Forward Fooding has released the official full ranking of the FoodTech 500, identifying and celebrating the world’s most promising AgriFoodTech businesses. 

Forward Fooding describes the 2024 edition as “a testament of how the global AgriFoodTech sector is currently shifting and reacting to the current economic and geopolitical context.”

Key highlights from the 2024 FoodTech 500:

• 99% of finalists have secured investments, for a total raise of $8.67B
• The finalists span 52 countries, demonstrating truly global representation
• Strong female representation, with 34% of finalists being female-founded businesses

With over 1,420 applications received from over 80 countries, encompassing companies ranging from pre-seed startups to publicly traded entities, Forward Fooding notes that this year’s finalists showcase unprecedented growth and impact across the industry, with a combined total of $8.67B in funds raised to date and over 74% of companies currently generating revenue and expanding their operations worldwide. 

Mirroring the maturation of the ecosystem

Forward Fooding reports that the evolution of the FoodTech 500 over the years mirrors the maturing of the AgriFoodTech sector itself – from the initial excitement around consumer-facing innovations to today’s focus on deep tech solutions and environmental impact. When looking at the funding evolution of the FoodTech 500 alumni from 2019 to 2024, several notable patterns emerge:

The rise of biotech

The FoodTech 500 rankings show a industry shift between 2020 and 2024, with upstream verticals gaining dominance: Food Processing and Next-Gen Food and Drinks (mostly alternative proteins), while downstream sectors declined significantly to about a third from their peaks: Food Delivery, Consumer Apps, and Kitchen and Restaurant Tech. In particular, some specific sub-verticals have shown consistent upward momentum: Biotech/ Synthetisation, Ag Biotech, Protein Fermentation, Cellular Agriculture, Upcycled Ingredients & Food Waste Technologies. In contrast, Vertical and Indoor Farming has experienced a marked decline in representation among finalists, reflecting broader market challenges in this sector.

Beyond the hype: the evolving funding landscape

Recent developments demonstrate that significant funding doesn’t always correlate with long-term success. After reaching a striking peak in 2021-2022 with combined investments almost reaching €3.5B across finalists, the sector experienced a sharp correction with fewer ‘mega-funded’ companies through 2023-2024, likely reflecting broader market conditions, including a more cautious investment climate.

The sharp decline in Pre-Seed FoodTech 500 companies (85 in 2023 to 41 in 2024) may indicate investors becoming more selective towards AgriFoodTech companies and reflected in the rankings, favoring those with proven unit economics. However, the healthy Seed stage numbers within the FoodTech 500 (209 companies in 2024) indicate that strong business models can still attract funding despite macro headwinds. The FoodTech 500 data suggests its cohort is entering a more mature phase, evidenced by a robust pipeline of Series A FoodTech 500 companies (171 in 2024) and relatively stable numbers in Series B and C+ stages among FoodTech 500 companies.

Founders’ DEI (Diversity Equity and Inclusion) is on the rise

Female-founded companies represented in the FoodTech 500 increased by 36% from 2020, reaching 171 companies in 2024, indicating growing opportunities for women entrepreneurs in FoodTech. Other diversity metrics reveal slower progress: ethnic minority representation remains static, while LGBTQ+ and disability representation shows minimal growth. This imbalance presents both a challenge and an opportunity. More diverse leadership could unlock new market perspectives and drive innovation in addressing varied consumer needs across different communities.

Sustainability impact metrics gain front-row seats

This year’s ranking demonstrates a decisive shift towards climate-conscious innovation: Climate action has emerged as a major priority in the FoodTech sector, with companies addressing SDG 13 experiencing explosive growth from 74 companies in 2022 to 243 in 2024 – representing a remarkable 228% increase and signaling a decisive shift toward climate-conscious innovation in the food industry.

There is a significant growth in FoodTech 500 companies focusing on SDG 15 (Life on Land), with the number of companies tripling from 42 in 2022 to 126 in 2024. Technologies addressing SDG 15 include methods for restoring degraded soil, implementing solutions that work with natural ecosystems, and developing sustainable alternatives to products that typically drive deforestation and harm biodiversity.

Forward Fooding’s data-driven ranking methodology uses a series of algorithms within the FoodTech Data Navigator, a AgriFoodTech data intelligence platform, evaluating companies based on their business size, their current digital footprint, and sustainability impact metrics.

For the full listing, click here.

About Forward Fooding

Forward Fooding is the world’s first collaborative platform for the food & beverage industry, fostering innovation via FoodTech Data Intelligence and corporate-startup collaboration. Headquartered in London with satellite offices in Barcelona and Rome, they run a global network of AgriFoodTech entrepreneurs powered by entrepreneurs since 2015. To learn more, visit: forwardfooding.com

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Food losses can occur at any stage of the supply chain, from production through to consumption, making cross-industry collaboration and innovation crucial for creating effective solutions. One approach to reducing food losses is side stream valorisation, whereby by-products from food processing waste streams are transformed into new, high-value products.

While an increasing number of startups are creating highly innovative solutions in this space, scaling these can prove tricky. This is where StreamUp, a Swiss innovation support programme, encourages the uptake and scaling of food loss reduction solutions.

Tatjana Nebel, Project Lead at StreamUp (United Against Waste), will be joining our lineup of speakers at our forthcoming State of Play on side stream valorisation. Ahead of the event, we sat down with Tatjana to learn more about the programme and its role in the Swiss ecosystem.

Can you tell us more about the StreamUp programme and its goals?

StreamUp is an innovation support programme by national sector network initiative United Against Waste (UAW) that provides access to an exclusive network of experts, research institutes, and decision-makers in the food industry. 

Our mission is to provide coordinated support to the Swiss food industry in order to halve food waste by 2030. We aim to promote and scale innovative solutions that effectively reduce food losses across the entire value chain. The programme offers participants personalised mentoring, tailored workshops, and opportunities to present solutions at events like Focus Food Save, enhancing their visibility and impact.

How does this programme fit in with Switzerland’s food ecosystem, especially in the area of side-stream valorisation?

StreamUp is open to established companies, startups, and academic institutions with promising ideas to measurably reduce food waste, focusing on solutions developed in or intended for the Swiss market. By fostering collaboration and providing resources, StreamUp contributes to a more sustainable and circular food ecosystem in Switzerland.

Can you share a success story from the programme with us?

Blattmann Schweiz AG, a well-established Swiss processing company, has pioneered the production of glucose from potato processing by-products. This innovative approach offers a significantly improved environmental footprint compared to traditional methods. Through a roundtable facilitated by our programme – involving mentors and key stakeholders across the value chain – we successfully engaged potential customers to test this novel raw material. Following successful trials, these clients expressed their willingness to purchase the product.

What does the ideal future of the programme look like for the coming 5 years?

In the next five years, we envision our programme evolving into a sustainable and self-sufficient initiative, bolstered by financial support from the industry thanks to the tangible value it delivers. Our success will be evident through numerous case studies where we’ve facilitated the growth of innovative solutions. A robust alumni network will emerge, with former participants serving as mentors, fostering a community dedicated to mutual support under the shared mission: “Grow Your Food Save Impact.”

Are there specific topics you’re looking forward to tackling at the forthcoming SFNV State of Play event?

At the upcoming SFNV State of Play event, I am eager to explore strategies to further accelerate the growth of innovative solutions. Specifically, I am interested in discussing practical approaches to transition these solutions from niche concepts to mainstream adoption, effectively bringing them “from niche to the table.” This includes examining collaborative ecosystems and partnerships that can facilitate this scaling process.

Meet Tatjana at our State of Play event on 18 March.

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