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Investing Report
MARCH 3, 2015


The AgTech sector had a record breaking year in 2014, with $2.36B invested across 264

AgFunder is an online equity

deals. The big takeaway is that agriculture is being transformed by a confluence of new

crowdfunding platform for

technologies drawn from many industries: from genomics and non-GMO crop technologies,

agriculture technology. We

to drones and the Internet of Thing (IoT) that give farmers real-time information, to protein
substitutes that threaten to disrupt the meat industry, and delivery services that threaten to
disintermediate traditional grocers and connect farmers more directly with consumers.
The opportunity for technology to modernize agriculture is massive. Agriculture is a $6.4T
global industry that employs 1.3B people worldwide and new technologies are emerging
which are promising to transform agriculture from a calcified industry to a tech industry as it
races against a growing population and middle class, changes in taste and diet, and faces its

help Accredited and
Institutional Investors
discover & invest in
developing technologies to
transform the agriculture

impact on the environment.
This is the most complete profile of AgTech funding activity to-date to provide investors,
entrepreneurs, and industry participants with proof of this expanding sector. Like cleantech,
which was orientated around diverse technologies dealing with energy, efficiency, and

Learn more @

sustainability; AgTech’s north star looks to the agriculture value chain and the
diverse technologies that directly touch the industry.
Still on our mission to feed 10B by 2050!
Rob Leclerc, AgFunder CEO

Authors: Melissa Tilney,
Rob Leclerc, and Emily Demarest.
Design: Simona Barta


This financing report encompasses 264 financings of technology
companies within the global agriculture value chain for 2014.
Data was collected from a variety of sources, including
CrunchBase, press releases, articles, U.S. Securities and
Exchange filings, and direct sources.
The agriculture sector is one of the largest and most important
sectors of the economy, representing nearly 8.5% of Global
GDP. However, this size comes with tremendous diversity. The
sector is centered on cultivation of plants, animals, and other
living organisms for food, materials, biofuels, chemicals, and
medicinals. It also encompasses the rest of the agriculture value
chain, including inputs, storage, processing, packaging,
transportation, infrastructure, finance, health, and safety, as well
as marketing and retail services that connect these products to
Drawing the line between AgTech and consumer technologies
was not easy. While restaurant-to-customer food delivery may
technically fall within the agriculture value chain, we ultimately
felt that these services were unlikely to have a disruptive effect
on other areas of the agriculture value chain, therefore, we

excluded these companies from our analysis. In contrast, we
included grocery delivery services like Door to Door Organics
which raised a $25.5 million Series B from the Arlon Group (the
food and agriculture focused investment arm of Continental
Grain). Unlike restaurant delivery, grocery delivery services like
Door to Door Organics and Instacart have a significant
opportunity to disrupt the entire supply chain that sits
between the farmer and the consumer. For clarity we grouped
Food Ecommerce and Farm 2 Consumer (F2C) marketplaces
Similarly, there was a fine line between food technologies and
food products, and so the inclusion of food technology
companies was limited to companies that had a potential impact
on the rest of the agriculture value chain. Companies like
Hampton Creek, Beyond Meat, and Modern Meadow are all
developing technologies that could have significant impact on
the use of animals in agriculture, and so these were included.
For other technologies, such as drones, LEDs, sensors, and
biotech, in which application spans a number of sectors, we only
included those companies that self identified agriculture as a key




Methods (Continued)
Tagging and Categorization
To help categorize the companies, we first generated a set of 30
keywords and tagged each company’s CrunchBase description
when it contained the keyword. We then manually curated the
list to ensure that keywords were properly applied—in some
cases removing tags, in others adding tags. Using the tags,
description for each company (and sometimes the company’s
website) and seeing a sufficient concentration of investment or
deal volume, we then assigned each company to a category so
as to capture groups of companies that shared similar tags, and
which were relevant either by number of deals or by total

Data Limitations
Because the U.S. Securities and Exchange Commission (SEC)
requires companies to publicly file their financings with the SEC,
there may be many more non-U.S. companies that received
financing in 2014, but which are absent from our analysis.

Undisclosed Financings
Of the 264 financings in our data set, twenty-two had
undisclosed financings that could not be determined through
SEC filings or direct sources. We were often able to obtain

financing figures from the companies themselves, but they
requested that we did not disclose exact figures. We excluded
undisclosed financings in which we computed averages and
median values.

