’20I N V E S T M E N T R E P O R T2020 ASEANAgriFoodTechSee our portfolio companies: agfunder.com/portfolioAgFunder is one of the world’s most active foodtech and agtech VCs. We’re rethinking venture capital for the 21st century. We were born online, and with our publication AFN we’ve built a global ecosystem of 80,000+ subscribers. This gives us one of the most powerful networks to help build impactful and important companies. Our research reports are our love letter to the industry. AgFunder is a digitally-native venture capital fundAre you a corporate, startup, or investor? Learn how to get engagedagfunder.comWe invest in bold, transformational foodtech & agtech foundersA global agrifood tech accelerator with a focus on impact and sustainability GROW is Southeast Asia’s first dedicated agrifood tech accelerator exploring new frontiers across the whole food value chain. We support extraordinary founders developing transformative technologies who want to achieve global growth and make a positive impact in the food system.www.gogrow.co2020 ASEAN AGRI-FOODTECH FUNDING REPORT | AGFUNDER.COM4INTRODUCTIONASEAN AgriFoodTech in 2020It is our pleasure to present you with the AgFunder ASEAN Agrifoodtech Investing Report 2020. This is the first report we’ve published on the agrifoodtech startup ecosystem in Southeast Asia - one of the world’s fastest-growing markets.ASEAN (the Association of Southeast Asian Nations) comprises 10 countries with a combined population of 661 million people and a regional GDP of $9.73 trillion.A growing, urbanized middle class has led to a wide expansion of choice in terms of dining-out options and food shopping channels, as well as ways of having prepared food and groceries delivered to homes and workplaces. Consumer demand for animal-derived proteins, processed foods, and fruits and vegetables from around the world is on the up. Innovative solutions such as indoor farming, robotics, and alt-protein are looking increasingly important for meeting the region’s nutritional needs.This is reflected in our venture investment data for 2019, which shows a clear preference for downstream, close-to-consumer segments among investors.A total of $423 million was invested into Southeast Asian agrifoodtech startups in 2019, across 99 deals. The largest category in terms of both investment volume and number of transactions was In-Store Restaurant & Retail Tech, closely followed by Online Restaurants & Mealkits and eGrocery.Despite rapid economic development throughout the bloc, agriculture remains a key industry and source of employment in most of its member states. ASEAN is a leading exporter of various agri-commodities, including rice, palm oil, and seafood. Much of the region’s agriculture is undertaken by low-income smallholders with restricted access to modern technological innovations in farming. Further development of the region’s agriculture industry needs to put these smallholders front and center. This presents a wealth of opportunity for tech entrepreneurs in areas such as farm inputs and financial services.- Michael Dean & Jack Ellis, AgFunder2020 ASEAN AGRI-FOODTECH FUNDING REPORT | AGFUNDER.COM5SPECIAL THANKSCover & Section ImagesSpecial thanks to the portfolio companies of AgFunder and GROWFuture Fields, from Canada, is a biotech company working to help commercialize sustainable, affordable cultured meat products.Learn MoreSingrow, from Singapore, uses state-of-the-art technology to grow novel, fresh fruit with an affordable price in tropical areas, starting with strawberries.Learn MoreBack of the Yard Algae Sciences, from the US, develops and commercializes algae-based proteins for the manufacture of plant-based meats, for use as biostimulants in vertical farming, and as media or sera for cellular agriculture.Learn MoreNanoLambda, from South Korea, is developing the world’s smallest optical spectrometer for non-destructive and non-invasive agrifood quality monitoring.Learn MoreIntello Labs, from India, is using AI and multispectral tools to make quality monitoring and grading solutions for agrifood commodities.Learn More2020 ASEAN AGRI-FOODTECH FUNDING REPORT | AGFUNDER.COM6Sources & MethodologySOURCESData Sources & CurationUtilizing advanced machine-learning algorithms and artificial intelligence to help identify and categorize agrifood tech startups, our database has grown to over 36,000 companies, with new startups and historical data being added each day.The raw data for the AgriFoodTech Funding Report comes from Crunchbase, which gathers publicly available information such as press releases and US Securities and Exchange Filings, as well as crowdsourcing directly from the industry. AgFunder contributes a significant portion of raw data through its own data collection methods that include private communications with investors and companies.The raw data is then painstakingly curated by the AgFunder team to ensure that it is relevant, accurate, up-to-date, complete, and categorized a...
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