asia-pacific-agrifoodtech-investment-report-2023-c43e75a8b5104cffab2b81759579d1c6.pdf
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About This Presentation
apac
Slide Content
Asia-Pacific
AgriFoodTech
Investment Report 2023
AgriFoodTech
Investment Report 2023
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
03Introduction
06Key insights
08AgFunder
092023 Investment highlights
152022 Investment trends
24
Agrifoodtech categories in-depth
Featuring startups - Eratani / Integriculture / Tablepointer
40
Investments by country
Featuring startup - Zetifi
54Investments by stage
61Category definitions
62Sources & methodology
63Image credits
Contents
03Introduction
06Key insights
08AgFunder
092023 Investment highlights
152022 Investment trends
24
Agrifoodtech categories in-depth
Featuring startups - Eratani / Integriculture / Tablepointer
40
Investments by country
Featuring startup - Zetifi
54Investments by stage
61Category definitions
62Sources & methodology
63Image credits
Contents
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Asia-Pacific
agrifoodtech
investing in 2023
Few readers will be surprised that funding for Asia-Pacific’s food and
agriculture startups has fallen significantly over the past year and a
half, much like the rest of the world.
In the first half of this year, the ecosystem has
pulled in $2.6 billion, nearly 50% less than in H1
2022. This follows a 58% year-over-year drop
between the record-breaking 2021 and 2022.
But the interesting (and good!) news is
that investment in upstream agrifoodtech
innovations – those operating on the farm and in
novel food production – actually increased both
in 2022 and during the first six months of 2023.
Downstream food delivery and restaurant
startups, once the darling of the region’s
agrifoodtech ecosystem, fueling tens of
billions of dollars of investment, are no longer
so attractive to investors, largely a result of
consolidation in the space.
Seeing the rise of categories like Ag Biotech,
which haven’t typically been a strength across
the region, as well as growing early-stage deal
activity, is promising.
It’s worth noting that despite closing fewer
deals, funding to Innovative Foods – which is
mostly alternative protein startups – actually
increased, bucking the dramatic fall from grace
of that category among investors globally.
We’ve expanded this report on last year’s
version to include deep dive sections on
Australia, China, India, Indonesia and
Southeast Asia, and spotlights on startups
Zetifi, Integriculture, Eratani and Tablepointer.
We are very grateful to our partners the
Bill & Melinda Gates Foundation, Omnivore
and AgriFutures Australia for their support,
without whom it would not be possible to
produce this report.
Happy reading!
Louisa Burwood-Taylor
and the AgFunder team
Asia-Pacific
agrifoodtech
investing in 2023
Few readers will be surprised that funding for Asia-Pacific’s food and
agriculture startups has fallen significantly over the past year and a
half, much like the rest of the world.
In the first half of this year, the ecosystem has
pulled in $2.6 billion, nearly 50% less than in H1
2022. This follows a 58% year-over-year drop
between the record-breaking 2021 and 2022.
But the interesting (and good!) news is
that investment in upstream agrifoodtech
innovations – those operating on the farm and in
novel food production – actually increased both
in 2022 and during the first six months of 2023.
Downstream food delivery and restaurant
startups, once the darling of the region’s
agrifoodtech ecosystem, fueling tens of
billions of dollars of investment, are no longer
so attractive to investors, largely a result of
consolidation in the space.
Seeing the rise of categories like Ag Biotech,
which haven’t typically been a strength across
the region, as well as growing early-stage deal
activity, is promising.
It’s worth noting that despite closing fewer
deals, funding to Innovative Foods – which is
mostly alternative protein startups – actually
increased, bucking the dramatic fall from grace
of that category among investors globally.
We’ve expanded this report on last year’s
version to include deep dive sections on
Australia, China, India, Indonesia and
Southeast Asia, and spotlights on startups
Zetifi, Integriculture, Eratani and Tablepointer.
We are very grateful to our partners the
Bill & Melinda Gates Foundation, Omnivore
and AgriFutures Australia for their support,
without whom it would not be possible to
produce this report.
Happy reading!
Louisa Burwood-Taylor
and the AgFunder team
About us
AgFunder is one of the world’s most active foodtech and agtech VCs.
We’re rethinking venture capital for the 21st century. Born in Silicon
Valley in 2013, we use technology, media and our global network to
invest in and support transformational founders and technologies.
With the world’s only global agrifoodtech investment portfolio, we’ve
invested in more than 60 companies across six continents.
AgFunderNews reports on the evolution of the global food and
agriculture system. By going beyond the headlines, we analyze the
people, companies and technologies aiming to improve human and
planetary health. Publishing daily news, our team of award-winning
journalists delivers deeper insight on the growing foodtech,
agtech and climate tech industries. A multimedia publication,
AgFunderNews is a division of AgFunder Inc, one of the world’s
most active agrifoodtech venture capital firms.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AgFunder is one of the world’s most active foodtech and agtech VCs.
We’re rethinking venture capital for the 21st century. Born in Silicon
Valley in 2013, we use technology, media and our global network to
invest in and support transformational founders and technologies.
With the world’s only global agrifoodtech investment portfolio, we’ve
invested in more than 60 companies across six continents.
AgFunderNews reports on the evolution of the global food and
agriculture system. By going beyond the headlines, we analyze the
people, companies and technologies aiming to improve human and
planetary health. Publishing daily news, our team of award-winning
journalists delivers deeper insight on the growing foodtech,
agtech and climate tech industries. A multimedia publication,
AgFunderNews is a division of AgFunder Inc, one of the world’s
most active agrifoodtech venture capital firms.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Our partners
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AgriFutures grow
AG.
is the gateway to
Australia’s agrifood innovation system.
Explore, find and connect with world leading
agricultural research, unique technologies
and commercialisation opportunities online
in one, easy to use location. growag.com.
AgriFutures evoke
AG.
is Asia Pacific’s
premier agrifood tech event. Explore the
exceptional edge of agrifood tech innovation
at evoke
AG.
on 20-21 February 2024 in Perth,
Western Australia. evokeag.com
Guided by the belief that every life has
equal value, the Bill & Melinda Gates
Foundation works to help all people lead
healthy, productive lives. In developing
countries, it focuses on improving
people’s health and giving them the
chance to lift themselves out of hunger
and extreme poverty.
Omnivore is a venture capital firm based in
India, which funds entrepreneurs building
the future of agriculture and food systems.
Omnivore pioneered agritech investing in India,
backing over 40 startups since 2011. Every day,
Omnivore portfolio companies drive agricultural
prosperity and transform food systems across
India, making farming more profitable, resilient,
sustainable, and climate-proof.
For exclusive updates on India’s agrifood sector,
subscribe here.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AgriFutures grow
AG.
is the gateway to
Australia’s agrifood innovation system.
Explore, find and connect with world leading
agricultural research, unique technologies
and commercialisation opportunities online
in one, easy to use location. growag.com.
AgriFutures evoke
AG.
is Asia Pacific’s
premier agrifood tech event. Explore the
exceptional edge of agrifood tech innovation
at evoke
AG.
on 20-21 February 2024 in Perth,
Western Australia. evokeag.com
Guided by the belief that every life has
equal value, the Bill & Melinda Gates
Foundation works to help all people lead
healthy, productive lives. In developing
countries, it focuses on improving
people’s health and giving them the
chance to lift themselves out of hunger
and extreme poverty.
Omnivore is a venture capital firm based in
India, which funds entrepreneurs building
the future of agriculture and food systems.
Omnivore pioneered agritech investing in India,
backing over 40 startups since 2011. Every day,
Omnivore portfolio companies drive agricultural
prosperity and transform food systems across
India, making farming more profitable, resilient,
sustainable, and climate-proof.
For exclusive updates on India’s agrifood sector,
subscribe here.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Key insights
Asia-Pacific agrifoodtech startups raised $6.5
billion in 2022, down 58% from the record-breaking
$15.2 billion raised in 2021.
In the first half of 2023, some $2.6 billion has
closed, a nearly 50% decline compared to H1 2022.
The overall decline doesn’t tell the whole story;
investment in startups operating upstream in the
supply chain – on the farm and in some primary
production – raised noticeably more funding in
2022 and H1 2023 compared to the same period
the year before.
Since 2013, Asia-Pacific agrifoodtech startups have
raised $59.3 billion.
Ag Biotechnology was the biggest upstream
category in 2022, raising $813 million, a 472% year-
over-year increase
Downstream’s biggest category was once again
eGrocery, which raised $1.6 billion in funding.
India-based eGrocery startup Blinkit’s $150 million
raise was the largest downstream deal.
Startups in the Midstream Technologies category
raised $620 million in 2022, with big checks going
to India’s Waycool and China’s Mojia Biotech.
India ($2.3 billion) overtook China ($1.3 billion) in
2022 as the region’s top country for agrifoodtech
investment, followed by Indonesia ($716 million) and
South Korea ($461 million).
In H1 2023, Chinese startups have raised the most
funding, with $861 million. India ($712 million) is next,
followed by Hong Kong ($400 million) and Australia
($146 million).
Despite fewer deals, dollar investment in 2022
increased year-over-year in innovative foods; ag
biotechnology; farm management, software sensing
& IoT; novel farming systems; and farm robotics.
Debt, early and growth-stage deals numbers have
increased steadily since 2018; late-stage funding
declined from 2021.
Key insights
Asia-Pacific agrifoodtech startups raised $6.5
billion in 2022, down 58% from the record-breaking
$15.2 billion raised in 2021.
In the first half of 2023, some $2.6 billion has
closed, a nearly 50% decline compared to H1 2022.
The overall decline doesn’t tell the whole story;
investment in startups operating upstream in the
supply chain – on the farm and in some primary
production – raised noticeably more funding in
2022 and H1 2023 compared to the same period
the year before.
Since 2013, Asia-Pacific agrifoodtech startups have
raised $59.3 billion.
Ag Biotechnology was the biggest upstream
category in 2022, raising $813 million, a 472% year-
over-year increase
Downstream’s biggest category was once again
eGrocery, which raised $1.6 billion in funding.
India-based eGrocery startup Blinkit’s $150 million
raise was the largest downstream deal.
Startups in the Midstream Technologies category
raised $620 million in 2022, with big checks going
to India’s Waycool and China’s Mojia Biotech.
India ($2.3 billion) overtook China ($1.3 billion) in
2022 as the region’s top country for agrifoodtech
investment, followed by Indonesia ($716 million) and
South Korea ($461 million).
In H1 2023, Chinese startups have raised the most
funding, with $861 million. India ($712 million) is next,
followed by Hong Kong ($400 million) and Australia
($146 million).
Despite fewer deals, dollar investment in 2022
increased year-over-year in innovative foods; ag
biotechnology; farm management, software sensing
& IoT; novel farming systems; and farm robotics.
Debt, early and growth-stage deals numbers have
increased steadily since 2018; late-stage funding
declined from 2021.
Key insights
TOTAL AGRIFOODTECH
INVESTMENTS OF
$6.5 billion
IN 2022
BIGGEST DOWNSTREAM
CATEGORY
eGrocery
$1.6 BILLION
FUNDING
BIGGEST DEAL OF 2022
Zhongxin
Breeding
$327 MILLION
FUNDING
AG BIOTECHNOLOGY (CHINA)
BIGGEST UPSTREAM
CATEGORY
Ag
Biotechnology
$813 MILLION
FUNDING
BIGGEST DEBT DEAL OF 2022
Blinkit
$150 MILLION
FUNDING
EGROCERY (INDIA)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
TOTAL AGRIFOODTECH
INVESTMENTS OF
$6.5 billion
IN 2022
BIGGEST DOWNSTREAM
CATEGORY
eGrocery
$1.6 BILLION
FUNDING
BIGGEST DEAL OF 2022
Zhongxin
Breeding
$327 MILLION
FUNDING
AG BIOTECHNOLOGY (CHINA)
BIGGEST UPSTREAM
CATEGORY
Ag
Biotechnology
$813 MILLION
FUNDING
BIGGEST DEBT DEAL OF 2022
Blinkit
$150 MILLION
FUNDING
EGROCERY (INDIA)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AgFunder has invested in world-leading
deep tech startups that tackle important
themes such as automation, carbon markets,
food as medicine, sustainability, green
ammonia, and more. These investments
include “the John Deere of vertical farming”
Intelligent Growth Solutions, food-as-
medicine discovery platforms Brightseed
and Faeth Therapeutics; fast-growing
marketplaces serving millions of farmers
and consumers in emerging economies,
DeHaat and Jüsto; autonomous farming
company Bear Flag Robotics; animal-free
leather producer MycoWorks; and green
ammonia producer Nium.
One of the keys to AgFunder’s success is its
media and research arm, AgFunderNews,
which has become the global epicenter
for agrifood technology intelligence with
subscribers from top stakeholders across the
landscape. Together with GAIA, AgFunder’s
database and proprietary machine learning
platform, the firm has developed a unique
ability to source deals, expertise, investors,
networks, and information for its portfolio
companies and LPs.
AgFunder focuses on supporting the best
entrepreneurs and companies, regardless
of their geographical location. With roughly
50% of its companies based in the US, a
track record of successful exits, and a global
network, AgFunder has established itself
as the go-to partner for investors seeking
global exposure to the agrifoodtech sector.
AgFunder has had a base in Asia since
2019, with the incorporation of our
Singapore office and launch of GROW
Accelerator - Southeast Asia’s first
specialist agrifoodtech accelerator
program. To date AgFunder has invested in
22 companies across Asia-Pacific, placing
it second behind only North America in
terms of investments per region, and
accounting for nearly 25% of deals across
the AgFunder investment portfolio.
agfunder.com
About us
AgFunder is a pioneer in agrifoodtech. With a history of
supporting entrepreneurs long before this became a topic
on investors’ agendas, the firm has invested in more than 60
companies across 6 continents. Currently, it manages an AUM
exceeding $180m and will soon close its $100m Fund IV.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
deep tech startups that tackle important
themes such as automation, carbon markets,
food as medicine, sustainability, green
ammonia, and more. These investments
include “the John Deere of vertical farming”
Intelligent Growth Solutions, food-as-
medicine discovery platforms Brightseed
and Faeth Therapeutics; fast-growing
marketplaces serving millions of farmers
and consumers in emerging economies,
DeHaat and Jüsto; autonomous farming
company Bear Flag Robotics; animal-free
leather producer MycoWorks; and green
ammonia producer Nium.
One of the keys to AgFunder’s success is its
media and research arm, AgFunderNews,
which has become the global epicenter
for agrifood technology intelligence with
subscribers from top stakeholders across the
landscape. Together with GAIA, AgFunder’s
database and proprietary machine learning
platform, the firm has developed a unique
ability to source deals, expertise, investors,
networks, and information for its portfolio
companies and LPs.
AgFunder focuses on supporting the best
entrepreneurs and companies, regardless
of their geographical location. With roughly
50% of its companies based in the US, a
track record of successful exits, and a global
network, AgFunder has established itself
as the go-to partner for investors seeking
global exposure to the agrifoodtech sector.