Multiple Financings
Several companies closed multiple financings in the period
between January 2013 to the end of 2014. While CrunchBase
data was generally accurate, there were instances where
CrunchBase data double counted financings on a cumulative
raise. To correct for double counting, we filtered our list to all
companies that raised capital in 2013 and also in the first six
months of 2014. We then manually searched the SEC filings and
cross referenced with press releases to ensure that we were
recording the balance of an amendment.
In some cases, CrunchBase displayed multiple financings in the
same year, but upon closer examination of the SEC filings, we
discovered that these were often part of the same round. When
multiple financings represented rolling closes from the same
round, we compounded all smaller financings into the largest so
as to not inflate the total number of deals.




COM 7 .OVERVIEW 2014 $2.36B 264 271 Invested Deals Unique Investors AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.

Drones & Robotics.3B). 2013-Sept. We anticipate that large. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. 1. Note: time period for Mattermark Oct. AgTech as a Sizeable Investment Class AgTech had a breakout year in 2014 in terms of deal volume and investment totals. these two companies represented over 50% of the total foodtech financing. Dominating this group was grocery delivery service Instacart ($260M). FarmLink ($40M) and Airware ($25M) stood out at later stage companies that received significant financing. Our analysis of AgTech’s $2.  FoodTech mostly encompases companies in the ategories: Sustainable Protein. which traditionally demands many resources to maintain and has a huge environmental impact. 2014. which is aiming to disrupt the poultry industry with a plant-based egg. and Hampton Creek ($113M). Precision Ag mostly encompasses the companies in the categories: Decision Support Technologies. Bullish Bets Were Made in FoodTech At the other end of the agriculture value chain spectrum. and ahead of cleantech ($2. Companies can be analytics providers or provide supporting technologies. 1. stand-alone companies will emerge as the space matures. and Smart Equipment & Hardware 3. foodtech3 companies saw $679M in financing over 59 deals.0B) and fintech ($2. 3. as these companies disrupt the meat and egg industry.2B). 30. and this may trigger consolidation and M&A. Food Ecommerce. Overall.COM 8 . The Emergence of Precision Ag Precision agriculture is broadly defined as the group of hardware and software technologies that help farmers improve decision-making with data-driven analytics.  Mattermark Traction Report 2014. 2. Farm2Consumer (F2C).36B in financing over 264 deals in 2014 shows that AgTech received more financing than seven of the 19 sectors tracked by MatterMark1 and is on par with venture funding for security companies ($2. Precision ag represented 30% of AgTech deals in 20142. sustainable protein also attracted some of most elite firms in Silicon Valley.THEMES Five themes stood out from the AgTech fundings for 2014: 1. Food Safety & Traceability. Most investment centered on early stage opportunities: 83% of the deals were Seed or Series A.15M. It appears these investors are challenging the idea that venture capital isn’t out to solve big problems. with median deal size of $1.  2. Together. but received only 12% of investment capital. such as drone platforms that have identified agriculture as a key vertical.

with a median deal size of $1. the emergence of Indoor Agriculture is being driven by the local food movement and water conservation initiatives. In this case. 5.COM 9 .16M.THEMES Five themes stood out from the AgTech fundings for 2014: 4. Of notable mention. and New Jersey Based Aerofarms which raised $36M. Eaze gave new meaning to the term ‘getting high’ after it raised $1. and a nascent cannabis industry. Investors Got High on Cannabis Given deregulation trends (and Snoop Dogg’s recent announcement of a $25M fund for weed startups) no AgTech report would be complete without a summary of technology geared towards the cannabis industry.5M for its marijuana drone delivery service. receiving seven percent of invested dollars in 2014. which raised $100M from KKR. affordable LEDs. Indoor Agriculture’s New Frontier Indoor Agriculture also had a breakout year. PHOT. we know what those investors were smoking. which produces cultivation technology for growers and trades on the OTC under the symbol AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Long considered unviable due to high energy costs. The largest financing went to GrowLife ($12.1M). twelve weedtech (and hemp) companies captured nearly $23M in total funding for 2014. The largest deals in 2014 were Londonheadquartered SunDrop Farms. While not all cannabis startups fall within the scope of AgTech.

