Asia Pacific Agrifoodtech Investment Report 2023

Asia-Pacific
AgriFoodTech
Investment Report 2023
ASIA-PACIFIC AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Contents
03 Introduction
06 Key insights
08 AgFunder
09 2023 Investment highlights
15 2022 Investment trends
Agrifoodtech categories in-depth
24 Featuring startups - Eratani / Integriculture / Tablepointer
Investments by country
40 Featuring startup - Zetifi
54 Investments by stage
61 Category definitions
62 Sources & methodology
63 Image credits
Asia-Pacific In the first half of this year, the ecosystem has

pulled in $2.6 billion, nearly 50% less than in H1
the region, as well as growing early-stage deal
activity, is promising.
agrifoodtech 2022. This follows a 58% year-over-year drop

between the record-breaking 2021 and 2022.
It’s worth noting that despite closing fewer
deals, funding to Innovative Foods –which is
investing in 2023 But the interesting (and good!) news is
that investment in upstream agrifoodtech
mostly alternative protein startups –actually
increased, bucking the dramatic fall from grace
innovations – those operating on the farm and in of that category among investors globally.
novel food production – actually increased both
We’ve expanded this report on last year’s
in 2022 and during the first six months of 2023.
version to include deep dive sections on
Downstream food delivery and restaurant Australia, China, India, Indonesia and
startups, once the darling of the region’s Southeast Asia, and spotlights on startups
agrifoodtech ecosystem, fueling tens of Zetifi, Integriculture, Eratani and Tablepointer.
billions of dollars of investment, are no longer
We are very grateful to our partners the
so attractive to investors, largely a result of
Bill & Melinda Gates Foundation, Omnivore
consolidation in the space.
and AgriFutures Australia for their support,
Seeing the rise of categories like Ag Biotech, without whom it would not be possible to
which haven’t typically been a strength across produce this report.
Happy reading!
Louisa Burwood-Taylor
and the AgFunder team
Few readers will be surprised that funding for Asia-Pacific’s food and
agriculture startups has fallen significantly over the past year and a
half, much like the rest of the world.
About us
AgFunder is one of the world’s most active foodtech and agtech VCs. AgFunderNews reports on the evolution of the global food and
We’re rethinking venture capital for the 21st century. Born in Silicon agriculture system. By going beyond the headlines, we analyze the
Valley in 2013, we use technology, media and our global network to people, companies and technologies aiming to improve human and
invest in and support transformational founders and technologies. planetary health. Publishing daily news, our team of award-winning
With the world’s only global agrifoodtech investment portfolio, we’ve journalists delivers deeper insight on the growing foodtech,
invested in more than 60 companies across six continents. agtech and climate tech industries. A multimedia publication,
AgFunderNews is a division of AgFunder Inc, one of the world’s
most active agrifoodtech venture capital firms.
Our partners
Guided by the belief that every life has Omnivore is a venture capital firm based in AgriFutures growAG. is the gateway to
equal value, the Bill & Melinda Gates India, which funds entrepreneurs building Australia’s agrifood innovation system.
Foundation works to help all people lead the future of agriculture and food systems. Explore, find and connect with world leading
healthy, productive lives. In developing Omnivore pioneered agritech investing in India, agricultural research, unique technologies
countries, it focuses on improving backing over 40 startups since 2011. Every day, and commercialisation opportunities online
people’s health and giving them the Omnivore portfolio companies drive agricultural in one, easy to use location. growag.com.
chance to lift themselves out of hunger prosperity and transform food systems across
AgriFutures evokeAG.is Asia Pacific’s
and extreme poverty. India, making farming more profitable, resilient,
premier agrifood tech event. Explore the
sustainable, and climate-proof.
exceptional edge of agrifood tech innovation
For exclusive updates on India’s agrifood sector, at evokeAG. on 20-21 February 2024 in Perth,
subscribe here. Western Australia. evokeag.com
Key insights
Asia-Pacific agrifoodtech startups raised $6.5 Startups in the Midstream Technologies category
billion in 2022, down 58% from the record-breaking raised $620 million in 2022, with big checks going
$15.2 billion raised in 2021. to India’s Waycool and China’s Mojia Biotech.
In the first half of 2023, some $2.6 billion has India ($2.3 billion) overtook China ($1.3 billion) in
closed, a nearly 50% decline compared to H1 2022. 2022 as the region’s top country for agrifoodtech
investment, followed by Indonesia ($716 million) and
The overall decline doesn’t tell the whole story; South Korea ($461 million).
investment in startups operating upstream in the
supply chain – on the farm and in some primary In H1 2023, Chinese startups have raised the most
production – raised noticeably more funding in funding, with $861 million. India ($712 million) is next,
2022 and H1 2023 compared to the same period followed by Hong Kong ($400 million) and Australia
the year before. ($146 million).
Since 2013, Asia-Pacific agrifoodtech startups have Despite fewer deals, dollar investment in 2022
raised $59.3 billion. increased year-over-year in innovative foods; ag
biotechnology; farm management, software sensing
Ag Biotechnology was the biggest upstream & IoT; novel farming systems; and farm robotics.
category in 2022, raising $813 million, a 472% year-
over-year increase Debt, early and growth-stage deals numbers have
increased steadily since 2018; late-stage funding
Downstream’s biggest category was once again declined from 2021.
eGrocery, which raised $1.6 billion in funding.
India-based eGrocery startup Blinkit’s $150 million

raise was the largest downstream deal.
Key insights
BIGGEST DEAL OF 2022
BIGGEST DOWNSTREAM
CATEGORY Zhongxin
eGrocery Breeding
$1.6 BILLION $327 MILLION
FUNDING FUNDING
AG BIOTECHNOLOGY (CHINA)
BIGGEST UPSTREAM
CATEGORY BIGGEST DEBT DEAL OF 2022
TOTAL AGRIFOODTECH
INVESTMENTS OF Ag Blinkit
$6.5 billion Biotechnology $150 MILLION
IN 2022 FUNDING
$813 MILLION EGROCERY (INDIA)
FUNDING
About us
AgFunder has invested in world-leading
deep tech startups that tackle important
themes such as automation, carbon markets,
food as medicine, sustainability, green
ammonia, and more. These investments
include “the John Deere of vertical farming”
Intelligent Growth Solutions, food-as-
medicine discovery platforms Brightseed
and Faeth Therapeutics; fast-growing
marketplaces serving millions of farmers
and consumers in emerging economies,
AgFunder is a pioneer in agrifoodtech. With a history of DeHaat and Jüsto; autonomous farming
supporting entrepreneurs long before this became a topic company Bear Flag Robotics; animal-free
on investors’ agendas, the firm has invested in more than 60 leather producer MycoWorks; and green
companies across 6 continents. Currently, it manages an AUM ammonia producer Nium.
exceeding $180m and will soon close its $100m Fund IV. agfunder.com
One of the keys to AgFunder’s success is its
media and research arm, AgFunderNews,
which has become the global epicenter
for agrifood technology intelligence with
subscribers from top stakeholders across the
landscape. Together with GAIA, AgFunder’s
database and proprietary machine learning
platform, the firm has developed a unique
ability to source deals, expertise, investors,
networks, and information for its portfolio AgFunder has had a base in Asia since
companies and LPs. 2019, with the incorporation of our
Singapore office and launch of GROW
AgFunder focuses on supporting the best Accelerator - Southeast Asia’s first
entrepreneurs and companies, regardless specialist agrifoodtech accelerator
of their geographical location. With roughly program. To date AgFunder has invested in
50% of its companies based in the US, a 22 companies across Asia-Pacific, placing
track record of successful exits, and a global it second behind only North America in
network, AgFunder has established itself terms of investments per region, and
as the go-to partner for investors seeking accounting for nearly 25% of deals across
global exposure to the agrifoodtech sector. the AgFunder investment portfolio.
2023
Investment
highlights
10 years of
agrifoodtech Asia-Pacific agrifoodtech 2022 agrifoodtech funding
in Asia-Pacific investment by year in Asia-Pacific
$0.6
$6.5 billion 15 $3.2
BILLION
(2.1%)
raised in Asia-Pacific 2022 BILLION