AgFunder has had a base in Asia since
2019, with the incorporation of our
Singapore office and launch of GROW
Accelerator - Southeast Asia’s first
specialist agrifoodtech accelerator
program. To date AgFunder has invested in
22 companies across Asia-Pacific, placing
it second behind only North America in
terms of investments per region, and
accounting for nearly 25% of deals across
the AgFunder investment portfolio.
agfunder.com
About us
AgFunder is a pioneer in agrifoodtech. With a history of
supporting entrepreneurs long before this became a topic
on investors’ agendas, the firm has invested in more than 60
companies across 6 continents. Currently, it manages an AUM
exceeding $180m and will soon close its $100m Fund IV.
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2023
Investment
highlights
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investment
highlights
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
10 years of
agrifoodtech
in Asia-Pacific
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
$6.5 billion
raised in Asia-Pacific 2022$30.2 billion
raised globally in 2022
$59.3 billion
raised in Asia-Pacific
since 2013
Asia-Pacific agrifoodtech
investment by year
China India APAC
(ex. China & India)
15
12
9
6
3
0
Total funding in billions $ USD
2013 H1 2023202220212020201920182017201620152014
2022 agrifoodtech funding
in Asia-Pacific
Upstream Midstream Downstream Global
$3.2
BILLION
(10.4%)
$2.7
BILLION
(9.0%)
$0.6
BILLION
(2.1%)
$23.7 billion
raised globally excluding APAC
(79.5%)
agrifoodtech
in Asia-Pacific
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
$6.5 billion
raised in Asia-Pacific 2022$30.2 billion
raised globally in 2022
$59.3 billion
raised in Asia-Pacific
since 2013
Asia-Pacific agrifoodtech
investment by year
China India APAC
(ex. China & India)
15
12
9
6
3
0
Total funding in billions $ USD
2013 H1 2023202220212020201920182017201620152014
2022 agrifoodtech funding
in Asia-Pacific
Upstream Midstream Downstream Global
$3.2
BILLION
(10.4%)
$2.7
BILLION
(9.0%)
$0.6
BILLION
(2.1%)
$23.7 billion
raised globally excluding APAC
(79.5%)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Asia-Pacific
2023 so far
Top 5 countries
H1 2023
($ USD)
$712
MILLION
$400
MILLION
$146
MILLION
$133
MILLION
Country $ USD million
China $861
India $712
Hong Kong $400
Australia $146
Indonesia $133
$2.6 billion
total funding H1 Asia-Pacific
342 deals
H1 Asia-Pacific Top deals in 2023
COUNTRY RAISED COMPANIES FUNDED STREAM
$400m
EcoCeres
BIOENERGY & BIOMATERIALS
$200m
Zepto
EGROCERY
$108m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$104m
Freshtohome
EGROCERY
$92m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$861
MILLION
Asia-Pacific
2023 so far
Top 5 countries
H1 2023
($ USD)
$712
MILLION
$400
MILLION
$146
MILLION
$133
MILLION
Country $ USD million
China $861
India $712
Hong Kong $400
Australia $146
Indonesia $133
$2.6 billion
total funding H1 Asia-Pacific
342 deals
H1 Asia-Pacific Top deals in 2023
COUNTRY RAISED COMPANIES FUNDED STREAM
$400m
EcoCeres
BIOENERGY & BIOMATERIALS
$200m
Zepto
EGROCERY
$108m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$104m
Freshtohome
EGROCERY
$92m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$861
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Asia-Pacific
2023 so far
10
8
6
4
2
0
Total funding billions $ USD
2019 2020 2022 20232021
H1 funding year-over-year
2019-2023
($ USD)
$8.8
BILLION
343
DEALS
$4.2
BILLION
384
DEALS
$2.6
BILLION
342
DEALS
$2.8
BILLION
336
DEALS
$2.6
BILLION
366
DEALS
Investment is far from the venture
capitalist heydays of 2021, but it’s
promising to see that dealflow has
not declined in the same period.
While it’s likely many growth and late-
stage startups have had to cut their
valuations or struggled to raise at all,
entrepreneurs are still bringing new
innovations to market as seed-stage
deals keep deal activity buoyant.
There was even an increase in deals
in upstream innovations at or closer
to the farm.
Upstream
Midstream
Downstream
$0.4
BILLION
$1.9
BILLION
$0.4
BILLION
$0.3
BILLION
$2.1
BILLION
$0.4
BILLION
$0.4
BILLION
$2.1
BILLION
$1.7
BILLION
$0.3
BILLION
$7.6
BILLION
$0.9
BILLION
$0.1
BILLION
$0.8
BILLION
$1.7
BILLION
400
350
300
250
200
150
100
50
0
Number of H1 deals by year
2019 2020 2022 20232021
H1 deals year-over-year
2019-2023
54
DEALS
167
DEALS
145
DEALS
54
DEALS
142
DEALS
188
DEALS
52
DEALS
157
DEALS
127
DEALS
41
DEALS
154
DEALS
148
DEALS
36
DEALS
98
DEALS
208
DEALS
Asia-Pacific
2023 so far
10
8
6
4
2
0
Total funding billions $ USD
2019 2020 2022 20232021
H1 funding year-over-year
2019-2023
($ USD)
$8.8
BILLION
343
DEALS
$4.2
BILLION
384
DEALS
$2.6
BILLION
342
DEALS
$2.8
BILLION
336
DEALS
$2.6
BILLION
366
DEALS
Investment is far from the venture
capitalist heydays of 2021, but it’s
promising to see that dealflow has
not declined in the same period.
While it’s likely many growth and late-
stage startups have had to cut their
valuations or struggled to raise at all,
entrepreneurs are still bringing new
innovations to market as seed-stage
deals keep deal activity buoyant.
There was even an increase in deals
in upstream innovations at or closer
to the farm.
Upstream
Midstream
Downstream
$0.4
BILLION
$1.9
BILLION
$0.4
BILLION
$0.3
BILLION
$2.1
BILLION
$0.4
BILLION
$0.4
BILLION
$2.1
BILLION
$1.7
BILLION
$0.3
BILLION
$7.6
BILLION
$0.9
BILLION
$0.1
BILLION
$0.8
BILLION
$1.7
BILLION
400
350
300
250
200
150
100
50
0
Number of H1 deals by year
2019 2020 2022 20232021
H1 deals year-over-year
2019-2023
54
DEALS
167
DEALS
145
DEALS
54
DEALS
142
DEALS
188
DEALS
52
DEALS
157
DEALS
127
DEALS
41
DEALS
154
DEALS
148
DEALS
36
DEALS
98
DEALS
208
DEALS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Asia-Pacific
2023 so far
Investment by quarter
($ USD)
$0.9
BILLION
$4.9
BILLION
$2.9
BILLION
$1.9
BILLION
$3.9
BILLION
$1.4
BILLION
$2.7
BILLION
$2.9
BILLION
$1.2
BILLION
$1.5
BILLION
$3.8
BILLION
$3.2
BILLION
$1.1
BILLION
$1.1
BILLION
5
4
3
2
1
0
Total funding billions $ USD
2020 Q12020 Q22020 Q32020 Q4 2021 Q12021 Q22021 Q32021 Q4 2022 Q12022 Q22022 Q3 2023 Q12022 Q4 2023 Q2
Despite the global venture capital
downturn, investment in upstream
agrifoodtech startups has increased,
even compared to the first half of 2021
when valuations were at their peak.
Investors globally have fled to more
defensive and deeper tech startups
operating on the farm in areas like
biotech, robotics, software and
sensing. Even hyped-up categories
like alternative proteins and indoor
farming showed strength in Asia-
Pacific despite a global pullback
in funding.
Upstream
Midstream
Downstream
$109
MILLION
$685
MILLION
$91
MILLION
$161
MILLION
$1.4
BILLION
$321
MILLION
$52
MILLION
$2.3
BILLION
$349
MILLION
$382
MILLION
$2.6
BILLION
$718
MILLION
$197
MILLION
$4.3
BILLION
$398
MILLION
$92
MILLION
$3.3
BILLION
$481
MILLION
$416
MILLION
$1.7
BILLION
$818
MILLION
$623
MILLION
$1.8
BILLION
$839
MILLION
$220
MILLION
$1.5
BILLION
$1.2
BILLION
$217
MILLION
$637
MILLION
$512
MILLION
$90
MILLION
$415
MILLION
$655
MILLION
$94
MILLION
$172
MILLION
$833
MILLION
$46
MILLION
$291
MILLION
$1.2
BILLION
$49
MILLION
$483
MILLION
$536
MILLION
Asia-Pacific
2023 so far
Investment by quarter
($ USD)
$0.9
BILLION
$4.9
BILLION
$2.9
BILLION
$1.9
BILLION
$3.9
BILLION
$1.4
BILLION
$2.7
BILLION
$2.9
BILLION
$1.2
BILLION
$1.5
BILLION
$3.8
BILLION
$3.2
BILLION
$1.1
BILLION
$1.1
BILLION
5
4
3
2
1
0
Total funding billions $ USD
2020 Q12020 Q22020 Q32020 Q4 2021 Q12021 Q22021 Q32021 Q4 2022 Q12022 Q22022 Q3 2023 Q12022 Q4 2023 Q2
Despite the global venture capital
downturn, investment in upstream
agrifoodtech startups has increased,
even compared to the first half of 2021
when valuations were at their peak.
Investors globally have fled to more
defensive and deeper tech startups
operating on the farm in areas like
biotech, robotics, software and
sensing. Even hyped-up categories
like alternative proteins and indoor
farming showed strength in Asia-
Pacific despite a global pullback
in funding.
Upstream
Midstream
Downstream
$109
MILLION
$685
MILLION
$91
MILLION
$161
MILLION
$1.4
BILLION
$321
MILLION
$52
MILLION
$2.3
BILLION
$349
MILLION
$382
MILLION
$2.6
BILLION
$718
MILLION
$197
MILLION
$4.3
BILLION
$398
MILLION
$92
MILLION
$3.3
BILLION
$481
MILLION
$416
MILLION
$1.7
BILLION
$818
MILLION
$623
MILLION
$1.8
BILLION
$839
MILLION
$220
MILLION
$1.5
BILLION
$1.2
BILLION
$217
MILLION
$637
MILLION
$512
MILLION
$90
MILLION
$415
MILLION
$655
MILLION
$94
MILLION
$172
MILLION
$833
MILLION
$46
MILLION
$291
MILLION
$1.2
BILLION
$49
MILLION
$483
MILLION
$536
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Asia-Pacific
2023 so far
Deal activity by quarter
The Asia-Pacific agrifoodtech
ecosystem is very much alive and
kicking! Deal activity appears
to have sprung back in the first
quarter of this year, almost
reaching the same number of
deals as the heyday of early 2021.
Upstream
Midstream
Downstream
172
TOTAL
183
TOTAL
203
TOTAL
164
TOTAL
160
TOTAL
181
TOTAL
168
TOTAL
194
TOTAL
147
TOTAL
178
TOTAL
165
TOTAL
222
TOTAL
128
TOTAL
164
TOTAL
250
200
150
100
50
0
Total rounds by quarter
2020 Q12020 Q22020 Q32020 Q4 2021 Q12021 Q22021 Q32021 Q4 2022 Q12022 Q22022 Q3 2023 Q12022 Q4 2023 Q2
27
DEALS
78
DEALS
67
DEALS
25
DEALS
79
DEALS
60
DEALS
21
DEALS
68
DEALS
79
DEALS
28
DEALS
61
DEALS
76
DEALS
20
DEALS
76
DEALS
87
DEALS
21
DEALS
78
DEALS
61
DEALS 23
DEALS
91
DEALS
80
DEALS
28
DEALS
94
DEALS
100
DEALS
31
DEALS
78
DEALS
94
DEALS
23
DEALS
64
DEALS
94
DEALS
25
DEALS
54
DEALS
68
DEALS
17
DEALS
39
DEALS
72
DEALS
20
DEALS
50
DEALS
108
DEALS
16
DEALS
48
DEALS
100
DEALS
Asia-Pacific
2023 so far
Deal activity by quarter
The Asia-Pacific agrifoodtech
ecosystem is very much alive and
kicking! Deal activity appears
to have sprung back in the first
quarter of this year, almost
reaching the same number of
deals as the heyday of early 2021.
Upstream
Midstream
Downstream
172
TOTAL
183
TOTAL
203
TOTAL
164
TOTAL
160
TOTAL
181
TOTAL
168
TOTAL
194
TOTAL
147
TOTAL
178
TOTAL
165
TOTAL
222
TOTAL
128
TOTAL
164
TOTAL
250
200
150
100
50
0
Total rounds by quarter
2020 Q12020 Q22020 Q32020 Q4 2021 Q12021 Q22021 Q32021 Q4 2022 Q12022 Q22022 Q3 2023 Q12022 Q4 2023 Q2
27
DEALS
78
DEALS
67
DEALS
25
DEALS
79
DEALS
60
DEALS
21
DEALS
68
DEALS
79
DEALS
28
DEALS
61
DEALS
76
DEALS
20
DEALS
76
DEALS
87
DEALS
21
DEALS
78
DEALS
61
DEALS 23
DEALS
91
DEALS
80
DEALS
28
DEALS
94
DEALS
100
DEALS
31
DEALS
78
DEALS
94
DEALS
23
DEALS
64
DEALS
94
DEALS
25
DEALS
54
DEALS
68
DEALS
17
DEALS
39
DEALS
72
DEALS
20
DEALS
50
DEALS
108
DEALS
16
DEALS
48
DEALS
100
DEALS
2022
Investment
trends
Investment
trends
$2.3
BILLION
$296
MILLION
$290
MILLION
$211
MILLION
$153
MILLION
$106
MILLION
$113
MILLION
$461
MILLION
$1.3
BILLION
$317
MILLION
$716
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by country
Top countries 2022
($ USD)
659 deals
across Asia-Pacific
557 unique
companies
across Asia-Pacific
$6.5 billion
raised in Asia-Pacific 2022
Country $ USD Deals
01 India 2.3b 216
02
China 1.3b 115
03
Indonesia 716m 62
04
South Korea 461m 35
05
Australia 317m 38
06
Singapore 296m 57
07
Thailand 290m 4
08
Japan 211m 43
09
Hong Kong 153m 13
10
Philippines 113m 10
11
Bangladesh 106m 7
BILLION
$296
MILLION
$290
MILLION
$211
MILLION
$153
MILLION
$106
MILLION
$113
MILLION
$461
MILLION
$1.3
BILLION
$317
MILLION
$716
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by country
Top countries 2022
($ USD)
659 deals
across Asia-Pacific
557 unique
companies
across Asia-Pacific
$6.5 billion
raised in Asia-Pacific 2022
Country $ USD Deals
01 India 2.3b 216
02
China 1.3b 115
03
Indonesia 716m 62
04
South Korea 461m 35
05
Australia 317m 38
06
Singapore 296m 57
07
Thailand 290m 4
08
Japan 211m 43
09
Hong Kong 153m 13
10
Philippines 113m 10
11
Bangladesh 106m 7
Investments
by supply
chain
2018-2022
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
15
12
9
6
3
0
Total funding billions $ USD
$7.9
BILLION
$4.9
BILLION
$9.2
BILLION
$14.9
BILLION
$6.5
BILLION
2018 2019 2021 20222020
Asia-Pacific agrifoodtech investment
by supply chain
($ USD)
$620
MILLION
$2.7
BILLION
$3.2
BILLION$703
MILLION
$7.1
BILLION
$1.5
BILLION
$705
MILLION
$3.4
BILLION
$803
MILLION
$794
MILLION
$5.2
BILLION
$1.8
BILLION
Upstream
Midstream
Downstream
Once the darling of the Asia-Pacific
agrifoodtech ecosystem, especially
out of China, downstream food
delivery innovations are no longer
an exciting investment opportunity
as clear leaders dominate the sector
and mid-size companies continue to
compete among themselves.
