AgFunder -2024 年亚太农业食品科技投资报告 Asia-Pacific AgriFoodTech Investment Report 2024

Asia-Pacific

AgriFoodTech

InvestmentReport2024

02ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Contents

3Introduction

4Aboutus

5AgFunder

6Keyinsights

82024Investmen

thighlights

142024Investmen

ttrends

18Agrifoodtech

categoriesin-depth

23Investmentsby

geography

29Investmentsby

stage

32Startupsinfocu

s

37Appendix

40Contact

03

ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Asia-Pacific

agrifoodtech

investingin2024

AgrifoodtechfundinginAsiaPacific(APAC)hasdemonstratedaremarkablerecoveryin2024.AsoftheendofOctober,APACagrifoodtechstartupshaveraised$4.2billioninfunding,

accountingfor31%ofglobalagrifoodtechfundingyear-to-date.ThisrepresentsanotableincreasefromAPAC’s26%average

shareofglobalagrifoodtechfundingoverthepast10years.

valuechainattractingroughlyequalamounts.

eGrocerystandsoutasthetop-fundedcategory,thanksinnosmallparttoZepto’scontributionl.AgBiotech,MidstreamTechnologies(includingdealsinthesupplychaintransformation

space),andBioenergy&Biomaterialswere

alsointhetopfive,notablyalongsideAg

Marketplaces&Fintech,whichhasseena36%increaseinyear-to-datefundingfollowingtwoprecipitousdown-yearsfromthe2021peak.

WearegratefultoourpartnersAgriFuturesAustraliaandOmnivorefortheirsupport,aswellasdatapartnersBeyondNextVenturesinJapan,BitsxBitesinChina,andSopoongVenturesinKorea,withoutwhomitwould

notbepossibletoproducethisreport.

Italsorepresentsa38%increaseonthe$3.1

billionraisedbyAPACcompaniesduringthe

sameperiodin2023.Thisisseenmostnoticeablyinthesub-regionofSouthAsia(includingIndia,PakistanandBangladesh)whereinvestment

isupnearly2.5xfromthepreviousyear.

In2024sofar,Indiahasreclaimeditsposition

fromChinaasthebest-fundedagrifoodtech

market,takingclosetohalfofAPAC’stotal

fundingwith$2billionininvestment.Butthis

doesincludeover$1billionforjustonelate-

stageIndiancompany,eGrocerZepto.Chinais

insecondplacewith$1.5billionand230deals;

whilemorenotablyJapanandSingaporeroseintheranks,bumpingIndonesiadowntofifthplace.

Unlikepreviousyearswhichsawamore

JohnFriedmanandtheAgFunderteam

pronouncedinvestmentskewbetweenupstreamanddownstreaminnovations,fundingthis

yearislargelybalanced,withbothendsofthe

04ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Aboutus

AFUNDER

AF

oke"

AgriFuturesAG

row

AgFunderisoneoftheworld’s

mostactivefoodtechandagtechVCs.We’rerethinkingventure

capitalforthe21stcentury.

BorninSiliconValleyin2013,weusetechnology,mediaandourglobalnetworktoinvestinandsupporttransformationalfoundersandtechnologies.

Withtheworld’sonlyglobal

agrifoodtechinvestmentportfolio,we’veinvestedinmorethan100

companiesacrosssixcontinents.

AgFunderNewsreportsonthe

evolutionoftheglobalfoodandagriculturesystem.Bygoing

beyondtheheadlines,weanalyzethepeople,companiesand

technologiesaimingtoimprovehumanandplanetaryhealth.

Publishingdailynews,ourteamofaward-winningjournalistsdeliversdeeperinsightonthegrowing

foodtech,agtechandclimatetechindustries.Amultimediapublication,AgFunderNews

isadivisionofAgFunderInc,

oneoftheworld’smostactive

agrifoodtechventurecapitalfirms.

Omnivoreisanimpactventure

capitalfirmthatsupports

visionaryfoundersadvancing

agrifoodinnovation,climate

action,andruraltransformation.

Overthepastdecade,Omnivorepioneeredagritechandclimate-smartventureinvestingin

India,andcurrentlymanagesUSD295millionacrosstwoactiveventurefunds.

AgriFuturesgrowAG.isthe

platformforAustralianandglobal

agrifoodinnovation.Explore,find

andconnectwithworldleading

agriculturalresearch,unique

technologiesandcommercialisationopportunitiesonlineinone,easytouselocation.

