Dealroom：2024年欧洲食品科技报告

TheStateof

EuropeanFoodtech

2024

March2024

ThefirstVCinEuropefocusedoninnovative

consumer-facingfoodcompanies.

Investingintomorrowʼsleadingfoodbrands,today.

mammaly

ly

BBarkyn

herl

*Exited

untamed

spacegoods

*Exited

Globalstartup&venturecapitalintelligenceplatform.

Dealroom.coistheforemostdataprovideronstartup,early-stageand

growthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyoftheworld's

mostprominentinvestors,entrepreneursandgovernment

organizationstoprovidetransparencDealroom.coisaglobal

intelligenceplatformfordiscoveringandtrackingthemostpromising

companies,technologiesandecosystems.Clientsincludemanyofthe

worldʼsforemostorganizationssuchasAccel,IndexVentures,

McKinsey,BCG,Deloitte,Google,AWS,Microsoft,Stripe.

Dealroompartnerscloselywithlocaltechecosystemdevelopment

agenciesandenablers,tocreateacomprehensivemulti-dimensional

blueprintofthetechecosystem,includingcapital,talent,innovation,

entrepreneurshipandoveralleconomicdynamism.

Page/2

Keytakeaways

InvestmentinEuropeanFoodtech.

FoodTechranked6thintopfundedEuropeanindustryin

2023with$4.5B.

FoodtechheldslightlybetterthantheaverageEuropeanVCmarketdropof37%.

Whenexcludingfoodlogistics&delivery,Foodtechfundingisactuallyonparwith2021levels.

EuropeanfoodtechVCinvestmentbyyear

Page/3Source:Dealroom.co.

B2Bʼssharehasgrown,butB2Cstilloffershugeopportunities.

B2Bsolutionsnowaccountforover50%ofFoodtechfunding,upfromlessthan20%adecadeago.

ButexitsaremainlyseenintheB2Csectorwithcorporatesmorewillingtoacquireatpremiumvaluationsinexchangeforhighqualityassets.

B2CFoodtechstartupshaveproventheycangrowasfast,orevenfasterthantopSaaSorFintechstartups.

B2BshareofFoodtechfundinginEurope

Planetaryandhumanhealthemergeaskeytopicsforfoodtech.

Humanhealth:Foodasmedicine,functionalbeveragesandbreakfast&healthyalternatives.

Planetary&humanhealth:Alternativeproteins&Petfoods.

Planetaryhealth:SustainablepackagingandFoodwaste.TopsegmentsinFoodTech2023

dealroom.co

“Insteadofacool-down,weshouldratherspeakofanormalizationofthefoodtechmarket.Multiples

havecomedownsincetheCovid-19pandemicwhentheywerehighlyinflated,butarestillon-parwithpre-pandemicmultiples.

IvanFarneti

ManagingPartner

atFiveSeasonsVentures

Dealsarestillbeingclosedandweseea

capitalflighttoqualityassets,towards

companieswithhealthyfundamentals,shorttoneartermpathstoprofitability,andstrongconsumerdemandregardlessofthe

macroeconomicenvironment.AtFive

Seasonsweinvestedin3companieslastyear:

DASHWaters

,

Untamed

and

Spacegoods

,allofwhichoperateinresilientcategorieswhereconsumerdemandis

holdingupstrong."

Page/4Source:FiveSeasonsVentures

dealroom.co

1.TheStateofFoodtechinEurope

Page/5

In2023,FoodTechEuropeanVCFundinginFoodTechstartups

VCFundingtotaled$4.5B,markinga32%decreasefromthepreviousyear.

Thedeclinecanbelargely

attributedtochallengesinFooddeliveryandlogistics,whileothersegmentswithinFoodTechhavedemonstratedresilience.

$1.3B

$3.2B

Page/6

Source:

Dealroom.co

DataasofJan17th2024.

dealroom.co

FoodTechranked6thintopfundedEuropeanindustryin2023.

FoodtechheldslightlybetterthantheaverageEuropeanVCmarket.

Whenlookingbeyondfood

deliveryandlogistics,Foodtechwasalmostonparwith2022.

OtherconsumerpackagedgoodsindustriessuchasFashionranklowerbutshowedlessdecline

thanFood.

Page/7

Source:

Dealroom.co-DataasofJan8th2024.

Note:Fashionranks14thinEuropeanindustriesbyVCFunding.