The real star of the ecosystem are
now upstream innovations, where
investment actually increased 24%
year-over-year despite generally poor
fundraising conditions globally.
$1.3
BILLION
$11
BILLION
$2.5
BILLION
by supply
chain
2018-2022
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
15
12
9
6
3
0
Total funding billions $ USD
$7.9
BILLION
$4.9
BILLION
$9.2
BILLION
$14.9
BILLION
$6.5
BILLION
2018 2019 2021 20222020
Asia-Pacific agrifoodtech investment
by supply chain
($ USD)
$620
MILLION
$2.7
BILLION
$3.2
BILLION$703
MILLION
$7.1
BILLION
$1.5
BILLION
$705
MILLION
$3.4
BILLION
$803
MILLION
$794
MILLION
$5.2
BILLION
$1.8
BILLION
Upstream
Midstream
Downstream
Once the darling of the Asia-Pacific
agrifoodtech ecosystem, especially
out of China, downstream food
delivery innovations are no longer
an exciting investment opportunity
as clear leaders dominate the sector
and mid-size companies continue to
compete among themselves.
The real star of the ecosystem are
now upstream innovations, where
investment actually increased 24%
year-over-year despite generally poor
fundraising conditions globally.
$1.3
BILLION
$11
BILLION
$2.5
BILLION
800
600
400
200
0
Number of deals by stage
575
TOTAL
689
TOTAL
669
TOTAL
759
TOTAL
659
TOTAL
2018 2019 2021 20222020
96
DEALS
235
DEALS
328
DEALS
92
DEALS
339
DEALS
328
DEALS
101
DEALS
286
DEALS
282
DEALS
110
DEALS
319
DEALS
260
DEALS
67
DEALS
312
DEALS
196
DEALS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by supply
chain
2018-2022
Asia-Pacific agrifoodtech deal activity by supply chain
Upstream
Midstream
Downstream
The increase in dollar funding to
upstream innovations in 2022 was
not a result of more deals and was
no doubt buoyed by a mega seed-
stage biotech deal out of China –
Zhongxin Breeding. But there were
also investment increases in Novel
Farming Systems and Innovative
Foods which helped push upstream
totals up.
600
400
200
0
Number of deals by stage
575
TOTAL
689
TOTAL
669
TOTAL
759
TOTAL
659
TOTAL
2018 2019 2021 20222020
96
DEALS
235
DEALS
328
DEALS
92
DEALS
339
DEALS
328
DEALS
101
DEALS
286
DEALS
282
DEALS
110
DEALS
319
DEALS
260
DEALS
67
DEALS
312
DEALS
196
DEALS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by supply
chain
2018-2022
Asia-Pacific agrifoodtech deal activity by supply chain
Upstream
Midstream
Downstream
The increase in dollar funding to
upstream innovations in 2022 was
not a result of more deals and was
no doubt buoyed by a mega seed-
stage biotech deal out of China –
Zhongxin Breeding. But there were
also investment increases in Novel
Farming Systems and Innovative
Foods which helped push upstream
totals up.
$813m
$536m
$527m
$439m
$334m
$254m
$252m
$620m
$0.6m
$1.6b
$516m
$413m
$150m
$17m
Investments
by category
2022 ($ USD)
Upstream
Midstream
Downstream
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
At $1.6 billion, eGrocery was still
the largest category in agrifoodtech
funding in 2022, although investment
in this field dropped precipitously vs
2021, when investors pumped $7.2
billion into the segment, including a
jaw-dropping $3 billion into Chinese
grocery shopping app Xingsheng
Youxuan.
The second-largest category in 2022
was Ag Biotech, which experienced a
surge in funding vs 2021, bolstered by
large raises for Chinese pig breeder
Zhongxin Breeding and India’s
microbial and biomolecule discovery
optimization platform Absolute Foods.
Ag Biotechnology
Ag Marketplaces & Fintech
Innovative Food
Bioenergy & Biomaterials
Farm Management Software, Sensing & IoT
Novel Farming Systems
Farm Robotics, Mechanization & Equipment
Midstream Technologies
Miscellaneous
eGrocery
Cloud Retail Infrastructure
In-store Retail & Restaurant Tech
Online Restaurants & Meal Marketplaces
Home & Cooking
$536m
$527m
$439m
$334m
$254m
$252m
$620m
$0.6m
$1.6b
$516m
$413m
$150m
$17m
Investments
by category
2022 ($ USD)
Upstream
Midstream
Downstream
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
At $1.6 billion, eGrocery was still
the largest category in agrifoodtech
funding in 2022, although investment
in this field dropped precipitously vs
2021, when investors pumped $7.2
billion into the segment, including a
jaw-dropping $3 billion into Chinese
grocery shopping app Xingsheng
Youxuan.
The second-largest category in 2022
was Ag Biotech, which experienced a
surge in funding vs 2021, bolstered by
large raises for Chinese pig breeder
Zhongxin Breeding and India’s
microbial and biomolecule discovery
optimization platform Absolute Foods.
Ag Biotechnology
Ag Marketplaces & Fintech
Innovative Food
Bioenergy & Biomaterials
Farm Management Software, Sensing & IoT
Novel Farming Systems
Farm Robotics, Mechanization & Equipment
Midstream Technologies
Miscellaneous
eGrocery
Cloud Retail Infrastructure
In-store Retail & Restaurant Tech
Online Restaurants & Meal Marketplaces
Home & Cooking
Investments
by category
2022 ($ USD)
Upstream
Midstream
Downstream
Category $ USD Rounds
Ag Biotechnology 813m 49
Ag Marketplaces & Fintech 536m 58
Innovative Food 527m 62
Bioenergy & Biomaterials 439m 29
Farm Management Software, Sensing & IoT 334m 72
Novel Farming Systems 254m 34
Farm Robotics, Mechanization & Equioment 252m 24
Midstream Technologies 620m 95
Miscellaneous 0.6m 1
eGrocery 1.6b 80
Cloud Retail Infrastructure 516m 35
In-store Retail & Restaurant Tech 413m 54
Online Restaurants & Meal Marketplaces 150m 51
Home & Cooking 17m 15
Categories by funding
($ USD)
5.2%
(34)
2.3%
(15)
12.1%
(80)
0.2%
(1)
7.4%
(49)7.7%
(51)
9.4%
(62)
3.6%
(24)
8.8%
(58)
4.4%
(29)
10.9%
(72)
5.3%
(35)
82%
(54)
14.4%
(95)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investment by deal count
659 deals
across the region
$6.5 billion
$USD investment
by category
2022 ($ USD)
Upstream
Midstream
Downstream
Category $ USD Rounds
Ag Biotechnology 813m 49
Ag Marketplaces & Fintech 536m 58
Innovative Food 527m 62
Bioenergy & Biomaterials 439m 29
Farm Management Software, Sensing & IoT 334m 72
Novel Farming Systems 254m 34
Farm Robotics, Mechanization & Equioment 252m 24
Midstream Technologies 620m 95
Miscellaneous 0.6m 1
eGrocery 1.6b 80
Cloud Retail Infrastructure 516m 35
In-store Retail & Restaurant Tech 413m 54
Online Restaurants & Meal Marketplaces 150m 51
Home & Cooking 17m 15
Categories by funding
($ USD)
5.2%
(34)
2.3%
(15)
12.1%
(80)
0.2%
(1)
7.4%
(49)7.7%
(51)
9.4%
(62)
3.6%
(24)
8.8%
(58)
4.4%
(29)
10.9%
(72)
5.3%
(35)
82%
(54)
14.4%
(95)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investment by deal count
659 deals
across the region
$6.5 billion
$USD investment
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Dollar investment increased year-
over-year in Innovative Foods; Ag
Biotechnology; Farm Management,
Software Sensing & IoT; Novel Farming
Systems; and Farm Robotics, although
not always as a result of more deals.
Changes in
category
investment
2021 vs 2022
Changes
Innovative Food
Novel Farmi ng S ystems
Farm Robotics, Mechaniz ation & Equ i pment
30
20
10
0
-10
-20
-30
-40
-50
+21
DEALS
+12
DEALS
+4
DEALS
-19
DEALS
-11
DEALS
-3
DEALS
-4
DEALS
Midstream Technologies
eGrocer y
Home & Cooki ng
Onli ne Restau rants & Meal Marketplaces
+6
DEALS
-2
DEALS
-3
DEALS
-23
DEALS
-17
DEALS
-14
DEALS
-47
DEALS
Miscellaneous
In-Store Retai l & Restau rant Tech
Upstream
Midstream
Downstream
Ag Biotechnolog y
Agri busi ness Marketplaces & Fi ntech
Bioenerg y/Biomater ials
Farm Management S oft ware & S ensi ng
Cloud & Retai l Infrastructu re
Changes in deal count from 2021-2022
759
DEALS
2021
659
DEALS
2022
Dollar investment increased year-
over-year in Innovative Foods; Ag
Biotechnology; Farm Management,
Software Sensing & IoT; Novel Farming
Systems; and Farm Robotics, although
not always as a result of more deals.
Changes in
category
investment
2021 vs 2022
Changes
Innovative Food
Novel Farmi ng S ystems
Farm Robotics, Mechaniz ation & Equ i pment
30
20
10
0
-10
-20
-30
-40
-50
+21
DEALS
+12
DEALS
+4
DEALS
-19
DEALS
-11
DEALS
-3
DEALS
-4
DEALS
Midstream Technologies
eGrocer y
Home & Cooki ng
Onli ne Restau rants & Meal Marketplaces
+6
DEALS
-2
DEALS
-3
DEALS
-23
DEALS
-17
DEALS
-14
DEALS
-47
DEALS
Miscellaneous
In-Store Retai l & Restau rant Tech
Upstream
Midstream
Downstream
Ag Biotechnolog y
Agri busi ness Marketplaces & Fi ntech
Bioenerg y/Biomater ials
Farm Management S oft ware & S ensi ng
Cloud & Retai l Infrastructu re
Changes in deal count from 2021-2022
759
DEALS
2021
659
DEALS
2022
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by category
2018-2022 ($ USD)
5 years of funding in five select categories
2.5
2
1.5
1
0.5
0
Total funding billions $ USD
2018 2019 2020 2021 2022
Ag Biotechnology Innovative Foods Online Restaurants & Meal Marketplaces
Novel Farming Systems In-Store Retail & Restaurant Tech
Funding plunged in downstream
categories such as eGrocery; In-
Store Retail & Restaurant Tech;
and Online Restaurants & Meal
Marketplaces in 2022. However,
some upstream categories
performed well, notably Ag
Biotechnology, in which investment
surged from $142 million in 2021 to
$813 million in 2022.
Investments
by category
2018-2022 ($ USD)
5 years of funding in five select categories
2.5
2
1.5
1
0.5
0
Total funding billions $ USD
2018 2019 2020 2021 2022
Ag Biotechnology Innovative Foods Online Restaurants & Meal Marketplaces
Novel Farming Systems In-Store Retail & Restaurant Tech
Funding plunged in downstream
categories such as eGrocery; In-
Store Retail & Restaurant Tech;
and Online Restaurants & Meal
Marketplaces in 2022. However,
some upstream categories
performed well, notably Ag
Biotechnology, in which investment
surged from $142 million in 2021 to
$813 million in 2022.
Investments
by gender
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
557
companies raised
VC funding in
Asia-Pacific
97
8
companies had
female founders/
cofounders/CEOs
(out of 434 companies with founder gender data)
companies had
female-only
leadership teams
(out of 434 companies with founder gender data)
In 2022
and
They raised a
combined $933 million,
or 17.3% of the total
raised by companies
with gender data
They raised a
combined $44.2 million,
or 0.8% of the total
raised by companies
with gender data
44.2
MILLION
933
MILLION
by gender
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
557
companies raised
VC funding in
Asia-Pacific
97
8
companies had
female founders/
cofounders/CEOs
(out of 434 companies with founder gender data)
companies had
female-only
leadership teams
(out of 434 companies with founder gender data)
In 2022
and
They raised a
combined $933 million,
or 17.3% of the total
raised by companies
with gender data
They raised a
combined $44.2 million,
or 0.8% of the total
raised by companies
with gender data
44.2
MILLION
933
MILLION
Agrifoodtech
categories
in-depth
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
categories
in-depth
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Ag
Biotechnology
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Total investment in the category—which covers on-farm inputs for crop
& animal agriculture—surged from $142 million in 2021 to $813 million in
2022. In a category otherwise dominated by North America, China’s Zhongxin
Breeding—which deploys genomic selection and somatic cell cloning to
develop new pig breeding lines—raised a jaw-dropping $327 million seed
round. The second biggest check ($100 million) went to Absolute Foods, India’s
largest microbial and biomolecule discovery optimization platform.
CHINA AUSTRALIAJAPAN
INDIA NEW ZEALAND SOUTH KOREA MALAYSIA
HONG KONG
$14
MILLION
$20
MILLION
$13
MILLION
$6
MILLION
$5
MILLION
$633
MILLION
$122
MILLION
$0.4
MILLION
Biotechnology
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Total investment in the category—which covers on-farm inputs for crop
& animal agriculture—surged from $142 million in 2021 to $813 million in
2022. In a category otherwise dominated by North America, China’s Zhongxin
Breeding—which deploys genomic selection and somatic cell cloning to
develop new pig breeding lines—raised a jaw-dropping $327 million seed
round. The second biggest check ($100 million) went to Absolute Foods, India’s
largest microbial and biomolecule discovery optimization platform.
CHINA AUSTRALIAJAPAN
INDIA NEW ZEALAND SOUTH KOREA MALAYSIA
HONG KONG
$14
MILLION
$20
MILLION
$13
MILLION
$6
MILLION
$5
MILLION
$633
MILLION
$122
MILLION
$0.4
MILLION
Ag
Biotechnology
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2023 data suggests continued
momentum for the Ag Biotech
category, with more than $340 million
raised in the first half from players
including Australia’s soil-carbon-
focused startup Loam Bio and China’s
Bio-Engine, which makes serum-free
media for human and animal cells.
Two startups to watch in this space are
Australia’s Rumin8, which is developing
feed supplements that reduce methane
emissions in livestock; and India’s Kan
Biosys, which makes bio-fertilizers, bio-
pesticides, and soil health products.