(10.4%)
12 $2.7
$30.2 billion
BILLION
Total funding in billions $ USD

(9.0%)
raised globally in 2022 9
$59.3 billion
6
raised in Asia-Pacific
since 2013
3
$23.7 billion
raised globally excluding APAC
(79.5%)
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2023
China India APAC (ex. China & India) Upstream Midstream Downstream Global
Asia-Pacific
2023 so far
Top 5 countries Country $ USD million
H1 2023 ($ USD) China $861 $861

India $712
MILLION
Hong Kong $400
Australia
$2.6 billion
$146
Indonesia $133 $712 $400

total funding H1 Asia-Pacific MILLION
MILLION
342 deals $133

H1 Asia-Pacific Top deals in 2023 MILLION
COUNTRY RAISED COMPANIES FUNDED STREAM
EcoCeres
$400m BIOENERGY & BIOMATERIALS
Zepto
$200m EGROCERY
eFishery $146
$108m FARM ROBOTICS, MECH. & EQUIP. MILLION
Freshtohome
$104m EGROCERY
eFishery
$92m FARM ROBOTICS, MECH. & EQUIP.
Asia-Pacific H1 funding year-over-year H1 deals year-over-year

2023 so far 2019-2023 ($ USD) 2019-2023
188
145 DEALS
$0.9 DEALS
148 208
BILLION 127 DEALS DEALS
DEALS 54
54 DEALS
$0.3 DEALS
41 36
BILLION 52
DEALS
DEALS
142 DEALS
Investment is far from the venture 167 DEALS
capitalist heydays of 2021, but it’s 10 $7.6 400

DEALS
157 154 98
promising to see that dealflow has BILLION
DEALS DEALS
DEALS
not declined in the same period. $1.7 350
While it’s likely many growth and late- BILLION
8
stage startups have had to cut their $0.4
$0.4 300
valuations or struggled to raise at all, BILLION
$0.4 $1.7
Number of H1 deals by year

Total funding billions $ USD BILLION
entrepreneurs are still bringing new
BILLION
BILLION
innovations to market as seed-stage 250

6 $0.3
deals keep deal activity buoyant. $0.4 $0.1
BILLION
$2.1
There was even an increase in deals
BILLION
BILLION
BILLION
200
in upstream innovations at or closer
to the farm. 4 $2.1
$1.9 BILLION $0.8 150
BILLION
BILLION
100
2
50
0 0
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
Upstream
Midstream $2.6 $2.8 $8.8 $4.2 $2.6 366 336 343 384 342
Downstream
BILLION BILLION BILLION BILLION BILLION DEALS DEALS DEALS DEALS DEALS
Asia-Pacific Investment by quarter

2023 so far ($ USD)
$398
MILLION
$197
$718 MILLION $481
MILLION
MILLION
Despite the global venture capital $839

$4.3
downturn, investment in upstream $92 $818 MILLION
$382 BILLION
$1.2
agrifoodtech startups has increased, $349 MILLION MILLION
5
MILLION BILLION
MILLION
even compared to the first half of 2021 $623
when valuations were at their peak. $2.6 $3.3 $416 MILLION
$321 $220
$52 BILLION MILLION
Investors globally have fled to more BILLION MILLION
4
MILLION MILLION
defensive and deeper tech startups $1.8 $1.2

$512
operating on the farm in areas like $1.7 BILLION
$655 $833
BILLION
$1.5
Total funding billions $ USD
$91 $161 $2.3 BILLION

MILLION
MILLION $536
biotech, robotics, software and MILLION BILLION
BILLION MILLION
MILLION
MILLION
sensing. Even hyped-up categories 3 $46
$217
like alternative proteins and indoor $90 $94
MILLION
farming showed strength in Asia- $109 $1.4

MILLION
MILLION
MILLION
$49
BILLION MILLION
Pacific despite a global pullback MILLION
$291
2 $637
in funding. $415 MILLION
MILLION $172 $483
$685 MILLION
MILLION
MILLION
MILLION
0
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2
Upstream
Midstream $0.9
BILLION
$1.9
BILLION
$2.7
BILLION
$3.8
BILLION
$4.9
BILLION
$3.9
BILLION
$2.9
BILLION
$3.2
BILLION
$2.9
BILLION
$1.4
BILLION
$1.2
BILLION
$1.1
BILLION
$1.5
BILLION
$1.1
BILLION
Downstream
Asia-Pacific Deal activity by quarter

2023 so far
100
DEALS
94
80 DEALS
87 DEALS
94
67 DEALS 28 108
60 79 76
DEALS
DEALS
61
DEALS DEALS
100
DEALS
DEALS
DEALS 31 DEALS
DEALS 23 DEALS 68
20 DEALS
23
250 27 DEALS 94 DEALS
72 20
25 21 28 DEALS
DEALS
DEALS
21 DEALS DEALS
16
The Asia-Pacific agrifoodtech DEALS
DEALS
DEALS 78
DEALS 91 DEALS 25
DEALS
ecosystem is very much alive and 76 DEALS

64 DEALS
78 DEALS 17 50
kicking! Deal activity appears 200 79 68 61
DEALS
DEALS
78 DEALS
DEALS
48
to have sprung back in the first
DEALS
DEALS DEALS DEALS
DEALS
54
quarter of this year, almost
Total rounds by quarter
DEALS
reaching the same number of 39

150 DEALS
deals as the heyday of early 2021.
100
50
0
2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2
Upstream
Midstream 172
TOTAL
164
TOTAL
168
TOTAL
165
TOTAL
183
TOTAL
160
TOTAL
194
TOTAL
222
TOTAL
203
TOTAL
181
TOTAL
147
TOTAL
128
TOTAL
178
TOTAL
164
TOTAL
Downstream
2022
Investment
trends
Investments
by country
Top countries 2022 $461
MILLION
($ USD) $211
MILLION
$1.3
BILLION
659 deals $2.3 $290

across Asia-Pacific BILLION
MILLION
$153
$106 MILLION
MILLION
$113
557 unique Country $ USD Deals MILLION
companies 01 India 2.3b 216
across Asia-Pacific 02 China 1.3b 115

$296
$716
MILLION
03 Indonesia 716m 62 MILLION
$6.5 billion 04 South Korea 461m 35
raised in Asia-Pacific 2022 05 Australia 317m 38
06 Singapore 296m 57
07 Thailand 290m 4
$317
08 Japan 211m 43 MILLION
09 Hong Kong 153m 13
10 Philippines 113m 10
11 Bangladesh 106m 7
Investments Asia-Pacific agrifoodtech investment

by supply by supply chain ($ USD)
$2.5
chain BILLION
2018-2022 $1.3
BILLION
$1.5
$1.8
BILLION
$11
Once the darling of the Asia-Pacific BILLION
BILLION
agrifoodtech ecosystem, especially 15 $3.2

out of China, downstream food $703 BILLION
MILLION
delivery innovations are no longer $794 $803
an exciting investment opportunity MILLION MILLION
12 $620
as clear leaders dominate the sector $7.1 MILLION
and mid-size companies continue to
BILLION
$5.2 $705
compete among themselves. BILLION MILLION
The real star of the ecosystem are 9 $2.7

