approach and building on their Farming with Nature programme in the UK,M&S invested in two trials to explore the opportunities and challenges in the adoption of regenerative agriculture practices in its potato grower base,investigating ways M&S can provide support.This process was supported by trusted partner Forum for the Future as part of Forums broader enquiry into how regenerative agriculture practices can be scaled in the food system.The trials were designed based on results of a grower survey,which indicated that a lack of trusted data around the financial,productivity and environmental impact of practice change,was a major barrier to change.Project 1:A trial with a group of M&S potato growers,Forum for the Future and Soil Capital to explore how data and expert advice could be used to support and accelerate regenerative agriculture practice change.Potatoes were chosen as an area of focus as an important product for M&S;its potato growers are facing increasing pressure from climate change impacts,and soil loss and degradation are a threat to future production.Potato production is associated with a high level of soil disturbance,so functional,fertile soils are critical for continued production of high-quality potato crops and to reduce the environmental impact of M&S potatoes.The potato crop also faces specific barriers in practice change,for example,the potential for increasing the risk of pests and disease when introducing cover crops or reducing cultivations,which need to be understood and addressed.Project 2:An on-farm Indicator and Innovation farm trial in partnership with A.H.Worth,an M&S potato grower,GWCT and Fera to measure the impact of regenerative farming practices.3233Based on survey insight,Forum for the Future facilitated a partnership with Soil Capital,an independent agronomy firm.M&S funded Soil Capital to deliver mySoilCapital assessments,custom reports and facilitated discussions with 15 potato growers,including A.H.Worth,an M&S Indicator and Innovation farm.The work was funded by the John Ellerman Foundation,Peoples Postcode Lottery and M&S.mySoilCapital benchmarking toolmySoilCapital is a farm-based financial and environmental benchmarking tool which provides growers with insights on their performance on parameters such as carbon,nitrogen efficiency,yields,cost of inputs and other operational expenditure.The tool provides visibility and comparisons of the financial and environmental consequences of using different farming practices,while also providing farmers with insights into the health of their soils.Soil Capital created an anonymised benchmark report,allowing growers to understand how they were performing compared to their peers.Key findings from the mySoilCapital benchmark report:The best sequestering farms are using significant quantities of additional organic matter(mainly digestate and imported farmyard manures and slurries from neighbouring livestock units)in combination with cover cropping and minimum tillage.Many farmers reduced their cultivation practices with both zero and minimum tillage with different crops,aiding their greenhouse gas balance typically potato farmers rely on heavy cultivation.Three of the farms at whole farm level were reported to be net sequestering carbon,and four of them at potato crop level reported to be net sequestering.The assessment showed no yield penalty between the average farm yield,and the 25st performing farms in terms of GHG balance.Project 1:M&S pilot with Forum for the Future and Soil Capital to explore how data and expert advice could be used to support and accelerate regenerative agriculture practice change.3334A.H.Worth is a 2,326-hectare farm in Lincolnshire and has been an important supplier of potatoes to M&S for more than 30 years.A.H.Worth has adapted regenerative agriculture-based planting and cultivation techniques to drive productivity,enhance biodiversity and reduce carbon;the farm aims to become carbon negative by achieving levels of carbon sequestration that are in excess of the carbon footprint of the business.The M&S Indicator and Innovation project aims to give the farm management team a clear understanding of how these regenerative agriculture practices are impacting soil microbial activity,organic matter levels and the sequestration potential of their soil and assess the wider benefits of adopting a regenerative agriculture approach.Learnings and insights are being shared with the wider M&S grower base.A trial area of 350ha was identified and a range of regenerative agriculture practices applied to that area,including:No ploughing Reduced spring tillage Cover cropping over winter Use of digestate as a fertiliser(generated from the on-farm anaerobic digester)Expected outcomes and benefits:1.A reduction in spring cultivation requirements and nitrogen inputs required,as a payback for the utilisation of a cover crop;2.Enhanced soil microbial activity through the development of an in-soil fungal community that supports stronger,more disease-and insect-resistant crops that reduce the levels of fungicide and insecticide required;3.Reduced negative influence from soil pests through enhanced nematode and microbial soil communities.Soil assessment and baseline measurementDetailed soil assessments were completed in 2021 in seven of the trial fields.The samples were representative of different points in the rotation.The soil assessments established baselines of:1.Soil organic matter for each trial field and soil type.This was mapped using TerraMap,a high definition,gamma-ray detection mapping technology.Changes in soil organic matter can be tracked and quantified at the end of the trial;2.Soil microbial respiration indicating immediate benefits of cover crops to soil microbial communities;3.Nematode populations.Nematodes are ubiquitous,worm-like,microscopic invertebrates.They act as a useful indicator of soil health and biodiversity.Reduced soil disturbance creates more balanced populations of nematodes they can be both beneficial and a pest of concern in agroecosystems.The assessment found 12 new records of nematode species and one undescribed species.The trial is still in early stages;the next step is to conduct follow-up soil assessments to track how changes in farming practices affect these indicators of soil health.Project 2:M&S Indicator and Innovation farm project with A.H.Worth to measure the impacts of regenerative farming practices on-farm.35GROWER DISCUSSION AND FEEDBACK THEMES1.Scope to adopt regenerative