S2G Ventures

Trends Shaping the

Future of Food in 2023

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 S2G Ventures
Preface
The fate of our global food
system requires a shift to
working with nature instead
of against it, leveraging the
power of science, technology,
and entrepreneurship to
move forward.
© 2023 Builders Vision
The future of food is being propelled by seismic
tailwinds: massive demographic change
spurring new consumer demand, significant
advancements in the biology, chemistry and
physics of food production to create new
choices, and sustainability-minded investors are
fueling a desire across capital markets to fund
high-growth, disruptive companies.
At the same time, due to changing externalities,
including the pandemic, war in Ukraine and
devastating climate-related events, the risks
inherent in our food system are increasing and
getting more entangled. If left unchecked, these
risks will intensify due to the alarming impact
on our most important resources.
In response, stakeholders across the food
system are working toward new solutions.
Agriculture is transitioning to a system that is
less extractive and more regenerative. Supply
chains must become more resilient to support
food security. Food is heading towards what
consumers want - nutritious, more affordable
products with better flavor.
The approaching bear market will impact the
trajectory of these changes applying cost,
margin and financing pressures to companies
across the food system. At the same time, the
uncertain macro environment may fuel growth
for companies offering more sustainable
solutions that are also cheaper, faster, better
and more resilient than their traditional
analogs. While the world’s economies may see
a slow down in 2023, those companies that can
execute well and maintain funding levels
needed to ride out the downturn may emerge
stronger and well positioned to bring significant
positive change to the food system.
From our purview as investors across the food,
oceans, and energy sectors, we also see
numerous intersection points where
innovations in one industry can create
cross-sector opportunities. By highlighting these
instances, we hope to show the
interconnectedness of these sectors and
advocate for a more holistic approach to
systems transformation.
This report explores ten trends driving the
evolution to a climate-smart, healthy food
system, including updates to several trends
included in our 2022 analysis as well as new
emerging themes.
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Farmers Scale Climate Supply Chain Consumers Demand

Smart Agriculture Resilience Improves Healthy, Sustainable
Practices Food Security Food Choices

01 04 07
Robotics Optimization Sustainable Packaging
08
02 05

Digitization Decentralization Novel Ingredients

09
03 06

Alternative Inputs Food Waste Solutions Cultivated Protein

10
Convergence of
Food and Healthcare

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Farmers Scale Climate Smart

Agriculture Practices
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01 | Robotics

Robotics will be
deployed on farms
at commercial scale.

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What’s Driving Change

While the United States has been facing acute labor shortages
across many industries, the agricultural sector has been one of
the hardest hit. Agriculture has experienced strained labor
markets for over a decade caused by an aging workforce,
restrictive immigration policies, and decreasing interest in farm
work due to the harsh nature of the job. This last point is
increasingly exacerbated by climate change as field conditions
regularly reach above 110 ºF during harvest season.

For many farmers, access to field workers is perhaps their most

considerable challenge. Labor shortages are hurting productivity
and revenue potential for agricultural producers, undermining US
food security, generating food waste, and increasing food prices.
With food inflation in September 2022 reaching its highest level
over 12 months since 1979, farmers are faced with the need to
pay workers a fair wage while keeping prices down for
consumers, and many see automation as part of the solution.

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Technology
Agricultural robots have become substantially
more capable over the last couple of years by
combining the latest advancements in
computer vision, navigation, artificial
intelligence, robotics, and chemistry, as well as
soil and plant sciences, to support the future of
crop production. Cameras, sensors, and
computer processing capabilities have become
more advanced, drastically enhancing robots’
ability to perceive the world around them.
Robots are now collecting and processing
terabytes of data per day. In addition,
hardware has gotten cheaper, although the
post-pandemic supply chain remains a
challenge. There have also been improvements
in software development and AI models.
© 2023 Builders Vision Images courtesy of Burro
The increase in data capture and improvements Image courtesy of Burro
in processing have drastically advanced AI and
machine learning models, driving better
robotics and improving data collection.
Solutions that can best capitalize on this wealth
of data will have a competitive advantage.
Robots are also being used in diverse settings,
providing them with more robust experiences
from which to derive data. For example, S2G
portfolio company Burro has expanded its
collaborative robots into new use cases, moving
from its core mobility applications of carrying,
following and towing to include scouting and
patrol/security surveillance. The autonomy
curve has seemingly reached a tipping point
on automated seeing and perceiving
functionality being adopted at scale.
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The Opportunity
The case for weeding robots has been made with growers
buying up million-dollar weeding implements to the point some
start-ups can’t produce them fast enough. Large operations are
purchasing more than one, which suggests that the economics
are attractive. But even though overall automation is making
strides, soft automation or dexterity is still challenging in many
use cases. For example, harvesting whole foods has proven to
be the most complex task to automate, even though it is a
significant opportunity, sometimes making up half of the cost
of a farming operation.
While single-purpose robots currently dominate the market,
these solutions will evolve into platforms where software
enables additional capabilities, whether in soil health
measurement, scouting, or disease and pest detection.
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There will also be increased production and adoption of smaller, “While we are currently automating less than
cheaper machines with minimal soil impact that can continuously
run up and down the field collecting data.
10 percent of fresh produce labor, that
number will grow substantially over the next
As the venture capital environment constricts in the coming year,
ten years. Weeding robots will continue to be
companies with major commercial sales demonstrating real ROI will
have a competitive advantage. Large agricultural machinery purchased and produced faster, opening up
companies struggling to innovate internally will continue to shift
exit opportunities and capital and enabling
money from research and development to mergers and acquisitions,
boding well for startups and investors. thinning, planting, and harvesting. Once the
automation advances, companies can devote
“Agriculture autonomy is no longer a science project,” according to
Arthur Chow, Vice President at S2G Ventures. “Several companies are
more resources to the AI layer and explore
booking revenues in excess of seven figures and developing into how they can derive value from all that data.”
viable businesses with real commercial use cases.”
Walt Duflock
Vice President of Innovation at Western Growers
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“
Autonomy in agriculture is no longer a science
project. Several companies are booking revenues
in excess of seven figures and developing into
viable businesses with real commercial use cases.

“
Arthur
Chow
Vice President
S2G Ventures

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02 | Digitization

Digital technologies
will enable profitable,
climate-smart farming
on land and at sea.