BILLION
now upstream innovations, where
investment actually increased 24% $3.4
BILLION
year-over-year despite generally poor 6
fundraising conditions globally.
0
2018 2019 2020 2021 2022
Upstream
$7.9 $4.9 $9.2 $14.9 $6.5
Midstream BILLION BILLION BILLION BILLION BILLION
Downstream
Investments Asia-Pacific agrifoodtech deal activity by supply chain

by supply
chain 260
328
DEALS
282 328
2018-2022 DEALS
DEALS DEALS
196 92
DEALS
DEALS
110 101 96
DEALS
DEALS DEALS
The increase in dollar funding to 67 339

DEALS
upstream innovations in 2022 was 319
DEALS
800
286 235
not a result of more deals and was DEALS
DEALS DEALS
no doubt buoyed by a mega seed- 312

stage biotech deal out of China – DEALS
Zhongxin Breeding. But there were
Number of deals by stage

600
also investment increases in Novel
Farming Systems and Innovative
Foods which helped push upstream
totals up. 400
200
0
2018 2019 2020 2021 2022
Upstream
575 689 669 759 659
Midstream TOTAL TOTAL TOTAL TOTAL TOTAL
Downstream
Investments
by category Ag Biotechnology $813m
2022 ($ USD) Ag Marketplaces & Fintech $536m
Innovative Food $527m

At $1.6 billion, eGrocery was still
the largest category in agrifoodtech Bioenergy & Biomaterials $439m
funding in 2022, although investment
in this field dropped precipitously vs $334m
Farm Management Software, Sensing & IoT
2021, when investors pumped $7.2
billion into the segment, including a
Novel Farming Systems $254m
jaw-dropping $3 billion into Chinese
grocery shopping app Xingsheng
Youxuan. Farm Robotics, Mechanization & Equipment $252m
The second-largest category in 2022
was Ag Biotech, which experienced a Midstream Technologies $620m
surge in funding vs 2021, bolstered by
large raises for Chinese pig breeder Miscellaneous $0.6m
Zhongxin Breeding and India’s
microbial and biomolecule discovery
eGrocery $1.6b
optimization platform Absolute Foods.
Cloud Retail Infrastructure $516m
In-store Retail & Restaurant Tech $413m
Online Restaurants & Meal Marketplaces $150m
Upstream $17m
Home & Cooking
Midstream
Downstream
Investments
by category
Categories by funding Investment by deal count
2022 ($ USD) ($ USD)
2.3%
(15)
Category $ USD Rounds 7.4%

7.7% (49)
Ag Biotechnology 813m 49 (51)
9.4%
659 deals
Ag Marketplaces & Fintech 536m 58
(62)
Innovative Food 527m 62 82%
(54)
across the region Bioenergy & Biomaterials 439m 29
$6.5 billion
334m 72
5.3% 8.8%
Novel Farming Systems 254m 34 (35) (58)
$USD investment Farm Robotics, Mechanization & Equioment 252m 24

Midstream Technologies 620m 95 4.4%
12.1%
Miscellaneous 0.6m 1 (80) (29)
eGrocery 1.6b 80
Cloud Retail Infrastructure 516m 35 10.9%
(72)
In-store Retail & Restaurant Tech 413m 54
0.2% 14.4%
Online Restaurants & Meal Marketplaces 150m 51 (1) (95) 5.2%
Home & Cooking 17m 15 3.6% (34)
(24)
Upstream
Midstream
Downstream
Changes in Changes in deal count from 2021-2022 759 659

category DEALS
2021
DEALS
2022
investment 30 +21
DEALS
2021 vs 2022 20 +12

DEALS
+4 +6
10 DEALS
DEALS
Changes
Dollar investment increased year- -3 -2 -3
-10 -4
over-year in Innovative Foods; Ag DEALS
DEALS DEALS DEALS
Biotechnology; Farm Management, -11

Software Sensing & IoT; Novel Farming -20
DEALS
-14
Systems; and Farm Robotics, although
DEALS -17
-19 DEALS
not always as a result of more deals. DEALS

-23
-30 DEALS
-40
-50
-47
DEALS
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Investments
by category 5 years of funding in five select categories
2018-2022 ($ USD)
2.5
Funding plunged in downstream 2

categories such as eGrocery; In-
Store Retail & Restaurant Tech;

and Online Restaurants & Meal
Marketplaces in 2022. However, 1.5
some upstream categories
performed well, notably Ag
Biotechnology, in which investment
surged from $142 million in 2021 to
1
$813 million in 2022.
0.5
0
2018 2019 2020 2021 2022
Ag Biotechnology Innovative Foods Online Restaurants & Meal Marketplaces

Novel Farming Systems In-Store Retail & Restaurant Tech
Investments
by gender
2022 ($ USD)
companies had
In 2022 They raised a
female founders/
97
combined $933 million,
933 or 17.3% of the total
cofounders/CEOs MILLION raised by companies
(out of 434 companies with founder gender data) with gender data
557
companies raised
VC funding in
Asia-Pacific
companies had
and They raised a
female-only
8
combined $44.2 million,
44.2 or 0.8% of the total
leadership teams MILLION raised by companies
(out of 434 companies with founder gender data) with gender data
Agrifoodtech
categories
in-depth
GLOBAL AGRIFOODTECH INVESTMENT REPORT 2023 | AGFUNDER.COM
Ag
Biotechnology $6
2022 Funding by region ($ USD) MILLION
$633
MILLION
$20
MILLION
Total investment in the category—which covers on-farm inputs for crop

& animal agriculture—surged from $142 million in 2021 to $813 million in
2022. In a category otherwise dominated by North America, China’s Zhongxin
Breeding—which deploys genomic selection and somatic cell cloning to
develop new pig breeding lines—raised a jaw-dropping $327 million seed $13
MILLION
round. The second biggest check ($100 million) went to Absolute Foods, India’s
largest microbial and biomolecule discovery optimization platform.
$0.4
MILLION
$122
MILLION
$14
$5 MILLION
MILLION
CHINA JAPAN HONG KONG AUSTRALIA
INDIA NEW ZEALAND SOUTH KOREA MALAYSIA

Ag
Biotechnology 01 05
Zhongxin Breeding Readline
Top deals 2022 ($ USD)
$327 million SEED
$43 million SERIES B
2023 data suggests continued

momentum for the Ag Biotech
category, with more than $340 million 02 06
raised in the first half from players Absolute Derit Seeds
including Australia’s soil-carbon-
focused startup Loam Bio and China’s
Bio-Engine, which makes serum-free
media for human and animal cells.
$40 million LATE
Two startups to watch in this space are

Australia’s Rumin8, which is developing
feed supplements that reduce methane
emissions in livestock; and India’s Kan 03 07
Biosys, which makes bio-fertilizers, bio- Zhiyi Pharmaceutics Life Biosciences
pesticides, and soil health products.

$24 million SERIES A
04 08
Huili Bio String Bio

Agribusiness Marketplaces
& Fintech
2022 Funding by region ($ USD)
$355
MILLION $37
MILLION
$15
The vast amount of smallholder farms in this region (typically farming 2 MILLION
hectares or less) makes it fertile ground for startups in this category trying to
solve supply chain fragmentation and giving farmers better access to inputs,
$4
credit and customers. Startups in the category aim to connect the region’s 450 $3
MILLION
MILLION
million smallholder farmers with more direct access to these things in order to
boost incomes and minimize supply chain disruptions.
$10
MILLION
$106
MILLION
$5
INDIA SOUTH KOREA SINGAPORE BANGLADESH MILLION
INDONESIA CHINA AUSTRALIA PAKISTAN

Agribusiness
Marketplaces 01 05
DeHaat Tridge
& Fintech
$60 million LATE
$37 million SERIES D

India’s DeHaat — arguably the best- 02 06
known name in this category — once Captain Fresh AgriAku
again secured the top deal. Overall,
$57 million $35 million

India startups dominated the top
SERIES C SERIES A
deals in 2022, and the country also
boasted the largest number of deals:
31 compared to just nine in Indonesia,
which held the second-highest number
of deals. India’s size in terms of
population and geographical reach are 03 07
likely drivers of the country’s ongoing Jai Kisan SarvaGram
lead in this category.

