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The State of European Food Tech 2018
Launched at on 18 & 19 October
in partnership with
€169 billionCombined value of global food tech
unicorns, of which
€30 billionFrom 9 European companies, vs.
€43B in the USA from 10 unicorns
€6.5 billionventure capital invested in food tech
in Europe since 2013
€21 billionValue created by first wave of European food tech leaders
€1 billion2018 estimated investment in ‘next
generation’ food tech companies
63%Annual growth in investment in ‘next gen’ since 2013, in 1,241 companies
2
Europe produced 9 unicorns in Food Tech, in the Food Delivery segment in the past five years
Food Delivery received nearly half of the €6.5 billion, but it only disrupts ~1% of the food
retail market
The ‘next generation’ of food tech entrepreneurs are focusing
on the 99%, reinventing agriculture, food production
and consumption
3
Food tech has created 35 unicorns globally, with a combined value of
€169B, of which €30B from Europe
Source: Dealroom.co. Uber Eats excluded from €43 billion.
Agri-tech Consumer brands eCommerce Restaurant tech Delivery
Europe €30B
USA €43B
Asia €83B
Rest of World
€13B
Production & Transformation
Distribution & Consumption
Food tech is clearly heating up: globally €42B in combined
transactions in 2018 so far, excluding IPOs
4
Notable acquisitions Transaction
Ele.me (China)Meal ordering services in China
$ 3.0B acquisition by Alibaba & Softbank
LevelUp (USA)A user-engagement platform
$ 390M acquisition by Grubhub
Cornershop App (USA)On demand grocery delivery
$ 225M acquisitionby Walmart
Chewy (USA)Sells dog and cat food, treats, and supplies
$ 3.4B acquisitionby Petsmart
Whole Foods (USA)America’s healthiest grocery store
$ 13.7B acquisitionby Amazon
Notable investment rounds Round
DoorDash (USA)Food delivery across the US and Canada
$ 250M Growth EquityAug 2018
Instacart (USA)Groceries delivered at your home
$ 150M Series EApr 2018
Ele.me (China)Meal ordering services in China
$ 3.0B Growth EquityAug 2018
Indigo (USA)Utilizing plant microbes to improve crops
$ 250M Series ESep 2018
Deliveroo (UK)Delivering premium restaurant meals
$ 385M Series FSep 2017
Notable IPOs IPO
Tilray (USA)Medical cannabis research and production
$ 1.5B IPOJuly 2018
Meituan Dianping (China)Online retail including food delivery
$ 53B IPOSep 2018
Delivery Hero (Germany)Food ordering website
€ 4.4B IPOJun 2017
Blue Apron (USA)Food ingredients and recipes delivered
€ 3.0B IPOJun 2017
HelloFresh (Germany)Subscription service for premium quality food
€ 1.7B IPONov 2017
€ 3.0B
€ 6.9B
€ 9.5B
€ 12.2B
€ 14.3B
2014 2015 2016 2017 2018E
€ 1.9B – € 1.0B
€ 9.1B
€ 49.5B
2014 2015 2016 2017 2018 YTD
€ 3.8B € 2.2B € 3.2B
€ 29.4B€ 27.3B
2014 2015 2016 2017 2018 YTD
Global VC investment in food tech Global food M&A Global food tech IPOs
Source: Dealroom.co
In Europe €6.5B in venture capital invested since 2013. Nearly half of
that for five global food delivery leaders
5Source: Dealroom.coNote: 2018 is based on Jan-Sept annualized.
Top-5 delivery platforms: €3.1 billion invested
‘Next Generation’ food tech: €3.4 billion invested
€ 0.1B€ 0.2B
€ 0.5B
€ 0.7B
€ 0.9B€ 1.0B
€ 0.1B
€ 0.7B
€ 1.2B
€ 0.3B
€ 0.8B
€ 0.2B
€ 0.9B
€ 1.7B
€ 1.0B
€ 1.7B
€ 1.0B
€ 0.0B
€ 0.4B
€ 0.8B
€ 1.2B
€ 1.6B
€ 2.0B
2013 2014 2015 2016 2017 2018E
Food tech investment (€B) Top-5 delivery platforms (€B)
Following investment of €3.1B, five global food tech leaders emerged
from Europe, worth a combined €21B
6Source: Dealroom.co
(€ 3.1B)
€ 8.8B
€ 21B
Investment(2012-2015)
Exit (IPO) Value today
‘10 € 1.9B ‘17 € 4.4B € 8B
’01 € 0.1B ’14 € 1.8B € 5B
’11 € 0.4B ’17 € 1.7B € 2B
’00 € 0.1B ’16 € 1.0B € 3B
‘12 € 0.8B -- € 2-3B
2.8x
7x
Val
ue
crea
tio
n
7Source: Eurostat data and Dealroom analysis.1. KANTAR.
