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The State of European Food Tech 2018 in partnership with www.foodtech.vc €169 billion €6.5 billion €1 billion Combined value of global food tech venture capital invested in food tech 2018 estimated investment in ‘next unicorns, of which in Europe since 2013 generation’ food tech companies €30 billion €21 billion 63% From 9 European companies, vs. Value created by first wave of Annual growth in investment in ‘next €43B in the USA from 10 unicorns European food tech leaders gen’ since 2013, in 1,241 companies Europe produced 9 unicorns in Food Delivery received nearly The ‘next generation’ of food Food Tech, in the Food Delivery half of the €6.5 billion, but it tech entrepreneurs are focusing segment in the past five years only disrupts ~1% of the food on the 99%, reinventing retail market agriculture, food production and consumption 2 Food tech has created 35 unicorns globally, with a combined value of €169B, of which €30B from Europe Production & Distribution & Transformation Consumption Agri-tech Consumer brands eCommerce Restaurant tech Delivery Europe €30B USA €43B Asia €83B Rest of €13B World Source: Dealroom.co. Uber Eats excluded from €43 billion. 3 Food tech is clearly heating up: globally €42B in combined transactions in 2018 so far, excluding IPOs Global VC investment in food tech Global food M&A Global food tech IPOs € 49,5B € 14,3B € 29,4B € 27,3B € 12,2B € 9,5B € 6,9B € 3,0B € 9,1B € 3,8B € 2,2B € 3,2B € 1,9B – € 1,0B 2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018 YTD 2014 2015 2016 2017 2018 YTD Notable investment rounds Round Notable acquisitions Transaction Notable IPOs IPO DoorDash (USA) $ 250M Growth Equity Ele.me (China) $ 3.0B acquisition Tilray (USA) $ 1.5B IPO Food delivery across the US and Canada Aug 2018 Meal ordering services in China by Alibaba & Softbank Medical cannaBis research and production July 2018 Instacart (USA) $ 150M Series E LevelUp (USA) $ 390M acquisition Meituan Dianping (China) $ 53B IPO Groceries delivered at your home Apr 2018 A user-engagement platform by Grubhub Online retail including food delivery Sep 2018 Ele.me (China) $ 3.0B Growth Equity Cornershop App (USA) $ 225M acquisition Delivery Hero (Germany) € 4.4B IPO Meal ordering services in China Aug 2018 On demand grocery delivery by Walmart Food ordering weBsite Jun 2017 Indigo (USA) $ 250M Series E Chewy (USA) $ 3.4B acquisition Blue Apron (USA) € 3.0B IPO Utilizing plant microBes to improve crops Sep 2018 Sells dog and cat food, treats, and supplies by Petsmart Food ingredients and recipes delivered Jun 2017 Deliveroo (UK) $ 385M Series F Whole Foods (USA) $ 13.7B acquisition HelloFresh (Germany) € 1.7B IPO Delivering premium restaurant meals Sep 2017 America’s healthiest grocery store by Amazon SuBscription service for premium quality food Nov 2017 Source: Dealroom.co 4 In Europe €6.5B in venture capital invested since 2013. Nearly half of that for five global food delivery leaders Food tech investment (€B) Top-5 delivery platforms (€B) Top-5 delivery platforms: € 2,0B €3.1 billion invested € 1,7B € 1,7B € 1,6B € 0,8B € 1,2B € 1,0B € 1,2B € 1,0B ‘Next Generation’ food € 0,9B tech: €3.4 billion invested € 0,8B € 0,3B € 0,7B € 1,0B € 0,9B € 0,4B € 0,7B € 0,2B € 0,5B € 0,1B € 0,2B € 0,1B € 0,0B 2013 2014 2015 2016 2017 2018E Source: Dealroom.co Note: 2018 is based on Jan-Sept annualized. 5 Following investment of €3.1B, five global food tech leaders emerged from Europe, worth a combined €21B 7x € 21B 2.8x € 8,8B Value creation Value (€ 3,1B) Investment Exit (IPO) Value today (2012-2015) ‘10 € 1.9B ‘17 € 4.4B € 8B ’01 € 0.1B ’14 € 1.8B € 5B ’11 € 0.4B ’17 € 1.7B € 2B ’00 € 0.1B ’16 € 1.0B € 3B ‘12 € 0.8B -- € 2-3B Source: Dealroom.co 6 Food delivery received nearly half of food tech investment in Europe. However, delivery is only 1.5% of the total consumption market OPPORTUNITY INCUMBENTS INNOVATORS DRIVERS €2 trillion GMV food consuMption § Convenience €21 billion -- § Better apps in Europe Delivery value created Food delivery : § Incredible choice - Just 1.5% of consumption €30 billion - Received ~half of food tech investment (€3 billion) § Service innovation €0,6tn 20x larger § Healthier options Restaurants § Personalisation § Online penetration is around 6% (10%+ in London, Beijing, Shanghai)(1) €1,1tn 37x larger Groceries § Services like Amazon Prime and Glovo are re-setting consumer expectations § Consumer focus on health €0,4tn 13x larger Alcohol & tobacco § Smoking alternatives Source: Eurostat data and Dealroom analysis. 1. KANTAR. 