$35 million SERIES C
04 08
Arya Aruna

Cloud Retail
Infrastructure $81
MILLION
$36
MILLION
$265
MILLION
Thanks to a single round — LINE MAN Wongai Series B — Thailand raised by

far the most funding in 2022. India, home to delivery giants including Swiggy
and Zomato, had the most deals but raised considerably less than Indonesia $0.4 $5
or South Korea. Like Thailand, the latter two countries’ deal amounts were MILLION MILLION
propped up by a handful of large rounds.

$17
$33
MILLION
MILLION
$74
MILLION
$6
MILLION
THAILAND INDONESIA INDIA PHILIPPINES PAKISTAN
SOUTH KOREA JAPAN SINGAPORE PHILIPPINES

Cloud Retail
Infrastructure 01 05
LINE MAN Wongnai Showcase Gig
$20 million LATE
Reflecting the difficult funding

environment startups currently face,
02 06
top deals in 2022 were substantially Super SpringCloud
lower than the mega-rounds (e.g.
Swiggy’s $800m late-stage deal) that
dominated this category the previous
year. LINE MAN Wongnai secured

the only round over $100m. Other top
raises, such as Indonesia’s Super and
South Korea’s Neubility, offer delivery
logistics tools that serve a wider
03 07
audience than just restaurants and Barogo Rebel Foods
grocery retailers.
$12 million DEBT
04 08
Neubility Office De Yasai

Farm Management
Software, Sensing & IoT $140
MILLION
$5
$83 MILLION
MILLION
$39
MILLION
South Korea surpassed India as the leader for this category in 2022. However,
this was due to a single deal from farm management platform Greenlabs. $1
Outside of that deal, India was once again the category’s largest market,
MILLION
$0.1
though startups in the country raised roughly 22% less than in the previous MILLION
year. India also had the most deals, followed by China and Australia.
$3
MILLION $9
MILLION
$24
MILLION
$3
$26 MILLION
SOUTH KOREA CHINA INDONESIA JAPAN PAKISTAN
MILLION
NEW ZEALAND
INDIA AUSTRALIA SINGAPORE & MALAYSIA VIETNAM
Farm
Management 01 05
GREENLABS Cropin
Software,
Sensing & IoT $140 million SERIES C
$14 million SERIES D

02 06
In a single round, South Korea farm-
management software startup
Onechip Bioelectronics Mooofarm
Greenlabs raised nearly six times
the amount of the category’s next-
largest raise — from China’s Onechip
Bioelectronics — in 2022. Several other

top deals for the year went to solutions
03 07
focused on livestock and fishing,
including Pitik (poultry), MoooFarm
(dairy), and aquaculture companies
Aquaconnect and umitron.
Aquaconnect Umitrom

$9 million SERIES B
04 08
Pitik Aquaconnect

$8 million DEBT
Startup spotlight What is your reaction to the dramatic

drop in agrifoodtech funding in 2022?
What has Eratani done in order
to address the challenges of
Eratani The downslide in funding for agrifoodtech
has definitely affected and limited growth
agriculture in the region?
To counter these challenges, Eratani has
FARM MANAGEMENT SOFTWARE, SENSING & IOT and the expansion potential of businesses devised strategic responses;
in this sector. This hinders innovation,
Providing access to financial solutions:
development, and scaling of solutions.
Assists farmers in securing the necessary
At Eratani, these circumstances compel us capital at affordable rates. Through
to stay adaptive, streamlined, and customer- partnerships and collaborations, we are
focused. This situation will not change our working towards reducing the financial
commitment to continue to serve the farming burden faced by farmers.
community and ensure that they have the
tools and support needed for sustainable Providing access to education:
Educating both farmers and consumers
Eratani is a pioneer and leading B2B agritech company empowering farmers and prosperous farming, irrespective of the
external financial climate. This scenario about the importance of a sustainable
across the agricultural value chain. It specializes in paddy farming solutions in and secure food supply chain can have
Indonesia. We are steadfast in our mission to promote sustainable food security, underscores the significance of financial self-
sufficiency, judicious budget management, a significant impact. This can include
self-sufficiency, and prosperity among rice farmers by offering comprehensive workshops, awareness campaigns, and
and seeking alternative funding avenues to
guidance through our end-to-end solution. holistically support our farmers. educational materials. Eratani offers full
support and guidance from planting to
harvesting with objective to improve the
yield of the farmers.
Market access:
Our strategies are designed to protect
farmers from price and demand
uncertainties, and our efforts in building
B2B and B2G market capabilities ensure
better market reach and profitability.
Building strategic partnerships:
Eratani believes in the power of
collaboration. We’ve joined hands with
diverse stakeholders, including local rice
mills, warehouses, government entities,
universities, NGOs, and other enterprises,
eratani.co.id to collectively tackle challenges in the agri-
food sector.
Innovative
Foods $50
MILLION
$35
MILLION
$122
MILLION
While investment dropped sharply in North America as investors turned off

the funding tap for alternative proteins, investment increased in the Asia- $5
Pacific region, jumping 26% year-over-year to $527 million in 2022 bolstered MILLION
$12
by a couple of large rounds. Overall deal activity declined in 2022. In H1 2023, MILLION
activity has slowed down dramatically, with startups in the category raising $1
just $156 million. MILLION
$175 $10
MILLION MILLION
$16
MILLION
SINGAPORE AUSTRALIA JAPAN HONG KONG INDIA

$98
MILLION
CHINA SOUTH KOREA NEW ZEALAND INDONESIA MALYASIA

Innnovative
Foods 01 05
Next Gen Foods Nourish Ingredients
02 06
In 2022 investors placed big bets on DAIZ
Chinese alt meat startup Starfield
Starfield Food & Science Tech
and Singapore-based Next Gen
Foods, which has just entered the US
foodservice market with its TiNDLE
plant-based chicken. In 2023, startups

to watch in the emerging ‘animal-
03 07
free dairy’ space (dairy proteins via
precision fermentation) include India’s
Zero Cow Factory and Australia’s
Eden Brew.
Oatside Armored Fresh

04 08
Vow All G Foods

Startup spotlight What is your reaction to the dramatic

today and how is your company trying
to solve them?
Integriculture As we were expecting from the beginning a
“hype cycle” to happen, it was not a surprise,
In Japan and other nations in Asia-Pacific,
food security is a challenge at a national
INNOVATIVE FOODS and our business is already realigned for level, and government interests are
survivability. We have put more focus on very high. In addition, we are seeing an
our revenue-generating cellular agriculture increasing number of governments wishing
cosmetics business, and expanded on to establish the whole cellular agriculture
CulNet Consortium strategic partnerships, supply chain within a country. This means
which alleviates the upfront capital not just building a cell-cultivated meat
requirement while introducing knowledge factory, but also establishing a domestic
from adjacent industries. Admittedly, there supply chain of basal medium, bioreactors,
are things that startups are not good at serum components and other components.
but existing corporate entities are better at Certain countries are already having
(i.e. bioprocess engineering, food factory issues establishing a domestic source of
operational excellence etc.), and hence the IP-heavy components such as (food grade)
IntegriCulture equips all entities, big and small, old and new, with “food reason we value strategic partnerships. growth factor peptides. In this regard,
grade everything” for cellular agriculture. This includes food grade basal IntegriCulture Inc. can provide food grade
What are the biggest challenges facing
medium, cell-cultured serum and bioreactors. basal medium (“IMEM”) and cell banking
the region’s food and agriculture industry
solutions, food grade “cell-cultured serum”
made by CulNet System in situ, and
bioreactors with food grade specifications
i.e. our “repurposed pressure cooker
bioreactor”. The client basically gets the
whole cellular agriculture capability.
What challenges has your startup
overcome in the past 1-2 years that you
overcame?
Fundraising has been the biggest issue.
While we were making good progress with
R&D, there has been an issue with building
a business development team to iteratively
improve our technology-product-market fit.
What do you value in an investor?
integriculture.com
We value an investor that brings in
strategic partnerships, while helping with
building global operations capability.
In-Store Retail
& Retaurant Tech $27
MILLION

