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 Mar. 27, 2023
by Jennifer Marston, AgFunder News
"I don't even remember 2021!" AgFunder partner Manual Gonzalez declared from the stage this week at the AgFunder 2023 Global Report special briefing in San Francisco. Gonzalez, along with Winnie Leung of agrifoodtech VC Bits x Bites and Magi Richani, founder of AgFunder portfolio company Nobell Foods, were discussing the 2023 AgFunder Global AgriFoodTech Investment Report, which provides data and insights on the state of agrifoodtech VC investment. The report was launched in collaboration with AgFunder's global ecosystem partner Temasek. The report's most obvious takeaway was the 44% year-over-year (YoY) drop in funding to agrifoodtech companies between 2021 and 2022, with the second half of 2022 being especially terrible. Hindered by supply chain issues, war, record oil prices and other macro pressures, funding for agrifoodtech startups reached $29.6 billion last year, "lifetimes away" from 2021's record-breaking $51.7 billion, as Gonzalez put it. But that's only part of the story. The above chart from the report is particularly telling about the state of agrifoodtech investment in 2023. Climate tech investment bucks the decline Another not-so-subtle point from the global report: investment for upstream, climate-focused technologies saw more investment in 2022 versus 2021. Four categories related to climate and efficiency experienced an increase in funding in 2022, including Ag Biotech, Farm Management Software, Sensing & IoT, Bioenergy & Biomaterials and Novel Farming Systems. "The more you focus on solving big problems, the more defensive you are," said Gonzalez in reference to a question of where investors will channel their agrifoodtech dollars this year. To read the entire article click here. Tweet |
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