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What’s Driving Change
Last year we said that the rise of ESG would
help digitize the farm. Now, questions around
the integrity of ESG claims will do even more to
bring digitization to agriculture. Although it is
generally expected the SEC will ultimately make
changes to its proposed scope 3 emissions
disclosure requirements, the conversation
around emissions across the value chain has
already spurred corporations to work more
closely with producers and other supply chain
actors to implement sustainability initiatives.
Accounting for environmental outcomes is no
longer an option but rather an imperative for
all companies to remain financially viable in the
face of today’s climate risks.
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The need to consider the environmental impact
of our food system is also true with respect to
seafood. As global protein consumption
continues to increase, seafood is anticipated to
lead the pack as the fastest-growing consumed
protein. By 2050, global aquaculture production
is expected to at least double, with
well-managed fisheries expected to flatline or
decline over the same period. There is also a
widespread understanding that aquaculture
will have to become more productive while
reducing the associated environmental
externalities to contribute meaningfully to
our future global food supply.
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Ground truth measurement tools, including sensors, satellites, and GPS IoT solutions, cameras, and hydroacoustics enable smart feeding, health
systems, paired with modeling, prediction, and estimation applications, monitoring, and biomass estimation for aquaculture operations.
offer farmers increasingly better visibility into what is happening in their Companies are developing algorithms that can inform farmers when to
fields and provide opportunities for better management. Field data start and stop feeding and recognize symptoms of disease based on

Technology aggregation tools enable tracking and monitoring, which will be vital to
validating sustainability claims over time. These tools are also getting
real-time analysis, helping to optimize inputs and outcomes. For
small-scale farmers, companies are developing platforms that use
cheaper, and connectivity is more accessible, increasing the adoption of production performance data to provide additional services such as
digital agriculture. For example, the cost of visual sensors decreased by access to inputs, markets, finance, and insurance.
100x over the last ten years, while their resolution has increased by 100x.
Platforms that can break down silos and incorporate data from numerous
sensors or inputs to derive insights will drive adoption.

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The Opportunity
Both agriculture and aquaculture industries are
moving from data-poor to data-rich, creating
actionable insights for producers.
For example, by 2030, the average farm will
generate over 1.5 million data points per day.
The rapid rise of digital solutions is resolving
production issues and increasing productivity
and profitability while reducing environmental
externalities. Companies are racing to capitalize
on this influx of data and develop products that
can support better financial and environmental
outcomes for farmers. For example, John Deere
now has precision ag hardware installed on an
estimated half a billion acres globally, enabling
farmers to view a digital twin of their farm, run
experiments, understand the impact of new
technologies and share their data with
agronomic advisors.
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Consumer demand for transparency and
products that minimize environmental harm is
encouraging CPGs to invest in digitization
across their supply chains. In some cases,
corporates are providing producers with
funding for sustainability programs and
technology adoption.
Financing for startups developing digital
agriculture and aquaculture solutions is also
growing. According to Aqua-Spark’s 2022
report, The Transformative Power of Digital
Aquatech, the aquatech boom has gone from
almost zero to over 100 active digital aquatech
solutions in the past decade, with at least 100
investors supporting these companies.
According to the report, “Digital aquatech will
enable more efficiency, transparency, and
sustainability in the industry while increasing a
farmer’s profitability and laying the framework
for a resilient aquaculture industry.”
According to AgFunder’s 2022 Agrifoodtech “One of the most significant
Investment Report, investment in farm
management software, sensing and IoT grew 51
barriers for farmers is figuring out
percent yearly from 2020 to 2021. how to use new technology.
Companies that are hands-on in
We are currently crossing the chasm beyond
early adopters to farmers who are more figuring out what a farm needs
risk-averse but are motivated by proof of
and tailor-making solutions for
improved ROI. Digital technologies that can
enhance access to markets and generate better them while training the company
production results and profitability will be the to use them are standing out
ultimate drivers of widespread adoption.
According to Cristina Rohr, Managing Director
above the competition.”
at S2G Ventures, “Measurement and analytical
tools are becoming more integrated and better
Vonnie Estes
equipped to quantify the cross-value chain Vice President of Innovation at the
benefits of climate-smart agriculture. As digital International Fresh Produce Association
technologies scale to more farms, they will
provide new insights and opportunities to
optimize environmental and economic
outcomes for all stakeholders from farmers to
CPG companies.”
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“
Measurement and analytical tools are becoming
more integrated and better equipped to quantify
the cross-value chain benefits of climate-smart
agriculture. As digital technologies scale to more
farms, they will provide new insights and
opportunities to optimize environmental and
economic outcomes for all stakeholders.
Cristina
“ Rohr
Managing Director
S2G Ventures

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03 | Alternative Inputs

Nascent input technologies

become mainstream.

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What’s Driving Change

Adopting alternatives to synthetic fertilizers and pesticides has been

considered an environmental priority for some time. But last year,
demand for alternative inputs spiked as chemical input prices skyrocketed
due to supply chain issues. Demand for animal manure reached
unprecedented levels, and instead of paying for waste to be removed,
livestock farmers were making money offloading it. Consumers are also
looking for foods with minimal environmental impact, and CPGs are
committing to reducing greenhouse gas emissions in their supply chains.
Additionally, traditional chemical pesticides are proving less effective, with
hundreds of unique cases of pest species and fungi diseases resistant to
pesticides found worldwide. The culmination of all these drivers has
created an urgent need for inputs that are less vulnerable to supply chain
disruptions and more environmentally friendly.