Zhiyi Pharmaceutics
$45 million
SERIES B
Huili Bio
$45 million
SERIES A
03
04
Readline
$43 million
SERIES B
0501
Zhongxin Breeding
$327 million
SEED
Derit Seeds
$40 million
LATE
06
Absolute
$100 million
SERIES B
02
07
08
Life Biosciences
$24 million
SERIES A
String Bio
$20 million
SERIES B
Biotechnology
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2023 data suggests continued
momentum for the Ag Biotech
category, with more than $340 million
raised in the first half from players
including Australia’s soil-carbon-
focused startup Loam Bio and China’s
Bio-Engine, which makes serum-free
media for human and animal cells.
Two startups to watch in this space are
Australia’s Rumin8, which is developing
feed supplements that reduce methane
emissions in livestock; and India’s Kan
Biosys, which makes bio-fertilizers, bio-
pesticides, and soil health products.
Zhiyi Pharmaceutics
$45 million
SERIES B
Huili Bio
$45 million
SERIES A
03
04
Readline
$43 million
SERIES B
0501
Zhongxin Breeding
$327 million
SEED
Derit Seeds
$40 million
LATE
06
Absolute
$100 million
SERIES B
02
07
08
Life Biosciences
$24 million
SERIES A
String Bio
$20 million
SERIES B
Agribusiness Marketplaces
& Fintech
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
The vast amount of smallholder farms in this region (typically farming 2
hectares or less) makes it fertile ground for startups in this category trying to
solve supply chain fragmentation and giving farmers better access to inputs,
credit and customers. Startups in the category aim to connect the region’s 450
million smallholder farmers with more direct access to these things in order to
boost incomes and minimize supply chain disruptions.
$106
MILLION
$37
MILLION
$15
MILLION
$10
MILLION
$5
MILLION
$4
MILLION
$3
MILLION
$355
MILLION
INDIA BANGLADESHSOUTH KOREA
INDONESIA CHINA AUSTRALIA PAKISTAN
SINGAPORE
& Fintech
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
The vast amount of smallholder farms in this region (typically farming 2
hectares or less) makes it fertile ground for startups in this category trying to
solve supply chain fragmentation and giving farmers better access to inputs,
credit and customers. Startups in the category aim to connect the region’s 450
million smallholder farmers with more direct access to these things in order to
boost incomes and minimize supply chain disruptions.
$106
MILLION
$37
MILLION
$15
MILLION
$10
MILLION
$5
MILLION
$4
MILLION
$3
MILLION
$355
MILLION
INDIA BANGLADESHSOUTH KOREA
INDONESIA CHINA AUSTRALIA PAKISTAN
SINGAPORE
Agribusiness
Marketplaces
& Fintech
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
India’s DeHaat — arguably the best-
known name in this category — once
again secured the top deal. Overall,
India startups dominated the top
deals in 2022, and the country also
boasted the largest number of deals:
31 compared to just nine in Indonesia,
which held the second-highest number
of deals. India’s size in terms of
population and geographical reach are
likely drivers of the country’s ongoing
lead in this category.
Jai Kisan
$49 million
SERIES B
Arya
$46 million
SERIES C
03
04
Tridge
$37 million
SERIES D
0501
DeHaat
$60 million
LATE
AgriAku
$35 million
SERIES A
06
Captain Fresh
$57 million
SERIES C
02
07
08
SarvaGram
$35 million
SERIES C
Aruna
$30 million
SERIES A
Marketplaces
& Fintech
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
India’s DeHaat — arguably the best-
known name in this category — once
again secured the top deal. Overall,
India startups dominated the top
deals in 2022, and the country also
boasted the largest number of deals:
31 compared to just nine in Indonesia,
which held the second-highest number
of deals. India’s size in terms of
population and geographical reach are
likely drivers of the country’s ongoing
lead in this category.
Jai Kisan
$49 million
SERIES B
Arya
$46 million
SERIES C
03
04
Tridge
$37 million
SERIES D
0501
DeHaat
$60 million
LATE
AgriAku
$35 million
SERIES A
06
Captain Fresh
$57 million
SERIES C
02
07
08
SarvaGram
$35 million
SERIES C
Aruna
$30 million
SERIES A
Cloud Retail
Infrastructure
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Thanks to a single round — LINE MAN Wongai Series B — Thailand raised by
far the most funding in 2022. India, home to delivery giants including Swiggy
and Zomato, had the most deals but raised considerably less than Indonesia
or South Korea. Like Thailand, the latter two countries’ deal amounts were
propped up by a handful of large rounds.
THAILAND PHILIPPINES PAKISTANINDONESIA
SOUTH KOREA JAPAN SINGAPORE PHILIPPINES
INDIA
$17
MILLION$33
MILLION
$36
MILLION
$265
MILLION
$81
MILLION
$74
MILLION
$6
MILLION
$5
MILLION
$0.4
MILLION
Infrastructure
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Thanks to a single round — LINE MAN Wongai Series B — Thailand raised by
far the most funding in 2022. India, home to delivery giants including Swiggy
and Zomato, had the most deals but raised considerably less than Indonesia
or South Korea. Like Thailand, the latter two countries’ deal amounts were
propped up by a handful of large rounds.
THAILAND PHILIPPINES PAKISTANINDONESIA
SOUTH KOREA JAPAN SINGAPORE PHILIPPINES
INDIA
$17
MILLION$33
MILLION
$36
MILLION
$265
MILLION
$81
MILLION
$74
MILLION
$6
MILLION
$5
MILLION
$0.4
MILLION
Cloud Retail
Infrastructure
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Reflecting the difficult funding
environment startups currently face,
top deals in 2022 were substantially
lower than the mega-rounds (e.g.
Swiggy’s $800m late-stage deal) that
dominated this category the previous
year. LINE MAN Wongnai secured
the only round over $100m. Other top
raises, such as Indonesia’s Super and
South Korea’s Neubility, offer delivery
logistics tools that serve a wider
audience than just restaurants and
grocery retailers.
Barogo
$42 million
SERIES C
Neubility
$21 million
SERIES A
03
04
Showcase Gig
$20 million
LATE
0501
LINE MAN Wongnai
$265 million
SERIES B
SpringCloud
$18 million
SERIES A
06
Super
$70 million
SERIES C
02
07
08
Rebel Foods
$12 million
DEBT
Office De Yasai
$11 million
SERIES C
Infrastructure
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Reflecting the difficult funding
environment startups currently face,
top deals in 2022 were substantially
lower than the mega-rounds (e.g.
Swiggy’s $800m late-stage deal) that
dominated this category the previous
year. LINE MAN Wongnai secured
the only round over $100m. Other top
raises, such as Indonesia’s Super and
South Korea’s Neubility, offer delivery
logistics tools that serve a wider
audience than just restaurants and
grocery retailers.
Barogo
$42 million
SERIES C
Neubility
$21 million
SERIES A
03
04
Showcase Gig
$20 million
LATE
0501
LINE MAN Wongnai
$265 million
SERIES B
SpringCloud
$18 million
SERIES A
06
Super
$70 million
SERIES C
02
07
08
Rebel Foods
$12 million
DEBT
Office De Yasai
$11 million
SERIES C
Farm Management
Software, Sensing & IoT
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
South Korea surpassed India as the leader for this category in 2022. However,
this was due to a single deal from farm management platform Greenlabs.
Outside of that deal, India was once again the category’s largest market,
though startups in the country raised roughly 22% less than in the previous
year. India also had the most deals, followed by China and Australia.
SOUTH KOREA JAPAN PAKISTANCHINA
INDIA AUSTRALIA SINGAPORE VIETNAM
INDONESIA
$83
MILLION
$39
MILLION
$26
MILLION
$24
MILLION
$9
MILLION
$9
MILLION
$3
MILLION
$1
MILLION
$3
MILLION
$5
MILLION
$140
MILLION
NEW ZEALAND
& MALAYSIA
$0.1
MILLION
Software, Sensing & IoT
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
South Korea surpassed India as the leader for this category in 2022. However,
this was due to a single deal from farm management platform Greenlabs.
Outside of that deal, India was once again the category’s largest market,
though startups in the country raised roughly 22% less than in the previous
year. India also had the most deals, followed by China and Australia.
SOUTH KOREA JAPAN PAKISTANCHINA
INDIA AUSTRALIA SINGAPORE VIETNAM
INDONESIA
$83
MILLION
$39
MILLION
$26
MILLION
$24
MILLION
$9
MILLION
$9
MILLION
$3
MILLION
$1
MILLION
$3
MILLION
$5
MILLION
$140
MILLION
NEW ZEALAND
& MALAYSIA
$0.1
MILLION
Farm
Management
Software,
Sensing & IoT
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
In a single round, South Korea farm-
management software startup
Greenlabs raised nearly six times
the amount of the category’s next-
largest raise — from China’s Onechip
Bioelectronics — in 2022. Several other
top deals for the year went to solutions
focused on livestock and fishing,
including Pitik (poultry), MoooFarm
(dairy), and aquaculture companies
Aquaconnect and umitron.
Aquaconnect
$15 million
SERIES A
Pitik
$14 million
SERIES A
03
04
Cropin
$14 million
SERIES D
0501
GREENLABS
$140 million
SERIES C
Mooofarm
$12 million
SERIES A
06
Onechip Bioelectronics
$23 million
SERIES B
02
07
08
Umitrom
$9 million
SERIES B
Aquaconnect
$8 million
DEBT
Management
Software,
Sensing & IoT
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
In a single round, South Korea farm-
management software startup
Greenlabs raised nearly six times
the amount of the category’s next-
largest raise — from China’s Onechip
Bioelectronics — in 2022. Several other
top deals for the year went to solutions
focused on livestock and fishing,
including Pitik (poultry), MoooFarm
(dairy), and aquaculture companies
Aquaconnect and umitron.
Aquaconnect
$15 million
SERIES A
Pitik
$14 million
SERIES A
03
04
Cropin
$14 million
SERIES D
0501
GREENLABS
$140 million
SERIES C
Mooofarm
$12 million
SERIES A
06
Onechip Bioelectronics
$23 million
SERIES B
02
07
08
Umitrom
$9 million
SERIES B
Aquaconnect
$8 million
DEBT
eratani.co.id
Eratani is a pioneer and leading B2B agritech company empowering farmers
across the agricultural value chain. It specializes in paddy farming solutions in
Indonesia. We are steadfast in our mission to promote sustainable food security,
self-sufficiency, and prosperity among rice farmers by offering comprehensive
guidance through our end-to-end solution.
Startup spotlight
Eratani
FARM MANAGEMENT SOFTWARE, SENSING & IOT
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
The downslide in funding for agrifoodtech
has definitely affected and limited growth
and the expansion potential of businesses
in this sector. This hinders innovation,
development, and scaling of solutions.
At Eratani, these circumstances compel us
to stay adaptive, streamlined, and customer-
focused. This situation will not change our
commitment to continue to serve the farming
community and ensure that they have the
tools and support needed for sustainable
and prosperous farming, irrespective of the
external financial climate. This scenario
underscores the significance of financial self-
sufficiency, judicious budget management,
and seeking alternative funding avenues to
holistically support our farmers.
What has Eratani done in order
to address the challenges of
agriculture in the region?
To counter these challenges, Eratani has
devised strategic responses;
Providing access to financial solutions:
Assists farmers in securing the necessary
capital at affordable rates. Through
partnerships and collaborations, we are
working towards reducing the financial
burden faced by farmers.
Providing access to education:
Educating both farmers and consumers
about the importance of a sustainable
and secure food supply chain can have
a significant impact. This can include
workshops, awareness campaigns, and
educational materials. Eratani offers full
support and guidance from planting to
harvesting with objective to improve the
yield of the farmers.
Market access:
Our strategies are designed to protect
farmers from price and demand
uncertainties, and our efforts in building
B2B and B2G market capabilities ensure
better market reach and profitability.
Building strategic partnerships:
Eratani believes in the power of
collaboration. We’ve joined hands with
diverse stakeholders, including local rice
mills, warehouses, government entities,
universities, NGOs, and other enterprises,
to collectively tackle challenges in the agri-
food sector.
Eratani is a pioneer and leading B2B agritech company empowering farmers
across the agricultural value chain. It specializes in paddy farming solutions in
Indonesia. We are steadfast in our mission to promote sustainable food security,
self-sufficiency, and prosperity among rice farmers by offering comprehensive
guidance through our end-to-end solution.
Startup spotlight
Eratani
FARM MANAGEMENT SOFTWARE, SENSING & IOT
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
The downslide in funding for agrifoodtech
has definitely affected and limited growth
and the expansion potential of businesses
in this sector. This hinders innovation,
development, and scaling of solutions.
At Eratani, these circumstances compel us
to stay adaptive, streamlined, and customer-
focused. This situation will not change our
commitment to continue to serve the farming
community and ensure that they have the
tools and support needed for sustainable
and prosperous farming, irrespective of the
external financial climate. This scenario
underscores the significance of financial self-
sufficiency, judicious budget management,
and seeking alternative funding avenues to
holistically support our farmers.
What has Eratani done in order
to address the challenges of
agriculture in the region?
To counter these challenges, Eratani has
devised strategic responses;
Providing access to financial solutions:
Assists farmers in securing the necessary
capital at affordable rates. Through
partnerships and collaborations, we are
working towards reducing the financial
burden faced by farmers.
Providing access to education:
Educating both farmers and consumers
about the importance of a sustainable
and secure food supply chain can have
a significant impact. This can include
workshops, awareness campaigns, and
educational materials. Eratani offers full
support and guidance from planting to
harvesting with objective to improve the
yield of the farmers.
Market access:
Our strategies are designed to protect
farmers from price and demand
uncertainties, and our efforts in building
B2B and B2G market capabilities ensure
better market reach and profitability.
Building strategic partnerships:
Eratani believes in the power of
collaboration. We’ve joined hands with
diverse stakeholders, including local rice
mills, warehouses, government entities,
universities, NGOs, and other enterprises,
to collectively tackle challenges in the agri-
food sector.
Innovative
Foods
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
While investment dropped sharply in North America as investors turned off
the funding tap for alternative proteins, investment increased in the Asia-
Pacific region, jumping 26% year-over-year to $527 million in 2022 bolstered
by a couple of large rounds. Overall deal activity declined in 2022. In H1 2023,
activity has slowed down dramatically, with startups in the category raising
just $156 million.
SINGAPORE HONG KONG INDIAAUSTRALIA
CHINA SOUTH KOREA NEW ZEALAND INDONESIA MALYASIA
JAPAN
$122
MILLION
$98
MILLION
$35
MILLION
$50
MILLION
$16
MILLION
$12
MILLION
$10
MILLION
$5
MILLION
$1
MILLION
$175
MILLION
Foods
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
While investment dropped sharply in North America as investors turned off
the funding tap for alternative proteins, investment increased in the Asia-
Pacific region, jumping 26% year-over-year to $527 million in 2022 bolstered
by a couple of large rounds. Overall deal activity declined in 2022. In H1 2023,
activity has slowed down dramatically, with startups in the category raising
just $156 million.