7 Primary Production Transformation Distribution & Consumption Input Farmers Traders Food companies Retailers Incumbents Global sales €500B €3 trillion €1 trillion €4 trillion Global: €6 trillion Europe: €2 trillion Innovators Alternative proteins Gene editing Big data integration Efficiency On-demand Clean label Biologicals Robotics Transparency Same day delivery Key themes Healthier food Marketplaces Indoor farming Shorter supply chains Private label New brands Next Generation Food Tech leaders emerging Food Delivery Next Generation Food Tech leaders emerging The next generation of European Food Tech entrepreneurs is gearing up for growth Tropic Biosciences $ 10.0M Jun 2018 Primary Production – Investment in Europe Develops high-performing commercial varieties of Genetic breeding tropical crops Series A Amount invested (€M) Number of rounds ecoRobotix € 9.0M May 2018 Farming robots € 300M 150 Manufactures robots that identify and remove weeds from farming crops Early VC Infarm $ 25.0M Feb 2018 € 252M € 250M Farming tech for grocery stores, restaurants, and local Vertical farms distribution centers Series A € 250M 125 Solynta € 16.0M Nov 2017 Potato breeding Hybrid potato breeding Series B € 200M 100 Nice Fruit € 35.0M Jul 2017 Preserves the cellular structure and organoleptic Freezing technology properties of the fruit during the freezing stages Growth Equity Agricool € 8.0M Jul 2017 € 150M 75 Technology to grow fruit and vegetables inside Innovative farming shipping containers Early VC Protix Biosystems € 45.0M Jun 2017 € 104M Insect-based ingredients High-quality insect based ingredients Late VC € 100M 50 M2i Life Sciences € 12.0M Jun 2017 Design, formulation and production of complex Crop protection molecules Late VC € 47M € 50M 25 Agrilution € 3.8M May 2017 Indoor farming € 24M A kitchen device that can grow vegetables and herbs Series A € 16M Ynsect € 13.8M Dec 2016 € 0M – Transforms insects into a nutrient resource for Insect-based ingredients Series B 2013 2014 2015 2016 2017 2018 agriculture Source: Dealroom.co Note: 2018 is based on Jan-Sept annualized. 9 New brands and innovative food concepts emerging Huel £ 20.0M Oct 2018 Food Transformation – Investment in Europe Powdered vegan food Nutritionally complete, powdered vegan food Growth Equity Amount invested (€M) Number of rounds Allplants £ 7.5M Sep 2018 Vegan € 500M 200 Makes and delivers Vegan meals Series A Simple Feast $ 12.0M Aug 2018 Healthy food box Makes and delivers vegetarian meals Early VC € 400M € 400M € 387M Mosa Meat € 7.5M Jul 2018 150 Tissue cultured meat The world’s first tissue cultured hamburger Series A € 300M Feed. € 15.0M Jun 2018 Natural complete meals in the form of drinks or Innovative food energy bars Early VC 100 Innovafeed € 15.0M Feb 2018 Agri-tech Sustainable way to produce protein Early VC € 200M € 175M MiniBrew € 2.5M May 2017 Brewing machine Smart beer brewing machine Early VC € 105M 50 € 100M BrewDog £ 100M Apr 2017 € 55M Beer brand A craft beer brewery Growth Equity € 30M XOLUTION € 45.0M Jan 2016 € 0M – Resealable cans Drinking products for increasingly mobile lifestyles 2013 2014 2015 2016 2017 2018 Early VC Source: Dealroom.co Note: 2018 is based on Jan-Sept annualized. 10 And continued investment in innovative distribution & consumption platforms Kolonial.no € 30.0M Aug 2018 Online Distribution & Consumption – Investment in Europe Norway’s largest online grocery store Late VC supermarket Amount invested (€M) Number of rounds Glovo € 115M Jul 2018 On-demand mobile app that connects customers with On-demand app € 700M 200 independent local couriers Series C € 640M Tiller Systems $ 13.9M Jun 2018 € 605M Restaurant Point-of-Sale solution for bars and restaurants Series B € 600M Gousto £ 28.5M Mar 2018 Home cooking 150 Delivers perfectly measured ingredients to cook at home Late VC € 500M € 440M FoodSpring € 22.0M Mar 2018 Fit food Innovative sports nutrition products Early VC € 400M € 377M Vivino $ 20.0M Feb 2018 Wine 100 The world's largest online wine marketplace Series C supermarket € 300M Muscle Food £ 10.0M Jan 2018 Healthy food Changes the way people buy healthy food online Early VC € 200M MatHem SEK221M Dec 2017 Online € 141M 50 Sweden's largest online food store Late VC supermarket Frichti € 100M € 30.0M May 2017 Food delivery platform designed to connect consumers Meal kits Series B € 28M to restaurants € 0M – Picnic € 100M Mar 2017 Online 2013 2014 2015 2016 2017 2018 Online-only supermarket without delivery costs Series B supermarket Source: Dealroom.co Note: 2018 is based on Jan-Sept annualized. 11 UK, Germany and France lead, in line with venture capital. But Italy and Spain stand out by number of rounds By amount invested By number of rounds UnitedGermany KingdomFranceSwedenSwitzerlandSpain NetherlandsIrelandFinlandDenmarkBelgiumItaly NorwayPortugal UnitedFrance KingdomGermanySwedenNetherlandsSpain SwitzerlandItaly DenmarkFinlandIrelandBelgiumNorwayPortugal 45% Amount invested in Food Tech 26% 2013-2018 20% 17% 12% 12% 8% 9% 5% 5% 7% 7% 3% 2% 4% 4% 1% 0% 0% 1% 1% 1% 0%
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