$99
MILLION
$63
MILLION
2022 saw new markets in this category like Bangladesh and the Philippines
sprint ahead of more established regions such as Singapore — though $17
this lead was thanks to just three deals: two in Bangladesh and one in the
MILLION
$78
Philippines. Singapore maintained its lead for number of deals in 2022 but MILLION
raised less overall than startups in China, India, Indonesia and others.
$13
MILLION $11
$34
MILLION
$36
MILLION
MILLION
BANGLADESH CHINA INDONESIA SOUTH KOREA MALAYSIA

$30
PHILIPPINES INDIA AUSTRALIA HONG KONG SINGAPORE MILLION
In-Store Retail
& Retaurant 01 05
GrowSari me&u
Tech
Top deals in this category went to B2B

02 06
commerce technologies that aim to ShopUp Esensi Solusi Buana
help “mom and pop” retailers digitize.
Things like wholesales, inventory
management, fast delivery and $65 million SERIES B
financial assistance remain significant

hurdles for many small business
owners in Asia trying to break into
the online economy. Companies like
ShopUp and Grow Sari, which offer 03 07
bundles of services specifically Feng1 Catch Table
geared to small businesses, are
attempting to alleviate some of the
fragmentation here. $47 million SERIES A
04 08
ShopUp UrbanPiper

Startup spotlight
TablePointer What is your reaction to the dramatic
including high energy costs, sustainability
concerns, asset management complexities,
and the imperative to maintain profitability
IN-STORE RETAIL & RESTAURANT TECH The decline in funding for agrifoodtech
is concerning and highlights the need for amid cost pressures. TablePointer is
innovative solutions more than ever. The drop actively mitigating these issues with its
in funding requires a focus for businesses energy-efficiency-as-a-service solution,
on a path to profitability and cost reductions designed to optimize energy consumption,
where reduced energy consumption can be lower operational costs, and reduce
one of the answers in supporting businesses environmental impact.
on this path. What challenges has your startup
What are the biggest challenges overcome in the past 1-2 years?
facing the region’s food and Transitioning from a pilot phase to
agriculture industry today and how is a comprehensive market expansion
TablePointer is the A.I. solution for small & medium commercial facilities to optimize TablePointer trying to solve them? necessitates an extensive process of
energy efficiency, manage assets, and upgrade sustainability and profitability right
The food and agriculture industry in the Asia- rigorous testing, continual learning, and
away. TablePointer optimizes energy consumption for F&B outlets and businesses along product development. We have diligently
Pacific region faces formidable challenges,
the food supply chain through a plug-and-play energy-efficiency-as-a-service solution. collaborated with a diverse clientele to
enhance the adaptability of our offerings.
Establishing the right network for scalable
growth has been key and we have enabled
this through actively seeking mentorship
and connections within the industry and
through investors.
We value investors who share our
commitment to sustainability, possess
industry expertise, and have a long-term
vision, recognizing the patient nature
of sustainability efforts and building
sustainable businesses. We appreciate
working with investors who can support
the business development through their
tablepointer.com network and connections, as well as
provide strategic guidance and mentorship.
Investments
by country
Southeast Asia
spotlight 01 LINE MAN Wongnai

$265 million
CLOUD RETAIL INFRASTRUCTURE
02 Sayurbox
Downstream restaurant and grocery startups made up most of the region’s top $119 million
deals in 2022. Excepting Line Man WONGNAI’s Series B, however, most of these EGROCERY
deals happened earlier in 2022. The presence of eFishery hints at the growing
interest in farm robots and mechanization, which was one of the region’s best-
funded categories. Outside of eGrocery, upstream and downstream startups are
neck-and-neck when it comes to percentage of the agrifoodtech investment pie. 03 Next Gen Foods
$100 million
INNOVATIVE FOOD
04 eFishery
$90 million
FARM ROBOTICS, MECHANIZATION & EQ.
05 GrowSari
$78 million
IN-STORE RETAIL RESTAURANT TECH
Southeast Asia
spotlight Categories by funding Investment by deal count
2022 ($ USD) ($ USD)
1% (2)
3.1%
(6)
Category $ USD Deals
9.3% 9.3%
Farm Robotics, Mechanization & Equipment 263m 6 (18) (18)
192 deals
Innovative Food 189m 18
9.8%
Ag Marketplaces & Fintech 135m 17 (19)
8.8%
(17)
across the region Novel Farming Systems 66m 15
$1.7 billion
41m 16
Bioenergy & Biomaterials 40m 10
7.8%
$USD investment Ag Biotechnology 0.4m 4
14%
(15)
Midstream Technologies 86m 25 (27)
Miscellaneous 0.6m 1
8.3%
Cloud Retail Infrastructure 381m 15 (16)
eGrocery 288m 27
7.8%
In-store Retail & Restaurant Tech 137m 19 (15)
5.2%
(10)
Online Restaurants & Meal Marketplaces 73m 18 13%
(25)
Home & Cooking - 2
0.5%
(1) 2.1%
Upstream (4)
Midstream
Downstream
Southeast Asia
spotlight
Top countries 2022
($ USD)
$290
MILLION
192 deals $15

MILLION
across Southeast Asia

$113
$1.7 billion $56
MILLION
raised in Southeast Asia MILLION
$295 $716
Country $ USD million Deals
MILLION MILLION
Indonesia $716 62
Singapore $295 58
Thailand $290 4
Philippines $113 10
Malaysia $56 11
Vietnam $15 8
Southeast Asia Top Farmtech deals in Southest Asia

Farmtech COUNTRY RAISED COMPANIES FUNDED STREAM
Investment by deal count
Smallholder Farmtech eFishery 2.1% (1)
2022 ($ USD) $90m FARM ROBOTICS, MECH. & EQUIP.
AgriAku
$35m AG MARKETPLACES & FINTECH
eFishery 8.5%
$33m 2.1% 6.4%
Reflecting the diversity of farming FARM ROBOTICS, MECH. & EQUIP. (4)
(1) (3)
types in Southeast Asia, top farmtech
Entobel
deals spanned several areas including $30m NOVEL FARMING SYSTEMS
aquaculture, insect farming, and
17%
agribusiness marketplaces & fintech. Aruna
$30m 6.4% (8)
The latter category is especially AG MARKETPLACES & FINTECH
(3)
important for smallholder farmers
in need of access to supplies, credit
and more direct relationships with Farmtech deal count by category
customers. Farm robotics and
mechanization is another important Category $USD Deals
category in the region as it grapples Farm Robotics, Mechanization & Equipment 263m 6
with the impacts of climate change and
Ag Marketplaces & Fintech 95m 12 25.5%
ensuing labor challenges. (12) 27.7%
Novel Farming Systems 66m 15
(13)
Farm Management Software, Sensing & IoT 41m 16
Bioenergy & Biomaterials 2m 5
Ag Biotechnology - 3
Upstream Midstream Technologies 23m 1
Midstream Miscellaneous 0.6m 1
Downstream Farm-2-Consumer eGrocery 119m 1