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Technology
Our fertilizer series examined technologies
enabling farmers to use less synthetic fertilizer
while maintaining yields. Biostimulants or
biofertilizers are living microbes that improve
plant nutrient access by either mobilizing or
increasing nutrient availability in soils. There
are a number of studies showing the
effectiveness of microbial fertilizers. Still, the
expectation that these products have varying
efficacy across different environmental
conditions has been a barrier to adoption, and
regulatory hurdles still exist.
© 2023 Builders Vision Image courtesy of NewLeaf Symbiotics | Image courtesy of Sound Agriculture
Chemical stimulants present another
opportunity to take advantage of the nutrients
that exist in the soil but are not accessible. For
example, Sound Agriculture’s SOURCE is a
low-use rate foliar spray that activates N-fixing
and P-solubilizing bacteria, making these
nutrients available to plants. The product boosts
yield while reducing the need for synthetic
fertilizer by up to 50 pounds per acre.
Green ammonia, which uses renewable energy
to split water and extract hydrogen, could also
serve as a more sustainable alternative to
traditional fertilizer production, which utilizes
natural gas. Today, the production of green
ammonia is uneconomic without subsidies such
as those provided for in the Inflation Reduction
Act (IRA), but as the costs for wind and solar
continue to drop and production technologies
improve, it could become as cheap or cheaper.
Environmentally friendly pesticide alternatives
are also making strides. For example,
RNA-based biopesticides present a promising
alternative to chemical products in crop
protection due to their accuracy and specificity.
While earlier approaches to RNA production
synthesized RNA using fermentation in vats of
living microbes, Greenlight Biosciences has
developed a cell-free bioprocessing system
enabling the production of quality RNA
products at a fraction of the cost. Other
technologies, such as Terrasym from NewLeaf
Symbiotics, use microbial inoculants to make
crops more resistant to various pests.
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The Opportunity

Alternative crop protections are seeing a boost in interest and
adoption. A McKinsey survey found that 38 percent of growers
say they would try new crop protection products over the next
two years. Soaring prices sparked interest in fertilizer
alternatives, and large synthetic fertilizer companies such as
OCP and Mosaic are partnering with or acquiring biological
companies to meet growing market demand. Bayer partnered
with Ginkgo Bioworks to identify the next generation of
biologicals to meet various needs, from crop protection to
nitrogen fixation and carbon sequestration. The McKinsey
survey also found that 30 percent of large farms plan to use
“green” products such as biofertilizers due to lower costs per
acre. In Brazil, 60 percent of farmers have already adopted
biocontrols and biostimulants.
Regulation is also pushing farmers, particularly in Europe, to seek “While the perception of biologicals is still
alternatives. Ag input companies which also serve in advisory roles
to farmers, will be a crucial channel for introducing farmers to
new and changing, growers are starting to
new products. view them as a more sustainable future for
crop protection.”
“The need is as critical as ever to fill the vacuum for environmentally
friendly, effective inputs,” says Matthew Walker, Managing Director at
S2G Ventures. “We believe the time is now for alternative input Mark Brooks
solutions to achieve large-scale adoption and impact.” Director at FMC Ventures

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“
The need is as critical as ever to
fill the vacuum for environmentally
friendly, effective inputs. We believe the time
is now for alternative input solutions to
achieve large-scale adoption and impact.

“
Matthew
Walker
Managing Director
S2G Ventures

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Supply Chain Resilience

Improves Food Security
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04 | Optimization

Supply chain
optimization technologies
can reduce costs,
emissions, and risk.

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What’s Driving Change
The globalization of food supply chains has added significant
complexity and created information asymmetry between producers and
consumers, making them more rigid in the face of disruption. Operational
factors such as production disruptions and external factors such as
weather conditions, transportation issues, input shortages, and pricing
volatility have led to substantial food supply chain inefficiencies. This
vulnerability was starkly apparent when the supply chain disruptions
during Covid-19 left grocery store shelves empty while farmers could not
find markets for crops and livestock. As the pandemic started to wane
and Americans went on a purchasing spree, US ports could not handle the
traffic. At the ports of Los Angeles and Long Beach, the entry point for
about 40 percent of goods imported into the US, congestion reached a
record 73 anchored container ships in the fall of 2021. A recent survey
from the Food Industry Association, conducted in the second quarter of
2022, found that 70 percent of retailers said supply chain disruptions
negatively impacted their business, up from 42 percent the year before.
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The cost of inefficiently producing, transporting, processing, and
distributing food also results in excessive energy use and food waste.
According to a recent study, transport accounts for about 19 percent of
total food-system emissions. The International Maritime Organization
aims to reduce vessels' carbon emissions per transport work by at least
40 percent and is targeting a 70 percent reduction by 2050. Forty percent
of food waste occurs before products reach retailers and consumers,
stemming from improper storage transportation and inaccurate order
sizes. Companies across the food supply chain need better insight into
markets, risks, transportation inefficiencies, and demand drivers to
minimize emissions and food waste and maximize profits.
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Technology
Companies across the supply chain have more
data than ever, and predictive data science and
optimization techniques have improved and
become more prevalent. Software that uses
cognitive computing to optimize critical
processes such as load planning, inbound and
outbound logistics, demand planning, and price
optimization can help companies define supply
chain problems and match them to solutions.
Software, as well as the implementation of IoT,
can improve operational efficiencies at ports.
Optimization engines consider hundreds of
options for transportation systems, such as
shipping and trucking, before providing the
most efficient route optimized for fuel and time
cost, weather, safety, emissions, and other
constraints. Digital twins also run simulations
and help companies understand where they
can optimize.
For example, supply chain digital twins can help
companies calibrate models to prioritize
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various outcomes, and digital twins of
transportation vessels can predict speed, RPM,
and fuel consumption for any scenario.
Technologies embedded in objects, such as
RFID (Radio Frequency IDentification) Image courtesy of Corvus Robotics
technology, can give companies a more
granular view of their supply chains, allowing
for more accurate inventory data and food
tracking at various levels of aggregation. IoT in
food chains is growing, and combined with
other technologies, it can help companies
visualize food supply chain processes and map
supply routes.
Better warehouse inventory management is
also an essential component of supply chain
optimization. For example, Corvus Robotics
utilizes drone technology, enabling inventory
visibility across the warehouse workflow
through efficient inventory scanning, so
companies know what and where everything is.
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The Opportunity
Better-optimized supply chains could result in numerous social,
economic, and environmental benefits. Increased efficiencies
and improved logistics will lead to substantial cost and energy
savings and reduced food waste and risk across the supply
chain through shorter and more energy-efficient transportation
routes. Supply chain insights and optimization are also critical
for inventory management today and supply planning for the
near and distant future. Understanding demand drivers
enables companies to decide how much variability they want to
cover and the impacts their decisions have on the consumer.
Companies that can continuously optimize their supply chains
will prove more agile in a time of increasing market, weather,
and geopolitical volatility.
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Lastly, optimization technologies can improve food safety and supply
chain transparency. Supply chain visibility can reduce food safety
risks by ensuring proper food handling and storage and enabling
companies to carry out more targeted recalls. In addition, if data is
standardized and data sharing is encouraged, all stakeholders,
including consumers, can trace a food product along its entire supply
chain from farmer to grocery store shelf, which could verify the
product’s environmental credentials and associated emissions across
the supply chain.
According to Kate Danaher, Managing Director of S2G Ventures,
“Increased data collection across the supply chain, paired with
advances in AI and ML, are enabling optimization solutions that will
substantially lessen the environmental externalities of transportation
while creating efficiencies and cost savings.”
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“
Increased data collection across the supply chain,
paired with advances in AI and ML, are enabling
optimization solutions that will substantially
lessen the environmental externalities of
transportation while creating efficiencies
and cost savings.