EuropeanVCinvestmentbyindustryin2023(andgrowth2023vs.2022)

–36%

-37%

AverageEuropeanVCfundingdrop

dealroom.co

TheUKtrumps

EuropeanFoodTech

VCFundingbya

longmargin,while

Germany&France

fightforthe2ndspot.

NotablySwitzerlandandIcelandhaveexperiencedconsiderablegrowth,explicableduetofewbutlargerounds.

Page/8Source:

Dealroom.co

DataasofJan17th2024.

TopFoodTechEuropeancountriesbyVCFunding(2023)

dealroom.co

TheFood&Agritechlandscapehaschangeddramaticallyinthelasttwoyears.

EuropeanFoodtechfundingbysegment2021vs2023

»seeinteractiveversion

20212023

Page/9Source:

Dealroom.co

DataasofFebruary1st2024.

dealroom.co

Alternativeproteins,Petfoodand

AquaculturehaveattractedthemostfundinginEuropeanFoodtechin2023.

FertilizershaveexperiencedthebiggestsurgeingrowthwhileGroceriesand10mindeliverieshavedramaticallyfalleninthepasttwoyears.

Page/10

Dealroom.co

Source:

DataasofFeb13th2024.

TopEuropeanFoodtechsegmentsbyfundingin2023andgrowthsince2021

dealroom.co

Therecanbesome(limited)overlapbetweensegments,suchaspetfoodmadewithalternative

proteins(plant-based,insect),orsustainablepackagingthatextendsshelf-lifeandreducefoodwaste.

B2Bnowaccountforover50%ofFoodtechfunding,upfromlessthan20%adecade

ago.

B2Cʼshuge71%sharein2021canlargelybeattributedtothesurgeinfooddeliveryandlogistics

services,drivenbyemerging

trendslike10-minutedeliveryandgrocerydeliveryandacceleratedbythepandemic.

ExploretheTopB2Broundsof2023»

B2BasshareoffoodtechfundinginEurope

Page/11

Source:

Dealroom.co

DataasofJan15th2024.

dealroom.co

B2Chasseenthelargestexits

CompanyAmountValuationTypeofexit

“Inadifficultmarket,highqualityassets(brand,

customerbase)attracthighqualityinvestors/acquirers,willingtopaypremium

growth,businessmodel,

yfood'

$1.4b

£280M

€215m

Undisclosedamount

$13b

£500M

€430m

Undisclosedamount

IPO

valuations.

Brandsthatcreatevalueperceptionarethebestmoatforcompaniestonavigatethroughdifferenteconomictimes,andcertainsectorswithhighemotional

GrowthequityVC

Secondaryby

Nestlé

Acquisitionby

TheKraftHeinzCompany

B2Bexits:

CompanyAmountValuationTypeofexit

engagementareresilientproof,thinkpetfood,snackingandcoffee."

SaskiaHoebée

PrincipalatFiveSeasonsVentures

$138m

$200M

$145M

$504m

$200M

$145M

SPACIPOby

LightJumpAcquisitionCorp

Acquisitionby

FMCCorporation

Acquisitionby

Nexi

dealroom.co

Page/12Source:Dealroom.co&FiveSeasonsVentures

B2CFoodtechbrandshavethepotential

toexperiencerapidgrowth,often

comparableto,orevensurpassing,thoseof"pure"techstartups.

Revenuegrowthofselectedfast-growingB2CFoodtechstartupsbenchmarkedwithSaaSandfintech.

Revenue

inmillions($)

Years

2468

Page/13

Dealroom.co-DataasofJan31st2024

Source:Explorerevenuedataofover15kprivate

companiesinDealroom.

dealroom.co

RankoftopEuropeanFoodTechinvestorsin2023

SeedInvestorsSeriesA+Investors

Foodrounds

participatedin2023

Foodrounds

participatedin2018–2023

Foodrounds

participatedin2023

Foodrounds

participatedin2018–2023

%Food

investments

overtotal(2018–2023)

%Food

investments

overtotal(2018–2023)

Page/14Source:

Dealroom.co

DataasofFebruary1st2024.

dealroom.co

2.Foodtechtrends

Page/15

Humanand

Sustainablepackaging

Reusablepackaging

Bioplastics&biomaterialsShelf-extensionlifepackaging

Foodasmedicine

planetaryhealtharethekeymacro-trendsshapingFoodtech.