India
spotlight 01 Dunzo

$240 million
EGROCERY
India has long been one of Asia’s top-funded countries for agrifoodtech. Past years
02 DealShare
have seen the country’s downstream startups — particularly those in food delivery $210 million
— thrive off multi-million deals, and 2022 was no different. All of the top deals EGROCERY
went to so-called “instant delivery” startups pedaling groceries and ready meals to
consumers. However, India is also home to a growing number of upstream startups
developing farmtech tools as well as marketplaces that connect the country’s
many smallholder farmers more directly to both customers and farm supplies. 03 Zepto
$200 million
EGROCERY
04 Licious
$150 million
EGROCERY
05 blinkit
$150 million
EGROCERY
India
spotlight
2022 ($ USD) ($ USD)
4.1%
5.5% (9) 14.7%
Category $ USD Rounds (23) (31)
5.1% 2.8%
Ag Marketplaces & Fintech 355m 31 2.8% (11)
216 deals
(6) (6)
Ag Biotechnology 122m 6
Bioenergy & Biomaterials
across the region 107m 10
4.6%
Farm Management Software, Sensing & IoT 83m 31 (10)
$2.3 billion Novel Farming Systems 27m 9

Farm Robotics, Mechanization & Equipment 18m 6 17.1%
$USD investment (37)
14.3%
eGrocery 1.2b 37
Cloud Retail Infrastructure $3m 11 4.1%
Online Restaurants & Meal Marketplaces 23m 12 16.1% (9)
(35) 6.0%
Home & Cooking 13m 9 (13)
2.8%
(6)
Upstream
Midstream
Downstream
Australia
spotlight 01 MILKRUN

$54 million
EGROCERY
02 Vow
Investment in Australian agrifoodtech startups dropped 24.5% year-over-year to $49 million
$317 million in 2022 vs a global decline of 44%. However, there were still some INNOVATIVE FOOD
sizeable A rounds in the second half, when funding started to fall precipitously
in many markets. Cultivated meat startup Vow bagged $49 million in November
and precision fermentation specialist Nourish Ingredients secured $29 million in
October to brew fats “with an authentic animal taste and aroma.” 03 Stacked Farm
$39 million
NOVEL FARMING SYSTEMS
04 me&u
$30 million
IN-STORE RESTAURANT & RETAIL TECH
05 Nourish Ingredients
$29 million
INNOVATIVE FOOD
Australia
spotlight
2022 ($ USD) ($ USD)
13.2% 13.2%
(5) (5)
Category $ USD Rounds
38 deals Novel Farming Systems 39m 2
5.3%
(2)
across the region Farm Management Software, Sensing & IoT 26m 8
13.2%
Bioenergy & Biomaterials 12m 3 (5)
$316 million Ag Marketplaces & Fintech 5m 2
$USD investment Ag Biotechnology 5m 1

21.1%
Farm Robotics, Mechanization & Equipment 5m 2 5.3% (8)
eGrocery 54m 2
7.9%
(3)
Online Restaurants & Meal Marketplaces 5m 5
5.3% 7.9%
(2) 5.3% (3)
(2)
Upstream 2.6%
(1)
Midstream
Downstream
Startup spotlight What is your reaction to the dramatic Agriculture is becoming increasingly
Zetifi drop in agrifoodtech funding in 2022?

While it’s been a difficult climate for
difficult with changes in climate, extreme
weather events, rising input costs and labor
MISCELLANEOUS investment there’s reason to be optimistic shortages. Zetifi’s products are connecting
when it comes to agrifoodtech. We see a people and devices, enabling technology
growing global demand for high quality solutions like precision agriculture,
food and fiber, coupled with a recognition autonomous machinery, and remote
that technology will be key in boosting monitoring to help farmers to meet those
agricultural productivity to meet that challenges, increasing their productivity,
demand. Many agtech businesses are saving money and improving efficiency.
maturing and flourishing - these success What challenges has your startup
stories will provide even more confidence for overcome in the past 1-2 years?
investment in the sector in coming years.
Agricultural businesses are often poorly served by traditional The disruption to global supply chains during
telecommunications technologies and this lack of reliable connectivity is a What are the biggest challenges the pandemic was a huge challenge but
facing the region’s food and forced us to become more self-sufficient.
key barrier to agtech adoption. Zetifi’s novel connectivity solutions extend and
agriculture industry today and how is Things that couldn’t be sourced from
optimize coverage from existing networks, making digital technology easily Zetifi trying to solve them? suppliers had to made in house -leading
accessible wherever it’s needed by farmers and their machinery. to innovative internal solutions that have
ultimately become a sustainable advantage
for our business. We’ve also had to sharpen
our focus as we transition from the ideation
and iteration that allowed us to develop
our unique technology, through to a mature
business that can execute at scale so we can
make our products available to more farmers.
We took a very strategic and deliberate
approach to our capital raise, and that was
to engage with investors that had a clear
strategic alignment to our business that
we could partner with to develop a path to
market and connect us to the consumers
and industries that need our technology.
zetifi.com We found that in Telstra, Australia’s largest
telecommunications provider and Graincorp,
which is investing in innovation and
efficiencies for grain growers.
Indonesia
spotlight 01 Sayurbox

$119 million
EGROCERY
02 eFishery
$90 million
Funding to Indonesian agrifoodtech startups fell 12% to $716 million FARM ROBOTICS, MECH. & EQUIPMENT
in 2022, when sizable checks went to eGrocer Sayurbox and aquaculture
startup eFishery, which provides feeding devices, software and financing
for fish and shrimp farmers. Investment fell sharply in H1, 2023, with just
$133 million raised vs $537 million in H1 2022. 03 Super
$70 million
CLOUD RETAIL INFRASTRUCTURE
04 Astro
$60 million
EGROCERY
05 AgriAku
$35 million
AG MARKETPLACES & FINTECH
Indonesia
spotlight
2022 ($ USD) ($ USD)
3.2%
(2)
8.1%
(5)
Category $ USD Rounds
14.5%
Farm Robotics, Mechanization & Equipment 123m 2 (9)
62 deals
11.3%
Ag Marketplaces & Fintech 106m 9 (7)
across the region Farm Management Software, Sensing & IoT 24m 7
$716 million Novel Farming Systems 10m 3

6.5%
(4)
11.3%
(7)
$USD investment Bioenergy & Biomaterials 1m 2
Midstream Technologies 41m 9
eGrocery 240m 10
6.5%
Cloud Retail Infrastructure 74m 4 16.1% (4)
(10)
4.8%
In-store Retail & Restaurant Tech 34m 5 (3)
14.5%
(9)
3.2%
(2)
Upstream
Midstream
Downstream
China
spotlight 01 Zhongxin Breeding

$327 million
AG BIOTECHNOLOGY
02 Bluepha
Funding to Chinese agrifoodtech firms plummeted from almost $7 billion in $125 million
2021 to a modest $1.34 billion in 2022 as investment capital shifted away from BIOENERGY & BIOMATERIALS
eGrocery. Investors dismayed by the sector’s high cash burn, “growth-at-all-
costs” mentality, and supply chain management shifted focus to upstream
Starfield Food & Science
categories. In 2023, things appear to be picking up again, with just under
$900 million already invested in the first half. 03 Technology
$100 million
NOVEL FARMING SYSTEMS
04 Mojia Bioscience
$80 million
MIDSTREAM TECHNOLOGIES
05 Enzymaster
$47 million
BIOENERGY & BIOMATERIALS
China
spotlight
2022 ($ USD) ($ USD)
1.7%
2.6% (2)
(3)
3.4%
Category $ USD Rounds (4)
115 deals Ag Biotechnology