“ Kate
Danaher
Managing Director
S2G Ventures

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05 | Decentralization

Controlled production
will improve food security
and system resilience

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What’s Driving Change
The prevailing trend of the last century
in the industrial agri-food system has been the
development of efficient global supply chains.
But over the last few years, the myth of
perpetual food abundance has been shattered.
We are now accustomed to hearing about the
next shortage, from cream cheese to baby
formulas. Moreover, in a consolidated
production system, the supply chain is more
vulnerable to labor shortages, natural disasters,
disease outbreaks, and political upheaval.
The past two years have illustrated the risks
resulting in single points of failure in the global
supply chain. The Ever Given container ship
that got stuck in the Suez Canal for six days in
March 2021 lead to blocked shipping routes at
the cost of $10 billion in trade per day. The FDA
closure of Abbott’s infant formula factory in
Sturgis, Michigan following multiple infant
deaths lead to widespread baby formula
shortages throughout the country.
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Following the Russian invasion of Ukraine, data
from IFPRI shows an increase in food export
restrictions, with at least 23 nations issuing
outright bans or curbed export licensing. The
impacts of climate change, such as rising global
temperatures, changes in precipitation patterns
and pest pressure, an increased frequency of
drought and heatwaves, and a higher risk of
natural disasters, will all threaten crop
production worldwide.
Countries and regions dependent on imports
are looking for ways to bolster food production
within their borders. Supply chain
redundancies are also essential to stem the
impacts of single points of failure and enhance
resilience.
While global trade will always be essential to
modern food systems, production technologies
that are more climate agnostic and can enable
food production in previously challenging areas
such as cities or deserts have become a
growing priority for governments worldwide.
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Technology
Local agriculture production models and
markets that connect farmers to consumers
can support profitability for farmers, better
system resilience, and provide consumers with
higher quality and traceable products. But to
fully realize efficient local food production
systems, we need to reimagine production
methods and resource use.
Several types of growing systems are enabling
agricultural production in previously unsuitable
areas. Cellular agriculture, controlled
environment agriculture, and land-based
aquaculture systems all separate production
from the natural environment making the
output much less susceptible to environmental
conditions. These systems leverage
technologies and opportunities such as
automation, resource recycling, data science
and careful input selection and design to
optimize the use of various resources such as
water, land, energy, and labor, deliver high
yield and consistent output, provide flexibility
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in location and species, and reduce transport
distances by situating farms near markets.
While these systems are currently cost-sensitive
and energy-intensive, great strides have been
made in the last few years to improve energy
efficiency and develop more sustainable,
tailored, and cost-effective inputs to improve
scaling opportunities.
Distributed renewable energy sources will be a
crucial part of providing more reliable,
sustainable power across the food supply
chain. Renewable energy will be instrumental
for rural energy access, improve the
sustainability of energy-intensive supply chain
technologies and make food supply chains less
vulnerable to global energy dynamics. In
particular, access to renewables such as solar
could be transformational in rural areas in
developing countries, enabling everything from
cold food storage to irrigation where access to
traditional power sources is limited.
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The Opportunity

Short, decentralized food supply chains have the potential to As a result, regional, resilient supply chains are now a major priority “Stabilization in the face of geopolitical issues, extreme weather
meet consumer demand while offering producers better prices for governments. The USDA recently announced over $2 billion in events, and pest and disease outbreaks is becoming increasingly
and building more redundancy and resilience into the supply funding to support increased choices for farmers and consumers essential for resilient food systems,” says Sanjeev Krishnan, Chief
chain. CEA, land-based aquaculture, and cellular agriculture and the transition to a more decentralized food system. New York Investment Officer and Senior Managing Director of S2G
production systems can operate in areas such as arid deserts City is investing $140 million to strengthen the Hunts Point Terminal Ventures, “Decentralized systems that create redundancies and
where conventional agriculture practices are not feasible or Market, including building a dedicated warehouse for local produce enable production in areas previously inhospitable to food
regions where land suitable for crop and animal production and increasing the number of local and regional farmers selling to production will increase supply chain resilience and food security
is minimal, thereby improving food security. the market. Up to $400 million in funding is available now from the across the globe.”
USDA to support local food purchased for school meals, food banks,
There are numerous environmental benefits to decentralized and other nutritional assistance programs.
food systems. Hydroponic and vertical farming methods can
reduce agricultural water and agrochemical use. Cellular
agriculture can curtail land use and emissions from raising
livestock, and land-based aquaculture systems take pressure
off wild fisheries. Minimizing the distance between production
and consumption can also reduce food miles and emissions
associated with food transportation and result in fresher,
more nutrient-dense food that lasts longer.

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“
Decentralized systems that create
redundancies and enable production in areas
previously inhospitable to food production
will increase supply chain resilience and
food security across the globe.

“ Sanjeev
Krishnan
Chief Investment
Officer and Senior
Managing Director
S2G Ventures

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06 | Food Waste Solutions

Adoption of
food waste solutions
will be recognized as both
a good business practice
and an essential tool
for feeding the world.