SINGAPORE HONG KONG INDIAAUSTRALIA
CHINA SOUTH KOREA NEW ZEALAND INDONESIA MALYASIA
JAPAN
$122
MILLION
$98
MILLION
$35
MILLION
$50
MILLION
$16
MILLION
$12
MILLION
$10
MILLION
$5
MILLION
$1
MILLION
$175
MILLION
Innnovative
Foods
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
In 2022 investors placed big bets on
Chinese alt meat startup Starfield
and Singapore-based Next Gen
Foods, which has just entered the US
foodservice market with its TiNDLE
plant-based chicken. In 2023, startups
to watch in the emerging ‘animal-
free dairy’ space (dairy proteins via
precision fermentation) include India’s
Zero Cow Factory and Australia’s
Eden Brew.
Oatside
$66 million
SERIES A
03
04
0501
Next Gen Foods
$100 million
SERIES A
06
Starfield Food & Science Tech
$100 million
SERIES B
02
07
08
DAIZ
$26 million
SERIES C
Armored Fresh
$21 million
SERIES A
All G Foods
$17 million
SERIES A
Vow
$49 million
SERIES A
Nourish Ingredients
$29 million
SERIES A
Foods
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
In 2022 investors placed big bets on
Chinese alt meat startup Starfield
and Singapore-based Next Gen
Foods, which has just entered the US
foodservice market with its TiNDLE
plant-based chicken. In 2023, startups
to watch in the emerging ‘animal-
free dairy’ space (dairy proteins via
precision fermentation) include India’s
Zero Cow Factory and Australia’s
Eden Brew.
Oatside
$66 million
SERIES A
03
04
0501
Next Gen Foods
$100 million
SERIES A
06
Starfield Food & Science Tech
$100 million
SERIES B
02
07
08
DAIZ
$26 million
SERIES C
Armored Fresh
$21 million
SERIES A
All G Foods
$17 million
SERIES A
Vow
$49 million
SERIES A
Nourish Ingredients
$29 million
SERIES A
integriculture.com
IntegriCulture equips all entities, big and small, old and new, with “food
grade everything” for cellular agriculture. This includes food grade basal
medium, cell-cultured serum and bioreactors.
Startup spotlight
Integriculture
INNOVATIVE FOODS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
As we were expecting from the beginning a
“hype cycle” to happen, it was not a surprise,
and our business is already realigned for
survivability. We have put more focus on
our revenue-generating cellular agriculture
cosmetics business, and expanded on
CulNet Consortium strategic partnerships,
which alleviates the upfront capital
requirement while introducing knowledge
from adjacent industries. Admittedly, there
are things that startups are not good at
but existing corporate entities are better at
(i.e. bioprocess engineering, food factory
operational excellence etc.), and hence the
reason we value strategic partnerships.
What are the biggest challenges facing
the region’s food and agriculture industry
today and how is your company trying
to solve them?
In Japan and other nations in Asia-Pacific,
food security is a challenge at a national
level, and government interests are
very high. In addition, we are seeing an
increasing number of governments wishing
to establish the whole cellular agriculture
supply chain within a country. This means
not just building a cell-cultivated meat
factory, but also establishing a domestic
supply chain of basal medium, bioreactors,
serum components and other components.
Certain countries are already having
issues establishing a domestic source of
IP-heavy components such as (food grade)
growth factor peptides. In this regard,
IntegriCulture Inc. can provide food grade
basal medium (“IMEM”) and cell banking
solutions, food grade “cell-cultured serum”
made by CulNet System in situ, and
bioreactors with food grade specifications
i.e. our “repurposed pressure cooker
bioreactor”. The client basically gets the
whole cellular agriculture capability.
What challenges has your startup
overcome in the past 1-2 years that you
overcame?
Fundraising has been the biggest issue.
While we were making good progress with
R&D, there has been an issue with building
a business development team to iteratively
improve our technology-product-market fit.
What do you value in an investor?
We value an investor that brings in
strategic partnerships, while helping with
building global operations capability.
IntegriCulture equips all entities, big and small, old and new, with “food
grade everything” for cellular agriculture. This includes food grade basal
medium, cell-cultured serum and bioreactors.
Startup spotlight
Integriculture
INNOVATIVE FOODS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
As we were expecting from the beginning a
“hype cycle” to happen, it was not a surprise,
and our business is already realigned for
survivability. We have put more focus on
our revenue-generating cellular agriculture
cosmetics business, and expanded on
CulNet Consortium strategic partnerships,
which alleviates the upfront capital
requirement while introducing knowledge
from adjacent industries. Admittedly, there
are things that startups are not good at
but existing corporate entities are better at
(i.e. bioprocess engineering, food factory
operational excellence etc.), and hence the
reason we value strategic partnerships.
What are the biggest challenges facing
the region’s food and agriculture industry
today and how is your company trying
to solve them?
In Japan and other nations in Asia-Pacific,
food security is a challenge at a national
level, and government interests are
very high. In addition, we are seeing an
increasing number of governments wishing
to establish the whole cellular agriculture
supply chain within a country. This means
not just building a cell-cultivated meat
factory, but also establishing a domestic
supply chain of basal medium, bioreactors,
serum components and other components.
Certain countries are already having
issues establishing a domestic source of
IP-heavy components such as (food grade)
growth factor peptides. In this regard,
IntegriCulture Inc. can provide food grade
basal medium (“IMEM”) and cell banking
solutions, food grade “cell-cultured serum”
made by CulNet System in situ, and
bioreactors with food grade specifications
i.e. our “repurposed pressure cooker
bioreactor”. The client basically gets the
whole cellular agriculture capability.
What challenges has your startup
overcome in the past 1-2 years that you
overcame?
Fundraising has been the biggest issue.
While we were making good progress with
R&D, there has been an issue with building
a business development team to iteratively
improve our technology-product-market fit.
What do you value in an investor?
We value an investor that brings in
strategic partnerships, while helping with
building global operations capability.
In-Store Retail
& Retaurant Tech
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2022 saw new markets in this category like Bangladesh and the Philippines
sprint ahead of more established regions such as Singapore — though
this lead was thanks to just three deals: two in Bangladesh and one in the
Philippines. Singapore maintained its lead for number of deals in 2022 but
raised less overall than startups in China, India, Indonesia and others.
BANGLADESH SOUTH KOREA MALAYSIACHINA
PHILIPPINES INDIA AUSTRALIA HONG KONG SINGAPORE
INDONESIA
$63
MILLION
$34
MILLION
$17
MILLION
$99
MILLION
$78
MILLION
$36
MILLION
$30
MILLION
$11
MILLION
$13
MILLION
$27
MILLION
& Retaurant Tech
2022 Funding by region ($ USD)
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2022 saw new markets in this category like Bangladesh and the Philippines
sprint ahead of more established regions such as Singapore — though
this lead was thanks to just three deals: two in Bangladesh and one in the
Philippines. Singapore maintained its lead for number of deals in 2022 but
raised less overall than startups in China, India, Indonesia and others.
BANGLADESH SOUTH KOREA MALAYSIACHINA
PHILIPPINES INDIA AUSTRALIA HONG KONG SINGAPORE
INDONESIA
$63
MILLION
$34
MILLION
$17
MILLION
$99
MILLION
$78
MILLION
$36
MILLION
$30
MILLION
$11
MILLION
$13
MILLION
$27
MILLION
In-Store Retail
& Retaurant
Tech
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Top deals in this category went to B2B
commerce technologies that aim to
help “mom and pop” retailers digitize.
Things like wholesales, inventory
management, fast delivery and
financial assistance remain significant
hurdles for many small business
owners in Asia trying to break into
the online economy. Companies like
ShopUp and Grow Sari, which offer
bundles of services specifically
geared to small businesses, are
attempting to alleviate some of the
fragmentation here.
Feng1
$47 million
SERIES A
ShopUp
$34 million
SERIES B
03
04
me&u
$30 million
SERIES C
0501
GrowSari
$78 million
SERIES C
Esensi Solusi Buana
$29 million
SERIES B
06
ShopUp
$65 million
SERIES B
02
07
08
Catch Table
$25 million
SERIES C
UrbanPiper
$24 million
SERIES B
& Retaurant
Tech
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Top deals in this category went to B2B
commerce technologies that aim to
help “mom and pop” retailers digitize.
Things like wholesales, inventory
management, fast delivery and
financial assistance remain significant
hurdles for many small business
owners in Asia trying to break into
the online economy. Companies like
ShopUp and Grow Sari, which offer
bundles of services specifically
geared to small businesses, are
attempting to alleviate some of the
fragmentation here.
Feng1
$47 million
SERIES A
ShopUp
$34 million
SERIES B
03
04
me&u
$30 million
SERIES C
0501
GrowSari
$78 million
SERIES C
Esensi Solusi Buana
$29 million
SERIES B
06
ShopUp
$65 million
SERIES B
02
07
08
Catch Table
$25 million
SERIES C
UrbanPiper
$24 million
SERIES B
tablepointer.com
TablePointer is the A.I. solution for small & medium commercial facilities to optimize
energy efficiency, manage assets, and upgrade sustainability and profitability right
away. TablePointer optimizes energy consumption for F&B outlets and businesses along
the food supply chain through a plug-and-play energy-efficiency-as-a-service solution.
Startup spotlight
TablePointer
IN-STORE RETAIL & RESTAURANT TECH
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
The decline in funding for agrifoodtech
is concerning and highlights the need for
innovative solutions more than ever. The drop
in funding requires a focus for businesses
on a path to profitability and cost reductions
where reduced energy consumption can be
one of the answers in supporting businesses
on this path.
What are the biggest challenges
facing the region’s food and
agriculture industry today and how is
TablePointer trying to solve them?
The food and agriculture industry in the Asia-
Pacific region faces formidable challenges,
including high energy costs, sustainability
concerns, asset management complexities,
and the imperative to maintain profitability
amid cost pressures. TablePointer is
actively mitigating these issues with its
energy-efficiency-as-a-service solution,
designed to optimize energy consumption,
lower operational costs, and reduce
environmental impact.
What challenges has your startup
overcome in the past 1-2 years?
Transitioning from a pilot phase to
a comprehensive market expansion
necessitates an extensive process of
rigorous testing, continual learning, and
product development. We have diligently
collaborated with a diverse clientele to
enhance the adaptability of our offerings.
Establishing the right network for scalable
growth has been key and we have enabled
this through actively seeking mentorship
and connections within the industry and
through investors.
What do you value in an investor?
We value investors who share our
commitment to sustainability, possess
industry expertise, and have a long-term
vision, recognizing the patient nature
of sustainability efforts and building
sustainable businesses. We appreciate
working with investors who can support
the business development through their
network and connections, as well as
provide strategic guidance and mentorship.
TablePointer is the A.I. solution for small & medium commercial facilities to optimize
energy efficiency, manage assets, and upgrade sustainability and profitability right
away. TablePointer optimizes energy consumption for F&B outlets and businesses along
the food supply chain through a plug-and-play energy-efficiency-as-a-service solution.
Startup spotlight
TablePointer
IN-STORE RETAIL & RESTAURANT TECH
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
The decline in funding for agrifoodtech
is concerning and highlights the need for
innovative solutions more than ever. The drop
in funding requires a focus for businesses
on a path to profitability and cost reductions
where reduced energy consumption can be
one of the answers in supporting businesses
on this path.
What are the biggest challenges
facing the region’s food and
agriculture industry today and how is
TablePointer trying to solve them?
The food and agriculture industry in the Asia-
Pacific region faces formidable challenges,
including high energy costs, sustainability
concerns, asset management complexities,
and the imperative to maintain profitability
amid cost pressures. TablePointer is
actively mitigating these issues with its
energy-efficiency-as-a-service solution,
designed to optimize energy consumption,
lower operational costs, and reduce
environmental impact.
What challenges has your startup
overcome in the past 1-2 years?
Transitioning from a pilot phase to
a comprehensive market expansion
necessitates an extensive process of
rigorous testing, continual learning, and
product development. We have diligently
collaborated with a diverse clientele to
enhance the adaptability of our offerings.
Establishing the right network for scalable
growth has been key and we have enabled
this through actively seeking mentorship
and connections within the industry and
through investors.
What do you value in an investor?
We value investors who share our
commitment to sustainability, possess
industry expertise, and have a long-term
vision, recognizing the patient nature
of sustainability efforts and building
sustainable businesses. We appreciate
working with investors who can support
the business development through their
network and connections, as well as
provide strategic guidance and mentorship.
Investments
by country
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
by country
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Southeast Asia
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
LINE MAN Wongnai
$265 million
CLOUD RETAIL INFRASTRUCTURE
02
Sayurbox
$119 million
EGROCERY
03
Next Gen Foods
$100 million
INNOVATIVE FOOD
04
eFishery
$90 million
FARM ROBOTICS, MECHANIZATION & EQ.
05
GrowSari
$78 million
IN-STORE RETAIL RESTAURANT TECH
Downstream restaurant and grocery startups made up most of the region’s top
deals in 2022. Excepting Line Man WONGNAI’s Series B, however, most of these
deals happened earlier in 2022. The presence of eFishery hints at the growing
interest in farm robots and mechanization, which was one of the region’s best-
funded categories. Outside of eGrocery, upstream and downstream startups are
neck-and-neck when it comes to percentage of the agrifoodtech investment pie.
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
LINE MAN Wongnai
$265 million
CLOUD RETAIL INFRASTRUCTURE
02
Sayurbox
$119 million
EGROCERY
03
Next Gen Foods
$100 million
INNOVATIVE FOOD
04
eFishery
$90 million
FARM ROBOTICS, MECHANIZATION & EQ.
05
GrowSari
$78 million
IN-STORE RETAIL RESTAURANT TECH
Downstream restaurant and grocery startups made up most of the region’s top
deals in 2022. Excepting Line Man WONGNAI’s Series B, however, most of these
deals happened earlier in 2022. The presence of eFishery hints at the growing
interest in farm robots and mechanization, which was one of the region’s best-
funded categories. Outside of eGrocery, upstream and downstream startups are
neck-and-neck when it comes to percentage of the agrifoodtech investment pie.