Investment dollars dipped slightly in Q2. Five deals (Instacart. accounting for 54% of Q4 investments. a 90% jump over Q3 and greater than any other two quarters combined. but deal volume 67 surged to 78 deals and stayed $969 above Q1 levels for the rest of the year. Hampton Creek. LanzaTech. 55 64 Q4 ended on an upswing as deal flow reached $969M. and Impossible Foods) drove this performance.DEAL ACTIVITY BY QUARTER Deal Volume and Amount by Quarter Deal Volume Financing | $Millions Investment was strong across all 78 quarters. SunDrop $509 $467 $416 Farms.COM Q3 Q4 10 . Q1 Q2 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.


accounting for 45% of all investment dollars. with ten subsectors Soil & Crop Tech receiving >5% of total funding. 5% Sustainable Protein Food ecommerce. bioenergy. and soil & crop technology were the Biomaterials & biochem 5% 16% largest subsectors in 2014. Indoor Agriculture Waste Mitigation 7% Decision Support Tech (See “Deal Volume and Amount by Subsector” for complete list of subsectors. the AgTech industry is diverse and investment Bioenergy 9% 16% is distributed across many Food Ecommerce 5% subsectors.DEALS BY SUBSECTOR AgTech Subsector Breakdown As the chart illustrates. & Hardware 13% 7% 8% Drones & Robotics Other % of Total Investment Dollars AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 12 .) 7% Smart Equip.

Bioenergy $374 19 Food Ecommerce $370 22 Soil & Crop Tech $314 Sustainable Protein Deal volume was distributed differently. precision ag (drones. The top three subsectors by deal amount accounted for only 25% of deal volume. 6 $200 Biomaterials & Biochem $177 22 Indoor Agriculture $175 19 Waste Mitigation 12 $154 Decision Support Tech $129 30 Smart Equip & Hardware $125 22 Drones & Robotics Farm2Consumer (F2C) $119 10 $49 Food Storage $25 4 Water $19 5 Animal Nutrition & Health $16 5 $54 23 14 $59 Food Safety & Traceability Miscellaneous 26 25 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. and decision support technology) accounted for 29%.DEALS BY SUBSECTOR Deal Volume and Amount by Subsector Financing | $Millions # Deals Bioenergy received the most investment capital with $374M. a second group from $100M$200M. In contrast. smart equipment. and then a third group below $60M.COM 13 . but there are three broad financing clusters: one group above $300M.

Impossible Foods. 1.9 Biomaterials & Biochem Food Storage $6. 2014.2 $2. and Beyond Meat were all backed by deep-pocketed VCs These companies threaten to $22 Food Ecommerce (Beyond Meat was undisclosed). Modern $40 Sustainable Protein $21 $15 $13 Soil & Crop Tech $11 Indoor Agriculture $8. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.9 Water $4. Average deal size for AgTech overall was $9.2 disrupt the meat and egg industry.7M.7 Drones & Robotics $5.COM 14 . Note: Date is U.2 Mattermark Traction Report 2014. 2013-Sept.  Farm2Consumer (F2C) $4. It had only a few deals (6) but 4/6 were large investments Bioenergy Companies like Hampton Creek. Waste Mitigation Meadow. 1.8 Decision Support Tech $4. which is in the top 50th percentile across all industries receiving venture funding1.5 Animal Nutrition & Health Miscellaneous $3. only and covers the time period from Oct. Food Safety & Traceability $6.S.4 production as feed.2 which consumes much of our crop Smart Equip & Hardware $5.DEALS BY SUBSECTOR Average Deal Size Financing | $Millions Sustainable protein was an outlier this year. 30.

3 Animal Nutrition & Health Miscellaneous $0.8 Food Safety & Traceability $2. and smart equipment had small median deal sizes.2 Food Ecommerce $2.COM 15 .2 Biomaterials & Biochem $3.4 Smart Equip & Hardware $1.0 Indoor Agriculture $1.5 Decision Support Tech $2.0 Food Storage $5. reflecting both the volume and smaller investment sizes.1 Drones & Robotics $2.5 Farm2Consumer (F2C) $1. Sustainable Protein $23. but was still 3x higher than the next subsector. decision support technology.3 $1. $4.5 Water Newer technology subsectors. like drones.1 Waste Mitigation $2.0 Soil & Crop Tech $8.DEALS BY SUBSECTOR Median Deal Size Financing | $Millions Median deal size for sustainable protein was lower than the average deal size by almost half ($23M vs $40M).0 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.7 Bioenergy $4.