agriculture practices depends on farm contextRegenerative farming practices were already being implemented across the M&S grower group,with strong engagement amongst farmers and appetite for information.The ability to adopt practices however varied depending on context,for example:Grower readiness to take on potential risks to productivity and crop quality varied depending on whether they owned land,the length of their tenure,or how much land they had available;Growers ability to apply organic fertilisers depended on whether they had access to animal manures based on their geography,or whether there was existing infrastructure such as anaerobic digestion plants to apply digestate;Different soil types will perform differently with practice change,for example some lend themselves to reduced cultivations more than others.Sourcing and specification requirements of retail customers are also relevant,putting constraints on farmers to adopt new approaches.2.There are numerous areas where M&S can unlock opportunities and support regenerative agriculture uptakeIncluding:Improve access to technologies and organic waste products;Review policies such as manure application restrictions whilst upholding high quality and food safety standards to facilitate farmers to implement changes;Support farmers to address specific issues such as pest and disease resistance in potatoes;Support,and strong supply chain relationships,improve grower confidence to invest in change-an important factor in grower decision making.INSIGHTS FROM M&S GROWER FEEDBACK AND DISCUSSION ON BOTH PROJECTS 35A.H.Worth hosted an M&S grower day in late 2022,enabling discussion and knowledge sharing between farmers about the opportunities and challenges faced on decarbonisation and the wider profitability agenda.Insights from the A.H.Worth regenerative agriculture trial and the results of mySoilCapital benchmark trial were shared with the M&S potato grower group.363.Consistency of on-farm carbon measurement and holistic soil monitoring Growers expressed concern about the range of different farm carbon calculators being used that deliver results that are not comparable.The lack of standardised approaches to measuring carbon emissions and sequestration on farm eroded confidence;Growers expressed a need to better understand their carbon footprint at whole-farm level to meet the needs of their customers and the wider industrys net zero ambition.A whole-farm approach would include,for example,the energy consumption and emissions associated with cold storage.The mySoilCapital assessment focused on measuring carbon within the boundaries of a particular field;M&S and partners have a role to play in working with the wider industry and government agencies to drive consistent approaches for capturing better-quality primary carbon data to better inform growers decision making;The microbial and nematode soil analysis collated by Fera for A.H.Worth reflected the potential of measuring soil biology to understand soil organic matter and carbon,but also the resilience of the soil to manage pests and disease.It is important to develop a more holistic approach to measurement beyond carbon to drive sustainability and resilience,and maximise natural capital opportunities for farmers.4.Farmers need a clear business case for change There was strong interest in the concept of natural capital,and belief that farm carbon both held a value and that proven and sustained reductions delivered public benefit;As cost of production has increased,farmers are highly motivated by practice change where it could lead to reduced costs such as lower nitrogen fertiliser use;The mySoilCapital assessment reflected those farmers who were embracing regenerative approaches and werent forfeiting yield.However,decarbonisation overall comes at a cost and can introduce risk into the farming system and so both investment and reward are needed to incentivise farmers to make the change;M&S has a role to play in creating market demand for high quality,low carbon and regeneratively farmed products and supporting farmers transition to low impact farming through long-term partnerships and collaboration.37 Support further on-farm trials and access to independent advisors to provide tailored advice to help farmers adapt context-specific regenerative agriculture practices.Widen their scope of support to include other whole-farm carbon hotspot areas such as cold storage.Continue to support learning events for growers to share best practices and insights from regenerative agriculture trials.Continue to support the development of a carbon reduction roadmap for M&S potatoes in partnership with the M&S potato supplier,communicating clear asks and guidance for growers on net zero,providing improved product footprint data.Explore further opportunities for collaboration on carbon reduction and explore financing opportunities for innovation in the supply base.Review and update its farm standards and sourcing approaches to incorporate regenerative practices.Lobby the UK government to deliver agricultural policy in the UK to give farmers confidence to make change and reward them for delivery.Work with the wider industry on an aligned approach to farm carbon measurement and accounting.LOOKING FORWARDThe learnings from these projects and M&Ss partnerships with its potato suppliers and growers have shaped M&Ss low impact farming and net zero strategy.M&S recognises that this is a long-term project and findings will continue to emerge over time.As a result,M&S will:3738REFERENCES1 https:/assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/805926/State_of_the_environment_soil_report.pdf2 Defra(2022),Farm Business Income by Type of Farm 20/21.Available from:https:/www.gov.uk/government/statistics/farm-business-income/farm-business-income-by-type-of-farm-england-2020213 Sustain(2022),Unpicking Food Prices:Where does your food pound go,and why do farmers get so little?Available 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Latin America AgriFoodTechInvestment Report 2023LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM05Introduction06Key insights08AgFunder09SP Ventures10Investment highlights18Alianza19Investment by category Featuring startup spotlights-Jsto/Agrolend/Puna Bio/Solfintec30Category definitions31Sources&methodology32Image creditsContentsOur partnersAgFunder is one of the worlds most active foodtech and agtech VCs.Were rethinking venture capital for the 21st century.Born in Silicon Valley in 2013,we use technology,media and our global network to invest in and support transformational founders and technologies.With the worlds only global agrifoodtech investment portfolio,weve invested in more than 60 companies across six continents.AgFunderNews is a news site dedicated to publishing daily,original news about global food ag climate systems and technologies.AgFunderNews is a division within AgFunder Inc,one of the worlds most active foodtech and agtech venture capital firms.Become an insider and join our 90,000 subscribers by signing up to our must-read weekly newsletter here.SP Ventures is a leading venture capital investor for ag,food and climate tech in Latin America,with over 10 years of track-record and experience.We partner with visionary founders who share our passion for transforming food and agriculture.Together we design and build a new,more sustainable and climate-friendly,resilient food system.