Petfood

Innovativefoods

Dietaryprograms

Readytoeatmeals&deliveries

Guthealth&Microbiome

Wastefoodappsandmarketplaces

Foodwaste

TasteiskinginFoodtechand

Pethealth

Freshpetfood

Functional(antiageingetc.)

consumersareveryprice-sensitive.Butbeyondthathumanhealth

Plant-basedor

insect-basedpetfood

andsustainabilityarethe

Supplements

Healthyalternative

Functionalbeverages

Cannabisinfused

Alcoholicfree

Alternativeprotein

macro-factorsdrivinginnovationintheFoodtechspace.

Plant-based

Precision

fermentation

Cultivatedmeat

Mycelium(fungi)

Insects

Meatsubstitute

Seafoodsubstitute

Diarysubstitute

Eggsubstitute

Alternativefats&oils

Enablers(growthmedia,

bioreactors)

Meal

replacement

Breakfastandhealthysubstitutes

Coffee/caffeinealternative

Waterenhancer

Breakfast

Energy/nutritionbars

Page/16Source:Dealroom.co

Explorethelandscape»

Foodasmedicine

Dealroom

StillnomegaroundforEuropeanfunctionalbeveragesstartups,butearly-stageactivityisatalltimehighin2022-2023,signalingsustainedinvestorinterest.

NumberofroundsinEuropeanfunctionalbeveragescompanies

»viewonline

“Thesodaindustryismassive(>$170bnin2024)andripefordisruption,because

consumersaredemandingbetterproductsbutarenotwillingtogiveupontasteandconvenience.

Brandslikeourportfoliocompany

DASH

areleadingthewayonthehealthy,no

sugar,nosweetenerpromise.OntopofthehealthieralternativesIexpecttoseemorefunctionalbeverages(thinkgut

health,collagen,cleanenergy)poppingupinEurope,followingthesuccessofUScategoryleaderslike

Olipop

.Thereis

increasedwillingnesstopayfor

beveragesinEurope,andfunctionalityjustifiesfetchingapremiumprize.”

LuciePaté

SeniorAnalystatFiveSeasonsVentures

Page/18Source:

dealroom.co

Dealroom.co&FiveSeasonsVenturesDataasofFeb9th2024.

Non-alcoholicand

waterenhancing

startupsdominatethefunctionalbeveragemarket.

Inthepastyearhealthfocused

beverageshavebeenhighgrowthsegments.

Page/19

Dealroom.co

Source:

DataasofJan31st2024.

Functionalbeveragesbynumberofrounds

dealroom.co

airupdisruptedtheflavoureddrinksmarketwithwellexecutedbeverageinnovation,suchasgreatmarketingbackedbyproprietarytechnology.

“AirupisaBevTechcompanywithafocusonscent-basedflavour,thatprovides

Revenuesin2022

$150M

Crossed$100Mrevenuesinlessthan

3years

Numberofcustomersworldwide

6M

consumersanopportunitytoenjoyhealthyhydration.Theiruniqueproductthatdoesn'tcompromiseon

environment(thebottleisreusable)hastakenEuropebystormandthecompanyiswellunderwaytomake'theairupway'thenew

habitforhydration.”

health(think0sugarand0additives)orthe

“Water,butwaymorefun.

Drinkmorewaterbutwithscent-basedflavour.”

AirUpisreshapingtheindustrybyofferinganinnovativealternativetotraditionalflavoreddrinksthatishealthierandmoresustainable.

Drivenbyhighcustomerdemand,AirUphasachievedsubstantialgrowth,blendingresponsibleconsumptionwithanattractiveanddifferentiatedproductexperience.

Whileremainingatechnology-drivenbusinesswithdeep

intellectualproperty

,including

NiccolòManzoni

ManagingPartneratFiveSeasonsVentures

patentsforitsretronasaldevice,AirUp'sconsumermessagingremainssimple,focusingonthedelightfulexperienceratherthantechnicaldetails.

dealroom.co

Page/20Source:Dealroom.co&FiveSeasonsVentures

Explorethelandscape»

Functionalbeverages

Consumertrendsandhabitsinbreakfastarechanginginapost-pandemicworld.

Breakfastfoods

Consumersconsuming“breakfastfoods”

12%

Marketvaluein2024

€20B

2029marketvalueprojection

€30B

Thebreakfastfoodsmarketisexperiencingadynamictransformationdrivenbyevolvingconsumerhabitsandpreferences,manyofwhichhavebeeninstigatedbythepandemic.Notably,12%of

consumersarenowconsumingmore"breakfastfoods"comparedtopre-2020.Today,itisworth€20Bandisexpectedtoreach€30Bby2029.

