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Food tech companies raised a total of US$18.1 billion in venture capital over the course of 2020, a new report finds, as the pandemic continues to accelerate major shifts in the way consumers source their food. Data also showed that significantly more investments were made into the cultivated food tech sector in 2020, reaching a record US$1.6 billion, a figure that is expected to "rapidly accelerate" this year.

With Covid-19 having "fundamentally changed" consumption patterns, food tech firms managed to raise a record US$18.1 billion in 2020, according to new statistics compiled by Morningstar subsidiary capital market firm PitchBook. Key sectors that saw the most venture capital growth include online grocery shopping, e-commerce and other digital apps, as well as the increasing demand for alternative proteins from consumers who are increasingly concerned about food safety, supply chain resilience, health and sustainability.

Though the report finds that these trends have slowed down slightly in the final quarter of the year, the capital poured into food techs were "still far above pre-pandemic levels".

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