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMOur partnersAlianza is a business specializing in fats and oils with more than 75 years in the industry and a presence in the USA,Colombia,Mexico,and Chile.Our commitment is to generate innovative solutions for the food industry that allow us“to nurture a better tomorrow”,this is why our team is diverse and made up of more than 10 PhDs specialized in the food industry.We are a team who cares about the future of farming in innovative ways.In the agtech ecosystem,our open innovation platform AgroStart creates meaningful partnerships with start-ups developing solutions for agriculture,connecting farmers,entrepreneurs,and industry leaders to solve the challenges facing our food system.An international technology and investment group,Cibersons has 35 years of experience in 40 countries.Cibersons has also launched Latam and Silicon Valley Venture Capital funds and has,so far,invested in 38 startups and 12 VC funds from 13 countries.GLOCAL is the Latin America Ag&Food Tech innovation platform that accelerates,invests,and works with entrepreneurs,investors and corporations to create a better and more sustainable future of food and agriculture.We are the first Certified B Corp AgriFoodTech acceleration fund worldwide.GLOCAL has been an AgFunder data partner since 2018.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMLatin America agrifoodtech investing in 2022It was certainly about time for us to launch our first Latin America AgriFoodTech Investment Report.With nearly$8 billion of investment in foodtech and agtech startups in the region in just five years,and the$1.7 billion raised in 2022 representing one-fifth of all venture capital activity in the region,there is a lot to unpack.Latin America is an interesting dichotomy of highly advanced and productive large scale agricultural organizations in South America after all,its home to Brazil,the fourth largest food producer and second biggest exporter in the world while most if not all of its countries are still considered developing countries,with 14 million smallholder farmers producing 50%of the regions food.Policy-wise,countries like Costa Rica are ahead of the curve in terms of climate awareness and action at the same times as Brazils infamous policies or lackthereof around deforestation.Throw into the mix the regions relatively limited capital markets but rapidly accelerating connectivity Starlink arrived in 2022 and its a hotbed of opportunity for innovation.In agrifoodtech,thats translated into leading fintech and marketplace tools for farmers as well as retailers,conservation and carbon-related tools to protect the regions tropical rainforests,and Cloud Retail Infrastructure the category enabling the at-home delivery industry.Its been a bumpy road with Covid-19 and the global venture capital pullback impacting funding totals in 2020 and 2022.And while the trend over the past five years has been increasing activity with a growing ecosystem of dedicated investors,accelerators and events,it would be good to see more deep tech and first mover innovation that capitalizes on Latin American creativity.While this report was always intended to be a brief,initial overview,we hope it gives you a good flavour of the regions trends ahead of a more extensive,in-depth report in 2024.Happy reading!Louisa Burwood-Taylor and the AgFunder&SP Ventures Teams.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMKey insightsLatin American agrifoodtech startups raised$1.7 billion in 2022,a 39cline on 2021 when inflated valuations and six nine-figure deals pushed funding to over$2.8 billion.Compared to 2020,the region posted a 183%increase in agrifoodtech investment.153 foodtech and agtech companies in Latin America raised funding in 2022.Latin American agrifoodtech funding represents 5%of the global market.eGrocery and Cloud Retail Infrastructure startups those enabling at-home delivery of food were the top two best funded categories.“Systemic solutions,”including insur-tech,fintech,logistics and biologicals,garnered more investor attention this year than previously,with a shift away from pure“digital agriculture.”eGrocery was the strongest downstream category buoyed by Mexicos Jsto,which raised$152 million.Ag Marketplaces&Fintech was the best funded upstream category.Brazils Agrolend raised nearly$100 million during the year.In-Store Retail&Restaurant Tech Startups experienced the biggest jump in funding activity,reaching nearly$70 million,a 171%jump compared to 2021.It was also the second most active category by number of deals after Farm Management Software,Sensing&IoT.Ag Biotechnology startups raised just$41 million,down 11.5%year-over-year.Compared to 2020 it was a 250%jump in funding,however,with the presence of unique startups such as Puna,Andes and Micro Terra,and support from startup builders and accelerators GridX and IndieBio.Conservation focused startups a new category for this report given its importance in the region raised nearly$150 million.Key insightsTOTAL AGRIFOODTECH INVESTMENTS$1.7 billionBIGGEST DOWNSTREAM CATEGORYeGrocery$404 MILLION FUNDINGBIGGEST EGROCERY DEALJsto$152 MILLION FUNDING BIGGEST UPSTREAM CATEGORYAgribusiness Marketplaces and Fintech$191 MILLION FUNDING BIGGEST AGRIBUSINESS MARKETPLACES&FINTECH DEALAgrolend$42 MILLION FUNDING (EQUITY)LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMAgFunder has invested in world-leading deep tech startups that tackle important themes such as automation,carbon markets,food as medicine,sustainability,green ammonia,and more.These investments include“the