Bioenergy & Biomaterials
633m
206m
27
7
4.3%
(5) 23.3%
(27)
6%
across the region Innovative Food 122m 13 (7)
$1.3 billion
Farm Mgmt SW, Sensing & IoT 39m 13
Farm Robotics, Mechanization & Other Farm Eq 31m 5
$USD investment Ag Marketplaces & Fintech 15m 4
Novel Farming Systems 15m 3 6%
19% (7)
11.2%
eGrocery 3m 3 (13)
Home & Cooking 3m 4
Cloud Retail Infrastructure 0 2 3.4% 11.2%
2.6% (4) 4.3% (13)
Upstream (3) (5)
Midstream
Downstream
Investments
by stage
Investments Deal activity by stage

by stage 25
17 DEBT
2018-2022 DEBT 22 31
DEBT DEBT
6 53
LATE
DEBT
37
LATE 39 35
LATE LATE
115
35 GROWTH
LATE 98
After steady growth during the GROWTH 89 102
pandemic years, the number of GROWTH GROWTH
agrifoodtech deals has dropped 566

72 EARLY
roughly 9% below 2019 levels. Much of 800
GROWTH 537
this can be attributed to wider macro EARLY 519 491
EARLY EARLY
trends that have made investment 700
dollars less plentiful. Early, growth 462
EARLY
and late stages all saw fewer deals in 600
2022 compared to 2019. Debt funding
was the only stage that saw a modest
Number of deals
500
increase in deal numbers in 2022.
400
300
200
100 575 689 669 759 659

TOTAL TOTAL TOTAL TOTAL TOTAL
0
2018 2019 2020 2021 2022
Early (Pre-Seed to Series A) Growth (Series B to C) Late (Series D+) Debt

Investments Deals by maturity and median by stage

by stage ($ USD)
2018-2022 $1
MILLION
$3.5
MILLION
$63 $4
MILLION
$4 MILLION
$57
MILLION MILLION
Total funding for late-stage deals

$15 $46
decreased significantly in 2022, down MILLION
$40
MILLION
$20 $6.3
74% from 2021 and 76% from 2018. MILLION
MILLION MILLION
Funding for every other stage has 80
increased since 2018 despite fewer $1.4 $14
overall deals in 2022. The increase in 70 MILLION
$11
MILLION
$1.5 $15
debt funding is indicative of the times, MILLION MILLION MILLION
where traditional venture funding is Total funding millions $ USD 60

$1.3
less available and startups are seeking
other avenues for financing. $1.2
MILLION
$23
50 MILLION
MILLION
40
$1.6
MILLION
30
20
10
0
2018 2019 2020 2021 2022
Early (Pre-Seed to Series A) Growth (Series B to C) Late (Series D+) Debt

Investments
by stage Seed Series A
Top deals 2022 ($ USD) COUNTRY RAISED COMPANIES FUNDED STREAM COUNTRY RAISED COMPANIES FUNDED STREAM
$327m Zhongxin Breeding $108m EcoCeres
$28m Ruiyun Cold Chain $100m Next Gen Foods
Chinese startups accounted for all top

seed stage deals in 2022. However, $15m Demeter Biotechnology $70m ioCrops
unlike 2021, China’s dominance didn’t

extend to every early-stage category, $14m Zhongke Guosheng $66m Oatside
where Singapore and Indonesia
startups raised many of the top rounds.
$13m BoPixel $54m MILKRUN
Early-stage funding also saw a greater
mix of agrifoodtech categories in the
top deals — including biotech, novel
farming systems and farmtech — Series B Series C
versus the delivery-heavy deals of
previous years. COUNTRY RAISED COMPANIES FUNDED STREAM COUNTRY RAISED COMPANIES FUNDED STREAM
$265m LINE MAN Wongnai $140m GREENLABS
$125m Bluepha $119m Sayurbox
$100m Absolute $90m eFishery
Upstream $100m Starfield Food & Science

Technology $78m GrowSari
Midstream
$80m Mojia Bioscience $70m Super
Downstream
Investments
by stage Series D Late
Top deals 2022 ($ USD) COUNTRY RAISED COMPANIES FUNDED STREAM COUNTRY RAISED COMPANIES FUNDED STREAM
$200m Zepto $240 m Dunzo
$95m WayCool $210m DealShare
Online trade platform Tridge was the $65m Country Delight $150m Licious
only non-Indian company to land in the
top deals for Series D and late stages $43m Country Delight $100m blinkit
in 2022. Quick-delivery categories like
eGrocery were once again the most
prominent amongst late-stage deals, $37m Tridge $60m DeHaat
underscoring the market’s maturity in

India. However, the presence of DeHaat
and WayCool among the top deals Debt
suggests dollars may be swimming
midstream and upstream.
COUNTRY RAISED COMPANIES FUNDED STREAM
$150m blinkit
$33m eFishery
$22m WayCool
Upstream $15m WayCool
Midstream
Arya Collateral
$14m
Downstream Warehousing Services
Top
agrifoodtech RANKING INVESTOR N0. DEALS COMPANIES FUNDED INCLUDE RESPECTIVE COUNTRIES
investors
01 18
by deal count SOSV SEPPURE, Living Food, 24seven.pk Singapore, India, Pakistan
02 Omnivore Partners 14 Ecozen, Aquaconnect, Deep Rooted India, India, India
03 East Ventures 13 Aruna, Gokomodo, Pasarnow Indonesia, Indonesia, Indonesia
1213
venture investors
04 500 Startup 12 Hangry, Mapan, StoreHub Indonesia, Indonesia, Malaysia
05 BEENEXT 11 Esensi Solusi Buana, Procol, Procol Indonesia, India, India

backed Asia-Pacific
companies in 2022 06 AgFunder 10 Aquaconnect, Fable Food, Green Rebel Foods India, Australia, Indonesia
07 Alpha JWC Ventures 10 Sayurbox, Next Gen Foods, AgriAku Indonesia, Singapore, Indonesia
08 Antler 10 SnappRetail, WeGoWhere, Foodini Pakistan, Singapore, Australia
09 Better Bite Ventures 9 CellX, Green Rebel Foods, UMAMI Bioworks China, Indonesia, Singapore
10 Global Brain Corporation 9 Sayurbox, DAIZ, AwanTunai Indonesia, Japan, Indonesia
AGFUNDER GLOBAL FUNDS

Appendix
Agrifoodtech
category
definitions Ag Biotechnology Midstream Technologies
On-farm inputs for crop & animal ag including genetics, Food safety & traceability tech, logistics &
microbiome, breeding, animal health transport, processing tech
Agribusiness Marketplaces & Fintech

Miscellaneous
Commodities trading platforms, online input
All other agrifood-related tech
procurement, equipment leasing, farmer fintech
Bioenergy & Biomaterials In-Store Retail & Restaurant Tech

Non-food extraction & processing, feedstock Shelf-stacking robots, 3D food printers,
technology, cannabis pharmaceuticals payment systems, food waste monitoring IoT
Farm Management Software, Sensing & IoT eGrocery

Ag data capturing devices, decision support software, Online stores + marketplaces for sale and delivery of
big data analytics processed and unprocessed ag products to consumer
Farm Robotics, Mechanization & Equipment Home & Cooking Tech

On-farm machinery, automation, drone manufacturers, Smart kitchen appliances, nutrition technologies,
grow equipment food testing devices & home grow kits
Online Restaurants and Meal Marketplaces

Novel Farming Systems
Online tech platforms delivering prepared food and
Indoor farms, aquaculture, insect & algae production
meal kits from a wide range of vendors
Cloud Retail Infrastructure

