PitchBook-2023年三季度食品技术报告（英）-2023

EMERGING

TECH

RESEARCHFoodtech

Repor

tVC

trendsandemergingopportunitiesQ3REPORTPREVIEWThefull

reportisavailable

throughthePitchBookPlatform.2023ContentsVertical

update3Institutional

Research

GroupAnalysisQ32023timeline5AlexFrederick

SeniorAnalyst,EmergingTechnologyFoodtechlandscapeFoodtechVC

ecosystemmarketmapVC

activity6alex.frederick@7pbinstitutionalresearch@9DataTJ

MeiDataAnalystEmergingopportunitiesGLP-1

drugsandfoodtechKitchenassemblyrobotsSelectcompanyhighlightsMeati272830333437PublishingReportdesignedby

JuliaMidkiffandMeganWoodardPublishedonDecember1,2023ZeptoForpreviousupdatesaswellasourcompletefoodtechresearch,pleaseseethedesignatedanalyst

workspaceonthePitchBookPlatform.We

areaddingPitchBookExit

Predictorprobabilitiesto

ourEmergingTechnologyResearchreports.PitchBook’sproprietary

VC

ExitPredictor

estimatestheprobabilitythatastartup,or

VC-backedcompany,willsuccessfullyIPO,be

acquired,or

merge.

The

toolisavailableexclusivelyto

PitchBookclients.Additionally,wehavelaunchedapre-seedreport

methodology

to

moreaccuratelyandcomprehensivelycapturedealsfromtheearliestphaseofventure.Goingforwardwewillsunset“angel”asaspecifiedstageofventureinallofPitchBook’sventure-focusedreports.Q32023

FoodtechReportCONFIDENTIAL.

NOT

FOR

REDISTRIBUTION.

PG

2Q3

2023

timelineQ3

VC

dea205total

deals-27.3%QoQdealcount

growthAugust

2September

7September

8$2.0Btotal

VC

raisedWhite

Castle

andSoundHoundAIannouncetheexpansionofSoundHound’s

drive-thruAItechnologyMarketresearchcompanyTargetResearchGroupacquiresfood&beverageanalyticsplatformSpoonshot

foranundisclosedsum.FermentedproteinproviderMeatiadds$50.0millionto

itsSeriesC,

bringingthetotalto

$200.0millioninVC

funding.to

over100lanesby

theendof2024.7-13.9%QoQdealvaluegrowthTTMsuAugust

25September

19September

191,072total

dealsZepto,arapidfooddeliveryprovider,raises$231.3

millioninSeriesEVC

funding,therebyachievingunicornstatus.OnlinegroceryproviderMaplebear

(doing

businessasInstacart)raises$660.0millioninitsinitialpublicofferingontheNASDAQstockexchange.TheEUreachesaprovisionalagreementto

preventgreenwashingfromfoodandotherproductlabels,banningtermslike“carbon-neutral”from-42.6%YoY

dealcount

growthproductclaims.8$9.2Btotal

VC

raised-71.1%YoY

dealvaluegrowth7:

“SoundHound

and

White

Castle

Commit

to

Expand

Successful

Drive-Thru

AI

Partnership,”

SoundHound

AI,

August

2,

2023.8:

“EU

to

Ban

Greenwashing

and

Improve

Consumer

Information

on

Product

Durability,”

European

Parliament,

September

19,

2023.Q32023

FoodtechReportCONFIDENTIAL.

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FOR

REDISTRIBUTION.

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562Foodtechlandscape14.3123456Alt-proteins3BioengineeredfoodsDiscovery&reviewE-commerce4.04.5FoodproductionRestaurant&retailtech45Q32023

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6VC

activ

it

yFoodtechVC

dealactivityslippedfortheeighthstraightquarterasheadwindscontinuetochallengetheentireVC

assetclass.InQ3,we

recorded$2.0billioninvestedacross205VC

deals,down13.9%and27.3%,respectively,QoQ.Top

categoriesby

dealvalueincludeonlinegrocers,fermentedprotein,andplant-basedprotein.Intheonlinegroceryspace,thelargestdealsof

thequarterinvolvedrapiddeliverycompaniesincludingZepto

andJOKR.Mumbai-basedZepto

raised$200.0millionata$1.4billionpost-moneyvaluation,achievingunicornstatusforthefirsttime.JOKR,aNewYork-based

rivalto

Zepto,hassecured$50millioninSeriesDfunding.Thiscomesafteraseriesof

strategicpivotsby

thecompany.Inearly2022,JOKR

withdrewitsoperationsentirelyfromEurope,withoutfindingabuyerfortheregion.Thecompanythenshifteditsfocusto

theLatinAmericanmarkets.Inearly2023,JOKR

soldoff

itsbusinessinPeruandexitedfromChileandColombia.Therecentfundingroundcomesasthecompanyshiftstheentiretyof

itseffortstoward

Brazil.Therapiddeliverysegmenthasexperiencedsignificantturbulenceoverthepastyearasfundinghasdriedup;however,

recentdealactivityindicatesthatsomeinvestorsmaintain

enthusiasm.FoodtechVC

dealactivityby

quarter$14$12$10$86005004003002001000$6$4Despitemarketchallenges,dealsizesandvaluationsreachedanall-timehighin2023YTD.ThemedianVC

dealsize

isup33.3%

versus2022,reaching$4.0

million.Likewise,themedianpre-moneyvaluationisup57.6%

versus2022,reaching$23.6million.Alongbothmetrics,medianswereupateverystageexceptventuregrowth.We

attributethedeclineinventure-growth-stagefundingto

thepullbackof

nontraditionalinvestors,whichhave

limitedcapitalavailabilityforstartups,particularlythoseinlate

andventuregrowthstages.Thesematurestartupsmayneedtoexplorecostly,

nondilutivefinancingoptionssuchasventuredebtorseeknewequityinvestorsatreducedvaluations.$2$0Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q320182019202020212022Dealcount2023*Dealvalue($B)Source:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023CONFIDENTIAL.