John Deere of vertical farming”Intelligent Growth Solutions;food-as-medicine discovery platforms Brightseed and Faeth Therapeutics;fast-growing marketplaces serving millions of farmers and consumers in emerging economies,DeHaat and Jsto;autonomous farming company Bear Flag Robotics;animal-free leather producer MycoWorks;and green ammonia producer Nium.One of the keys to AgFunders success is its media and research arm AgFunderNews,which has become the global epicenter for agrifood technology intelligence with subscribers from top stakeholders across the landscape.Together with GAIA,AgFunders database and proprietary machine learning platform,the firm has developed a unique ability to source deals,expertise,investors,networks,and information for its portfolio companies and LPs.AgFunder focuses on supporting the best entrepreneurs and companies,regardless of their geographical location.With roughly 50%of its companies based in the US,a track record of successful exits,and a global network,AgFunder has established itself as the go-to partner for investors seeking global exposure to the agrifoodtech sector.Notable LPs that have been attracted by AgFunders diverse and compelling portfolio include Japans$1 trillion agriculture,fisheries,and forestry bank,The Norinchukin Bank;two of the most renowned European climate-focused family offices;multiple brand-name corporate investors internationally;and one of the top US agricultural university endowments;among AgFunderAgFunder is a pioneer in agrifoodtech.With a history of supporting entrepreneurs long before this became a topic on investors agenda,the firm has invested in more than 60 companies across 6 continents.Currently,it manages an AUM exceeding$180m and will soon close its$100m Fund IV.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMSP Ventures AgVentures Fund I(vintage 2014)and AgVentures Fund II(vintage 2020)have reached a combined total closing of approximately$88 million,attracting investors(limited partners)such as the International Finance Corporation(IFC),the Inter-American Development Bank(IDB),the Global Environment Facility(GEF),Capria,Syngenta,Mosaic,Adisseo,Basf,Yara and Banco do Brasil.During the past decade,with the support of its partners and investors,SP Ventures built a solid and strong institutional capacity,adhering to the highest ESG global standards,and aligning our investments with UN SDGs targets.Our portfolio includes investments in cutting-edge technologies in AgFintech,Marketplaces,Supply Chain Tech,Logtech,Biologicals,AgEdTech and Carbon Market innovations,among others.Our primary focus is to unlock the potential of agrifood technologies in Latin America,converging the region into a hub for both food production and disruptive technologies.We strive to be valued partners for our portfolio companies,offering access to market,talent,strategic-knowledge and diversified capital to help them achieve their goals.SP Ventures is in the process of structuring its third fund:AgVentures III Climate Fund(AGVIII).The Fund will target innovative early-stage startup investment opportunities that will support LATAMs transition to a low carbon and climate resilient food system,through technology and entrepreneurship.The Funds investment thesis is strongly aligned with the UN SDGs and addresses the triple planetary crisis of climate change,pollution,and biodiversity loss by supporting innovative solutions that will scale the sustainable and regenerative use of land for food production,helping food producers adapt to the effects of climate .brPartner SP VenturesSP Ventures is a leading venture capital fund manager for agrifood and climate tech in Latin America,with over 10 years of track-record and experience.We partner with visionary founders who share our passion for transforming food and agriculture.Together we design&build a new,more sustainable and climate-friendly,resilient food system.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestment highlightsLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestments by year3.53.02.52.01.51.00.50Total funding billions$USD20182022202120202019$0.9 BILLION$1.3 BILLION$0.6 BILLION$2.8 BILLION$1.7 BILLION2022 Agrifoodtech fundingLatin America funding by year$USDLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM$1.7 billion raised in Latin America in 2022$7.3 billion raised since 2018$29.6 billion raised globally in 2022 Latin America Global5%of global agrifoodtech VCInvestments by stageTop deals 2022($USD)Rounds by stageLargest rounds by stageSTAGECOMPANIES FUNDEDRAISESSeedFLOKI Technologies$10.8mA Re.green$76.8mBJsto$152CFrubana$75mDNotCo$70mLateSolinftec$60mDebtRappi$112mThe number of agrifoodtech funding rounds in Latin America has consistently increased over the past five years,reaching 176 deals in 2022,up from just 85 deals in 2018.While there was an overall decline in the number of deals closed in 2022 compared to 2021,more growth stage deals closed signalling a maturing ecosystem.Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D )Debt120100806040200Total funding billions$USD103 DEALS44 DEALS13 DEALS2 DEALS2 DEALS9 DEALS3 DEALSSeedSeries ASeries BSeries CSeries DLateDebtLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestments by stageFY18-FY22($USD)250200150100500Number of deals by stage85 TOTAL117 TOTAL131 TOTAL227 TOTAL176 TOTAL Early(Pre-Seed to Series A)Growth(Series B to C)Late(Series D )Debt20182019202120222020Deals by stage15 GROWTH5 LATE147 EARLY9 GROWTH20 LATE188 EARLY1 GROWTH5 LATE121 EARLY2 GROWTH5 LATE109 EARLY1 DEBT4 DEBT9 DEBT10 DEBT4 GROWTH2 LATE79 EARLY153 companies raised funds across176 rounds in 2022LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestments by country FY18-FY22($USD)Brazil is by far the biggest Latin American market for agrifoodtech startups and investment,taking nearly 50%of marketshare with technologies spanning the supply chain.Home to Rappi,the regions leading delivery app that raised over$100m in 2022,Colombias agrifoodtech industry appears less diverse,with more deals closing for downstream innovations.Mexico closed the second largest number of deals during the year.A couple of big deals in Venezuela and Belize Yummys$47m and Dimitras$26.5m respectively brought those markets into the top 10 in 2022.Region$USD million%Brazil 765 46 Colombia 363 22 Mexico 272 16 Chile 132 8 Argentina 49 3 Venezuela 48 3 Belize 27 2 Uruguay 10 0.6 Peru 6 0.3 Puerto Rico 2 0.1 Costa Rica-86 DEALS48.9% DEALS14.2 DEALS9.7 DEALS10.2 DEALS8.5%8 DEALS4.6%2 DEALS1.1%2 DEALS1.1%1 DEALS0.6%1 DEALS0.6%1 DEALS0.6%LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestments by supply chain FY18-FY22250200150100500Number of deals20182019202120222020Deals by stream21 DEALS76 DEALS79 DEALS28 DEALS85 DEALS114 DEALS18 DEALS51 DEALS62 DEALS18 DEALS56 DEALS43 DEALS8 DEALS35 DEALS42 DEALS85 TOTAL117 TOTAL131 TOTAL227 TOTAL176 TOTAL Upstream Midstream DownstreamThe big drop in downstream investment was not a result of significantly less deal flow;just 9 fewer companies closed deals in 2022 vs 2021.But it highlights how a few jumbo outlier deals skewed the totals in 2021.In contrast to other global markets,there are still more deals closing in downstream,consumer-facing companies.Elsewhere globally,upstream innovations are both raising more money and closing more deals.