Food delivery received nearly half of food tech investment in Europe.
However, delivery is only 1.5% of the total consumption market
OPPORTUNITY INCUMBENTS INNOVATORS DRIVERS
Delivery€21 billion
value created--
▪ Convenience
▪ Better apps
▪ Incredible choice
Restaurants20x larger
▪ Service innovation
▪ Healthier options
▪ Personalisation
Groceries37x larger
▪ Online penetration is around 6% (10%+ in London, Beijing, Shanghai)(1)
▪ Services like Amazon Prime and Glovo are re-setting consumer expectations
Alcohol & tobacco13x larger
▪ Consumer focus on health
▪ Smoking alternatives
€2 trillion GMVfood consumption
in EuropeFood delivery :- Just 1.5% of consumption- Received ~half of food tech investment (€3 billion)
€0.4tn
€1.1tn
€0.6tn
€30 billion
Retailers
8Source: KPMG and Dealroom analysis.
And that €2 trillion European consumption market is part of a much
larger global food value chain where a lot of innovation is emerging
Primary Production Transformation Distribution & Consumption
Input Farmers Traders Food companies
Incumbents
Global sales €500B €3 trillion €1 trillion €4 trillion Global: €6 trillionEurope: €2 trillion
Innovators
Key themesGene editing
BiologicalsMarketplaces
Big data integrationRobotics
Indoor farming
EfficiencyTransparency
Shorter supply chains
Alternative proteins Clean label
Healthier foodNew brands
On-demandSame day delivery
Private label
Next Generation Food Tech leaders emergingNext Generation Food Tech leaders emerging Food Delivery
The next generation of European Food Tech entrepreneurs is gearing up for growth
9
Tropic BiosciencesDevelops high-performing commercial varieties of tropical crops
$ 10.0M Jun 2018Series A
Genetic breeding
ecoRobotixManufactures robots that identify and remove weeds from farming crops
€ 9.0M May 2018Early VC
Farming robots
InfarmFarming tech for grocery stores, restaurants, and local distribution centers
$ 25.0M Feb 2018Series A
Vertical farms
SolyntaHybrid potato breeding
€ 16.0M Nov 2017Series B
Potato breeding
Nice FruitPreserves the cellular structure and organoleptic properties of the fruit during the freezing stages
€ 35.0M Jul 2017Growth Equity
Freezing technology
AgricoolTechnology to grow fruit and vegetables inside shipping containers
€ 8.0M Jul 2017Early VC
Innovative farming
Protix BiosystemsHigh-quality insect based ingredients
€ 45.0M Jun 2017Late VC
Insect-based ingredients
M2i Life SciencesDesign, formulation and production of complex molecules
€ 12.0M Jun 2017Late VC
Crop protection
AgrilutionA kitchen device that can grow vegetables and herbs
€ 3.8M May 2017Series A
Indoor farming
YnsectTransforms insects into a nutrient resource for agriculture
€ 13.8M Dec 2016Series B
Insect-based ingredients
€ 16M€ 24M
€ 47M
€ 104M
€ 252M € 250M
–
25
50
75
100
125
150
€ 0M
€ 50M
€ 100M
€ 150M
€ 200M
€ 250M
€ 300M
2013 2014 2015 2016 2017 2018
Amount invested (€M) Number of rounds
Source: Dealroom.coNote: 2018 is based on Jan-Sept annualized.