Southeast Asia
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
1% (2)
3.1%
(6)
9.3%
(18)
8.8%
(17)
7.8%
(15)
8.3%
(16)
5.2%
(10)
13%
(25)
7.8%
(15)
14%
(27)
9.8%
(19)
9.3%
(18)
2.1%
(4)
0.5%
(1)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Deals
Farm Robotics, Mechanization & Equipment 263m 6
Innovative Food 189m 18
Ag Marketplaces & Fintech 135m 17
Novel Farming Systems 66m 15
Farm Management Software, Sensing & IoT 41m 16
Bioenergy & Biomaterials 40m 10
Ag Biotechnology 0.4m 4
Midstream Technologies 86m 25
Miscellaneous 0.6m 1
Cloud Retail Infrastructure 381m 15
eGrocery 288m 27
In-store Retail & Restaurant Tech 137m 19
Online Restaurants & Meal Marketplaces 73m 18
Home & Cooking - 2
192 deals
across the region
$1.7 billion
$USD investment
Upstream
Midstream
Downstream
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
1% (2)
3.1%
(6)
9.3%
(18)
8.8%
(17)
7.8%
(15)
8.3%
(16)
5.2%
(10)
13%
(25)
7.8%
(15)
14%
(27)
9.8%
(19)
9.3%
(18)
2.1%
(4)
0.5%
(1)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Deals
Farm Robotics, Mechanization & Equipment 263m 6
Innovative Food 189m 18
Ag Marketplaces & Fintech 135m 17
Novel Farming Systems 66m 15
Farm Management Software, Sensing & IoT 41m 16
Bioenergy & Biomaterials 40m 10
Ag Biotechnology 0.4m 4
Midstream Technologies 86m 25
Miscellaneous 0.6m 1
Cloud Retail Infrastructure 381m 15
eGrocery 288m 27
In-store Retail & Restaurant Tech 137m 19
Online Restaurants & Meal Marketplaces 73m 18
Home & Cooking - 2
192 deals
across the region
$1.7 billion
$USD investment
Upstream
Midstream
Downstream
$716
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Southeast Asia
spotlight
Top countries 2022
($ USD)
192 deals
across Southeast Asia
$1.7 billion
raised in Southeast Asia
Country $ USD million Deals
Indonesia $716 62
Singapore $295 58
Thailand $290 4
Philippines $113 10
Malaysia $56 11
Vietnam $15 8
$295
MILLION
$56
MILLION
$15
MILLION
$290
MILLION
$113
MILLION
MILLION
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Southeast Asia
spotlight
Top countries 2022
($ USD)
192 deals
across Southeast Asia
$1.7 billion
raised in Southeast Asia
Country $ USD million Deals
Indonesia $716 62
Singapore $295 58
Thailand $290 4
Philippines $113 10
Malaysia $56 11
Vietnam $15 8
$295
MILLION
$56
MILLION
$15
MILLION
$290
MILLION
$113
MILLION
Southeast Asia
Farmtech
Smallholder Farmtech
2022
($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Reflecting the diversity of farming
types in Southeast Asia, top farmtech
deals spanned several areas including
aquaculture, insect farming, and
agribusiness marketplaces & fintech.
The latter category is especially
important for smallholder farmers
in need of access to supplies, credit
and more direct relationships with
customers. Farm robotics and
mechanization is another important
category in the region as it grapples
with the impacts of climate change and
ensuing labor challenges.
Upstream
Midstream
Downstream
2.1% (1)
2.1%
(1)
25.5%
(12) 27.7%
(13)
17%
(8)
8.5%
(4)6.4%
(3)
6.4%
(3)
Investment by deal count
Farmtech deal count by category
Category $USD Deals
Farm Robotics, Mechanization & Equipment 263m 6
Ag Marketplaces & Fintech 95m 12
Novel Farming Systems 66m 15
Farm Management Software, Sensing & IoT 41m 16
Bioenergy & Biomaterials 2m 5
Innovative Food 2m 1
Ag Biotechnology - 3
Midstream Technologies 23m 1
Miscellaneous 0.6m 1
Farm-2-Consumer eGrocery 119m 1
Top Farmtech deals in Southest Asia
COUNTRY RAISED COMPANIES FUNDED STREAM
$90m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$35m
AgriAku
AG MARKETPLACES & FINTECH
$33m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$30m
Entobel
NOVEL FARMING SYSTEMS
$30m
Aruna
AG MARKETPLACES & FINTECH
Farmtech
Smallholder Farmtech
2022
($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Reflecting the diversity of farming
types in Southeast Asia, top farmtech
deals spanned several areas including
aquaculture, insect farming, and
agribusiness marketplaces & fintech.
The latter category is especially
important for smallholder farmers
in need of access to supplies, credit
and more direct relationships with
customers. Farm robotics and
mechanization is another important
category in the region as it grapples
with the impacts of climate change and
ensuing labor challenges.
Upstream
Midstream
Downstream
2.1% (1)
2.1%
(1)
25.5%
(12) 27.7%
(13)
17%
(8)
8.5%
(4)6.4%
(3)
6.4%
(3)
Investment by deal count
Farmtech deal count by category
Category $USD Deals
Farm Robotics, Mechanization & Equipment 263m 6
Ag Marketplaces & Fintech 95m 12
Novel Farming Systems 66m 15
Farm Management Software, Sensing & IoT 41m 16
Bioenergy & Biomaterials 2m 5
Innovative Food 2m 1
Ag Biotechnology - 3
Midstream Technologies 23m 1
Miscellaneous 0.6m 1
Farm-2-Consumer eGrocery 119m 1
Top Farmtech deals in Southest Asia
COUNTRY RAISED COMPANIES FUNDED STREAM
$90m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$35m
AgriAku
AG MARKETPLACES & FINTECH
$33m
eFishery
FARM ROBOTICS, MECH. & EQUIP.
$30m
Entobel
NOVEL FARMING SYSTEMS
$30m
Aruna
AG MARKETPLACES & FINTECH
India
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Dunzo
$240 million
EGROCERY
02
DealShare
$210 million
EGROCERY
03
Zepto
$200 million
EGROCERY
04
Licious
$150 million
EGROCERY
05
blinkit
$150 million
EGROCERY
India has long been one of Asia’s top-funded countries for agrifoodtech. Past years
have seen the country’s downstream startups — particularly those in food delivery
— thrive off multi-million deals, and 2022 was no different. All of the top deals
went to so-called “instant delivery” startups pedaling groceries and ready meals to
consumers. However, India is also home to a growing number of upstream startups
developing farmtech tools as well as marketplaces that connect the country’s
many smallholder farmers more directly to both customers and farm supplies.
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Dunzo
$240 million
EGROCERY
02
DealShare
$210 million
EGROCERY
03
Zepto
$200 million
EGROCERY
04
Licious
$150 million
EGROCERY
05
blinkit
$150 million
EGROCERY
India has long been one of Asia’s top-funded countries for agrifoodtech. Past years
have seen the country’s downstream startups — particularly those in food delivery
— thrive off multi-million deals, and 2022 was no different. All of the top deals
went to so-called “instant delivery” startups pedaling groceries and ready meals to
consumers. However, India is also home to a growing number of upstream startups
developing farmtech tools as well as marketplaces that connect the country’s
many smallholder farmers more directly to both customers and farm supplies.
India
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
4.1%
(9) 14.7%
(31)
2.8%
(6)
2.8%
(6)
4.6%
(10)
14.3%
(31)
4.1%
(9)
6.0%
(13)
16.1%
(35)
17.1%
(37)
5.1%
(11)
5.5%
(23)
2.8%
(6)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Ag Marketplaces & Fintech 355m 31
Ag Biotechnology 122m 6
Bioenergy & Biomaterials 107m 10
Farm Management Software, Sensing & IoT 83m 31
Novel Farming Systems 27m 9
Farm Robotics, Mechanization & Equipment 18m 6
Innovative Food 5m 13
Midstream Technologies 280m 35
eGrocery 1.2b 37
In-store Retail & Restaurant Tech 36m 6
Cloud Retail Infrastructure $3m 11
Online Restaurants & Meal Marketplaces 23m 12
Home & Cooking 13m 9
Upstream
Midstream
Downstream
216 deals
across the region
$2.3 billion
$USD investment
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
4.1%
(9) 14.7%
(31)
2.8%
(6)
2.8%
(6)
4.6%
(10)
14.3%
(31)
4.1%
(9)
6.0%
(13)
16.1%
(35)
17.1%
(37)
5.1%
(11)
5.5%
(23)
2.8%
(6)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Ag Marketplaces & Fintech 355m 31
Ag Biotechnology 122m 6
Bioenergy & Biomaterials 107m 10
Farm Management Software, Sensing & IoT 83m 31
Novel Farming Systems 27m 9
Farm Robotics, Mechanization & Equipment 18m 6
Innovative Food 5m 13
Midstream Technologies 280m 35
eGrocery 1.2b 37
In-store Retail & Restaurant Tech 36m 6
Cloud Retail Infrastructure $3m 11
Online Restaurants & Meal Marketplaces 23m 12
Home & Cooking 13m 9
Upstream
Midstream
Downstream
216 deals
across the region
$2.3 billion
$USD investment
Australia
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
MILKRUN
$54 million
EGROCERY
02
Vow
$49 million
INNOVATIVE FOOD
03
Stacked Farm
$39 million
NOVEL FARMING SYSTEMS
04
me&u
$30 million
IN-STORE RESTAURANT & RETAIL TECH
05
Nourish Ingredients
$29 million
INNOVATIVE FOOD
Investment in Australian agrifoodtech startups dropped 24.5% year-over-year to
$317 million in 2022 vs a global decline of 44%. However, there were still some
sizeable A rounds in the second half, when funding started to fall precipitously
in many markets. Cultivated meat startup Vow bagged $49 million in November
and precision fermentation specialist Nourish Ingredients secured $29 million in
October to brew fats “with an authentic animal taste and aroma.”
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
MILKRUN
$54 million
EGROCERY
02
Vow
$49 million
INNOVATIVE FOOD
03
Stacked Farm
$39 million
NOVEL FARMING SYSTEMS
04
me&u
$30 million
IN-STORE RESTAURANT & RETAIL TECH
05
Nourish Ingredients
$29 million
INNOVATIVE FOOD
Investment in Australian agrifoodtech startups dropped 24.5% year-over-year to
$317 million in 2022 vs a global decline of 44%. However, there were still some
sizeable A rounds in the second half, when funding started to fall precipitously
in many markets. Cultivated meat startup Vow bagged $49 million in November
and precision fermentation specialist Nourish Ingredients secured $29 million in
October to brew fats “with an authentic animal taste and aroma.”
Australia
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
13.2%
(5)
13.2%
(5)
5.3%
(2)
13.2%
(5)
21.1%
(8)
7.9%
(3)
2.6%
(1)
5.3%
(2)
7.9%
(3)
5.3%
(2)
5.3%
(2)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Innovative Food 98m 5
Novel Farming Systems 39m 2
Farm Management Software, Sensing & IoT 26m 8
Bioenergy & Biomaterials 12m 3
Ag Marketplaces & Fintech 5m 2
Ag Biotechnology 5m 1
Farm Robotics, Mechanization & Equipment 5m 2
Midstream Technologies 37m 3
eGrocery 54m 2
In-store Retail & Restaurant Tech 30m 5
Online Restaurants & Meal Marketplaces 5m 5
Upstream
Midstream
Downstream
38 deals
across the region
$316 million
$USD investment
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
13.2%
(5)
13.2%
(5)
5.3%
(2)
13.2%
(5)
21.1%
(8)
7.9%
(3)
2.6%
(1)
5.3%
(2)
7.9%
(3)
5.3%
(2)
5.3%
(2)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Innovative Food 98m 5
Novel Farming Systems 39m 2
Farm Management Software, Sensing & IoT 26m 8
Bioenergy & Biomaterials 12m 3
Ag Marketplaces & Fintech 5m 2
Ag Biotechnology 5m 1
Farm Robotics, Mechanization & Equipment 5m 2
Midstream Technologies 37m 3
eGrocery 54m 2
In-store Retail & Restaurant Tech 30m 5
Online Restaurants & Meal Marketplaces 5m 5
Upstream
Midstream
Downstream
38 deals
across the region
$316 million
$USD investment
zetifi.com
Agricultural businesses are often poorly served by traditional
telecommunications technologies and this lack of reliable connectivity is a
key barrier to agtech adoption. Zetifi’s novel connectivity solutions extend and
optimize coverage from existing networks, making digital technology easily
accessible wherever it’s needed by farmers and their machinery.
Startup spotlight
Zetifi
MISCELLANEOUS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
While it’s been a difficult climate for
investment there’s reason to be optimistic
when it comes to agrifoodtech. We see a
growing global demand for high quality
food and fiber, coupled with a recognition
that technology will be key in boosting
agricultural productivity to meet that
demand. Many agtech businesses are
maturing and flourishing - these success
stories will provide even more confidence for
investment in the sector in coming years.
What are the biggest challenges
facing the region’s food and
agriculture industry today and how is
Zetifi trying to solve them?
Agriculture is becoming increasingly
difficult with changes in climate, extreme
weather events, rising input costs and labor
shortages. Zetifi’s products are connecting
people and devices, enabling technology
solutions like precision agriculture,
autonomous machinery, and remote
monitoring to help farmers to meet those
challenges, increasing their productivity,
saving money and improving efficiency.
What challenges has your startup
overcome in the past 1-2 years?
The disruption to global supply chains during
the pandemic was a huge challenge but
forced us to become more self-sufficient.
Things that couldn’t be sourced from
suppliers had to made in house - leading
to innovative internal solutions that have
ultimately become a sustainable advantage
for our business. We’ve also had to sharpen
our focus as we transition from the ideation
and iteration that allowed us to develop
our unique technology, through to a mature
business that can execute at scale so we can
make our products available to more farmers.
What do you value in an investor?
We took a very strategic and deliberate
approach to our capital raise, and that was
to engage with investors that had a clear
strategic alignment to our business that
we could partner with to develop a path to
market and connect us to the consumers
and industries that need our technology.
We found that in Telstra, Australia’s largest
telecommunications provider and Graincorp,
which is investing in innovation and
efficiencies for grain growers.
Agricultural businesses are often poorly served by traditional
telecommunications technologies and this lack of reliable connectivity is a
key barrier to agtech adoption. Zetifi’s novel connectivity solutions extend and
optimize coverage from existing networks, making digital technology easily
accessible wherever it’s needed by farmers and their machinery.
Startup spotlight
Zetifi
MISCELLANEOUS
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
What is your reaction to the dramatic
drop in agrifoodtech funding in 2022?
While it’s been a difficult climate for
investment there’s reason to be optimistic
when it comes to agrifoodtech. We see a
growing global demand for high quality
food and fiber, coupled with a recognition
that technology will be key in boosting
agricultural productivity to meet that
demand. Many agtech businesses are
maturing and flourishing - these success
stories will provide even more confidence for
investment in the sector in coming years.
What are the biggest challenges
facing the region’s food and
agriculture industry today and how is
Zetifi trying to solve them?
Agriculture is becoming increasingly
difficult with changes in climate, extreme
weather events, rising input costs and labor
shortages. Zetifi’s products are connecting
people and devices, enabling technology
solutions like precision agriculture,
autonomous machinery, and remote
monitoring to help farmers to meet those
challenges, increasing their productivity,
saving money and improving efficiency.
What challenges has your startup
overcome in the past 1-2 years?
The disruption to global supply chains during
the pandemic was a huge challenge but
forced us to become more self-sufficient.
Things that couldn’t be sourced from
suppliers had to made in house - leading
to innovative internal solutions that have
ultimately become a sustainable advantage
for our business. We’ve also had to sharpen
our focus as we transition from the ideation
and iteration that allowed us to develop
our unique technology, through to a mature
business that can execute at scale so we can
make our products available to more farmers.
What do you value in an investor?
We took a very strategic and deliberate
approach to our capital raise, and that was
to engage with investors that had a clear
strategic alignment to our business that
we could partner with to develop a path to
market and connect us to the consumers
and industries that need our technology.
We found that in Telstra, Australia’s largest
telecommunications provider and Graincorp,
which is investing in innovation and
efficiencies for grain growers.