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMFunding by stream$USDInvestments by supply chain FY18-FY22($USD)3.02.52.01.51.00.50Total funding billions$USDFY2018FY2019FY2021FY2022FY2020$7 MILLION$856 MILLION$51 MILLION$32 MILLION$1.1 BILLION141 MILLION$56 MILLION$360 MILLION$204 MILLION$272 MILLION$2.1 BILLION$494 MILLION$293 MILLION$889 MILLION$490 MILLION$914 MILLION$1.3 BILLION$619 MILLION$2.8 BILLION$1.7 BILLION Upstream Midstream DownstreamThere was a small increase in funding to midstream categories but across the same number of deals highlighting some large transactions such as Frubanas$75 million Series C.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestments by category 2022($USD)Upstream Midstream DownstreamCategory$USD Agribusiness Marketplaces&Fintech$191m Farm Management Software&Sensing$127m Innovative Food$79m Bioenergy/Biomaterials$33m Ag Biotechnology$41m Novel Farming Systems$18m Farm Robotics,Mechanization Equipment$2m Conservation/Carbon Tech$147m Midstream Technologies$146m eGrocery$404m Cloud Retail Infrastructure$270m Online Restaurants&Meal Marketplaces$146m In-Store Retail&Restaurant Tech$67m Home and Cooking$1mCategories by funding$USD)Investment by deal count11.9%(21)13%(23)6.2%(11)2.8%(5)7%(12)3.4%(6)2.3%(4)9.7%(17)0.6%(1)1.4%(2)11.6%(20)10.8%(19)7.4%(13)12.5%(22)While food delivery focused startups continued to bring in the most amount of capital,two core farm tech categories Ag Marketplaces&Fintech and Farm Management Software&Sensing closed more deals,a historical trend globally.The four deals in the newly-created Conservation tech category each raised over$10 million.Innovative Food,which includes alternative protein,raised less funding than in 2020 as investors globally fled from the category on the back of inflated valuations and expectations.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMPartner AlianzaAlianza Team-a true example of integrated innovation,cutting-edge technology,and sustainability in food.Alianza Team is a specialized business in lipids,fats,and oils with over 75 years of experience.We are committed to Nurturing a Better Tomorrow through our value-driven solutions.Our focus is not only on serving our clients but also positively impacting their consumers and the environment.The constant pursuit of innovation,sustainability,and the implementation of cutting-edge technology has become a fundamental pillar at Alianza Team.Every year,we assess the results of our actions and review how our innovations and developments allow us to contribute to the value proposition of brands that strive for excellent results without neglecting sustainability.With expert knowledge,science,and technology,we develop multiple tailor-made solutions that not only meet the specific needs of each brand but may also save time and money by avoiding reprocessing,reducing waste,and minimizing the number of laboratory tests.Through our tailor-made solutions and daily actions,we also aim to contribute to the fulfillment of the Sustainable Development Goals(SDGs).By doing so,we align ourselves with the worlds sustainability priorities and generate a positive and lasting impact that makes a difference for society,the environment,the profitability of our clients,and their value chain.Our work,our commitment to sustainability,and our deepest market understanding have allowed us to obtain recognition as the 21st most sustainable food company worldwide.According to the S&P Corporate Sustainability Assessment 2022 results,the basis for the Dow Jones Sustainability Index,our company also obtained 1st place in Mexico,3rd in Colombia and Chile,5th in Latin America,and 6th in the USA.For more information,please send an email to:LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMInvestment by categoryLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMeGrocery Top deals($USD)Latin American consumers are no different from those across the globe in their demand for at-home food delivery.Startups delivering groceries are maturing all over the world and in Latin America a couple of later stage deals pushed the category total up to over$400 million.TrelaPlatform offering group-buying solution for grocery purchase$25 millionEARLY01 JustoOnline platform to order groceries$152 millionGROWTH0203 EvinoOnline wine retailer$128.5 millionGROWTH05 MerqueoOnline retailer of grocery products$22 millionEARLY06 MuniApp-based marketplace offering multi-category grocery supplies$20 millionEARLY CaliiOnline marketplace for grocery products$22.5 millionEARLY04 AGFUNDER PORTFOLIO COMPANYLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM.brStartup spotlight JstoEGROCERYLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMEver since Jsto was founded,back in 2019,we have had a clear vision:to raise the bar for the industry,through technology,innovation and fair practices.We know this so clearly that it is our name.