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YEARINREVIEW’18INVESTINGREPORTEuropeanAgriFoodTechSeeourportfoliocompanies:agfunder.com/listingsOurin-housetechnologyenablesustoinvestgloballyandatscaleandhelpsusmakesmarterinvestmentdecisions.Throughourmediaandresearchplatform,AgFunderhasbuiltancommunityofover60,000membersandsubscribers,givingusthelargestandmostpowerfulnetworkintheindustrytohelpussupportourportfoliocompaniesandgettheminfrontofdecisionmakers.AgFunderisaglobalVentureCapitalplatformAreyouaCorporate,Startup,orInvestor?Learnhowtogetengagedagfunder.comWeinvestinbold,exceptionalentrepreneurstransformingourfoodandagriculturesystemAGRIFOODTECHFUNDINGREPORT:YEARREVIEW2018|AGFUNDER.COM3F&ANextisdedicatedtoacceleratinginnovationinFoodandAgriculturebyconnectingmajorplayers.TheF&ANextcommunityconsistsofentrepreneurs,corporates,investorsandscientists,whoarededicatedtoinnovationinfoodandagriculture.F&ANextisexpandingitscommunity.Joinus!F&ANextFoundersAGRIFOODTECHFUNDINGREPORT:YEARREVIEW2018|AGFUNDER.COM4INTRODUCTIONAgriFoodTechFundinginEurope:2018Whiletheglobalfoodtechecosystemhasshownremarkablegrowthinrecentyears,Europehasclearlyestablishedisownpaceandparticularities.Europeisregularlypositionedasoneunitedmarketandoftencharacterizedaslessentrepreneurialwithmorerisk-averseandlesssophisticatedinvestors.Howeveritisacontinentwithmanyborders,culturesandpreferences.Consequently,itlacksacompetitiveedgewhenitcomestotheaveragefarmsizeortheconsumerbaseofonecountry.Inaddition,governmentregulation,onfoodsafetyforexample,variespercountry,too.Asyouwillreadinthisreport,EuropeantrendsinagrifoodinvestmentsaresimilartothoseintheUS,withafewexceptionsandamoreevenspreadoftechnologies.Novelfarmingsystems,particularlyindooragriculture,arestrongonthecontinent,undoubtedlyrelatedtoEurope’sleadingroleinhorticulture.Europeisalsohometoanumberofinsectfarminggroupsaimingtoprovideproteinreplacementsfortraditionalfeedandfoodingredients.OverallinvestmentinagrifoodtechstartupsinEuropeisontherise.Expertise,researchandavailablecapitalhaveimprovedsharply,boostingoverallstartupactivityintheindustry.Ahealthyfunnelofqualityearlierstagecompaniesisbeingdevelopedalongwitha(slowly)growingnumberofseedstageinvestors.Laterstagecapitalforsizablefollow-uprounds,however,isstillunderdeveloped.CorporateventurecapitalisslowlygainingrelevanceintheEuropeanstartupecosystembutoverallEuropeisstillplayingcatchup.TostimulateinnovationandentrepreneurshipinEurope,Rabobank,WageningenUniversity&Research,AnterraCapitalandStartLifejointlylaunchedF&ANextin2016,collectivelybelievingthatinnovationwillbeessentialtosustainablyfeedfuturegenerations.Entrepreneursareneededfortheirdrive,investorsfortheirbelief,andcorporatesfortheirmassimpact.Disruptiveinnovationaloneisnotenough;itneedstobeimplementedandtransformedintotangibleapplications.WeareverypleasedtosharethelatestinsightsonEuropeanagrifoodtechwithyou.ManythankstotheAgFunderteamforcompilingthisreportandtheparticipatingpartners(seepage9)fortheircontributions.OnbehalfofAgFunderandF&ANext,JanMeiling,JeroenLeffelaarandLouisaBurwood-TaylorAGRIFOODTECHFUNDINGREPORT:YEARREVIEW2018|AGFUNDER.COM5WhatisAgriFoodTech?WHATISAGRIFOODTECH?Agrifoodtechisthesmallbutgrowingsegmentofthestartupandventurecapitaluniversethat’saimingtoimproveordisrupttheglobalfoodandagricultureindustry.Aswithallindustries,technologyplaysakeyroleintheoperationoftheagrifoodsector–a$7.8trillionindustry,responsibleforfeedingtheplanetandemployingwellover40%oftheglobalpopulation.Thepaceofinnovationhasnotkeptupwithotherindustriesandtoday,agricultureremainstheleastdigitizedofallmajorindustries,accordingtoMcKinsey.Theindustrialagrifoodsectoroftodayisalsolessefficientthanotherindustries,withanincreasingnumberofdemandsandconstraintsbeingplacedonit.Thesepressuresincludeagrowingglobalpopulation;climatechangeandglobalwarming;environmentaldegradation;changingconsumerdemands;limitednaturalresources;foodwaste;consumerhealthissuesandchronicdisease.Theneedforagrifoodtechinnovationisgreaterthanever.Thiscreatesmanyopportunitiesforentrepreneursandtechnologiststodisrupttheindustryandcreatenewefficienciesatvariouspointsinthevaluechain.Broadlyspeaking,agrifoodtechstartupsareaimingtosolvethefollowingchallenges:foodwaste,CO2emissions,chemicalresiduesandrun-off,drought,laborshortages,healthandsugarconsumption,opaquesupplychains,distributioninefficiencies,foodsafetyandtraceability,farmefficiencyandprofitability,andunsustainablemeatproduction.Therearemanywaystocategorizeagrifoodtechstartupshighlightingthecomplexityoftheindustry.Seepage6forourcategorizationsystem,whichwedevelopedinconsultationwithventurecapitalists,entrepreneurs,andotherindustryexperts.AGRIFOODTECHFUNDINGREPORT:YEARREVIEW2018|AGFUNDER.COM6In-StoreRetail&RestaurantTechShelf-stackingrobots,3Dfoodprinters,POSsystems,foodwastemonitoringIoT.Home&CookingTechSmartkitchenappliances,nutritiontechnologies,foodtestingdevices.RestaurantMarketplacesOnlinetechplatformsdeliveringfoodfromawiderangeofvendors.eGroceryOnlinestoresandmarketplacesforsale&deliveryofprocessed&un-processedagproductsto