Spotlight on Precision Ag $276M 70 89 Invested Deals Unique Investors AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 16 .

and Granular have somewhat competing technologies.2 (Hardware/Software) are developing unique solutions and have no direct competitors. Financing | $Millions FarmLogs $5. Farmers Edge. SkyCatch Business Network.2 Granular $4. and Silent Herdsman Silent Herdsman $4. AgWorld.5 Airphrame $4.0 Series A Farmer's Edge Undisclosed Semios Undisclosed AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.5 Skymet $4. Farmer’s $25 $20 $13 Kespry $12 Conservis $10 FarmLogs $10 Series B Blue River Technology $10 Ehang $10 PrecisionHawk $10 aWhere $7. Of the farm FarmLogs.SPOTLIGHT PRECISION AGRICULTURE Spotlight on Precision Ag: Top 20 Deals Precision ag software (9) and drones (8) captured the largest FarmLink XAircraft management systems.COM 17 .6 (Robotics).6 $4.0 Outside the pack above. $40 Airware deals in 2014. but this did not seem to deter investors. Blue River Farmer’s Business Network $4. Semios Agworld (Hardware/Software). Conservis.

Agrible. Huron Ventures.SPOTLIGHT PRECISION AGRICULTURE Spotlight on Precision Ag: Investors in 2+ Deals Of the thirteen investors that Start-Up Chile invested in two or more precision ag deals. Hyde Park and Ventures (2x FarmLogs). Plant Link). Hard Drones. six came from outside of Silicon Valley. Y Combinator Andreessen Horowitz Data Collective Drive Capital Google Ventures Huron River Ventures Hyde Park Venture Partners Number of Deals in 2014 Portland Seed Fund SoftTech VC 0 1 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Notably. startup accelerator StartUp Chile invested in three drone companies (Iron Drone.COM 2 3 4 18 . Agribots) and Pycno which uses soil sensors for real-time monitoring. Drive Capital. Four of which were based in the mid-west including Khosla Ventures Kleiner Perkins Caufield & Byers Serra Ventures Serra Ventures (640 Labs.

COM 19 . which will be one of the $36 AeroFarms $12 GrowLife $8. KKR made the biggest $100 SunDrop Farms best.9 PodPonics $4. Six of the FusionPharm Zero Carbon Food $1 $0. With the new economics of indoor ag production facilities.0 Gotham Greens largest indoor production facilities in the world.96 top ten indoor ag companies do this.6 Freight Farms $3. SunDrop will use this money to build a 20-hectare greenhouse facility. local production— providing fresh food grown within city limits. investors Grove Labs $2 showed an appetite for urban.SNAPSHOT OF INDOOR AGRICULTURE Snapshot: Top 10 Indoor Agriculture Deals Financing | $Millions Investors made big bets in indoor ag last year. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. investing $100M in London headquartered SunDrop Farms.7 consumer demand for consistent sources of fresh produce. and the BrightFarms $4.

5 gamut from weed delivery services (Eaze) to cannabinoids-based pharmaceuticals (LaraPharm) to $1.14 GrowLife exception was hydroponics developer Growlife. The one $12. below $1.3 Surna FusionPharm $1 commercial growing technologies (TriQ Systems). AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.5 TriQ Systems $1. Companies in weedtech ran the Eaze $1. most weedtech deals were small. Unlike in other subsectors.5 Potbotics $1. which raised $12.COM 20 .88 Arcadia EcoEnergies $0. most companies did not disclose their Meadow $0.1M to extend its business from cannabis to include vegetable cultivation.SNAPSHOT CANNABIS TECH Snapshot: Top 10 Weedtech Deals Financing | $Millions In 2014.97 Greengro $0.2 investors.5 LaraPharm $1.5M.


DEALS BY STAGE Deal Amount and Volume by Stage Deal Volume Financing | $Millions Seed stage deals accounted for 121 over 46% of all AgTech deals. $424 $419 Deal volume shows a clear trend— $349 the number of companies receiving $299 capital is highest for seed stage 53 and then declines dramatically with each next stage. but $617 received only 3% investment dollars. This is expected for a relatively new industry where the majority of activity is in new company formation.COM D 17 17 Late/ Other Debt 22 . $171 33 7 $82 Seed 16 A B C AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.

1 Drync $2 Grove Labs Precision ag company.4 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.5 Eaze $1.9 $2.7 mOasis $1.5 Farm At Hand $1.7 Exo Protein Potbotics $1. raised $3.5 TriQ Systems $1.5 Greencart $1. 640 Labs.2 640 Labs Airex Energy $3 Gro Intelligence $2.COM 23 .4 Ceres Imaging $1. $2 DroneDeploy $1.5 Esoko Networks $1. Financing | $Millions $4 6Sensor Labs $3. and was just recently acquired by Climate Corporation for an undisclosed amount.5 SkyWard IO $1.7 Farmeron $2.DEALS BY STAGE Top 20 Seed Deals Four of the top 20 deals went to drone companies and four went to weedtech.5 LaraPharm $1. with weed-by-drone delivery startup Eaze sitting in both camps.2M in Seed funding in 2014.5 Marly Spoon $1.

