Data Snapshot is a regular AFN feature analyzing agrifoodtech market investment data provided by our parent company, AgFunder.
Agrifoodtech investors took a major interest in eGrocery and restaurant marketplaces in 2022 — at least for the first part of the year. AgFunder data shows that three of the top five 2022 deals for agrifoodtech were in these food delivery sectors.
Collectively the top 2022 deals totaled $2.79 billion and were split across North America, Asia and Oceana.
Other key sectors include Bioenergy & Biomaterials and cultivated meat.
Here are 2022’s top five agrifoodtech deals, in descending order.
1. Getir – $768m
The top 2022 deal was Getir’s $768 million Series E raise led by Emirati and state-owned Mubadala Investment Company. The Abu Dhabi Growth Fund as well as American investment firms Alpha Wave Global, Sequoia Capital and Tiger Global also participated.
The round followed Getir’s $550 million raise in 2021 and pushed the company’s valuation close to $12 billion.
Getir, founded in 2015 by Turkish entrepreneur Nazim Salur, also expanded this year and now operates in the UK, Germany, France, Italy, Spain, Netherlands and Portugal in addition to its home country.
2. Swiggy – $700m
Swiggy also achieved decacorn status after the financing reportedly doubled its valuation to $10.7 billion. All of this came after its $1.25 billion raise led by the SoftBank Vision Fund II around mid-2021.
Swiggy is rumored be gearing up for a round of layoffs.
3. LanzaTech – $500m
New Zealand-based carbon recycling company LanzaTech uses bacteria to convert carbon emissions into raw materials, chemicals and fuels like ethanol.
Further, the amount was to be doubled upon the achievement of certain agreed upon milestones, and invested through the Brookfield Global Transition Fund, which raised $15 billion earlier this year.
LanzaTech has already set up its third commercial plant in China, according to the company’s website. As opportunities for LanzaTech’s technologies emerge in Europe and North America, Brookfield will reportedly be financing them moving forward.
4. Weee! – $425m
The platform, known for its focus on Asian and Hispanic groceries, saw its valuation double to $4 billion.
With the new round of financing, Weee! said it would widen its reach to more communities apart from its Chinese, Japanese, Filipino, Indian, Korean and Vietnamese bases. It plans to also enter new geographies, as well as advance its AI and automation technologies.
5. Upside Foods – $400m
With the ongoing excitement around about alternative proteins and cultured meats, a cultured meat startup had to be on the top five!
Apart from the massive deal, Upside Foods had other highs this year. The startup received the world’s first FDA approval this year, which is a key milestone on the route to commercialization in the US. (It still has to get approval from the USDA.)
The California-based startup also acquired Cultured Decadence, a seed-stage cultivated seafood startup from Wisconsin.