Key Takeaways
- The 2024 FoodTech 500 highlights 500 top AgriFoodTech startups selected from 1,420 applicants across 52 countries.
- Global AgriFoodTech investments dropped by 73% since 2021, signaling a shift toward selective funding.
- Ag Biotech, Precision Farming, and Sustainable Ingredients saw increased investor interest, while Food Delivery and Alternative Proteins declined.
- The industry is entering “FoodTech Wave 3.0,” prioritizing sustainability, circular economy models, and scalable solutions.
- Companies such as Apeel Sciences, Nature’s Fynd, and Vertical Future are leading innovations in the sector.
The State of AgriFoodTech in the 2024 FoodTech 500
A Challenging Funding Environment
The 2024 FoodTech 500 report reveals a steep decline in global AgriFoodTech funding, dropping 73% from $61.2 billion in 2021 to $16.1 billion in 2024. The number of deals has also plummeted from 2,040 to 847, reflecting investor caution. However, median deal sizes have increased from $3 million to $5 million, indicating a more selective but high-value investment strategy.
According to Alessio D’Antino, CEO of Forward Fooding, this shift is driving a transformation in the sector: “FoodTech Wave 3.0 is reshaping the industry. Startups are now prioritizing circular food systems, biotech advancements, and scalable solutions over aggressive expansion.”
Sector Shifts: Who’s Attracting Investment?
Investment priorities have changed significantly. While Food Delivery and Alternative Proteins dominated funding in previous years, they have now dropped from 68% to 47% of total investments. In contrast, Ag Biotech, Precision Farming, and Upcycled Ingredients have seen notable growth:
- Ag Biotech: Increased from 3.8% in 2021 to 6.2% in 2024
- Farm Management & Precision Farming: Grew from 2.7% to 6.6%
- Protein Fermentation: Rose from 2.3% to 3.4%
This reflects investor confidence in upstream innovations that address efficiency, sustainability, and resource management within the food supply chain.
The 2024 FoodTech 500: The Standout Innovators
Who Made the FoodTech 500?
The FoodTech 500 rankings showcase the most promising AgriFoodTech companies tackling challenges across the entire food value chain. This year’s finalists span multiple sectors, including biotechnology, precision agriculture, food waste reduction, and next-generation food solutions.
Some of the notable companies include:
- Apeel Sciences (USA): A leader in food waste technology, extending the shelf life of fresh produce.
- Nature’s Fynd (USA): Specializing in protein fermentation for alternative food products.
- Vertical Future (UK): A frontrunner in vertical and indoor farming.
- IUNU (USA): Pioneering AI-powered precision farming solutions.
- GoodDot (India): Driving plant-based food innovation.
Among the top sectors represented in the FoodTech 500, Biotech/Synthetization, Ag Biotech, and Vertical Farming have seen strong growth, while Consumer Apps & Kitchen Tech have declined.
The Rise of FoodTech Wave 3.0
The FoodTech 500 report introduces a new phase of food technology innovation, coined “FoodTech Wave 3.0.” This paradigm shift prioritizes:
- Circular Economies – Reducing waste and maximizing resource efficiency.
- Biotech & Sustainable Ingredients – Developing next-gen food solutions using fermentation and alternative proteins.
- Integrated Food Systems – Connecting different parts of the supply chain through AI, automation, and data-driven solutions.
- Financial Diversification – Moving beyond traditional venture capital to include debt financing, grants, and strategic partnerships.
This approach ensures that the future of food innovation remains resilient, sustainable, and scalable despite current funding challenges.
A Quick List Per Categories
AGTECH
- ProducePay 2nd
- Terviva 6th
- CropX 9th
- Groundwork BioAg 12th
- Desert Control 15th
Next-Gen Food & Drinks
- Nature’s Fynd 3rd
- Plantible 4th
- Heura Foods 5th
- Starfield 7th
- Upside Foods10th
Food Processing
- TraceGrains 31st
- Michroma 40th
- C16 Biosciences 53rd
- Shiru 66th
- Cauldron 67th
Indoor Farming/Vertical Farming
- Vertical Future 33rd
- Babylon Micro-Farms 34th
- Square Roots 35th
- IUNU 37th
- Edible Garden Ag 50th
Looking Ahead: The Future of AgriFoodTech
The FoodTech 500 signals a shift toward long-term viability over short-term growth. As investors and startups adjust to this new funding landscape, strategic partnerships and regulatory adaptation will play a key role in shaping the sector.
While it’s too early to predict a full funding recovery in 2025, the report suggests that founders who prioritize scalable, market-ready solutions will have the best opportunities for success.
“The challenges facing global food systems are urgent. Those who embrace FoodTech Wave 3.0 will be best positioned to drive meaningful change,” D’Antino concluded.
As the industry evolves, the FoodTech 500 will continue to be a benchmark for innovation, recognizing companies leading the way in food sustainability and technology.
For the full 2024 FoodTech 500 list, visit Forward Fooding.
