Biowaste to biofuel. Ag Robotics. Cow collars. Here's a sneak peek at the top 20 agtech rounds, based on preliminary data from AgFunder. The post The top 20 agtech deals of 2023 appeared first on AgFunderNews.
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Agtech deals of 2023 followed much the same trajectory as other tech sectors, with lower valuations and far fewer mega-rounds than seen in the VC heyday of 2021 and early 2022.
This year also saw a shift towards more investment in climate-focused solutions, hence the multiple waste-to-energy startups and carbon-related companies on the list below. Ag biotechnology, which includes the biologicals sector, was another strong category this year.
As you read this, the AgFunderNews team is taking a bit of holiday R&R time before we start sifting through the mountains of data involved in the creation of AgFunder’s Global AgriFoodTech Investment report, coming in early 2024.
In the meantime, here’s a sneak peek at the top 20 agtech deals of 2023, based on preliminary data from AgFunder.
Charm Industrial’s biomass-to-bio-oil system. Image credit: Charm Industrial
1. EcoCeres (United States) – Bain Capital invested $400 million into US-based biorefinery platform EcoCeres, which converts low-value waste (e.g., agricultural biomass) into high-value biofuels and biopolymers.
2. Atlas Agro (Switzerland) – Renewable fertilizer company Atlas Agro raised $325 million in a late-stage round from Australia-based Macquarie Group‘s asset management arm.
3. Xpansiv (United States) – The carbon and environmental commodities marketplace raised $125 million from Blackstone Energy Partners, Bank of America and Goldman Sachs.
4. eFishery (Indonesia) – Aquaculture management platform Fishery reached “unicorn” status with $200 million in Series D funding from UAE-based G42 Global Expansion Fund (42xFund), SoftBank Vision Fund II and others.
5. Charm Industrial (United States) – Charm Industrial raised a $100 million Series B led by General Catalyst to expand across the US. Charm converts agricultural biomass into a carbon-rich liquid it then pumps underground to permanently remove carbon from the atmosphere.
A rendering of the forthcoming Calgary facility. Image credit: GoodLeaf Farms
6. Silo (United States) – The supply chain tech startup raised $100 million in new capital from First Citizens Bank. Funding went towards developing new products for Silo’s workflow automation and fintech tool for food retailers.
7. GoodLeaf Farms (Canada) – This indoor ag grower had one of the few high-profile raises for a vertical farming company in 2023, securing $78 million from CIBC and Farm Credit Canada. The debt-financing round went towards GoodLeaf Farms’ expansion across Canada.
8. Aphea.Bio (Belgium) – Ag biotech startup Aphea.Bio scored €70 million ($78 million) from Innovation Industries, Gates Foundation and others. The funding round supported the growth of Aphea.Bio’s biologicals business.
9. Loam Bio (Australia) – Soil carbon startup Loam raised A$105 million ($73 million) in a Series B round co-led by Chris Sacca fund Lowercarbon Capital and Wollemi Capital.
10. SAEL (India) – SAEL, which converts agri-waste to renewable energy, landed $60 million from Norfund‘s Norwegian Climate Investment Fund. SAEL noted the funding helped reduce more than 2.8 million tons of CO2 emissions by reducing stubble burning in fields.
Ecorobotix’ ARA in action. Image credit Ecorobotix
11. Bluepha (China) – Biomaterials firm Bluepha snapped up $58 million in an extended Series B round led by Zhong Ping Capital. The company is developing a range of naturally occurring biopolymers to assist downstream companies.
12. Halter (New Zealand) – Halter, best known for its solar-powered smart cow collars and other livestock management tech, raised NZD 85 million $53.3 million. Bessemer Venture Partners led the Series C round with participation from Blackbird Ventures and others.
13. Ecorobotix (Switzerland) – The ag robotics startup raised $52 million in Series B funding for its automated precision spraying robots for row crops and pastures. Aqton PE and Cibus Capital co-led the round.
14. Agreena (Denmark) – scooped up a €46 million ($50 million) Series B for its soil carbon program that financially incentivizes farmers to transition to regenerative agriculture practices. Germany’s HV Capital led the round
15. Aemetis Biogas (United States) – The company, a subsidiary of biofuels company Aemetis, bagged $50 million in a debt financing round. Funding went towards construction of a dairy digester based on USDA Renewable Energy for America Program (REAP) loan guarantee commitments.
A Victory Farms tilapia operation. Image credit: Victory Farms
16. Green Genius (Lithuania) – The renewable energy company secured $50 million from Poland’s mBank to build 69MW of solar plants in Poland. To date this is the largest deal for Green Genius in Poland, where the startup already has other solar projects in the works.
17. Bio-Engine (China) – Bio-Engine, which makes serum-free media for human and animal cells, raised “over 300 million RMB” ($41 million) in May of this year. Newerli Capital led the Series C financing.
18. Greenlabs (S. Korea) – The precision ag company raised $38.4 million in debt financing from existing investors BRV Capital Management and SkyLake Incuvest.
19. Bestzyme Bioengineering (China) – The company, which does enzyme manufacturing for products like animal feed and bio-ethanol, raised $35.2 million in private equity.
20. Victory Farms (Kenya) – Tilapia producer Victory Farms completed a $35 million Series B round to expand operations in Kenya and Rwanda, as well as potential entry into Ethiopia, Uganda and Tanzania.
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