“Fair”translates to“Justo”in Spanish.So,every time we say our name,we get a reminder of our purpose:to share the value in the industry with all of our stakeholders:suppliers,users,workers,communities and with the environment.What stood out to you most about 2022?The complexity brought by the markets and access to capital,combined with the global economic landscape,made 2022 a very challenging year.However,what stood out the most was the resilience of many startups that were able to transform and adapt,and ended the year stronger.How would you describe the agrifoodtech sector to an outsider?As a small but growing segment of the startup and venture capital universe thats aiming to improve or disrupt the global food and agriculture industry through the further utilization of technology in a key role.What keeps you up at night?Growing Jsto,so that we can have a bigger impact in the industry.What are the biggest challenges facing the worlds food and agriculture industry today?There are certainly big issues such as climate change,insufficient agricultural land,the loss of biodiversity,the need for more investment in agriculture,among others.How is your technology making a positive impact on the world?We are transforming the industry through technology,innovation and fair practices.Showing that we can deliver good quality food,with a great service and in a more efficient and fair way regarding our suppliers,the community,our own team and the environment.What are your predictions for 2023 in our industry?Embracing new farming methods that could help the agriculture industry reduce its environmental impact while still increasing productivity.Reducing our dependence on meat,or finding new ways to create meat,which will allow us to turn current grazing land into arable land.What has your experience fundraising been like?It has been a thrilling adventure in which I have realized that the whole world is looking at Mexico and Latin America right now.We need passionate entrepreneurs with powerful solutions for the region.Cloud Retail Infrastructure Top deals($USD)Colombia appears to lead pack for this category with four startups in the top six,not least with the regional domination of Rappi,the unicorn startup thats building at-home delivery infrastructure for food and products across Latin America.ZubalePlatform offering retail sales enablement and reward software$40 millionEARLY01 RappiE-commerce ecosystem for restaurants,merchants and couriers.$112 millionDEBT0203 FoodologyProvider of virtual restaurant network$50 millionGROWTH05 MelonnOffers a platform for delivering parcels online$20 millionEARLY06 SpeedbirdProvider of a solution for drone delivery$7.4 millionEARLY MuncherProvider of software suite solutions for restaurants$27.3 millionEARLY04LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM Grao diretoMobile app-based marketplace platform for farm products$7.9 millionEARLY SeedzProvider of an online marketplace for exchanging seeds with loyalty points$16.5 millionEARLY01 AgrolendProvider of an online platform for agricultural loans$96.2 millionGROWTH0203 Terra MagnaProvider of an online platform for agricultural loans$40 millionEARLY0506Agribusiness Marketplaces&FintechTop deals($USD)Investor interest in Ag Marketplaces&Fintech startups has gathered pace significantly raising 73%more in 2022($191m)than in 2021($110m),albeit over fewer deals.Startups in this category aim to make a wider range of inputs and financing tools available to farmers.It is a particular strength for the Latin American region,especially in markets like Brazil,which had$75 billion of working capital credit lines available in 2022,all of which were used.MarcoProvides access to fast,flexible financing for exporters$10 millionEARLY04$54.2 MILLION IN SPECIAL DEBT FOR LOAN PURPOSE$30 MILLION IN SPECIAL DEBT FOR LOAN PURPOSE TraivePlatform to rerisk financial system for agriculture using AI$10 millionEARLYLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMagrolend.agr.brAgrolend provides simple working capital loans to small and medium sized farmers,at the point of sale to finance the acquisition of agricultural inputs like seeds and fertilizers.To fund its loans,Agrolend offers time deposits to retail investors in partnership with digital investment platforms.Startup spotlight AgrolendAGRIBUSINESS MARKETPLACES&FINTECHLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMWhat stood out to you most about 2022?The size and growth rate of the Brazilian agricultural market.We met several family-owned agricultural companies with annual revenues above$100 million in the most remote areas of Brazil.How would you describe the agrifoodtech sector to an outsider?A large,fast-growing industry changing the landscape of one of the most old and traditional industries in the world:food and agriculture.What are the biggest challenges facing the worlds food and agriculture industry today?As the world shifts to a higher interest rate environment,the lack of financial resources for farmers will get worse.Farmers will not have adequate capital to invest in higher productivity inputs and machinery.What keeps you up at night?We are in a cyclical industry and stormy markets happens from time to time.We work around the clock to build a solid company thats ready to face any storm when crisis strikes.How is your technology making a positive impact on the world?We promote the development and growth of GDP in rural areas of Brazil,supporting family agriculture evolution.Additionally,our capital promotes the adoption of higher quality agriculture inputs,such as biological fertilizers and crop protection products.What has your experience fundraising been like?Agrolend has raised$43 million in three rounds since our foundation 2.5 years ago.We have more than 50 investors including several institutional funds.Fundraising is very time-consuming and requires a lot of discipline.We have been very successful attracting leading and very supportive investors.Conservation/carbon techTop deals($USD)We created this category for the Latin America report to highlight the importance of conservation and reducing deforestation in the region.Startups in this category are working on ecological restoration as well as calculating and awarding carbon offsets as part of that work.Re.greenProvider of ecology restoration of tropical rain forests services$76.8 millionGROWTH01 CarbonextOnline platform to calculate and offset the carbon footprint$40 millionGROWTH02 MombakProvider of carbon markets services$20 millionEARLY03 MossOnline platform to purchase carbon credits$10 millionEARLY06LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMPartner AlianzaAlianza Team,innovating through our know-how in lipids for your brands.Through a comprehensive understanding and support of brands,the Alianza Team develops solutions applicable to various product categories such as chocolates,bakery,beverages,ice creams,plant-based products,infant formulas,snacks,and more.In each category,we seek to enhance the initial characteristics of the product,provide functional and sensory improvements,and extend its shelf life.All of these efforts enable us to generate added value for brands by gaining consumer preference and expanding their participation in local and international