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French flag, Paris, France.
Image credit: istock/Olivier DJIANN

Data snapshot: France bucks global trend as agrifoodtech investment surges 39% in 2022

May 31, 2023

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

Click here for more research from AgFunder and sign up to our newsletters to receive alerts about new research reports.

Agrifoodtech investment in France surged 39% to $1.3 billion in 2022 against the backdrop of a 46% decline in Europe and a 44% slump in global agrifoodtech funding over the same period, according to AgFunder’s 2023 Global AgriFoodTech Investment Report.

The surge in funding catapulted France from #8 to #4 in the global pecking order in terms of funding by country in 2022, behind the UK (#3), India (#2), and the US (#1).

France also forged ahead of Germany, which netted $458 million in agrifoodtech investment in 2022, an 84% decline vs 2021.

AgFunder 2023 Global AgriFoodTech Investment Report.
A snapshot of Europe. Source: AgFunder 2023 Global AgriFoodTech Investment Report.
AgFunder 2023 Global AgriFoodTech Investment Report.
A global view. Source: AgFunder 2023 Global AgriFoodTech Investment Report.

Edible insects, on-demand DNA printing, insurance vs climate risk

The topline $1.3 billion figure was bolstered by a couple of mega deals in upstream categories: InnovaFeed’s $249 million Series D round to expand its edible insect operation, and DNA Script’s $200 million Series C round (2nd tranche) to expand its on-demand DNA printing operation.

However, the overall number of deals (71) was still up 6% in France, while the global agrifoodtech deal count declined by 19% in 2022.

The top 15 deals in agrifoodtech in France in 2022 were:

Company Category Series Amount
Innovafeed Novel farming systems D $249 million
DNA Script Ag biotechnology C $200 million
Descartes Underwriting Ag marketplaces & fintech B $120 million
Not so Dark Online restaurants & mealkits B $80 million
Agriconomie Ag marketplaces & fintech B $60 million
ZenChef In-store retail & restaurant technology Late $50 million
GOURMEY Innovative food A $48 million
Snapshift (Combo) In-store retail & restaurant technology A $45 million
HappyVore Innovative food A $37 million
Naïo Technologies Farm robotics & mechanization B $34 million
Umiami Innovative food A $30 million
Umiami Innovative food A $29 million
La Vie Innovative food A $28 million
Outsight Farm management software, sensing & IoT B $22 million
Neoplants Ag biotechnology Seed $20 million

Startups to watch

  • Neoplants genetically engineers houseplants to absorb pollutants in the air.
  • Lisaqua is building a land-based shrimp farm deploying patented technology combining shrimp, micro-organisms and marine invertebrates in a ‘permaquaculture’ system.
  • Bon Vivant and Nutropy deploy precision fermentation to make ‘animal-free’ dairy proteins.
  • Phagos develops bacteriophages as alternatives to antibiotics in animal agriculture in order to address the growing problem of antibiotic resistance. [Disclosure: AgFunderAFN‘s parent company, is an investor in Phagos.]

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