Indonesia
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Sayurbox
$119 million
EGROCERY
02
eFishery
$90 million
FARM ROBOTICS, MECH. & EQUIPMENT
03
Super
$70 million
CLOUD RETAIL INFRASTRUCTURE
04
Astro
$60 million
EGROCERY
05
AgriAku
$35 million
AG MARKETPLACES & FINTECH
Funding to Indonesian agrifoodtech startups fell 12% to $716 million
in 2022, when sizable checks went to eGrocer Sayurbox and aquaculture
startup eFishery, which provides feeding devices, software and financing
for fish and shrimp farmers. Investment fell sharply in H1, 2023, with just
$133 million raised vs $537 million in H1 2022.
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Sayurbox
$119 million
EGROCERY
02
eFishery
$90 million
FARM ROBOTICS, MECH. & EQUIPMENT
03
Super
$70 million
CLOUD RETAIL INFRASTRUCTURE
04
Astro
$60 million
EGROCERY
05
AgriAku
$35 million
AG MARKETPLACES & FINTECH
Funding to Indonesian agrifoodtech startups fell 12% to $716 million
in 2022, when sizable checks went to eGrocer Sayurbox and aquaculture
startup eFishery, which provides feeding devices, software and financing
for fish and shrimp farmers. Investment fell sharply in H1, 2023, with just
$133 million raised vs $537 million in H1 2022.
Indonesia
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
8.1%
(5)
11.3%
(7)
3.2%
(2)
3.2%
(2)
14.5%
(9)
6.5%
(4)
11.3%
(7)
6.5%
(4)
4.8%
(3)
16.1%
(10)
14.5%
(9)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Farm Robotics, Mechanization & Equipment 123m 2
Ag Marketplaces & Fintech 106m 9
Farm Management Software, Sensing & IoT 24m 7
Innovative Food 10m 4
Novel Farming Systems 10m 3
Bioenergy & Biomaterials 1m 2
Midstream Technologies 41m 9
eGrocery 240m 10
Cloud Retail Infrastructure 74m 4
Online Restaurants & Meal Marketplaces 53m 7
In-store Retail & Restaurant Tech 34m 5
Upstream
Midstream
Downstream
62 deals
across the region
$716 million
$USD investment
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
8.1%
(5)
11.3%
(7)
3.2%
(2)
3.2%
(2)
14.5%
(9)
6.5%
(4)
11.3%
(7)
6.5%
(4)
4.8%
(3)
16.1%
(10)
14.5%
(9)
Categories by funding
($ USD)
Investment by deal count
Category $ USD Rounds
Farm Robotics, Mechanization & Equipment 123m 2
Ag Marketplaces & Fintech 106m 9
Farm Management Software, Sensing & IoT 24m 7
Innovative Food 10m 4
Novel Farming Systems 10m 3
Bioenergy & Biomaterials 1m 2
Midstream Technologies 41m 9
eGrocery 240m 10
Cloud Retail Infrastructure 74m 4
Online Restaurants & Meal Marketplaces 53m 7
In-store Retail & Restaurant Tech 34m 5
Upstream
Midstream
Downstream
62 deals
across the region
$716 million
$USD investment
China
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Zhongxin Breeding
$327 million
AG BIOTECHNOLOGY
02
Bluepha
$125 million
BIOENERGY & BIOMATERIALS
03
Starfield Food & Science
Technology
$100 million
NOVEL FARMING SYSTEMS
04
Mojia Bioscience
$80 million
MIDSTREAM TECHNOLOGIES
05
Enzymaster
$47 million
BIOENERGY & BIOMATERIALS
Funding to Chinese agrifoodtech firms plummeted from almost $7 billion in
2021 to a modest $1.34 billion in 2022 as investment capital shifted away from
eGrocery. Investors dismayed by the sector’s high cash burn, “growth-at-all-
costs” mentality, and supply chain management shifted focus to upstream
categories. In 2023, things appear to be picking up again, with just under
$900 million already invested in the first half.
spotlight
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2022 | AGFUNDER.COM
01
Zhongxin Breeding
$327 million
AG BIOTECHNOLOGY
02
Bluepha
$125 million
BIOENERGY & BIOMATERIALS
03
Starfield Food & Science
Technology
$100 million
NOVEL FARMING SYSTEMS
04
Mojia Bioscience
$80 million
MIDSTREAM TECHNOLOGIES
05
Enzymaster
$47 million
BIOENERGY & BIOMATERIALS
Funding to Chinese agrifoodtech firms plummeted from almost $7 billion in
2021 to a modest $1.34 billion in 2022 as investment capital shifted away from
eGrocery. Investors dismayed by the sector’s high cash burn, “growth-at-all-
costs” mentality, and supply chain management shifted focus to upstream
categories. In 2023, things appear to be picking up again, with just under
$900 million already invested in the first half.
China
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2.6%
(3)
3.4%
(4)
1.7%
(2)
23.3%
(27)
4.3%
(5)
6%
(7)
11.2%
(13)
11.2%
(13)2.6%
(3)
3.4%
(4)4.3%
(5)
6%
(7)
19%
(22)
Categories by funding
($ USD)
Investment by deal count
Upstream
Midstream
Downstream
115 deals
across the region
$1.3 billion
$USD investment
Category $ USD Rounds
Ag Biotechnology 633m 27
Bioenergy & Biomaterials 206m 7
Innovative Food 122m 13
Farm Mgmt SW, Sensing & IoT 39m 13
Farm Robotics, Mechanization & Other Farm Eq 31m 5
Ag Marketplaces & Fintech 15m 4
Novel Farming Systems 15m 3
Midstream Technologies 204m 22
In-store Retail & Restaurant Tech 63m 7
Online Restaurants & Meal Marketplaces 4m 5
eGrocery 3m 3
Home & Cooking 3m 4
Cloud Retail Infrastructure 0 2
spotlight
2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
2.6%
(3)
3.4%
(4)
1.7%
(2)
23.3%
(27)
4.3%
(5)
6%
(7)
11.2%
(13)
11.2%
(13)2.6%
(3)
3.4%
(4)4.3%
(5)
6%
(7)
19%
(22)
Categories by funding
($ USD)
Investment by deal count
Upstream
Midstream
Downstream
115 deals
across the region
$1.3 billion
$USD investment
Category $ USD Rounds
Ag Biotechnology 633m 27
Bioenergy & Biomaterials 206m 7
Innovative Food 122m 13
Farm Mgmt SW, Sensing & IoT 39m 13
Farm Robotics, Mechanization & Other Farm Eq 31m 5
Ag Marketplaces & Fintech 15m 4
Novel Farming Systems 15m 3
Midstream Technologies 204m 22
In-store Retail & Restaurant Tech 63m 7
Online Restaurants & Meal Marketplaces 4m 5
eGrocery 3m 3
Home & Cooking 3m 4
Cloud Retail Infrastructure 0 2
Investments
by stage
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
by stage
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Investments
by stage
2018-2022
800
700
600
500
400
300
200
100
0
Number of deals
Deal activity by stage
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Early (Pre-Seed to Series A)
Growth (Series B to C)
Late (Series D+)
Debt
After steady growth during the
pandemic years, the number of
agrifoodtech deals has dropped
roughly 9% below 2019 levels. Much of
this can be attributed to wider macro
trends that have made investment
dollars less plentiful. Early, growth
and late stages all saw fewer deals in
2022 compared to 2019. Debt funding
was the only stage that saw a modest
increase in deal numbers in 2022.
2018
72
GROWTH
35
LATE
462
EARLY
6
DEBT
575
TOTAL
2019
98
GROWTH
37
LATE
537
EARLY
17
DEBT
689
TOTAL
2020
89
GROWTH
39
LATE
519
EARLY
22
DEBT
669
TOTAL
25
DEBT
2021
115
GROWTH
53
LATE
566
EARLY
759
TOTAL
2022
102
GROWTH
35
LATE
491
EARLY
31
DEBT
659
TOTAL
by stage
2018-2022
800
700
600
500
400
300
200
100
0
Number of deals
Deal activity by stage
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Early (Pre-Seed to Series A)
Growth (Series B to C)
Late (Series D+)
Debt
After steady growth during the
pandemic years, the number of
agrifoodtech deals has dropped
roughly 9% below 2019 levels. Much of
this can be attributed to wider macro
trends that have made investment
dollars less plentiful. Early, growth
and late stages all saw fewer deals in
2022 compared to 2019. Debt funding
was the only stage that saw a modest
increase in deal numbers in 2022.
2018
72
GROWTH
35
LATE
462
EARLY
6
DEBT
575
TOTAL
2019
98
GROWTH
37
LATE
537
EARLY
17
DEBT
689
TOTAL
2020
89
GROWTH
39
LATE
519
EARLY
22
DEBT
669
TOTAL
25
DEBT
2021
115
GROWTH
53
LATE
566
EARLY
759
TOTAL
2022
102
GROWTH
35
LATE
491
EARLY
31
DEBT
659
TOTAL
Investments
by stage
2018-2022
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Deals by maturity and median by stage
($ USD)
80
70
60
50
40
30
20
10
0
Total funding millions $ USD
Total funding for late-stage deals
decreased significantly in 2022, down
74% from 2021 and 76% from 2018.
Funding for every other stage has
increased since 2018 despite fewer
overall deals in 2022. The increase in
debt funding is indicative of the times,
where traditional venture funding is
less available and startups are seeking
other avenues for financing.
2022
$23
MILLION
$15
MILLION
$1.6
MILLION
$6.3
MILLION
2021
$3.5
MILLION
$20
MILLION
$57
MILLION
$1.5
MILLION
2020
$14
MILLION
$46
MILLION
$1.3
MILLION
$4
MILLION
2019
$4
MILLION
$11
MILLION
$40
MILLION
$1.2
MILLION
$1
MILLION
$15
MILLION
$63
MILLION
$1.4
MILLION
2018
Early (Pre-Seed to Series A)
Growth (Series B to C)
Late (Series D+)
Debt
by stage
2018-2022
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Deals by maturity and median by stage
($ USD)
80
70
60
50
40
30
20
10
0
Total funding millions $ USD
Total funding for late-stage deals
decreased significantly in 2022, down
74% from 2021 and 76% from 2018.
Funding for every other stage has
increased since 2018 despite fewer
overall deals in 2022. The increase in
debt funding is indicative of the times,
where traditional venture funding is
less available and startups are seeking
other avenues for financing.
2022
$23
MILLION
$15
MILLION
$1.6
MILLION
$6.3
MILLION
2021
$3.5
MILLION
$20
MILLION
$57
MILLION
$1.5
MILLION
2020
$14
MILLION
$46
MILLION
$1.3
MILLION
$4
MILLION
2019
$4
MILLION
$11
MILLION
$40
MILLION
$1.2
MILLION
$1
MILLION
$15
MILLION
$63
MILLION
$1.4
MILLION
2018
Early (Pre-Seed to Series A)
Growth (Series B to C)
Late (Series D+)
Debt
COUNTRY RAISED COMPANIES FUNDED STREAM
$140m GREENLABS
$119m Sayurbox
$90m eFishery
$78m GrowSari
$70m Super
Series C
Investments
by stage
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Chinese startups accounted for all top
seed stage deals in 2022. However,
unlike 2021, China’s dominance didn’t
extend to every early-stage category,
where Singapore and Indonesia
startups raised many of the top rounds.
Early-stage funding also saw a greater
mix of agrifoodtech categories in the
top deals — including biotech, novel
farming systems and farmtech —
versus the delivery-heavy deals of
previous years.
COUNTRY RAISED COMPANIES FUNDED STREAM
$327m Zhongxin Breeding
$28m Ruiyun Cold Chain
$15m Demeter Biotechnology
$14m Zhongke Guosheng
$13m BoPixel
Seed
Upstream
Midstream
Downstream
COUNTRY RAISED COMPANIES FUNDED STREAM
$265m LINE MAN Wongnai
$125m Bluepha
$100m Absolute
$100m
Starfield Food & Science
Technology
$80m Mojia Bioscience
Series B
COUNTRY RAISED COMPANIES FUNDED STREAM
$108m EcoCeres
$100m Next Gen Foods
$70m ioCrops
$66m Oatside
$54m MILKRUN
Series A
$140m GREENLABS
$119m Sayurbox
$90m eFishery
$78m GrowSari
$70m Super
Series C
Investments
by stage
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Chinese startups accounted for all top
seed stage deals in 2022. However,
unlike 2021, China’s dominance didn’t
extend to every early-stage category,
where Singapore and Indonesia
startups raised many of the top rounds.
Early-stage funding also saw a greater
mix of agrifoodtech categories in the
top deals — including biotech, novel
farming systems and farmtech —
versus the delivery-heavy deals of
previous years.
COUNTRY RAISED COMPANIES FUNDED STREAM
$327m Zhongxin Breeding
$28m Ruiyun Cold Chain
$15m Demeter Biotechnology
$14m Zhongke Guosheng
$13m BoPixel
Seed
Upstream
Midstream
Downstream
COUNTRY RAISED COMPANIES FUNDED STREAM
$265m LINE MAN Wongnai
$125m Bluepha
$100m Absolute
$100m
Starfield Food & Science
Technology
$80m Mojia Bioscience
Series B
COUNTRY RAISED COMPANIES FUNDED STREAM
$108m EcoCeres
$100m Next Gen Foods
$70m ioCrops
$66m Oatside
$54m MILKRUN
Series A
Investments
by stage
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Online trade platform Tridge was the
only non-Indian company to land in the
top deals for Series D and late stages
in 2022. Quick-delivery categories like
eGrocery were once again the most
prominent amongst late-stage deals,
underscoring the market’s maturity in
India. However, the presence of DeHaat
and WayCool among the top deals
suggests dollars may be swimming
midstream and upstream.
COUNTRY RAISED COMPANIES FUNDED STREAM
$200m Zepto
$95m WayCool
$65m Country Delight
$43m Country Delight
$37m Tridge
Series D
COUNTRY RAISED COMPANIES FUNDED STREAM
$240 m Dunzo
$210m DealShare
$150m Licious
$100m blinkit
$60m DeHaat
Late
Upstream
Midstream
Downstream
COUNTRY RAISED COMPANIES FUNDED STREAM
$150m blinkit
$33m eFishery
$22m WayCool
$15m WayCool
$14m
Arya Collateral
Warehousing Services
Debt
by stage
Top deals 2022 ($ USD)
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Online trade platform Tridge was the
only non-Indian company to land in the
top deals for Series D and late stages
in 2022. Quick-delivery categories like
eGrocery were once again the most
prominent amongst late-stage deals,
underscoring the market’s maturity in
India. However, the presence of DeHaat
and WayCool among the top deals
suggests dollars may be swimming
midstream and upstream.