5 $7 Undisclosed AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Impossible Foods was founded by a 60-year old Stanford professor and firsttime entrepreneur. Khosla. The company is developing a bioengineered molecule found in hemoglobin made from plants which tastes like blood.5 Symbiota aWhere Semios $7. Financing | $Millions $75 Impossible Foods $36 AeroFarms XAircraft $20 Yummy77 $20 $17 Lyxia SkyCatch $13 BlueWrap $13 Kespry $12 Emulate $12 Nagare Membranes $11 Conservis $10 Blue River Technology $10 Ehang $10 FreshRealm $10 Modern Meadow $10 Enterra Feed $10 Club-W $9.DEALS BY STAGE Top 20 Series A Deals Impossible Foods captured an impossibly large Series A from an envious group of investors including Bill Gates. and Chinese Billionaire Li-Ka Shing (Horizons Venture). Patrick Brown.COM 24 . Impossible Foods thinks that this may be the key to an all plant burger fit for a carnivore.

Agrisoma $8 JDCPhosphate $8 Ynsect $6. Instacart snagged a $44M Series B in June and six months later raised a $220M Series C.8 Green & Grow $6 Microvi Biotechnologies $5 WISErg $5 BrightFarms $4.COM 25 . Door to Door Organics and Good Eggs which connects reaches farther back in the value chain than Instacart raised $47M altogether.9 Farmer's Edge Undisclosed AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Financing | $Millions $44 Instacart $40 FarmLink Rivertop Renewables $26 Door to Door Organics $26 $25 Airware $23 Hampton Creek $21 Good Eggs $17 Newleaf Symbiotics $15 BioConsortia FarmLogs $10 Good Eggs recently laid off 15% of PrecisionHawk $10 their workforce and so they may be Gotham Greens $8 reconsidering their business model. However.DEALS BY STAGE Top 20 Series B Deals While some companies struggle to raise their first million.


0 had only two financings that were Airex Energy $3. in 2014 Israel Resson Aerospace $3.5 Skymet $4.COM 27 .0 Silent Herdsman $4. However.5 Prestodiag $2.0 Agworld $5.6 Marly Spoon $5.0 publicly disclosed (LaraPharma. Mekitec $2.5 Horatau $3. Israel has a thriving AgTech community and is home to the AgTech accelerator Mofet SunDrop Farms XAircraft $20 Yummy77 $20 Enterra Feed $10 Fruitday $10 Oxitec $10 Agrisoma $8. In 2013 Israeli-based bio-AgTech company Kaiima raised $ $2.5 Ventures. but the Farmer's Edge Undisclosed Semios Undisclosed information was not widely disseminated.6 Zakaz.8 and Cropx). but neither company Trecker $2.DEALS BY GEOGRAPHY Top 20 International Deals Financing | $Millions Canadian AgTech companies $100 captured seven of the top twenty international investments. AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.2 made the top 20. followed by China (3) and the UK (3). It is likely that other Israeli AgTech companies received funding.

venture capital Instacart deals in agtech spanned nearly LanzaTech $112 VitAg $110 every sector.COM 28 . Venture Capital Deals Financing | $Millions The top 20 U. $220 Series C $100 Cool Planet Energy $90 Hampton Creek $75 Impossible Foods $68 BioNano Blue Apron $50 Verdezyne $48 $44 Instacart $40 FarmLink AeroFarms $36 Chromatin $36 Arcadia BioSciences Fulcrum Bioenergy Series B $33 $30 Aseptia $28 Rivertop Renewables $26 Door to Door Organics $26 Airware $25 Digital Lumens $23 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.DEALS BY GEOGRAPHY Top 20 U. sustainable protein.S. FarmLink and AirWare. and bioenergy companies.S. with most of the top deals going to grocery delivery. Two precision agriculture companies. also made the top 20 list.

But.S.804) across all sectors in 20141. Predictably.DEALS BY GEOGRAPHY U. 1.S. California had the largest volume of deal activity 36% of all deals. AgTech investing follows a different pattern than other industries.S.COM 29 . More investments are made in the Midwest and other states (like Texas) involved in agriculture. this is actually lower than would be expected.  National Venture Capital Association/Price WaterhouseCoopers (Prepared by SSTI) AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Investment: Number of Deals by State In the U. given that California is both the largest agriculture state in the U. over 4x more 65 68 deals than any other state. ($43B) and it received over 41% of all venture capital Deals Funded deals (1.

