Data Snapshot is a regular AFN feature in which we analyze agrifoodtech market investment data provided by our parent company, AgFunder.
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Asia-Pacific farmtech funding doubled in 2021, raising a total of $2.2 billion, according to AgFunder’s first-ever Asia-Pacific AgriFoodtech Investment Report.
Several large deals as well as a 17.5% uptick in deal numbers year-on-year drove much of this growth.
Startups have maintained this momentum in 2022. So far, farmtech companies have raised $1.1 billion in H1-2022. This is despite the larger tech downturn currently happening, and the fact that Asia-Pacific agrifoodtech investment is still largely a downstream game.
Farmtech categories and technologies
Farmtech includes all technologies used by farmers in their operations. The vast majority of these categories are upstream, close to the farm or lab. Two exceptions include farm-to-consumer eGrocery and Agrifood Finance.
Farmtech categories include:
- Agribusiness marketplaces
- Ag biotechnology
- Farm mechanization + equipment
- Farm management software, sensing and IoT
- Novel farming systems
- Bioenergy and biomaterials
- Midstream technologies
- Agrifood finance
- Farm-to-consumer eGrocery
Top countries for Asia-Pacific farmtech investment
India is by far the region’s most advanced farmtech ecosystem, with startups operating in every farmtech category. The country’s Agribusiness Marketplaces category raised $364 million in 2021, for example. Its Farm Management Software & Sensing category raised $106 million over the same time period.
China was the second most active country for farmtech investment in 2021, closing $605 million in deals, a 60% year-on-year jump.
Ag Biotech was an especially big category for China, with n0table companies like Mojia Bioscience and MoonBiotech raising capital. Robotics were also a big category, as underscored by agricultural drone service provider XAG’s $182 million Series C.
Indonesia also has a range of farm tech innovations with a particular focus on Agribusiness Marketplaces.
How can New Zealand’s agri-innovation ecosystem become the world leader it should be?