AgriFuturesevokeAG.isaglobal

agrifoodtechevent.Itbrings

togetherinvestors,entrepreneurs,farmers,government,researchersandcorporatesforamoreresilient,productive,andprofitable

agriculturalsectorandvaluechain.JoinusinBrisbane,Australiaon18-19February2025.

05ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

AgFunderhasinvestedinworld-leadingdeeptechstartupsthattackleimportantthemessuchas

hasestablisheditselfasthego-topartner

forinvestorsseekingglobalexposuretotheagrifoodtechsector.

AgFunder

automation,carbonmarkets,foodasmedicine,

sustainability,greenammonia,andmore.These

investmentsincludeno-codeself-drivinglabs

companyAtinary,whichisacceleratingchemistryresearchby100x,food-as-medicinediscovery

platformsBrightseedandFaethTherapeutics;

fast-growingmarketplacesservingmillionsof

farmersandconsumersinemergingeconomies,DeHaatandJüsto;autonomousfarmingcompanyBearFlagRobotics;animal-freeleatherproducerMycoWorks;andgreenammoniaproducerNium.

OneofthekeystoAgFunder’ssuccessisits

mediaandresearcharm,AgFunderNews,which

hasbecometheglobalepicenterforagrifood

technologyintelligencewithsubscribersfrom

“AgFunder’smedia,researchandengineeringarms

AgFunderisapioneerinagrifoodtech;aventurecapitaland

intelligenceplatformwithahistoryofsupportingentrepreneurslong

beforefoodandagriculturebecameatopiconinvestors’agendas.Withaportfoliospanningmorethan100companiesacrosssixcontinents,

supportthefirm’suniqueabilitytosourcedeals,

expertise,networks,

investorsandintelligenceforitsportfolioandLPs.”

andover$300millioninassetsundermanagement,AgFunderhastheworld’sonlytrulyglobalagrifoodtechinvestmentportfolio.

2024marksAgFunder’sfifthyearinAsia,having

incorporatedourSingaporeofficein2019and

launchedtheGROWAccelerator–SoutheastAsia’sfirstspecialistagrifoodtechacceleratorprogram.In2022weraisedourfirstfundwithamandate

toinvestspecificallyinstartupsoperatinginthe

region,orwithsolutionsrelevanttoit.Todate,

acrossourfunds,AgFunderhasinvestedin34

companies,or23%ofourinvestmentportfolio,

placingAsia-PacificsecondonlytoNorthAmericaintermsofregionalexposure.

topstakeholdersacrossthelandscape.TogetherwithGAIA,AgFunder’sdatabaseandproprietary

AgFunder

machinelearningplatform,thefirmhasdevelopedauniqueabilitytosourcedeals,expertise,

investors,networks,andinformationforitsportfoliocompaniesandLPs.

AgFunderfocusesonsupportingthebest

entrepreneursandcompanies,regardlessof

theirgeographicallocation.Withroughly50%ofitscompaniesbasedintheUS,atrackrecordofsuccessfulexits,andaglobalnetwork,AgFunder

AFUNDER

06ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Keyinsights

●●

●●●●●S

●●

●

Asia-Pacificagrifoodtech

startupshaveraised$4.2billionsofarin2024(totheendof

October),a38%increaseonthesameperiodin2023.Thismarksasignificantrecoveryfrom2023whentheyraisedatotal$3.4bn,down52%on2022’s$7.1billion.

Asia-Pacificagrifoodtech

nowaccountsfor31%of

globalagrifoodtechfunding

in2024sofar,upfromthe10-yearaverageof26%.

India,with$2billioninfunding,hasreclaimedthetopspotfromChina,whichraised$1.5billion.

Thesub-regionofSouthAsia(includingIndia,PakistanandBangladesh)isalreadyup

over100%fromFY2023.

$1.5billionraisedbyeGrocery

placeitatthetopofall

agrifoodtechcategoriesfor2024sofar.Theresultlargelydueto$1billioninfundingforIndia’sZepto.

BioenergyandBiomaterials

isthebiggestupstream

categoryin2024,raising

$475million,albeitwitha46%year-over-yeardecrease.

India-basedeGrocerystartupZeptohasraisedover$1billion

acrosstwolate-stageroundsin2024.

MidstreamTechnologies

startupshaveraised$578

millionsofarin2024,a88%year-over-yearincrease.

InnovativeFoodshasrecoveredsomewhatin2024,raising$204millionsofarthisyear,an85%

increaseonthesameperiodin2023,andwith59dealsvs49.