However. investment totals are lower than expected given that California companies were the recipients of more than 56% of U. California companies dominated the the field. 1.S. venture capital dollars ($27B) in 20141.DEALS BY GEOGRAPHY U. capturing 46% percent of all venture capital over 68 deals. Investment: Dollar Value of Deals by State U.9 New $4. companies accounted for nearly 90% of reported investment in 2014.0 Tennessee $4..S.6 Nebraska $4.COM 30 .S.9 Georgia $4.  $967 California Illinois $207 $139 Colorado New York $127 Massachusetts $118 South Carolina $110 Florida $92 $75 North Carolina Missouri Financing | $Millions $59 Minnesota $40 Washington $35 Michigan $28 Montana $26 Texas $15 Pennsylvania $12 Ohio $5.S. Within the U. as with deal volume on the previous slide.0 National Venture Capital Association/Price WaterhouseCoopers (Prepared by SSTI) AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.


Kleiner (5). This is a healthy indicator showing recurring comparable to other fast growing industries. like Cultivian Sandbox (6) were the other notable group. x1 x2 x3 x4 x5 x6 x10 #AgTech Investments Added to Portfolio in 2014 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Ag focused investors. and Andreesson Number of Investors activity in the sector. a new crop of accelerators participated. albeit in small investment amounts. like Khosla (10). and it’s (5).COM 32 . The most active investors were toptier Silicon Valley investors with a history in cleantech. and forty one of those made two or more investments. Among active 29 investors.INVESTOR ACTIVITY Number of Deals by Investors #Investors AgTech had 271 unique investors 230 2014.

15M Seed Instacart $220M Series C Instacart $220M Series C LanzaTech $112M Series D Vestaron $14M Series C Tule $1M Seed Instacart $44M Series B Airware $25M Series B Hampton Creek $90M Series C Conservis $10M Series A Glowing Plants $120k Seed Airware $25M Series B Farmer’s Business Network $4.INVESTOR ACTIVITY Investments by Top 5 Most Active Investors Instacart $220M Series C Advanced Animal Diagnostics $15M Series C Edyn $1.3M Seed Farmer’s Edge Undisclosed Series B Novihum Technologies Undisclosed Meadow $97k Seed Instacart $44M Series B Hampton Creek $23M Series B BioConsortia $15M Series B Blue River Technologies $10M Series A Granular $4.6 M Series A Impossible Foods $75M Series A AbClex $2M Series B Ginko Bioworks $120k Seed Granular $4.8M Series A TerrAvion $97k Seed AgLocal $1.COM 33 .2M Series A Beyond Meat Undisclosed Series B enEvolv $1.2M Series A Tule $1M Seed AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.

Y Combinator. Village Capital participated in 21 out of the 123 Seed funded AgTech companies (17%). 500 Startups.INVESTOR ACTIVITY Investors with 2+ Deals Startup incubators and accelerators Y Combinator. This suggests that incubators and accelerators may be an important source of capital for AgTech companies that may otherwise have difficulty raising seed capital from mainstream investors. Khosla Ventures Cultivian Sandbox Ventures Y Combinator Andreessen Horowitz Kleiner Perkins Caufield & Byers Horizons Ventures Start-Up Chile Collaborative Fund Google Ventures SoftTech VC Serra Ventures Invested Development Canaan Partners Sequoia Capital Goldman Sachs BP Alternative Energy OPENAIR Equity Partners Open Prairie Pangaea Ventures SJF Ventures Anterra Capital Wheatsheaf Investments Otter Capital Syngenta Ventures Comerica Bank Huron River Ventures Drive Capital Hyde Park Venture Partners Avrio Capital Lightspeed Venture Partners Data Collective Upfront Ventures Draper Fisher Jurvetson (DFJ) Lemnos Labs SK Ventures 500 Startups Felicis Ventures Galvanize Ventures Portland Seed Fund Coolidge Corner Investment VilCap Investments Number of Deals in 2014 0 1 2 3 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Start-Up Chile.COM 4 5 6 7 8 9 10 34 . whose alumni include Airbnb and DropBox. Invested Development. and Lemnos Labs. put out a ‘Request for Startups’ in Food & Water and was the top destination for AgTech startups (6). Galvanize.