Primary Production – Investment in Europe
New brands and innovative food concepts emerging
10
HuelNutritionally complete, powdered vegan food
£ 20.0M Oct 2018Growth Equity
Powdered vegan food
AllplantsMakes and delivers Vegan meals
£ 7.5M Sep 2018Series A
Vegan
Simple FeastMakes and delivers vegetarian meals
$ 12.0M Aug 2018Early VC
Healthy food box
Mosa MeatThe world’s first tissue cultured hamburger
€ 7.5M Jul 2018 Series A
Tissue cultured meat
Feed.Natural complete meals in the form of drinks or energy bars
€ 15.0M Jun 2018Early VC
Innovative food
InnovafeedSustainable way to produce protein
€ 15.0M Feb 2018Early VC
Agri-tech
MiniBrewSmart beer brewing machine
€ 2.5M May 2017Early VC
Brewing machine
BrewDogA craft beer brewery
£ 100M Apr 2017Growth Equity
Beer brand
XOLUTIONDrinking products for increasingly mobile lifestyles
€ 45.0M Jan 2016Early VC
Resealable cans
Food Transformation – Investment in Europe
€ 55M
€ 30M
€ 105M
€ 175M
€ 387M€ 400M
–
50
100
150
200
€ 0M
€ 100M
€ 200M
€ 300M
€ 400M
€ 500M
2013 2014 2015 2016 2017 2018
Amount invested (€M) Number of rounds
Source: Dealroom.coNote: 2018 is based on Jan-Sept annualized.
And continued investment in innovative distribution & consumption
platforms
11
Kolonial.noNorway’s largest online grocery store
€ 30.0M Aug 2018Late VC
Onlinesupermarket
GlovoOn-demand mobile app that connects customers with independent local couriers
€ 115M Jul 2018Series C
On-demand app
Tiller SystemsPoint-of-Sale solution for bars and restaurants
$ 13.9M Jun 2018Series B
Restaurant
GoustoDelivers perfectly measured ingredients to cook at home
£ 28.5M Mar 2018Late VC
Home cooking
FoodSpringInnovative sports nutrition products
€ 22.0M Mar 2018Early VC
Fit food
VivinoThe world's largest online wine marketplace
$ 20.0M Feb 2018 Series C
Winesupermarket
Muscle FoodChanges the way people buy healthy food online
£ 10.0M Jan 2018Early VC
Healthy food
MatHemSweden's largest online food store
SEK221M Dec 2017Late VC
Online supermarket
FrichtiFood delivery platform designed to connect consumers to restaurants
€ 30.0M May 2017Series B
Meal kits
PicnicOnline-only supermarket without delivery costs
€ 100M Mar 2017Series B
Onlinesupermarket
Distribution & Consumption – Investment in Europe
€ 28M
€ 141M
€ 377M
€ 440M
€ 605M
€ 640M
–
50
100
150
200
€ 0M
€ 100M
€ 200M
€ 300M
€ 400M
€ 500M
€ 600M
€ 700M
2013 2014 2015 2016 2017 2018
Amount invested (€M) Number of rounds
Source: Dealroom.coNote: 2018 is based on Jan-Sept annualized.
28%
15%13%
11%7% 6%
4% 4% 3% 3% 2% 2% 2% 1%
20% 17%
12%
7% 7%
12%
4%
9%
4% 2% 1% 2% 2% 1%
33%
18%15%
7% 6% 5% 4% 3% 2% 2% 2% 1% 1% 1%
26%
45%
8%
3% 1% 5% 5%
0% 0% 2% 1% 1% 1% 0%
UK, Germany and France lead, in line with venture capital. But Italy
and Spain stand out by number of rounds
12
Venture
capital,
amount
invested in
Europe
2013-2018
Amount
invested in
Food Tech
2013-2018
By amount invested By number of rounds
Source: Dealroom.co
13
A solid, local funding and partnering ecosystem for Food tech
companies is shaping up in Europe
Specialist VC FundsBig Food Tech
(first generation)Incumbents Crowdfunding Generalist VC Funds Incubators & Accelerators
A new generation of investors: specialist Food Tech funds
Source: Dealroom.co 14
HQ Amsterdam/Boston Paris/Bologna Paris
FOCUS Mainly Ag-tech Food tech and Ag-tech Mainly Ag-tech
YEAR FOUNDED 2013 2018 2014
FUND SIZE $ 200M € 70M+ € 124M
STAGE Series A/B in Europe & US Series A/B in Europe Series A/B in France
NOTABLE LPs Rabobank, FidelityEIF, Nestlé, bpifrance,