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What’s Driving Change
Feeding a population of 10 billion by 2050
while arable land and agricultural productivity
continue to decline, cannot be done by
expanding acreage. Today about a third of food
is wasted at some point in the supply chain,
enough food to feed more than a billion
people. Food that is never eaten still takes
resources to grow, harvest, transport, and even
cook. According to ReFed data, uneaten food
uses 14 percent of all freshwater, 18 percent of
all cropland, and 24 percent of landfill inputs.
Food waste is also the number one material
entering landfills where it produces methane
gas, which has more than 80 times the warming
power of carbon dioxide. Over its lifecycle, food
waste accounts for 8 to 10 percent of global
greenhouse gas emissions, at least double that
of the aviation industry.
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For these reasons, the US Government, the UN,
and the EU have set goals to cut the amount of
food that goes to landfills and other Karen - stock.adobe.com
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destinations in half. Rising food prices and
increasing food shortages over the last few
years have generated more motivation for food
waste reduction efforts and made the payback
more attractive. According to ReFed,
households are the most significant contributor
to food waste (37 percent) followed by
consumer-facing businesses (28 percent),
making them both primary target areas for
food waste technology and innovation.
32
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Technology

Upcycling has become an increasingly popular
way for companies to redirect ingredients that
are otherwise headed to the trash. Rejected
food, imperfect produce, and food
manufacturing byproducts such as spent grain,
cashew apples, or discarded dates are being
turned into various value-added products for
human consumption.
For food that still ends up as excess, markdown
and sharing apps, such as Flashfood, connect
retailers to companies or consumers who will
purchase it at a discount. These apps enable
the rescue of food that would otherwise go to
waste while helping shoppers save on their
grocery bills.

Machine learning and AI are helping retailers

understand purchasing patterns and accurately
forecast demand. With probabilistic forecasting,
it is becoming possible to characterize the risk
of spoilage versus the risk of stockout for each
item that is shipped to a store, providing
retailers with optimal inventory
decision-making. Computer vision and AI can
also help commercial kitchens and restaurants
understand how food is wasted through smart
sensors attached to garbage bins.

33
© 2023 Builders Vision Image courtesy of Atomo Coffee | Image courtesy of Flashfood 33
 S2G Ventures

Lastly, technologies that extend shelf life or enable consumers

to recycle more effectively are helping to address the 30 billion
tons of food waste currently generated by households. For
example, consumers can track fridge and pantry contents
through AI and computer vision-enabled appliances and divert
food waste from landfills with technologies such as Mill, an
electric kitchen waste bin that shrinks and de-stinks typical
kitchen food scraps in several hours, turning them into
nutritious chicken feed.

34
© 2023 Builders Vision Image courtesy of Mill 34
 S2G Ventures
The Opportunity
According to calculations by ReFed, cutting our food waste by
50 percent by 2050 will require a $14 billion investment
annually. But there is also a substantial economic opportunity,
with BCG estimating that closing the gap between food loss
and waste could be worth $700 billion.
Over 250 companies have signed onto initiatives to cut food
waste in half. General Mills and Compass Group have cut their
food waste by 24 and 33 percent respectively since 2020.
Albertsons has committed to reducing food waste by 50
percent in its Pacific Coast divisions by 2030 and Walmart set a
goal to eliminate food waste in the US, Canada, Japan, and the
UK by 2025.
There is also mounting government pressure and support for
preventing food waste, with 99 bills introduced at the state
level, of which 24 passed.
© 2023 Builders Vision
For example, California just passed what might be the most “There is an ever-increasing interest in food waste solutions
ambitious food waste law in the US, requiring supermarkets to give among public markets and later-stage businesses, especially with
away food that is unsold but fine to eat. Additionally, every city and the recognition that mitigating food waste is an important climate
county must reduce the organic waste that goes into landfills by 75 solution,” says Chuck Templeton, Senior Managing Director at
percent by 2025. The Infrastructure and Investment Jobs Act, signed S2G Ventures, “Even before increasing yields and using new land,
into law in November 2021, includes $350 million in investments over if we focused on eliminating food waste, we'd be able to keep up
5 years to transform municipal solid waste and recycling, including with growing food demand for the foreseeable future.”
food waste and reduction.
The investment community is also shoring up funds for food waste
solutions. In 2022, $1.75 billion was invested in solutions, up from
$101 million in 2012, with funding split pretty evenly between
prevention and recycling technologies. Food waste solutions are
particularly satisfying because every dollar is a sustainable dollar.
Food waste is a straightforward issue for people to understand
and an easy story to tell, and efforts to mitigate it are measurable
and concrete.
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 S2G Ventures

“
Even before increasing yields and using new land,
if we focused on eliminating food waste, we'd be
able to keep up with growing food demand for
the foreseeable future.

“
Chuck
Templeton
Senior Managing
Director
S2G Ventures

© 2023 Builders Vision 36

 S2G Ventures

Consumers Demand Healthy,

Sustainable Food Choices
New Africa - stock.adobe.com lamyai - stock.adobe.com Image courtesy of Believer Meats Alexander Raths - stock.adobe.com

© 2023 Builders Vision 37

 S2G Ventures

07 | Sustainable Packaging

Innovative packaging
and closed loop recycling
will begin to address
our plastics problem.

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 S2G Ventures

What’s Driving Change

For the past five decades, plastic packaging has been prolific
in the food industry because of its advantageous characteristics:
It is economical, functional, lightweight, and very versatile. But most
plastics are derived from petroleum and are non-degradable. Nearly
26 percent of global plastic production is used for packaging, of which
single-use plastics account for 50 percent. Only 5 percent of plastic waste
in the US was recycled in 2021–the rest ended up in landfills, oceans,
or the atmosphere as tiny toxic particles. According to UNEP, plastic
packaging generates negative externalities valued at 40 billion, which
is expected to increase substantially in a business-as-usual scenario.

Plastics face numerous hurdles to effective recycling, from correct

disposal at the household level to comprehensive recycling infrastructure
in cities. But even if all those factors fell into place, the Ellen MacArthur
Foundation recently found that not a single type of plastic packaging in
the US meets the definition of recyclable from the foundation's new
plastic economy initiative. According to the OECD, if the status quo
continues, global plastic use and waste will nearly triple by 2060. With that
said, plastic upcycling is becoming increasingly viable and represents a
large market opportunity.

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 S2G Ventures

Technology

Bioplastics have emerged as a better environmental alternative to

petroleum-based plastics, but challenges regarding their disposal persist
since many bioplastics are not biodegradable or require very specific
processing conditions. As a result, companies are working on developing
materials that confer the benefits of plastics while still being
completely biodegradable or compostable. Plants are a main source of
biodegradable packaging material, with some companies using
agricultural waste streams while others utilize plant-based fibers. Several
companies are developing packaging materials from seaweed, which has
natural polysaccharides that enable it to form a film. Not only is
seaweed-based packaging biodegradable, but some of it is edible.
Companies are also working on microbially-engineered polymers,
which can be synthesized using a variety of feedstocks, are completely
biodegradable in soil and marine conditions, and can produce an array
of products with different functionalities.