5 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Anterra Capital and Open Prairie. Syngenta.COM 35 . Sequoia. Kleiner. including Khosla. tended to participate in smaller $132 Sequoia Capital $132 Goldman Sachs rounds ($9. many of the biggest name VC firms in Silicon Valley were active in the large rounds of +$20M.INVESTOR ACTIVITY Median Round Size of Top 20 Investors Financing | $Millions AgTech focused VCs like Cultivian. having little $62 Horizons Ventures overlap large Silicon Valley VCs.5M . As this current batch of early stage companies matures. In contrast. rather than being forced into an early exit to a strategic. Andreessen Horowitz. it will be interesting to see if AgTech VCs will raise larger funds that can support these companies to larger exits. Canaan Partners $25 Collaborative Fund $23 OPENAIR Equity Partners $21 Kleiner Perkins Caufield & Byers $20 Comerica Bank $19 Open Prairie $16 Pangaea Ventures $16 SJF Ventures $15 Anterra Capital $13 Google Ventures $13 Wheatsheaf Investments $11 Otter Capital $11 Cultivian Sandbox Ventures $10 Syngenta Ventures $9.$16M). This $49 BP Alternative Energy $42 Khosla Ventures may reflect a more conservative $34 Andreessen Horowitz mandate or fund size limitations.


CICC. Siemens Venture Capital. Khosla Ventures Cool Planet Energy Systems 03/31/14 $100M Series D UBS.TOP 5 DEALS Top 5 Deals: Bioenergy Company Funding Date Raised Stage Investors LanzaTech 12/08/14 $112M Series D K1W1. Malaysian Life Sciences Capital Fund. Ceres 03/10/14 $23M Post IPO Equity Birchview Capital. ELFH Holding. Braemar Energy Ventures. QiMing Venture Partners. DuPont Ventures AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Goldman Sachs Fulcrum Bioenergy 08/11/14 $30M Series D Cathay Pacific Airways Ltd. Orgacile Investment Management NexSteppe 09/23/14 $22M Series C Total Energy Ventures.COM 37 .

DSM Venturing. Fletcher Spaght Ventures.COM 38 .TOP 5 DEALS Top 5 Deals: Biomaterials & Biochemicals Company Funding Date Raised Stage Investors Verdezyne 03/28/14 $48M Series C BP Alternative Energy. Monitor Ventures Rivertop Renewables 04/09/14 $26M Series B First Green Partners Metabolix 09/04/14 $25M Post IPO Equity Undisclosed Plandai 02/10/14 $15M Equity Lincoln Park Capital Fund Series E Camden Partners. The Aurora Funds. Harris & Harris Group. OVP Venture Partners. Syngenta Ventures Metabalon 01/06/14 $15M AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.

COM 39 .TOP 5 DEALS Top 5 Deals: Crop & Soil Technology Company Funding Date Raised Stage Investors BioNano 11/20/14 $68M Series C Domain Associates. Novartis Venture Fund. Battelle Ventures Chromatin 01/09/14 $36M Series E BP Alternative Energy. RockPort Capital. Gund Investment Corporation. GE Capital. BASF Venture Capital Newleaf Symbiotics 09/15/14 $17M Series B Open Prairie. Legend Capital. Illinois Ventures Marrone Bio Innovations 05/16/14 $35M Post IPO Equity Undisclosed Arcadia BioSciences 05/08/14 $33M Series D Saints Capital. Palo Alto Investors AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. CMEA Capital. Mandala Capital. Pangaea Ventures.

TOP 5 DEALS Top 5 Deals: Decision Support Technology Company Funding Date Raised Stage Investors FarmLink 08/19/14 $40M Series B Thorndale Farm.COM 40 . Drive Capital aWhere 09/08/14 $7M Series A Elixir Capital Management Farmer's Edge 11/10/14 Undisclosed Series B Kleiner Perkins Caufield & Byers AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Hyde Park Venture Partners. Huron River Ventures. OPENAIR Equity Partners Conservis 09/08/14 $10M Series A Heartland Farms. Middleland Capital FarmLogs 12/17/14 $10M Series B SV Angel. Cultivian Sandbox Ventures.

ff Venture Capital Kespry 10/24/14 $12M Series A Lightspeed Venture Partners Blue River Technology 03/19/14 $10M Series A Khosla Ventures. Innovation Endeavors.TOP 5 DEALS Top 5 Deals: Drones & Robotics Company Funding Date Raised Stage Investors Airware 06/23/14 $25M Series B Undisclosed XAircraft 09/01/14 $20M Series A Chengwei Capital SkyCatch 05/23/14 $13M Series A Google Ventures. Data Collective AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 41 .

