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With $3bn in deals, top 10 climate x agrifoodtech startups prove themselves a vital part of climate tech ecosystem

January 25, 2023

Climate tech investment landed in the spotlight in 2022.

While other sectors (e.g., eGrocery, food delivery) saw valuations nosedive and VC dollars dwindle, climate tech investment “hovered at historic highs,” according to PWC’s State of Climate Tech 2022 report.

In agrifood, the top three climate tech startups raised $3 billion in VC deals, according to AgFunder data. [Disclosure: AFN’s parent company is AgFunder.]

Climate tech is a rather broad category, but typically it encompasses startups working to decarbonize the global economy. This includes many categories in agtech, from ag biotech and alternative protein to novel farming systems and like vertical farms.

Agriculture’s role in climate tech is critical, seeing as the sector produces 19–29% of total greenhouse gas (GHG) emissions. However, as McKinsey recently noted, reversing the damage from climate change will take commitment from all players in the agrifood value chain, including downstream, customer-facing sectors.

Top climate tech deals in agrifood in 2022 were almost exclusively upstream startups — those closer to the farm or lab. However, as the sector matures, VC activity may yet float downstream.

Top 10 climate tech deals for agrifoodtech

  Country   Company   Industry/focus   Funding
  Notable Investors
  🇳🇿 New     Zealand   LanzaTech   Carbon recycling   $500m
  🇺🇸 USA   Upside Foods   Cultivated meat   $400m
  🇺🇸 USA   Plenty   Vertical farming   $400m
  🇺🇸 USA   Gotham Greens   Vertical farming   $310m
  🇺🇸 USA   Little Leaf Farms   Greenhouse   $300m
  TPG’s The Rise Fund, Bono
  🇨🇦 Canada   Enerkem   Biomaterials   $255 million
  🇫🇷 France   InnovaFeed   Insect protein   $250m
  🇺🇸 USA   FreshRealm   Meal kits   $200m   Undisclosed
  🇦🇪 UAE   Pure Harvest   Greenhouse   $180.5m   Olayan family
  🇺🇸 USA   Lygos (merger)   Biotech   $160m
  🇺🇸 USA   Meati   Plant-based meat   $150m
  Revolution Growth, Chipotle Next

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