markets.Our expert team has also worked on the development of a diverse range of ingredients that can be included in a wide variety of matrices for food,including bases for sauces,powdered mixes,non-dairy beverages,and purees.The processing of palm oil and its fractions has allowed us to develop more than 10 technologies applicable to chocolate products like fillers,real chocolate,chocolate-flavored coatings,institutional coverings,spreads,soft caramels,and candies.For snacks and creamers,we have developed Mirror High Oleic,a solution that enhances the stability of oils,improves their performance,minimizes the formation of polar compounds,and may also favor cost savings on packaging due to the protection provided against oil oxidation.Regarding plant-based products,we develop tailor-made solutions that mimic the physicochemical characteristics of products of animal origin,their functionality,and the attributes that they generally provide to food and beverages.Alianza Teams tailor-made solutions are the result of implementing processes where cutting-edge technology plays a leading role.By understanding the market and the needs of brands,we develop solutions that offer functional improvements in production processes and adapt to different product formulations.Contact Andres Rivera to find out how our solutions and our expert team can positively impact your brand.LATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMWhat stood out to you most about 2022?The highlight of our year was definitely launching our first product,a soybean seed treatment called Kunza Soja,in Argentina.Despite receiving regulatory approval only a few weeks before the commercial season,we were able to achieve 100k acres in sales.This was a significant milestone and a testament to the great effort put in by our team.What keeps you up at night?The realization that humanity often only takes action when its too late,and that many people still dont fully grasp the fragility of our food system.At our company,we are focused on creating a stronger and more resilient food system for future generations.We believe that we need to act now to prevent a food crisis in the future.What are your predictions for 2023 in our industry?I predict that the transition to biological inputs will continue to gain momentum in 2023,with more large ag players turning to these solutions to complement and replace some of their chemical portfolios.Furthermore,farmers who have already experienced the benefits of second-generation products will drive further adoption.The pace of this shift will depend on the consistency and effectiveness of biological products,regulatory clarity,and effective collaboration between stakeholders in the ag value chain.What has your experience fundraising been like?After closing our Seed round in June last year,weve had a very strong focus on company building and execution.We are now preparing to launch our Series A round in Q1 2024.Despite the economic uncertainty worldwide,we believe that investment in climate and sustainability solutions will(and should)remain strong and that our commercial traction and scientific results will position us well to fundraise and scale our impact.puna.bioAt Puna Bio,we use extremophiles microorganisms sourced from La Puna,the highest and driest desert on Earth to develop biological inputs for agriculture that increase yields,reduce carbon emissions,and restore degraded soil.Startup spotlight PunaBioAG BIOTECHNOLOGYLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMSolinftec is a global leader in artificial intelligence and robotics for agribusiness.Founded in the city of Araatuba,Brazil in 2007 by Cuban automation engineers,Solinftec now has 800 employees globally across the United States,Colombia,Canada and China.Among the technological solutions provided by the company are the artificial intelligence platform ALICE AI and Solix Ag Robotics,a robotic platform aimed at large-scale food production in agribusiness.Startup spotlight SolinftecFARM ROBOTICS&AUTOMATIONLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMWhat are the biggest challenges facing the global food and agriculture industry today?Undoubtedly,the available time is short,so the need for investments in science and technology is urgent.Among the transformation industries,food is the one that stands out the most in the productive socioeconomic scenario and increasingly needs to find ways to keep changing.What are your predictions for 2023 in our industry?The dynamics of agribusiness is linked to technology,this is a reality,so 2023 has been favorable.How is your technology making a positive impact on the world?Solinftecs goal is to increase the efficiency of agricultural operations by helping to produce more and in a sustainable way.For this,the company has established itself in the market by working with suggestions in real time,facilitating the management of data and information,simplifying the decision making of producers.The technological solutions made available by the company to the agricultural market are part of the ALICE AI artificial intelligence that currently monitors 29,6 million acres(12 million hectares).In 2022,the Solix Ag Robotics robotic platform,aimed at large-scale food production in agribusiness,became part of the solutions portfolio.The companys solutions generate savings in diesel oil,fossil fuel,and in turn reduce the emission of greenhouse gases(GHG).Solinftecs GHG Inventory in 2022 enabled savings of 15.4%in GHG emissions.The solutions also make it possible to save on inputs and reduce the risk of agrochemicals drifting into the environment.How has your fundraising experience been?For fundraising there is a need to read the moment.Growing sustainably means being attentive to the demands of the moment.Solinftec is strong in its management and we are focused and committed to continue to professionalize the company and its processes more and more.Answers Britaldo Hernandez,CEO SolinftecAppendixLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMAgrifoodtech category defintionsMidstream TechnologiesFood safety&traceability tech,logistics&transport,processing techConservation/Carbon TechEcological restoration technologies and tools including carbon credit platforms and forestry initiatives.MiscellaneousAll other agrifood-related techIn-Store Retail&Restaurant TechShelf-stacking robots,3D food printers,payment systems,food waste monitoring IoTeGroceryOnline stores marketplaces for sale and delivery of processed and