3M Series A Undisclosed Cortilia 11/05/14 $1.COM 42 . Softbank Ventures Korea AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.TOP 5 DEALS Top 5 Deals: Farm 2 Consumer Company Funding Date Raised Stage Investors Door to Door Organics 11/10/14 $26M Series B Greenmont Capital Partners. Arlon Group Good Eggs 09/08/14 $21M Series B Index Ventures Vital Farms 09/25/14 $2.9M Series A P101 Hello Nature 09/29/14 $1.4M Series A Mirae Asset Venture Investment.

American Express Ventures Yummy77 05/19/14 $20M Stage A Amazon. AmazonFresh Fruitday 03/25/14 $10M Stage C SIG China. Andreessen Horowitz Blue Apron 04/25/14 $50M Stage C Stripes Group Instacart 06/16/14 $44M Stage B Sequoia Capital. Canaan Partners. Kleiner Perkins Caufield & Byers.TOP 5 DEALS Top 5 Deals: Food E-Commerce Company Funding Date Raised Stage Investors Instacart 12/30/14 $220M Stage C Sequoia Capital. Canaan Partners. ClearVue Partners AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.COM 43 . Khosla Ventures. Khosla Ventures. Andreessen Horowitz.

Xandex Investments.2M AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.8M Series A Inventure Oy. SoftTech VC. Prudential Capital Partners Invisible Sentinel 01/14/14 $7M Series C Unknown 6Sensor Labs 09/11/14 $4M Seed Upfront Ventures. CapDecisif Management Prestodiag 06/14/14 $2. Go Beyond. Lemnos Labs.DEALS BY SUBSECTOR Top 5 Deals: Food Safety & Traceability Company Funding Date Raised Stage Investors Aseptia 03/04/14 $28M Series C Lookout Capital. SK Ventures Mekitec 03/05/14 $2. SJF Ventures. Kreizig Invest.COM 44 . Finnish Industry Investment Series A Amorcage Technologique Investissement.

Emil Capital Partners AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER.DEALS BY SUBSECTOR Top 5 Deals: Indoor Agriculture Company Funding Date Raised Stage Investors SunDrop Farms 12/04/14 $100M Private Equity KKR AeroFarms 11/10/14 $36M Series A Undisclosed GrowLife 06/21/14 $12M Post IPO Equity Undisclosed Gotham Greens 11/24/14 $8M Series B Undisclosed BrightFarms 01/29/14 $4.9M Series B NGEN Partners.COM 45 .

Khosla Ventures.Velos Partners Impossible Foods 10/14/14 $75M Series A Horizons Ventures. Google Ventures. ClosedLoop Capital. Obvious Ventures. Bill Gates Hampton Creek 02/17/14 $23M Series B Horizons Ventures.S2G Ventures Beyond Meat 07/29/14 Undisclosed AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. WP Global Partners. UniPresident Enterprises Corporation. Collaborative Fund.DEALS BY SUBSECTOR Top 5 Deals: Indoor Agriculture Company Funding Date Raised Stage Investors Hampton Creek 12/18/14 $90M Series C Tao Capital Partners. AME Cloud Ventures. Khosla Ventures. ARTIS Ventures Series D Kleiner Perkins Caufield & Byers. Horizons Ventures. Collaborative Fund. Founders Fund. DNS Capital. Eagle Cliff Partners Modern Meadow 06/26/14 $10M Series A Horizons Ventures. Morgan Creek Capital. Far East Organization. Khosla Ventures.COM 46 .

Tennenbaum Capital Partners.8M Series B Demeter Partners.COM 47 . EMERTEC WISErg 06/24/14 $5M Series B Angel Investors LP AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | AGFUNDER. Wheatsheaf Investments Ynsect 12/17/14 $6. Industry Ventures Enterra Feed 03/27/14 $10M Series A Avrio Capital. TPG Alternative and Renewable Technologies. True North Venture Partners.DEALS BY SUBSECTOR Top 5 Deals: Waste Mitigation Company Funding Date Raised Stage Investors VitAg 07/14/14 $110M Private Equity Shrieve Chemical. Citigroup Global Markets Harvest Power 10/27/14 $20M Series D Generation Investment Management.

agfunder. We help Accredited and Institutional Investors discover & invest in developing technologies to transform the agriculture industry.AgFunder is an online equity crowdfunding platform for AgTech. Learn more @ Contact us @ media@agfunder. 2015 AGTECH FUNDING REPORT 2014: YEAR IN REVIEW | Last updated May 3.COM 48 .