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FOR

REDISTRIBUTION.

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9Q32023

FoodtechReportVC

ACTIVITYKey

foodtechearly-stageVC

dealsin

Q3

2023*CompanyClose

date

(2023)CategoryStageDeal

value

($M)Lead

investor(s)ValuatGGV

Capital,OatsideJuly

14Plant-based

proteinSustainablepackagingRestaurantmarketplacesPlant-based

proteinSales&operationstechRestaurantmarketplacesSales&operationstechSales&operationstechOnlinegrocersSeriesA$73.3$39.3$36.0$36.0$30.0$25.0$25.0$20.1$18.5$17.06.5xN&AN&AN&A1.4xTemasek

HoldingsSWENCapitalPartners,United

BankersTraceless

MaterialsKernel

FoodsUmiamiSeptember25August10August3September27July

27SeriesASeriesAN&ASeriesABpifranceSlopeSeriesA3SeriesAUnionSquareVenturesHBMPartners,P101Thrive

Capital1000FarmacieClairN&AN&AN&AN&AN&AJuly

6Early-stageVCEarly-stageVCSeriesA1CastleCreekCapital,LaunchpadCapitalImmediateBuffalo

MarketFoodologyJuly

25July

5N&AN&AJuly

19GhostkitchensEarly-stageVCSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023Q32023

FoodtechReportCONFIDENTIAL.

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16VC

ACTIVITYKey

foodtechVC

exits

in

Q3

2023*CompanyClose

date

(2023)CategoryExit

value

($M)Exit

typeAcquirer(s)/indexOnlinegrocers,restaurantmarketplacesMaplebearFoodStoryShoreSeptember19July

20$7,453.6N/APublic

listingAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionAcquisitionNASDAQSales&operationstechPlant-based

proteinGhostkitchensLineManSeptember11August7N/AAquascotSmunchN/ADelivery

HeroFunNowEatigoSeptember19July

31Food&beveragediscoveryMealkits,personalizednutritionPlant-based

proteinOnlinegrocersN/AMuscle

DeliHARi&COTenderCutsSpoonshotQilibriN/ADM

MitsuiSugarHoldingsAvrilJuly

27N/ASeptember2September7September4N/AGoodto

goFoodintelligence

&developmentMealkitsN/ATarget

ResearchGroupN/ASP2L

groupSource:PitchBook

•

Geography:Global

•

*As

ofSeptember30,2023Q32023

FoodtechReportCONFIDENTIAL.

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19SELECT

COMPANY

HIGHLIGHTS:

ZEPTOBusinessoverviewZepto

isanIndianstartupthatfocusesonultrafastgroceryandfooddelivery.From

itsfoundingin2020,Zepto

quicklygainedrecognitionasoneof

thefastest-growingtechnologystartupsinIndianhistory.InitiallybrandedasKiranaKart,Zepto

facilitatedgrocerydeliveryby

partneringwithlocalkiranas(small,usuallyfamily-ownedgroceryshopsinIndia).

However,

thisapproachstruggledto

gaintraction.In2021,itrebrandedto

Zepto

andshifteditsstrategyto

verticalizeitsoperations,buildinganetworkof

darkstoresthatcandeliverto

localcustomersinunder10minutesonaverage.Zepto’s

missionisto

providelightning-fastdeliverywhilemaintainingqualityandconvenienceforconsumers.Founded2020LastfinancingRaised$231.3MinaSeriesEHQLastfinancingvaluation$1.4Bpost-moneyLeadershipoverviewBangalore,India•

CEO

AaditPalichalaunchedhisfirststartup,aride-hailingservice,atjust17

yearsold.Aftersellingthecompany,

heattendedStanfordUniversitybeforedroppingoutto

startZepto.ExitPredictorIPOprobability:88%M&Aprobability:10%Noexitprobability:2%•

As

theChiefTechnologyOfficer,KaivalyaVohra

bringstechnicalexpertiseto

Zepto.Hemetco-founderPalichaatStanfordwhilestudyingcomputerscienceengineering.Earlyinthepandemic,Vohra

droppedoutof

StanfordwithPalichato

launchZepto.Note:Probability

data

isbasedonPitchBookVC

ExitPredictor

methodology.Q32023

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37PitchBook

Data,Inc.John

Gabbert

Founder,CEONizarTarhuni

VicePresident,InstitutionalResearchPaulCondraHeadofEmergingTechnologyResearchAbout

PitchBookAdditional

researchEricBellomoeric.bellomo@GamingE-CommerceDerekHernandezderek.hernandez@EnterpriseSaaIndustr

y

and

Technolog

yInfrastructureResearchBrendanBurkebrendan.burke@InternetofThingsInformationSecurityArtificialIntelligence&MachineLearningAliJavaheriali.javaheri@EmergingSpacRobertLeIndependent,objective,

andtimely

market

intelrobert.le@InsurtechAaronDeGagneaaron.degagne@MedtechCryptoAs

theprivatemarketscontinueto

growincomplexityandcompetition,it’sessentialforinvestorsto

understandtheindustries,sectorsandcompaniesdrivingtheassetclass.JohnMacDonaghDigitalHealthjohn.macdonagh@Carbon&EmisOurIndustryandTechnologyResearchprovidesdetailedanalysisofnascenttechsectorssoyoucanbetternavigatethechangingmark