Agrifoodtech investment in Europe fell 46% to $5.1 billion in 2022 against the backdrop of a 44% drop in global funding, according to AgFunder’s 2023 Global AgriFoodTech Investment Report. However, the region still registered a hefty increase versus 2020, when European startups in the sector raised $3.3 billion.
There were some bright spots in 2022, with growth in categories such as novel farming, farm robotics and automation, bioenergy and biomaterials, alternative proteins, and ag biotechnology, although this could not offset a dramatic slump in investment in European eGrocery startups (where funding fell off a cliff from $4.3 billion in 2021 to $824 million in 2022).
Within Europe, there were some sharp variations between countries, with funding plunging 84% in Germany to $458 million, and surging 39% in France to $1.3 billion. France’s momentum was driven by a couple of mega deals: InnovaFeed’s $249 million series D round to expand its edible insect operation, and DNA Script’s $200 million series C round (the second tranche) to expand its on-demand DNA printing operation.
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