unprocessed ag products to consumerHome&Cooking TechSmart kitchen appliances,nutrition technologies,food testing devices&home grow kitsOnline Restaurants and Meal MarketplacesOnline tech platforms delivering prepared food and meal kits from a wide range of vendorsCloud Retail InfrastructureOn-demand enabling tech,ghost kitchens,last-mile delivery robots&servicesAg Biotechnology On-farm inputs for crop&animal ag including genetics,microbiome,breeding,animal healthAgribusiness Marketplaces&FintechCommodities trading platforms,online input procurement,equipment leasing,farmer fintechBioenergy&BiomaterialsNon-food extraction&processing,feedstock technology,cannabis pharmaceuticalsFarm Management Software,Sensing&IoTAg data capturing devices,decision support software,big data analyticsFarm Robotics,Mechanization&EquipmentOn-farm machinery,automation,drone manufacturers,grow equipmentNovel Farming SystemsIndoor farms,aquaculture,insect&algae productionInnovative FoodCultured meat,novel ingredients,plant-based proteins Upstream Midstream DownstreamLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMDATA POWERED BYSources&methodologyLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COMData Sources&CurationUtilizing new advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifoodtech startups,our knowledge base has grown to more than 30,000companies,with new startups and historical data being added each day.The raw data for our reports comes from Crunchbase,which gathers publicly-available information such as press releases and US Securities and Exchange Commission filings,as well as crowdsourcing directly from the industry.AgFunder contributes data from its own collection methods,including private communications with investors and companies.We also collect data from partners across the globe to ensure we have the most comprehensive,accurate and curated dataset and knowledge base of agrifoodtech companies and investments.The raw data is painstakingly curated by the AgFunder team,along with their data partners,to ensure they are relevant,accurate,up-to-date,and categorized according to AgFunders proprietary tagging system.We update and improve our dataset continuously throughout the year,meaning total figures from previous years reports will shift as our dataset becomes more complete.In 2022,we tightened our definitions of what constitutes an agrifoodtech venture to ensure that the emphasis on food and agriculture is core to the business.Thats had a recalibrating effect on this years investment figures as well as some past data.Examples include logistics,drones,cloud and any other tech services that may have started in agrifood but have since added other sectors or pivoted away from agrifood.Weve maintained historical rounds that were raised on an agrifood focus,where we could.While we are happy to share our findings,we reserve all rights with respect to AgFunder research and this report and we require it to be fully and accurately cited when any of the data,charts,or commentary are used.Undisclosed FinancingsOf the 176financings in this reports curated dataset,34were undisclosed and could not be determined through research or direct sources.We exclude undisclosed financings when computing averages and median values.In some cases,were able to confidentially obtain financing figures directly from investors on the condition theyre only included in aggregate.Multiple FinancingsIn some cases,Crunchbase displays multiple financings for the same company in the same year.This can be because a company closes subsequent rounds in the same year,but it can also be the result of several closes of the same round.We keep them separate unless they are announced as one single round.CategorizationAgFunders categorization system is designed to capture broad themes across the complex agrifoodtech value chain.The agrifood sector has a wide supply chain spanning inputs and industrials,farming,logistics,wholesale distribution,processing,retail distribution,and the consumer.In many cases,technologies such as marketplaces connect different links in the supply chain and so in this report weve chosen to focus on high-level themes.To assist with the categorization and to avoid subjectivity,AgFunder first employs over 150 machine learning and artificial intelligence models to suggest category placement and to help tag the company according to the technology and its place in the supply chain.Finally,the AgFunder team manually reviews the suggestions for each company,often with significant research and debate among our team.Starting with our 2023 Global Agrifoodtech Investment Report,we combined Agribusiness Marketplaces and Fintech into one category as there is often overlap between the two.We maintained any fintech tools for retailers or restaurants within the Retail Tech category.Given the reduction in funding to food delivery services,in this report weve combined Online Restaurants&Meal Kits with Restaurant Marketplaces as very similar business models.Weve also taken taken a stricter stance on cannabis and CBD-related startups;there needs to be clear proprietary technology involved.We will not include pure consumer packaged goods or pure production,as we wouldnt include pure production in any other crop.If we believe the growing facilities are particularly high tech or utilize proprietary technology,we will still include it in our Novel Farming Systems category.The same goes for processed products;if the extraction technique is particularly innovative,well include it as a Biomaterials or Midstream Tech startup.Large vertically-integrated cannabis companies are also excluded.Special AcknowledgementTim Li and the rest of the Crunchbase team for their support and assistance.To the SP Ventures team,especially Pedro Jbali,Felipe Romano and Ariadne Caballero for working closely with us on producing this report and ensuring the accuracy of our research.And to our wonderful venture partner Sofia Ramirez for all her support and guidance.Image creditsPage 27 PunaBioPage 24 AgrolendPage 21 JstoPage 28 SolinftecPage 29 PunaBioCover AradoPage 2 MossPage 5 PunaBioPage 6 AgrosmartPage 8 AgFunderPage 9 AgrosmartPage 26 AlianzaPage 26 AlianzaPage 19 PunaBioPage 9 AgrosmartPage 10 AradoPage 18 AlianzaPage 18 AlianzaLATIN AMERICA AGRIFOODTECH INVESTMENT REPORT 2023|AGFUNDER.COM agfunder agfunder agfunder AgFunderVCSubscribe to our must-read food ag climate newsletter and alerts about our funds at
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