Innovative Food
On-demand enabling tech, ghost kitchens,
Cultured meat, novel ingredients, plant-based proteins
last-mile delivery robots & services
Upstream
Midstream
Downstream
DATA POWERED BY
Sources & methodology

Data Sources & Curation Multiple Financings
Utilizing new advanced machine-learning algorithms and artificial intelligence to help identify and In some cases, Crunchbase displays multiple financings for the same company in the same year.
categorize agrifoodtech startups, our knowledge base has grown to more than 30,000 companies, This can be because a company closes subsequent rounds in the same year, but it can also be the
with new startups and historical data being added each day. result of several closes of the same round. We keep them separate unless they are announced as
one single round.
The raw data for our reports comes from Crunchbase, which gathers publicly-available
information such as press releases and US Securities and Exchange Commission filings, as Categorization
well as crowdsourcing directly from our local data partners; in this case, Asia-Pacific: Omnivore,
BitsxBites, and Beyond Next Ventures.. AgFunder contributes data from its own collection AgFunder’s categorization system is designed to capture broad themes across the complex
methods, including private communications with investors and companies. We also collect data agrifoodtech value chain. The agrifood sector has a wide supply chain spanning inputs and
from partners across the globe to ensure we have the most comprehensive, accurate and curated industrials, farming, logistics, wholesale distribution, processing, retail distribution, and the
dataset and knowledge base of agrifoodtech companies and investments. consumer. In many cases, technologies such as marketplaces connect different links in the
supply chain and so in this report we’ve chosen to focus on high-level themes. To assist with the
The raw data is painstakingly curated by the AgFunder team, along with their data partners, categorization and to avoid subjectivity, AgFunder first employs over 150 machine learning and
to ensure they are relevant, accurate, up-to-date, and categorized according to AgFunder’s artificial intelligence models to suggest category placement and to help tag the company according
proprietary tagging system. to the technology and its place in the supply chain. Finally, the AgFunder team manually reviews the
We update and improve our dataset continuously throughout the year, meaning total figures from suggestions for each company, often with significant research and debate among our team.
previous years’ reports will shift as our dataset becomes more complete. Starting with our 2023 Global Agrifoodtech Investment Report, we combined Agribusiness
Marketplaces and Fintech into one category as there is often overlap between the two. We
In 2022, we tightened our definitions of what constitutes an agrifoodtech venture to ensure that
maintained any fintech tools for retailers or restaurants within the Retail Tech category. Given the
the emphasis on food and agriculture is core to the business.
reduction in funding to food delivery services, we have also now combined Online Restaurants &
That’s had a recalibrating effect on this year’s investment figures as well as some past data. Meal Kits and Restaurant Marketplaces into one category.
Examples include logistics, drones, cloud and any other tech services that may have started in We’ve also taken taken a stricter stance on cannabis and CBD-related startups; there needs to
agrifood but have since added other sectors or pivoted away from agrifood. We’ve maintained be clear proprietary technology involved. We will not include pure consumer packaged goods
historical rounds that were raised on an agrifood focus, where we could. or pure production, as we wouldn’t include pure production in any other crop. If we believe the
While we are happy to share our findings, we reserve all rights with respect to AgFunder research growing facilities are particularly high tech or utilize proprietary technology, we will still include it
and this report and we require it to be fully and accurately cited when any of the data, charts, or in our Novel Farming Systems category. The same goes for processed products; if the extraction
commentary are used. technique is particularly innovative, we’ll include it as a Biomaterials or Midstream Tech startup.
Large vertically-integrated cannabis companies are also excluded.
Undisclosed Financings
Special Acknowledgement
Of the 5201 financings in this report’s curated dataset, 3662 were undisclosed and could not
be determined through research or direct sources. We exclude undisclosed financings when Tim Li and the rest of the Crunchbase team for their continued support and assistance.
computing averages and median values. In some cases, we’re able to confidentially obtain To Ryan Lee, for his tireless work with the data; Elaine Watson and Jenn Marston, the main authors
financing figures directly from investors on the condition they’re only included in aggregate. of the report; John Friedman for his contributions, and our designer Katie Lively for her continued
hardwork & support bringing our research to life - and patience with various last minute additions!
Image credits
Page 34
Cover Page 24 Tindle
Fable Foods Aquaconnect
Page 2 Page 25 Page 36 Page 45

Stock image Stock image Integriculture S4S

Seadling AgriAku Stock image AgriFutures

Eratani Stock image Tablepointer Zetifi
Page 9 Page 31 Page 40 Page 50 Page 54

MYCL Agrifutures Fable Foods Stock image Stock image
Page 15 Page 33 Page 41 Page 52 Page 60

Green Rebel Eratani Stock image Stock image Meatiply
@agfunder @agfunder @agfunder @AgFunderVC
Subscribe to our must-read food+ag+climate newsletter and alerts about our funds at
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Asia Pacific Agrifoodtech Investment Report 2023

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Asia-Pacific

Asia-Pacific In the first half of this year, the ecosystem has

agrifoodtech 2022. This follows a 58% year-over-year drop

India-based eGrocery startup Blinkit’s $150 million

raised in Asia-Pacific 2022 BILLION

Total funding in billions $ USD

raised globally in 2022 9

H1 2023 ($ USD) China $861 $861

Hong Kong $400

Indonesia $133 $712 $400

342 deals $133

COUNTRY RAISED COMPANIES FUNDED STREAM

Asia-Pacific H1 funding year-over-year H1 deals year-over-year

Investment is far from the venture 167 DEALS

capitalist heydays of 2021, but it’s 10 $7.6 400

Number of H1 deals by year

innovations to market as seed-stage 250

Asia-Pacific Investment by quarter

Despite the global venture capital $839

defensive and deeper tech startups $1.8 $1.2

$91 $161 $2.3 BILLION

farming showed strength in Asia- $109 $1.4

Asia-Pacific Deal activity by quarter

ecosystem is very much alive and 76 DEALS

reaching the same number of 39

659 deals $2.3 $290

companies 01 India 2.3b 216

across Asia-Pacific 02 China 1.3b 115

$6.5 billion 04 South Korea 461m 35

raised in Asia-Pacific 2022 05 Australia 317m 38

09 Hong Kong 153m 13

Investments Asia-Pacific agrifoodtech investment

agrifoodtech ecosystem, especially 15 $3.2

The real star of the ecosystem are 9 $2.7

Investments Asia-Pacific agrifoodtech deal activity by supply chain

The increase in dollar funding to 67 339

no doubt buoyed by a mega seed- 312

Zhongxin Breeding. But there were

Number of deals by stage

2022 ($ USD) Ag Marketplaces & Fintech $536m

Innovative Food $527m

Cloud Retail Infrastructure $516m

In-store Retail & Restaurant Tech $413m

Online Restaurants & Meal Marketplaces $150m

Category $ USD Rounds 7.4%

$USD investment Farm Robotics, Mechanization & Equioment 252m 24

Changes in Changes in deal count from 2021-2022 759 659

2021 vs 2022 20 +12

Biotechnology; Farm Management, -11

not always as a result of more deals. DEALS

Funding plunged in downstream 2

Total funding billions $ USD

Ag Biotechnology Innovative Foods Online Restaurants & Meal Marketplaces

Total investment in the category—which covers on-farm inputs for crop

CHINA JAPAN HONG KONG AUSTRALIA

INDIA NEW ZEALAND SOUTH KOREA MALAYSIA

2023 data suggests continued

Two startups to watch in this space are

$45 million SERIES B

$45 million SERIES A

INDONESIA CHINA AUSTRALIA PAKISTAN

$57 million $35 million

$49 million SERIES B