AgBiotechposteda30%YoYgainto$459millionacross

86%moredeals(67).

FarmManagementSoftwareandFarmRoboticsaredown46%and45%,respectively

versusthistimeayearago.

NovelFarmingSystemspostedamodestincreaseinfunding

todate,currentlyon$76

millionacross25dealsversus$64millionand29dealsin

2023overthesameperiod.

DealsatSeriesA,SeriesCandlaterhavebothincreasedin

sizeaswellasnumber,while

moreSeriesBdealshaveclosedbutforsmalleramounts.

Seedstagedealsappearto

begettingbiggerasfundingtotalshavegrown13%againstfewerdeals.

ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

07

KeyInsights

in2024*

BIGGESTDEALOF2024

INDIA’S

Zepto

$665MILLIONFUNDINGeGROCER

BIGGESTDOWNSTREAMCATEGORY

eGrocery

$1.5BILLION*FUNDING

BIGGESTMIDSTREAMDEAL

INDIA’S

Haber

$299MILLIONFUNDING

AI-drivenautomationtomaximize

plantefficiency&output

BIGGESTUPSTREAMCATEGORY

Bioenergy&Biomaterials

$475MILLION*FUNDING

TOTALAPACAGRIFOODTECHINVESTMENTSIN2024

$4.2billion

FUNDING

*asofOctober31,2024

08ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

2024

Investmenthighlights

Totalfunding$USDbillion

ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Asia-Pacificagrifoodtechinvestmentbyyear2024*agrifoodtech

globalfundingvsAsia-Pacific

15$14.1B

31%

ofglobal

agrifoodtech

VC

12

9

$7.6B

$7.1B

$6.9B

6

$4.6B

$4.2B

$3.4B

$3.2B

$2.5B

$2.4B

$2.2B

3

0

20142015201620172018201920202021202220232024

●Asia-PacificGlobal

*asofOctober31,2024

09

10yearsofagrifoodtech

inAsia-Pacific

$4.2billion

raisedinAsia-Pacificin2024sofar*

Asia-Pacificrepresented31%ofglobalfunding

in2024sofar

$3.4billion

raisedInAsia-Pacificin2023

$16.9billion

raisedgloballyin2023

$54.1billion

raisedinAsia-Pacific2014-2023

ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Country$USD

Dealcount

$41M41

DEALS

$1.5B

SOUTHKOREA

CHINA

158

1

$2B

India

2

China$1.5B230

3

Japan$280M93

$280M93

DEALS

4

Singapore$158M14

JAPAN

5

Indonesia$112M20

6

Australia$52M36

$9M4

DEALS

7

SouthKorea$41M41

VIETNAM

INDIA

8

NewZealand$18M5

$2B

9

Bangladesh$13M4

$112M

INDONESIA

20

10

Vietnam$9M4

DEALS

$13M4

DEALS

BANGLADASH

$158M14

DEALS

SINGAPORE

Topdealsin2024

CompaniesFunded

Zepto

eGROCERY

Raised

$665m

Stage

Country

$52M

AUSTRALIA

36DEALS

LATE

Zepto

eGROCERY

$340m

LATE

Sael

BIOENERGYANDBIOMATERIALS

$299m

DEBT

$18M

史记生物

NEWZEALAND

$232mLATE

5DEALS

AGBIOTECHNOLOGY

$169m

SerataMoyun

MIDSTREAMTECHNOLOGIES

SERIESA

10

Asia-Pacific

2024sofar*

$4.2billiontotalfunding

inAsia-Pacificin2024

442deals

H1Asia-Pacific

India’sagrifoodtechsectorhasrecoveredsignificantlysofarthisyear,raisingnearly2xmorethanduringthesameperiodlastyearandovertakingChinaasthemost

activeAPACcountry.Thecountryaccountsforsome48%oftotalinvestmentinthe

region.WhileeGrocerZeptoraised$1

billion,thetotalnumberofdealsisalready46%morethanduringthewholeof2023signifyingmoreactivitybroadly,albeitatsmallerdealsizesoverall.

China’sagrifoodtechmarkethasalready

recoveredsomewhat–18%year-over-year–despiteitsdroptosecondplace.Japanisanimpressivemover,climbingthreespotsto

thirdplacewitha58%increaseinfundingyear-over-year.Thetop3countriesjointlyaccountedfor90%offallfundinginAPAC.

