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European Food Tech European “Next Gen” gains M&A heating up in Europe and
investment more than momentum: €5.3B invested in consolidation in the food
doubled to €2.3B in 2019 the past 5 years delivery sector
Global unicorns’ value grew by €92B Investment in European “Next Globally, €15.2 billion in IPOs and
(+75%). The value of European Food Generation” Food Tech companies European public companies grew
Tech unicorns reached €43B (+39%) grew by 36% CAGR since 2013 €5.9B in value
Invested capital
€2.3B First wave
€3.7B invested in five main delivery platforms since
€0.6B 2013. Generated 7x return on capital investment
€1.8B
€1.6B
€0.8B
€1.1B
€0.9B €1.1B €0.9B
€1.7B
Next generation
€0.4B
€5.3B invested since 2013 and growing at 36%
€0.7B €1.1B
€1.0B
€0.2B €0.5B
€0.5B
€0.2B €0.3B
Source: Dealroom.co. 2019 investment in the Next generation is annualized based on Jan – Sept.
€8B €8B
€7B
€2.3B €3B
€1.1
B
Aquabyte $ 10M Jun 2019 Ekim € 10M Jun 2019 Gousto £ 30M Jul 2019
Tech to optimize fish farming Series A Robotics for food preparation Series A Meal kit manufacturer and retailer Series E
Ynsect € 125M Feb 2019 YFood € 4.2M Jun 2019 Wolt $ 130M Jun 2019
Farming insects for agriculture Series C Plant-based meal replacement drinks Series A Food delivery service Series C
Sencrop $ 10M Jan 2019 € 8.3M May 2019 Deliveroo $ 575M May 2019
BIO-LUTIONS
Connected agro-weather stations Series A Biodegradable materials and products Series A Delivering premium restaurant meals Series G
Investment activity in Food Tech is spread across Europe, accelerating in the UK and
France.
% of amount invested in Food Tech % of VC rounds in Food Tech
2013-2016 2017-2019 2013-2016 2017-2019
Spain 3% 9% Italy 9% 8%
Finland 1% 5% Spain 7% 6%
Netherlands 3% 5% Netherlands 3% 5%
Sweden 2% 3% Sweden 4% 4%
Norway 1% 2% Ireland 4% 4%
Italy 2% 2% Switzerland 3% 4%
Belgium 1% 2% Finland 2% 3%
Switzerland 1% 2% Denmark 1% 2%
Denmark 0% 2% Norway 1% 2%
Source: Dealroom.co
There are now 45 Food Tech unicorns globally (+10 vs. last year). Combined they are
now valued €214 billion, up by €92 billion since last year.
Americas Europe Asia
2018 2019 2018 2019 2018 2019
Combined value €37B €72B +95% YoY €31B €43B +39% YoY €55B €99B +80% YoY
(1)
Source: Dealroom.co and Yahoo! Finance for value of the public companies as of October 2019.
1. UberEATS is excluded from the calculations which is valued an additional $15 billion .
Global Food Tech is heating up with strategic consolidation and public offerings.
European public players valuations increased by €5.9 billion in the last 12 months.
Corporates continue to invest in €10 billion in consolidation of €15.2 billion in IPOs and European
Food Tech (€3.8 billion) Food Distribution Tech markets public companies up by €5.9 billion
Last twelve months Last twelve months Last twelve months
Note: Amounts refer to last twelve months Oct 2018 - Sept 2019 (i.e. since last report).
Source: Dealroom.co
Corporates are making big strategic bets across the value chain
$ 7M € 11M $ 6M € 2M
Series B Series B Seed Seed
$ 1B € 30M
Undisclosed
$ 4B
Acquisitions Undisclosed
£ 32M Undisclosed
Undisclosed
Undisclosed
£ 150M
Undisclosed
$ 305M
Source: Dealroom.co
Delivery Hero € 4.4B IPO Point Nine Capital, Fabrice Grinda, Team Europe, TEV |
Berlin -
Food ordering website Jun 2017 Tengelmann Ventures, Hasso Plattner Ventures
Marley Spoon $ 145M IPO Point Nine Capital, Global Founders Capital, Atlantic Labs,
Berlin -
Home delivery of recipes and ingredients to encourage home cooking Jul 2018 Lakestar, Klaus Hommels
Brewdog Aberdeenshire, £ 113M Secondary TSG Equity Partners Crowdcube, TSG Equity Partners
A craft beer brewery that produces bottled and canned beers UK Apr 2017
Source: Dealroom.co
Credits: Brandless
The next generation of Food Tech in Europe
The next generation of European rising stars is innovating across the value chain.
Unicorns
European
rising stars
We hear a lot about Ynsect being a capital intensive You founded IPIFF, a non-profit organisation
business, manufacturing for the feed industry, representing the interests of insect breeders. How
where volumes required are too big for a startup. Is important is it to lobby for the benefit of the whole
the VC model suited to your business? sector?
Antoine: Manufacturing rely on important R&D Antoine: Food is a highly regulated business, in order
efforts, which often lead to IP. R&D and IP are well to protect citizens’ health from unsafe potential
understood by VC funds. The question is more the industrial developments. Insect applications were
transition from the first rounds that should be led by forbidden following the mad cow crisis 20 years ago. It
VC and later rounds that should be led by corporate, was important then to create a specific insect
PE or family offices for instance, which are more at framework within EU regulation to avoid insects being
ease with capital intensive business. Capital intensity associated with vertebrate meat & bone meal which
also depends on the business model. You can have presents totally different risks. Insects are natural and
high CAPEX requirements but target only a licensing safe sources of nutrients for all animals. It was then
business model, which is then a light CAPEX model clear evidence that all competitors had to work
well suited to VCs. together to open markets that will benefit to all. Such
Direct-to-
Consumer
€ 0.4B
€ 0.6B
Alternative
Proteins
€ 0.1B
Direct-to-Consumer brands, from pet food to coffee, aim to provide a superior user
experience, by building closer relationship with the end-customer.
SNACKS &
BEVERAGES MEAL KITS FARM TO TABLE PET FOOD COFFEE & TEA PROTEIN
EUROPE
REST
OF THE
WORLD
Europe
Europe
RoW
RoW
Europe
Europe
RoW
RoW
Europe
Europe
RoW
RoW
The most active investors: European Food Tech is attractive also to ‘generalists’
INVESTOR LOCATION (HQ) INVESTMENTS EUROPEAN FOOD TECH INVESTMENTS 2018-2019
LocalGlobe London 5
Early stage seed investor
Daphni
Venture capital firm backing startups with European Paris 4
DNA
Capagro
Supports innovative companies operating across the Paris 2
biomass value chain
Source: Dealroom.co.
We back Food Tech entrepreneurs for a healthier, more Dealroom is global data & analytics platform, providing
sustainable and more efficient food system. intelligence about startups, innovation, venture capital
investment and entire tech ecosystems.
Five Season Ventures is the first VC fund in Europe
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