© 2023 Builders Vision Image courtesy of Footprint 40

 S2G Ventures
Mechanical recycling technologies, particularly those already
tested in European markets, are also well-positioned for growth
in the US. Historically, plastics recyclers in the US were largely
focused on downcycling plastics for single-use applications, but
companies are now seeing the benefit of upcycling plastics for
circular applications. While many mechanically recycled plastics
are not yet approved for food-grade use, they can be substituted
for other consumer goods and in parts of the supply chain, such
as stretch wraps and protective packaging.
© 2023 Builders Vision
According to Closed Loop Partners, reuse/refill systems are nascent
but fast-growing, and innovative reuse models, enabled by digital
technology, can unlock significant benefits, like improving the user
experience, building brand loyalty and customer retention through
deposits and reward schemes, and cutting packaging and
transportation costs. Companies can use these models to gather
user insights through sensors, RFID tags, and GPS tracking.
Image courtesy of Circulus
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 S2G Ventures
The Opportunity
Historically, commitments by companies and
retailers to reduce the impacts of packaging
have primarily focused on easy wins, such as
reducing weight and material usage. In the last
few years, companies have made more
substantial commitments to adopt sustainable
packaging, which presents massive funding and
partnership opportunities for companies
working on these technologies. For example,
Coca-Cola pledged to ensure that at least 25
percent of its beverages are sold in refillable or
returnable glass or plastic bottles by 2030 and
Nestle invested around $5 million in the Italian
venture capital fund Eureka! Fund to accelerate
the research of innovative packaging solutions
and improve recycling processes.
© 2023 Builders Vision
New policies are also applying pressure on the
CPG sector to improve packaging. In March,
more than 170 nations backed a historic UN
resolution establishing a committee to develop
a plastics pollution treaty by the end of 2024.
The UK introduced a plastic packaging tax, the
EU introduced a ban on single-use plastic
plates, cutlery, and straws, and the Chilean
Government passed a law that nearly
eliminates all single-use plastics from the
food and beverage sector.
Oregon and Maine passed extended producer
responsibility laws, requiring manufacturers to
help fund the collection and processing of their
packaging. California passed a groundbreaking
law requiring producers to create less plastic
and ensure all single-use plastics are recyclable
or compostable.
Consumer demand for alternatives is also high.
According to Shorr’s 2022 Sustainable
Packaging Consumer Report, 86 percent of
consumers surveyed are more likely to
purchase a product from a brand or retailer if
the packaging is sustainable.
According to Chuck Templeton, Senior Managing
Director at S2G Ventures, “Given the fast-growing
consumer awareness, escalating government
regulations, increasing manufacturer
commitments, and clever suppliers and startups’
innovation, sustainable packaging solutions will
achieve value and functionality parity, gaining
market share.”
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 S2G Ventures

“
Given the fast-growing consumer awareness,
escalating government regulations, increasing
manufacturer commitments, and clever suppliers
and startups’ innovation, sustainable packaging
solutions will achieve value and functionality
parity, gaining market share.
Chuck
“ Templeton
Senior Managing
Director
S2G Ventures

© 2023 Builders Vision 43

 S2G Ventures

08 | Novel Ingredients

Novel ingredients will

enable the next generation
of plant-based foods.

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 S2G Ventures
What’s Driving Change
In last year’s report, we noted that many
plant-based products still struggle to offer the
taste, smell, and feel consumers associate with
animal proteins. Today some products are
receiving mounting criticism due to their long
ingredient lists and questionable nutritional
content, and there has been a decline in
plant-based meat sales. It is time for another
evolution in alternative proteins. Consumers
want to see better dietary values, clean labels
with fewer, more recognizable ingredients, and
improvements in the multidimensional
experience, such as mouth feel, moisture
retention, and coloring. According to research
from the International Food Information Council,
almost two-thirds of consumers try to choose
foods made from clean ingredients, which most
people define as “not artificial or synthetic.”
© 2023 Builders Vision DAVID - stock.adobe.com
Consumers also want to know they are doing
good by choosing plant-based options.
Unfortunately, the portion of shoppers that
believe plant-based products are better for the
environment fell by 7 percent over the first
three quarters of 2022. Additionally, rising
inflation is making it harder for consumers to
justify the higher price points of many
plant-based alternatives, especially when
conventional meat prices have fallen from their
2020 highs. Ingredients and products with
better nutritional qualities, clean labels, clear
environmental benefits, and price
competitiveness will drive the next generation
of plant-based proteins.
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 S2G Ventures
Technology
The technologies enabling novel ingredient
development for plant-based proteins fall into
two categories: those that support ingredient
discovery and those that improve production
capabilities. AI and ML platforms can decipher
complex food and plant sources to understand
their properties and benefits and apply them to
specific desired use cases. Traditionally
companies employed randomized
high-throughput screening methods to identify
new ingredients, which is costly and
time-consuming. The fusion of food science,
molecular biology, and powerful artificial
intelligence is enabling us to uncover natural
ingredients, formulations, and trends that we
may never have imagined and to reverse
engineer foods from the molecular level.
© 2023 Builders Vision Image of Shiru's protein-based alternative fat ingredient
Precision fermentation, which uses
microorganisms as cell factories to produce
specific functional ingredients, allows companies
to manufacture proteins, fats, and other food and
beverage ingredients for texturizing, stabilizing,
and preservation. Companies are using precision
fermentation technologies to produce ingredients
like whey and casein to improve the taste and
experience of plant-based dairy products or
fermented mushroom mycelium for meat analogs.
Many companies employ discovery platforms
and precision fermentation to produce novel
ingredients. For example, Shiru has developed a
patented technology platform, Flourish[TM], that
leverages artificial intelligence, bioinformatics,
and precision fermentation to rapidly generate
unique protein insights and identify novel, natural
ingredients that are both functional and scalable.
46
 S2G Ventures
The Opportunity
There is a hunger for rapid food innovation,
and competitors are racing to find the next
generation of plant-based proteins. As a result,
food brands in the alternative protein space
must be flexible, fast-moving, and
forward-thinking. AI platforms and precision
fermentation are vital to rapidly developing
clean-label, sustainable, and taste-competitive
plant-based products.
Discovery platforms have become incredibly
powerful to the point where they are making
connections faster than we can figure out what
to do with them. And while precision
fermentation is making great strides, there is
still the question of scale and the need for
expanded production facilities.
© 2023 Builders Vision
Partnerships provide an excellent funding
source and an avenue to commercialize novel
products. Big CPGs are working with agile food
tech startups for support with R&D, especially
ones looking for black swan ingredients that
could make up most of their revenue. ICL Food
Specialties is teaming up with AI food tech
company Protera Biosciences to develop new
protein ingredients with specific functionalities
for food manufacturers using precision
fermentation. Mars is entering a multi-year
collaboration with Pipa, an artificial intelligence
food research company, to accelerate the
discovery of novel plant-based ingredients.
When plant-based meat and seafood
substitutes first came to market, the focus was
almost exclusively on nailing the taste and
texture. Now, companies must continue to
optimize taste, texture and the sensory
experience while improving nutrition, removing
undesirable additives and ingredients, and
reducing costs. Products that make a
compelling “better for you and the planet”
argument will stand out in an increasingly
crowded space.
According to Sanjeev Krishnan, Chief
Investment Officer and Senior Managing
Director, “Alternative proteins are still
in the iPod phase–not yet the iPhone phase.
There are still tremendous progress
to be had in this sector through the
introduction of novel ingredients.”
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 S2G Ventures