*asofOctober31,2024

ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Country$USD

Dealcount

$193

MILLION

$1.4

SOUTHKOREA

CHINA

108

$1.4B

1

China

BILLION

2

India$815M123

3

Indonesia$287M27

$185

MILLION

4

5

Australia$253M85

JAPAN

SouthKorea$193M70

6

Japan$185M117

$19

MILLION

7

8

Singapore$166M49

VIETNAM

INDIA

NewZealand$53M6

$815

MILLION

9

Bangladesh$36M7

b

$287

INDONESIA

10

Vietnam$19M6

MILLION

$36

MILLION

BANGLADASH

$166

SINGAPORE

MILLION

$253

MILLION

AUSTRALIA

$53

MILLION

NEWZEALAND

11

Investment

bycountry

Topcountries2023($USD)

616deals

acrossAsia-Pacificin2023

$3.4billionraised

inAsia-Pacificin2023

564uniqueAsia-Pacificcompaniesthatreceivedfundingin2023

Lastyearin2023,agrifoodtechinvestmentinAPACdeclined52%overallto$3.4

billion.Chinawastheleader,accountingfor41%ofallfundingintheregion,albeitwitha6%year-over-yeardeclineintotalfunding.Indiawasamoredramatic73%downyear-over-year.Indonesia,thirdin

theranking,wasalsodown60%intotalinvestment.OntheotherhandJapan,

withanimpressive95%year-over-yearincrease,wastheonlytop10country

buckingthedownturnthatyear,atrendthat’sclearlycontinuedinto2024.

Totalfunding$USDbillion

12ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

InvestmentbyH1vsFY

$14.1B

15

12

$8.6B

$7.6B

9

$7.1B

$5.1B

6

$4.2B

$3.4B

$2.7B

$2.4B

$2B

3

0

20202021202220232024*

H1

FY

Asia-Pacific

2024sofar*

Aftertwoyearsoffundingdeclines,APACagrifoodtechseemstobepickingupagain.

FundinginH12024wasup37%overthe

sameperiodlastyear,witha32%increaseinthenumberofdeals.Andeventhough

theyearisnotoveryet,2024todatehas

alreadyreachedthesamedealcountas

thefullyear2023with23%morefunding.

*asofOctober31,2024

13ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Fundingbyquarter

Asia-Pacific

2024sofar*

5

$4.8B

Venturecapitalinvestmentlevelsin2020

aretypicallyseenasthereversiontothe

meanaftertwoyearsofinflatedlevelsof

$3.8B

154$3.7B

4

dealactivityandstartupvaluations.WhileAPACagrifoodtechisrecoveringin2024,

Totalfunding$USDbillion

DEALSE

$2.9B

it’sstillbelow2020levelsintermsofdollarfunding.Howeverdealactivityismarkedlyupindicatingincreaseddealactivity,evenifdealsaresmaller.

3

$2.6BE

$2.6B

$2.5B

EvenifQ3istheweakestquarterin2024sofar,itstillshoweda33%year-over-yearincreaseinfundingdespitea5%decreaseindealcount.

$1.8B

*asofOctober31,2024

2

$1.4B

$1.3B

$1.4B

$1.3BEL

$1.2B171DEALS

$1B

$1.1B

$814M

$955M152

DEALS

1

$630M

$503M

0

2020Q4

2021Q4

2023Q4

2021Q2

2021Q3

2020Q1

2022Q1

2023Q2

2022Q2

2020Q3

2022Q4

2020Q2

2022Q3

2021Q1

2023Q3

2024Q1

2024Q2

2024*Q3

2023Q1

14ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

2024

Investmenttrends

Totalfunding$USDbillion

15ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Investmentbysupplychain

$10.3BEL

$1.3B95

DEALS

$2.6B

EL

15

$5.5BEL

$3.3BL

$4.3BL

12

$631M94

DEALS

$664ML

$773M70

DEALS

$3.3BL

$1.9BL

$848ME

$2.9BEL

$1.4B

$2B

E

$641M96

DEALS

$2.3B99

DEALS

9

$3.2B

$1.6B

EL

$525M91

DEALS

$1.8B

L

$419M92

DEALS

$133M30

DEALS

$176M36

DEALS

$10M

13

DEALS

$262M39

DEALS

$721M

6

$1.8B

E

$2.2B

$217M

L

63

$337M

$120M

DEALS

$381M

41

93

DEALS

DEALS

3

0

20142015201620172018201920202021202220232024*

Midstream

Downstream

Upstream

Investments

bysupplychain*

Zepto’s$1billioninfundraisingnodoubt

pusheddownstreaminvestmentfigures

up,reversingthefreefallofinvestment

inagrifoodtechcategoriesclosertothe

consumer.Howevera31%increasein

downstreamdealcountversusthewholeof2023highlightsincreasedactivityoverall.

