A noodle bowl made with Upside's chicken. Image credit: Upside

2022’s 5 biggest foodtech deals

December 28, 2022

Data Snapshot is a regular AFN feature analyzing agrifoodtech market investment data provided by our parent company, AgFunder.

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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.

A Getir e-bike. Image credit: Getir.

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.

However, the wave of layoffs across various tech companies didn’t miss Getir; it cut 14% of its staff in 2022.

Image credit: Swiggy

2. Swiggy – $700m

India’s on-demand food delivery platform Swiggy was the second biggest for 2022 deals, with its $700 million round led by US investment management company Invesco.

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.

The company had announced its plans to invest the $700 million into its grocery delivery service Instamart. This was to help in setting up more stores that cater to online orders only.

Swiggy is rumored be gearing up for a round of layoffs.

Image credit: LanzaTech

3. LanzaTech – $500m

New Zealand-based carbon recycling company LanzaTech uses bacteria to convert carbon emissions into raw materials, chemicals and fuels like ethanol.

LanzaTech secured $500 million in financing from Brookfield Renewable Partners, a firm that invests in renewable energy assets whose parent firm is Canada’s Brookfield Asset Management.

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.

Weee! ethnic e-grocer
Image credit: Weee!

4. Weee! – $425m

SoftBank Vision Fund II made yet another investment into the food delivery and eGrocery market sectors, leading a $425 million Series E investment into California-based eGrocer Weee!

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.

Even though Weee! says it first made profits in 2020, it doubled down on its services to include restaurant deliveries after acquiring Ricepo, an online Asian food delivery service in 2021.

A noodle bowl made with Upside’s chicken. Image credit: Upside

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!

Upside Foods, makes a cultured chicken product and closed the largest founding round for a cultivated meat company, with a $400 million Series C round.

Leading the round were Temasek and Abu Dhabi Growth Fund (ADG), who were joined by GivaudanBallie Gifford, and Synthesis Capital

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.

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