COUNTRY RAISED COMPANIES FUNDED STREAM
$200m Zepto
$95m WayCool
$65m Country Delight
$43m Country Delight
$37m Tridge
Series D
COUNTRY RAISED COMPANIES FUNDED STREAM
$240 m Dunzo
$210m DealShare
$150m Licious
$100m blinkit
$60m DeHaat
Late
Upstream
Midstream
Downstream
COUNTRY RAISED COMPANIES FUNDED STREAM
$150m blinkit
$33m eFishery
$22m WayCool
$15m WayCool
$14m
Arya Collateral
Warehousing Services
Debt
Top
agrifoodtech
investors
by deal count
RANKING INVESTOR N0. DEALS COMPANIES FUNDED INCLUDE RESPECTIVE COUNTRIES
01 SOSV 18 SEPPURE, Living Food, 24seven.pk Singapore, India, Pakistan
02 Omnivore Partners 14 Ecozen, Aquaconnect, Deep Rooted India, India, India
03 East Ventures 13 Aruna, Gokomodo, Pasarnow Indonesia, Indonesia, Indonesia
04 500 Startup 12 Hangry, Mapan, StoreHub Indonesia, Indonesia, Malaysia
05 BEENEXT 11 Esensi Solusi Buana, Procol, Procol Indonesia, India, India
06 AgFunder 10 Aquaconnect, Fable Food, Green Rebel Foods India, Australia, Indonesia
07 Alpha JWC Ventures 10 Sayurbox, Next Gen Foods, AgriAku Indonesia, Singapore, Indonesia
08 Antler 10 SnappRetail, WeGoWhere, Foodini Pakistan, Singapore, Australia
09 Better Bite Ventures 9 CellX, Green Rebel Foods, UMAMI Bioworks China, Indonesia, Singapore
10 Global Brain Corporation9 Sayurbox, DAIZ, AwanTunai Indonesia, Japan, Indonesia
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AGFUNDER GLOBAL FUNDS
1213
venture investors
backed Asia-Pacific
companies in 2022
agrifoodtech
investors
by deal count
RANKING INVESTOR N0. DEALS COMPANIES FUNDED INCLUDE RESPECTIVE COUNTRIES
01 SOSV 18 SEPPURE, Living Food, 24seven.pk Singapore, India, Pakistan
02 Omnivore Partners 14 Ecozen, Aquaconnect, Deep Rooted India, India, India
03 East Ventures 13 Aruna, Gokomodo, Pasarnow Indonesia, Indonesia, Indonesia
04 500 Startup 12 Hangry, Mapan, StoreHub Indonesia, Indonesia, Malaysia
05 BEENEXT 11 Esensi Solusi Buana, Procol, Procol Indonesia, India, India
06 AgFunder 10 Aquaconnect, Fable Food, Green Rebel Foods India, Australia, Indonesia
07 Alpha JWC Ventures 10 Sayurbox, Next Gen Foods, AgriAku Indonesia, Singapore, Indonesia
08 Antler 10 SnappRetail, WeGoWhere, Foodini Pakistan, Singapore, Australia
09 Better Bite Ventures 9 CellX, Green Rebel Foods, UMAMI Bioworks China, Indonesia, Singapore
10 Global Brain Corporation9 Sayurbox, DAIZ, AwanTunai Indonesia, Japan, Indonesia
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
AGFUNDER GLOBAL FUNDS
1213
venture investors
backed Asia-Pacific
companies in 2022
Appendix
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Agrifoodtech
category
definitions
Midstream Technologies
Food safety & traceability tech, logistics &
transport, processing tech
Miscellaneous
All other agrifood-related tech
In-Store Retail & Restaurant Tech
Shelf-stacking robots, 3D food printers,
payment systems, food waste monitoring IoT
eGrocery
Online stores + marketplaces for sale and delivery of
processed and unprocessed ag products to consumer
Home & Cooking Tech
Smart kitchen appliances, nutrition technologies,
food testing devices & home grow kits
Online Restaurants and Meal Marketplaces
Online tech platforms delivering prepared food and
meal kits from a wide range of vendors
Cloud Retail Infrastructure
On-demand enabling tech, ghost kitchens,
last-mile delivery robots & services
Ag Biotechnology
On-farm inputs for crop & animal ag including genetics,
microbiome, breeding, animal health
Agribusiness Marketplaces & Fintech
Commodities trading platforms, online input
procurement, equipment leasing, farmer fintech
Bioenergy & Biomaterials
Non-food extraction & processing, feedstock
technology, cannabis pharmaceuticals
Farm Management Software, Sensing & IoT
Ag data capturing devices, decision support software,
big data analytics
Farm Robotics, Mechanization & Equipment
On-farm machinery, automation, drone manufacturers,
grow equipment
Novel Farming Systems
Indoor farms, aquaculture, insect & algae production
Innovative Food
Cultured meat, novel ingredients, plant-based proteins
Upstream
Midstream
Downstream
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
category
definitions
Midstream Technologies
Food safety & traceability tech, logistics &
transport, processing tech
Miscellaneous
All other agrifood-related tech
In-Store Retail & Restaurant Tech
Shelf-stacking robots, 3D food printers,
payment systems, food waste monitoring IoT
eGrocery
Online stores + marketplaces for sale and delivery of
processed and unprocessed ag products to consumer
Home & Cooking Tech
Smart kitchen appliances, nutrition technologies,
food testing devices & home grow kits
Online Restaurants and Meal Marketplaces
Online tech platforms delivering prepared food and
meal kits from a wide range of vendors
Cloud Retail Infrastructure
On-demand enabling tech, ghost kitchens,
last-mile delivery robots & services
Ag Biotechnology
On-farm inputs for crop & animal ag including genetics,
microbiome, breeding, animal health
Agribusiness Marketplaces & Fintech
Commodities trading platforms, online input
procurement, equipment leasing, farmer fintech
Bioenergy & Biomaterials
Non-food extraction & processing, feedstock
technology, cannabis pharmaceuticals
Farm Management Software, Sensing & IoT
Ag data capturing devices, decision support software,
big data analytics
Farm Robotics, Mechanization & Equipment
On-farm machinery, automation, drone manufacturers,
grow equipment
Novel Farming Systems
Indoor farms, aquaculture, insect & algae production
Innovative Food
Cultured meat, novel ingredients, plant-based proteins
Upstream
Midstream
Downstream
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
DATA POWERED BY
Sources & methodology
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Data Sources & Curation
Utilizing new advanced machine-learning algorithms and artificial intelligence to help identify and
categorize agrifoodtech startups, our knowledge base has grown to more than 30,000 companies,
with new startups and historical data being added each day.
The raw data for our reports comes from Crunchbase, which gathers publicly-available
information such as press releases and US Securities and Exchange Commission filings, as
well as crowdsourcing directly from our local data partners; in this case, Asia-Pacific: Omnivore,
BitsxBites, and Beyond Next Ventures.. AgFunder contributes data from its own collection
methods, including private communications with investors and companies. We also collect data
from partners across the globe to ensure we have the most comprehensive, accurate and curated
dataset and knowledge base of agrifoodtech companies and investments.
The raw data is painstakingly curated by the AgFunder team, along with their data partners,
to ensure they are relevant, accurate, up-to-date, and categorized according to AgFunder’s
proprietary tagging system.
We update and improve our dataset continuously throughout the year, meaning total figures from
previous years’ reports will shift as our dataset becomes more complete.
In 2022, we tightened our definitions of what constitutes an agrifoodtech venture to ensure that
the emphasis on food and agriculture is core to the business.
That’s had a recalibrating effect on this year’s investment figures as well as some past data.
Examples include logistics, drones, cloud and any other tech services that may have started in
agrifood but have since added other sectors or pivoted away from agrifood. We’ve maintained
historical rounds that were raised on an agrifood focus, where we could.
While we are happy to share our findings, we reserve all rights with respect to AgFunder research
and this report and we require it to be fully and accurately cited when any of the data, charts, or
commentary are used.
Undisclosed Financings
Of the 5201 financings in this report’s curated dataset, 3662 were undisclosed and could not
be determined through research or direct sources. We exclude undisclosed financings when
computing averages and median values. In some cases, we’re able to confidentially obtain
financing figures directly from investors on the condition they’re only included in aggregate.
Multiple Financings
In some cases, Crunchbase displays multiple financings for the same company in the same year.
This can be because a company closes subsequent rounds in the same year, but it can also be the
result of several closes of the same round. We keep them separate unless they are announced as
one single round.
Categorization
AgFunder’s categorization system is designed to capture broad themes across the complex
agrifoodtech value chain. The agrifood sector has a wide supply chain spanning inputs and
industrials, farming, logistics, wholesale distribution, processing, retail distribution, and the
consumer. In many cases, technologies such as marketplaces connect different links in the
supply chain and so in this report we’ve chosen to focus on high-level themes. To assist with the
categorization and to avoid subjectivity, AgFunder first employs over 150 machine learning and
artificial intelligence models to suggest category placement and to help tag the company according
to the technology and its place in the supply chain. Finally, the AgFunder team manually reviews the
suggestions for each company, often with significant research and debate among our team.
Starting with our 2023 Global Agrifoodtech Investment Report, we combined Agribusiness
Marketplaces and Fintech into one category as there is often overlap between the two. We
maintained any fintech tools for retailers or restaurants within the Retail Tech category. Given the
reduction in funding to food delivery services, we have also now combined Online Restaurants &
Meal Kits and Restaurant Marketplaces into one category.
We’ve also taken taken a stricter stance on cannabis and CBD-related startups; there needs to
be clear proprietary technology involved. We will not include pure consumer packaged goods
or pure production, as we wouldn’t include pure production in any other crop. If we believe the
growing facilities are particularly high tech or utilize proprietary technology, we will still include it
in our Novel Farming Systems category. The same goes for processed products; if the extraction
technique is particularly innovative, we’ll include it as a Biomaterials or Midstream Tech startup.
Large vertically-integrated cannabis companies are also excluded.
Special Acknowledgement
Tim Li and the rest of the Crunchbase team for their continued support and assistance.
To Ryan Lee, for his tireless work with the data; Elaine Watson and Jenn Marston, the main authors
of the report; John Friedman for his contributions, and our designer Katie Lively for her continued
hardwork & support bringing our research to life - and patience with various last minute additions!
Sources & methodology
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Data Sources & Curation
Utilizing new advanced machine-learning algorithms and artificial intelligence to help identify and
categorize agrifoodtech startups, our knowledge base has grown to more than 30,000 companies,
with new startups and historical data being added each day.
The raw data for our reports comes from Crunchbase, which gathers publicly-available
information such as press releases and US Securities and Exchange Commission filings, as
well as crowdsourcing directly from our local data partners; in this case, Asia-Pacific: Omnivore,
BitsxBites, and Beyond Next Ventures.. AgFunder contributes data from its own collection
methods, including private communications with investors and companies. We also collect data
from partners across the globe to ensure we have the most comprehensive, accurate and curated
dataset and knowledge base of agrifoodtech companies and investments.
The raw data is painstakingly curated by the AgFunder team, along with their data partners,
to ensure they are relevant, accurate, up-to-date, and categorized according to AgFunder’s
proprietary tagging system.
We update and improve our dataset continuously throughout the year, meaning total figures from
previous years’ reports will shift as our dataset becomes more complete.
In 2022, we tightened our definitions of what constitutes an agrifoodtech venture to ensure that
the emphasis on food and agriculture is core to the business.
That’s had a recalibrating effect on this year’s investment figures as well as some past data.
Examples include logistics, drones, cloud and any other tech services that may have started in
agrifood but have since added other sectors or pivoted away from agrifood. We’ve maintained
historical rounds that were raised on an agrifood focus, where we could.
While we are happy to share our findings, we reserve all rights with respect to AgFunder research
and this report and we require it to be fully and accurately cited when any of the data, charts, or
commentary are used.
Undisclosed Financings
Of the 5201 financings in this report’s curated dataset, 3662 were undisclosed and could not
be determined through research or direct sources. We exclude undisclosed financings when
computing averages and median values. In some cases, we’re able to confidentially obtain
financing figures directly from investors on the condition they’re only included in aggregate.
Multiple Financings
In some cases, Crunchbase displays multiple financings for the same company in the same year.
This can be because a company closes subsequent rounds in the same year, but it can also be the
result of several closes of the same round. We keep them separate unless they are announced as
one single round.
Categorization
AgFunder’s categorization system is designed to capture broad themes across the complex
agrifoodtech value chain. The agrifood sector has a wide supply chain spanning inputs and
industrials, farming, logistics, wholesale distribution, processing, retail distribution, and the
consumer. In many cases, technologies such as marketplaces connect different links in the
supply chain and so in this report we’ve chosen to focus on high-level themes. To assist with the
categorization and to avoid subjectivity, AgFunder first employs over 150 machine learning and
artificial intelligence models to suggest category placement and to help tag the company according
to the technology and its place in the supply chain. Finally, the AgFunder team manually reviews the
suggestions for each company, often with significant research and debate among our team.
Starting with our 2023 Global Agrifoodtech Investment Report, we combined Agribusiness
Marketplaces and Fintech into one category as there is often overlap between the two. We
maintained any fintech tools for retailers or restaurants within the Retail Tech category. Given the
reduction in funding to food delivery services, we have also now combined Online Restaurants &
Meal Kits and Restaurant Marketplaces into one category.
We’ve also taken taken a stricter stance on cannabis and CBD-related startups; there needs to
be clear proprietary technology involved. We will not include pure consumer packaged goods
or pure production, as we wouldn’t include pure production in any other crop. If we believe the
growing facilities are particularly high tech or utilize proprietary technology, we will still include it
in our Novel Farming Systems category. The same goes for processed products; if the extraction
technique is particularly innovative, we’ll include it as a Biomaterials or Midstream Tech startup.
Large vertically-integrated cannabis companies are also excluded.
Special Acknowledgement
Tim Li and the rest of the Crunchbase team for their continued support and assistance.
To Ryan Lee, for his tireless work with the data; Elaine Watson and Jenn Marston, the main authors
of the report; John Friedman for his contributions, and our designer Katie Lively for her continued
hardwork & support bringing our research to life - and patience with various last minute additions!
Page 25
Stock image
Image credits
Cover
Fable Foods
Page 45
S4S
Page 24
Aquaconnect
Page 3
Seadling
Page 40
Fable Foods
Page 31
Agrifutures
Page 27
AgriAku
Page 9
MYCL
Page 37
Stock image
Page 49
Zetifi
Page 29
Stock image
Page 33
Eratani
Page 15
Green Rebel
Page 54
Stock image
Page 60
Meatiply
Page 50
Stock image
Page 52
Stock image
Page 2
Stock image
Page 34
Tindle
Page 41
Stock image
Page 36
Integriculture
Page 6
Eratani
Page 39
Tablepointer
Page 47
AgriFutures
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Stock image
Image credits
Cover
Fable Foods
Page 45
S4S
Page 24
Aquaconnect
Page 3
Seadling
Page 40
Fable Foods
Page 31
Agrifutures
Page 27
AgriAku
Page 9
MYCL
Page 37
Stock image
Page 49
Zetifi
Page 29
Stock image
Page 33
Eratani
Page 15
Green Rebel
Page 54
Stock image
Page 60
Meatiply
Page 50
Stock image
Page 52
Stock image
Page 2
Stock image
Page 34
Tindle
Page 41
Stock image
Page 36
Integriculture
Page 6
Eratani
Page 39
Tablepointer
Page 47
AgriFutures
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
@agfunder
@agfunder
@agfunder
@AgFunderVC
Subscribe to our must-read food+ag+climate newsletter and alerts about our funds at
agfundernews.com
@agfunder
@agfunder
@AgFunderVC
Subscribe to our must-read food+ag+climate newsletter and alerts about our funds at
agfundernews.com
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