Global AgriFoodTech Investment Report 2024

The Global AgriFoodTech Investment Report 2024 delivers a sobering assessment of venture capital in the sector, revealing that investment is at its lowest point in six years. Global funding plummeted by nearly 50% year-over-year, settling at $15.6 billion in 2023. This sharp correction resulted in fewer deals and dramatically shrinking average deal sizes across the board.

This report is produced by AgFunder, a global foodtech and agtech VC and leverages robust data from key partners, including Crunchbase, Omnivore, BitsxBites, and Beyond Next Ventures, to provide a global and nuanced view of the sector. This report is essential reading for investors, founders, and corporate strategists looking to understand the new reality of the agrifoodtech market, model future valuations, and identify where resilient growth is still occurring.

Despite the steep decline, the report identifies critical areas of resilience and a strategic shift in capital allocation:

• Upstream startups—those focused on the farm or core food production—captured 62% of all investment dollars, a significant increase from 51% in 2022.
• Funding bucked the global trend in only two categories: Bioenergy & Biomaterials and Farm Robotics, Mechanisation & Equipment. Bioenergy & Biomaterials surged 20% to $3 billion, driven by the year’s largest deal. Farm Robotics, Mechanisation & Equipment continued its steady upward trajectory, growing 9% to $760 million.
• The correction was most pronounced in downstream and capital-intensive sectors. Novel Farming Systems (-79%), Cloud Retail (-75%), and eGrocery (-60%) were among the worst hit.

Download the full "Global AgriFoodTech Investment Report 2024" to access the definitive guide for understanding the market correction, analysing the strategic shift to upstream technologies, and discovering the most critical investment predictions for the year ahead.