Majortrendsincludes:

Quickandconvenient→

backtoworkaftercovide.g.frozenfoods,

breakfastmixes,beverages,snacks.

Athomeoronthegofood→

vs.purchasingdailyduetoincreasingprice

sensitivity.

Intentionalityinbreakfast→

guthealth,proteinpackede.g.bars,cereals/porridge,beveragesaswell.

Notablestartupsinbreakfast&healthysnack

»viewallonline

Page/22Source:FiveSeasonsVentures,Dealroom.co&Flavorsum

dealroom.co

In2023,Europeanalternativeproteinstartupsraised$777Minfunding.Despitea22%y-o-y

declineandthescarcityofmegarounds,itremainsthethird-bestyearfortheindustryoverall.

VCfundingofalternativeproteinsinEuropeSelectedroundsof2023

»viewonline

Page/23Source:

Dealroom.co

DataasofFeb1st2024.

LastRound

Sector

Company

INTA

ENOUGH

uumiami

Insect-basedanimalfeed

Insect-basedanimalfeed

Plant-basedproteinsandfermentation

Mycoproteinmeat

Plant-basedmeatPlant-basedmeat

$175mLateVC

$55mLateVC

$55mEarlyVC

$40mSeriesC

$32.5mSeriesA

$10mSeriesB

dealroom.co

Precisionfermentation&Insect,aregainingimportanceinrespecttoplant-based.Beyondanimalfeed,moststartupsstilltargetmeatsubstitutes.

EuropeAlternativeproteinVCfundingbysubsegments

Page/24Source:

Dealroom.co-DataasofJan31st2024.

Percentagesdonotsumupto100%duetocompaniestargetingmultiplemarketsegmentsoremployingmixedtechnologiesintheirproducts.

dealroom.co

Petfoodattractedarecord-high$433Minfundingin2023,mostofwhichdrivenbyButternutBoxʼsmegaround.

VCfundinginEuropeanpetfoodstartups

»viewonline

NotablepetfoodstartupsinEurope

»viewallonline

$352M

GrowthEquityVC

Freshandhealthypetfood

Freshdogfoodsubscription.

Naturalcookeddogfood

personalisedbynutritionists.

Fresh,natural,

andtailor-madedogfooddeliveredathome.

Moresustainablepetfood(alternativeproteins)

Makinginsectbasedpetfood.

Sustainabledogandcatfoodwitheco-friendly

ingredients.

Ethical,

sustainablepetfoodwithoptimalnutritionfrom

culturedmeat.

mammaly

Petfoodhelpingreducethe

severityofagingissues.

Healthyand

eco-friendlypetfoodfrominsectprotein.

Page/25Source:

Dealroom.co*DigitalFoodLabDataasofFeb9th2024.

dealroom.co

Sustainablepackagingraised$117Min2023,over2xmorethanin2022.

SustainablepackagingNotablesustainablepackaginginEurope

»viewallonline

Globalgovernmentsaretacklingfoodpackagingwastethroughbans,incentives,andrecyclingtargets.Corporateresponses,fueledbyethicalconcernsand

consumerdemand,includeawillingnessamong66%ofUSconsumerstopayextraforsustainablepackaging.

Biomaterials&bioplastics

oneoflve。

VCfundinginEuropeansustainablepackagingstartups

»viewonline

Creating

biodegradable,plastic-free

materialsfrom

plantresiduesforanewgeneration.

Growingstrong

naturalpackagingtoreplace

polystyrene,

helpingsustainabetterworld.

Anaturalplastic

alternativethat

createsplant

proteinmaterialforcommercialuse.

Offers

individualised,

cleaner,and

circularpackagingsolutionsinabriskamountoftime.

Shelflifeextension&smartpackaging

Reusablepackaging

Freshset

Reducingfood

wasteand

boostingprofitswithpost-harvestsolutionsforfruitsandvegetables.

Mimicaisradicallyreducing

unnecessaryfoodwastewithdynamicexpirylabels.

Revolutionizingthecoffee-to-goindustryto

eliminate

disposablecups.

ZeroWaste

supermarketthatoffersandsells

groceriesin

reusablepackaging.

Page/26Source:

Dealroom.co&GreenPrintDataasofFeb13th2024.

dealroom.co

Afewwordsonourmethodology.

Whatisastartup?

Companiesdesignedtogrowfast.Generally,suchcompaniesareVC-investablebusinesses.Sometimestheycanbecomeverybig(e.g.

$1B+valuation).Whenstartupsaresuccessfu