Andwhiledownstreamcategorieshavepushedmarginallyaheadofupstreamin2024fundingtotals,upstreamdealsaremorenumerous,accountingfor

morethan50%ofthetotal.Upstreamdealactivitydeclinedacrossthe

boardexceptinAgBiotechwherestartupsclosed86%moredeals.

It’sunlikelyupstreamdealandfundingactivitywillrecovertorepresent63%ofthemarketastheydidin2023,however.

*asofOctober31,2024

16ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Investment

bycategory

Zepto’s$1billioninfundraisingno

doubtpushedeGrocerytotalsupbut

theclosingofsignificantlymoredeals(101vsjust37duringthewholeof2023)highlightsrenewedenthusiasmforthecategory,especiallyinChinawhere

startupsraisedover$300million.

2024*investmentbycategory

$475M

Bioenergy&Biomaterials

InnovativeFood

AgBiotechnology

AgMarketplaces&Fintech

FarmMgmtSW,Sensing&IoT

FarmRobotics,Mechanization&OtherFarming

NovelFarmingSystems

MidstreamTechnologies

Miscellaneous

eGrocer

In-storeRetail&RestaurantTech

OnlineRestaurants&Marketplaces

CloudRetailInfrastructure

Home&Cooking

20

DEALS

$204M

59

DEALS

$459M

67

DEALS

$241M

56

DEALS

$129M

56

DEALS

Upstream,biotechnologieshaveattracted

$145M

themostinvestorinterest,withalarge

dealforIndia’sSAELboostingBioenergy&Biomaterialsfundingtotals,andpronouncedChineseactivityintheAgBiotechcategorydrivingover$390millionoffundingto

35

DEALS

$76M

25

DEALS

$578M

93

DEALS

thatcategory.ThetotalforBioenergy&

Biomaterialswasa46%year-over-year

decrease,however,whileAgBiotechposteda30%YoYgainacross86%moredeals.

$5M

4

DEALS

$1.5B

L

Elsewhereupstream,activityinfarmtech

categoriesFarmManagementSoftwareandFarmRoboticswerebothdown–46%and

45%respectivelyversusthistimeayearago.

Inmorepositivenews:InnovativeFoodshasrecoveredsomewhatin2024,raisinga85%increaseonthesameperiodin2023,and

with59dealsvs49.MidstreamTechnologiesalsoraised88%moreyear-over-year.

$75M

27

DEALS

$185M

48

DEALS

$129M

13

DEALS

$10M

10

DEALS

*asofOctober31,2024

0.00.30.60.91.21.5

●Upstream

.Midstream

Downstream

Totalfunding$USDbillion

17ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Fundingforfivechosencategories

1.5

1.0

0.5

0

20202021202220232024*

NovelFarmingSystems

AgBiotechnologyInnovativeFood

Bioenergy&BiomaterialsMidstreamTechnologies

Investments

bycategory*

Category-basedinvestinghasbeen

volatileinrecentyearswiththeglobal

venturecapitaldownturnsimpacting

somemorethanothers.HypedcategorieslikeInnovativeFoodandNovelFarming

Systemshavegenerallybeentheworstaffectedontheglobalstage,soit’s

interestingtoseeNovelFarmingin

APAChasbeenmoreresilientandis

likelytopostasmallincreasein2024.

APACisseenasaleaderinbothofthese

categories,particularlyinSingaporewherethegovernmenthassupportedthemin

searchofimprovednationalfoodsecurity.

Thecapital-intensivenatureofthe

Bioenergy&Biomaterialscategory

meansthatsomelargedealscanskew

thetotals,althoughthecategorydid

postanincreaseindealactivityin

2024,againstlessfundingdollars.

MidstreamTechnologiesandAgBiotechhavealsoclosedmoredealssofarin

2024thaninthewholeof2023.

*asofOctober31,2024

18ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Agrifoodtechcategories

indepth

19ASIA-PACIFICAGRIFOODTECHINVESTMENTREPORT2024

Bioenergy&

Biomaterials

1

6区司

SAEL

$9million

SEED

Topdealsin2024sofar

VertusEnergy

$299million

DEBT

2

7

Spiber

BiofuelCircle

$5million

SERIESA

$65million

LATE

Lastyear’stopAPACcategoryisdown46%intotal