Forward Fooding unveils 2024 FoodTech 500, celebrating the top global AgriFoodTech companies

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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