“
Alternative proteins are still
in the iPod phase–not yet the iPhone phase.
There are still tremendous progress
to be had in this sector through the
introduction of novel ingredients.

“
Sanjeev
Krishnan
Managing Director
S2G Ventures

© 2023 Builders Vision 48

 S2G Ventures

09 | Cultivated Protein

Cultivated protein
will provide consumers
around the world with
safe, sustainable food.

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 S2G Ventures

What’s Driving Change

According to the World Economic Forum, the global demand

for meat is expected to double by 2050. Our current livestock
systems have led to resource depletion, land degradation,
GHG emissions, and animal welfare issues. It is impossible for
a global population of 10 billion to eat the quantities of meat
typical in a western diet while keeping on track with the
Sustainable Development Goals.

The global demand for seafood is also expected to double by

2050. While seafood is responsible for fewer emissions than
livestock, almost 90 percent of global marine fish stocks are
now fully exploited or overfished. Cellular protein has the
potential to meet the growing demand for animal protein
while minimizing the negative externalities of our current
animal agriculture system and significantly reduce agriculture’s
carbon footprint.

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 S2G Ventures
Technology
Lab-grown products are biologically identical to
animal products without requiring the
slaughtering of animals. Instead, the process
begins with cells extracted from animals. These
cells are grown in tanks and fed fats, sugars,
amino acids, and vitamins that enable the cells
to mature and multiply. Several factors
determine the viability of cultivated protein,
and some companies are tackling specific
aspects while others are taking on multiple
components. For example, cell line
development is critical for the cellular protein
process and requires finding the type of cell
most suitable for consumption.
© 2023 Builders Vision Image courtesy of Avant
Companies are also developing low-cost,
effective, and scalable media formulations
since the media make up 55-95 percent of the
cost of cell-based meat. There is also the issue
of the complex three-dimensional
characteristics of meat products that a group of
cells alone can’t replicate. As a result, several
companies are working on scaffolding
technologies, such as Matrix F.T., which makes
three-dimensional nanofiber, scaffolds, and
microcarriers that can organize cells in a way
that imitates the composition of an animal. The
muscle structure for seafood products is more
clear-cut than other animal proteins, making it
more straightforward to grow a product that
better resembles the wild or farmed species.
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 S2G Ventures
The Opportunity
In one of the biggest food tech stories of the
year, UPSIDE Foods received a “no questions”
letter from the FDA indicating that regulators
have found nothing unsafe about the
company’s cellular chicken product. The next
step is USDA approval, the final sign-off before
selling to consumers. This is expected to come
within the year, and renowned chef Dominique
Crenn has already announced she will serve the
chicken at her restaurant Atelier Crenn in San
Francisco. The public material made available
alongside UPSIDE’s approval can help other
companies expedite internal processes, and in
the long term, the federal review processes will
likely become more standardized.
From a technological standpoint, there is a lot
of momentum to bring the cost down, and
several companies have managed to reach
price parity with the analogs they replace.
© 2023 Builders Vision
Another significant barrier to scaling is access to
capital for building production facilities. To date,
we have seen money flow to support the
development of the first wave of cultivated
protein products. Still, companies will have to
demonstrate a consistent, quality product and
scale production through a viable business
model to achieve a step up in valuations.
Startup founders can support industry growth
and commercialization by building partnerships
with different types of investors and
industry groups.
These products will likely first be available in
restaurants, enabling companies to go to
market in smaller quantities while introducing
their products to consumers. To gain
widespread consumer trust, it will take
comprehensive and thoughtful marketing
efforts, educational campaigns, and production
process transparency.
According to Larsen Mettler, Managing Director
at S2G, “The technology for protein cultivation
is ready for commercialization, and it continues
to improve. To bring a product to market,
companies need to focus on reducing the cost
of production, brand-building, labeling,
consumer education, and improving supply
chain and inputs to support a scalable
industry.”
“Another big consideration for
companies is scalability,
particularly due to the high costs
of inputs. Many of the feedstocks
used for cellular agriculture are
expensive and can be difficult to
procure at scale for food
production.”
Grant Leslie
Global Head of FGS Global’s food practice
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 S2G Ventures

“
To bring a product to market,
companies need to focus on reducing
the cost of production, brand-building,
labeling, consumer education, and improving
supply chain and inputs to support
a scalable industry.

“ Larsen
Mettler
Managing Director
S2G Ventures

© 2023 Builders Vision 53

 S2G Ventures

10 | Convergence of Food and Health

Food will become central

to the effort to prevent
chronic disease and
improve health outcomes.

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 S2G Ventures

What’s Driving Change

When it comes to population health, we have a lot of work

to do. In the US, an estimated 900 deaths per day from heart
disease, stroke, or type 2 diabetes could result from poor diet.
Researchers at the University of North Carolina have discovered
that only 12.2 percent of the US population is metabolically
healthy. US healthcare spending reached $4.3 trillion in 2021, or
$12,900 per person, about twice as much as the average cost of
healthcare per person in other wealthy countries. 85 percent of
all healthcare spending in the US is estimated to be a byproduct
of diet-related disease.

Consumers are hungry to improve and optimize their health,

but unless a doctor or nutritionist prescribes a diet, they aren’t
making an evidence-based decision. Today’s consumers want
evidence- and data-backed recommendations on what and
when to eat to improve their health.

55
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 S2G Ventures
Technology
A slew of government programs are being
trialed to improve healthy food access and
health outcomes on a population level, from
produce prescription programs to refrigerated
food lockers and electronic EBT cards that can
be used online.
Ingredients pose new health benefits as the
discovery of new compounds is accelerated
through the application of machine learning
and artificial intelligence. The functionality is
increasingly matched with more specificity with
health indications. This sector is further
supported by cost reduction of key tools
including precision fermentation, DNA
sequencing, and data storage.
© 2023 Builders Vision Image courtesy of Faeth Therapeutics | Image courtesy of Brightseed
Consumer healthcare has expanded through
wearable technologies, the internet of things,
and new diagnostic tools that can enable users,
physicians, and health and wellness companies
to understand in real-time how food is
impacting an individual’s health. Companies are
utilizing continuous glucose monitors to
understand consumers' glucose response to
specific foods and optimize their eating habits.
Wearables are enabling heart rate and blood
pressure monitoring, sleep pattern analysis,
step tracking, and workout reminders. These
technologies also provide new methodologies
for data collection and analysis for food-based
clinical trials.
56
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 S2G Ventures
The Opportunity
There is certainly political will to progress the
field of food as medicine. The White House
Conference on Hunger, Nutrition, and Health
was held for the first time in 50 years during
which the Biden Administration unveiled a
national strategy to end hunger, support child
nutrition and eliminate health disparities, and
announced more than $8 billion in
commitments to the food as medicine
movement. At the recent Come to the Table:
USDA’s National Nutrition Security and
Healthcare Summit, more than 200 healthcare,
federal, and community leaders came together
to advance the conference goal of ensuring all
Americans can access nutritious food. The
Biden administration has also started allowing
Medicaid benefits to be used for food and
nutrition counseling in certain states.
Establishing clinical studies, standards of care,
and medical cost savings support to provide
medically-tailored meals and other meal
benefits will be critical to establishing the food
as medicine sector within healthcare.
© 2023 Builders Vision
Studies published this year have shown that
providing medically-tailored meals increases
dietary adherence above 90 percent and allows
patients to realize significantly better chronic
disease control, and that providing eligible
patients with medically-tailored meals could
prevent over 1.5 million hospitalizations for a
net cost savings of $13.6 billion. Despite this
progress, it will take many years to create
commercially viable and scalable solutions
within healthcare.
Additionally, healthcare data sharing will be
essential for new therapy discovery and
health equity.
For individuals, technologies such as wearables
and at-home testing are providing physicians
with more data to support their patients and
can facilitate a transition to more timely and
accurate healthcare interventions.
US consumer use of wearable technology has
increased from 9 to 33 percent in just four
years, and they have been shown to incentivize
behavior that reduces hospital visits due to
poorly managed personal health. They also
enable the creation of aggregated datasets that
can be used for preventative treatment,
real-time diagnostics, disease monitoring, and
therapeutic adherence. Wearables are building
the digital connective tissue across real-time
actionable health insights, aggregated health
datasets, and individual and population-level
health decisions.
At S2G, we believe the convergence of food and
healthcare will continue to accelerate as
companies develop new channels for food in
direct-to-consumer and healthcare sectors that
improve health outcomes for consumers and
patients. Discovery platforms will bolster this
effort as new bioactive compounds are
discovered and paired with specific indications.
This is further underpinned by opportunities
within the state and federal government to
use the food we grow to heal and build a
healthier population. According to Dan Ripma,
Vice President at S2G Ventures, “Food as
medicine initiatives will only continue to
accelerate as we connect compounds and foods
to health outcomes and consumer demand
grows for more holistic forms of healthcare.”
“There are so many food as
healthcare opportunities
premised on allowing data
matching, and better
streamlining and sharing
of data has become a massive
opportunity in the sector.”
Geraldine Hency
Director of Nutrition Policy at the
Food Research and Action Center (FRAC)
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 S2G Ventures

“
The convergence of food and healthcare will
continue to develop as food and food-derivatives
are more accurately linked with health outcomes.
Consumers are already searching for more
holistic and integrated solutions.

“
Dan
Ripma
Vice President
S2G Ventures

© 2023 Builders Vision 58

 S2G Ventures
01
Automation
02
Digitization
03
Alternative Inputs
2023 will be a year of 04
Optimization
tremendous change 05
Decentralization
in our food system.
06
Food and agriculture represent meaningful and powerful investment
Food Waste Solutions
opportunities to improve the environmental and social health of
07
individuals, communities and our planet. At S2G, we are taking a systems
approach to investing across food, agriculture, oceans and energy and
Sustainable Packaging
encourage other investors to use us as a resource if you
08
are interested in learning more about investing in these complex,
highly interconnected sectors.
Novel Ingredients
09
Cultivated Protein
10
Convergence of Food and Healthcare
© 2023 Builders Vision 59
 S2G Ventures

Connect with us
We want to work with you. Implementing more sustainable technologies
and business models we’re working toward healthier people and a
healthier planet driven by healthier ocean, food and energy systems.

We hope you’ll join us.

Where We Grow From Here

© 2021 Seed 2 Growth | Confidential 60

© 2023 Builders Vision
 This document was prepared by Builders Vision, LLC (“BV”), and the information and opinions contained herein are provided for informational purposes only and are subject to
change without notice. BV has compiled the information contained herein from sources it believes to be reliable, but the information has not been independently verified. BV
makes no express or implied representation or warranty as to the fairness, accuracy, completeness, or correctness of the information and opinions contained in this document.
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© 2022 S2G Ventures | Confidential