Fondo Italiano d'Investimento Crédit Agricole, Groupama, bpifrance, Avril,
Tereos
INVESTMENTS+ two investments not announced
The first generation Food tech companies have become very
acquisitive, to expand and consolidate their market
Source: Dealroom.co 15
CORPORATE LOCATION (HQ) STRATEGIC FOCUS ACQUISITIONS & DIRECT INVESTMENTS
Delivery Hero Berlin Market expansion & consolidationHipMenu, Hungry Group, Quiqup, Foodora, Rappi, Foodfly, Carriage, Hungryhouse, Foodpanda,
ClickDelivery, Foodarena, e-food.gr, Yemeksepeti, Jidloted, DameJidlo, Pizza.de
Just Eat LondonMarket expansion & consolidation
Innovative models (e.g. Skip)Hungryhouse, Pizzabo, Deliverex, Clicca e Mangia, Food2u, SinDelantal, Flyt.io, iFood, TouchBistro,
SkipTheDishes, La Nevera Roja, Menulog,
Takeaway.com Amsterdam Market expansion & consolidation Fooderena, Oliveira, BGMENU.com, Food Express, Ten Bis, Lieferservice, Lieferando
ZomatoGurugram,
IndiaRestaurant discovery & reservations
Mekanist, Gastronauci, Obedovat, Cibando, Lunchtime, Menu Mania, Sparse Labs, Runnr, TongueStun
Elior Group Paris Restaurant/hotel management La Belle Assiette, PopChef, TouchAndPlay, Never Eat Alone, Lancer Hospotality
TripAdvisorNeedham,
United StatesRestaurant booking Couverts, BestTables, LaFourchette, SeatMe, Eatigo
Naspers Cape Town Food is major focus Delivery Hero, ESKY, iFood, Swiggy, FarmLogs, Movile
Mail.ru Group Moscow Russia Foodmate, Delivery Club, zakazaka.ru, Instamart.ru
Recruit HoldingsChiyoda,
JapanRestaurant booking Quandoo, Treatwell, TrustYou
Alibaba Hangzhou Asia Ele.me, Bigbasket, Yiguo, Sun Art Retail Group, Tokopedia
The large Food and Agricultural companies continue to look for
innovation to add to their platforms
Source: Dealroom.co 16
CORPORATE LOCATION (HQ) STRATEGIC FOCUS ACQUISITIONS & DIRECT INVESTMENTS
CarrefourBoulogne,
FranceOrganic food So.bio, Bringo, Quitoque
CargillWayzata,
United StatesAnimal nutrition & Protein Memphis Meats, Pro-Pet
UnileverRotterdam,Netherlands
Delivery, Direct-to-consumer Gousto, Chromatin, Sun Basket, Milkbasket
SyngentaBasel,
SwitzerlandCrop protection
Abbott & Cobb, FarmShots, Nidera, Devgen, Phytech, Asilomar Bio, BioPhero, Greenlight Biosciences, AgriMetis, AgBiome, Agworld
The Coca-Cola CompanyAtlanta,
United StatesNon-alcoholic beverage Home Eat Home
MichelinClermont-Ferrand,
FranceRestaurant tech Bookatable, Restaurantes.com, Le Fooding, Exotic Systems
Archer Daniels Midland Company ChicagoFarm management & Organic
foodAgrible, Harvest Innovations
Diageo London Alcoholic beverage VinePair, Stirrings
Metro Group Dusseldorf Restaurant tech & Distribution Lunchio, Coffee Could
NestleVevey,
SwitzerlandDelivery, Direct-to-consumer Freshly, Tails.com, Blue Bottle Coffee
Source: Dealroom.co 17
Crowdfunding can be an effective platform to turn investors into
brand ambassadors, compelling for consumer brands
Key European platforms
Non-European platforms
Notable investments
18%
8%
–
5%
10%
15%
20%
2013 2014 2015 2016 2017 2018
European Food Tech Europe Overall
% of rounds with crowdfunding participation
Generalist VC funds are hunting for the next Food tech unicorn
Source: Dealroom.co 18
INVESTOR LOCATION (HQ) TYPICAL FIRST ROUND FOOD TECH INVESTMENTS
LocalGlobeEarly stage seed investor in London
London Seed Taster, Menu Next Door, INFARM, WeFARM, Farmeron
Point Nine CapitalThe Angel VC
Berlin SeedLemoncat
Exits: Marley Spoon, Kitchen Stories, Cibando
Index VenturesInternational venture capital firm
London Series APets Deli, Just Eat, Deliveroo
Exits: Zesty, Blue Bottle Coffee, Just Eat
HV Holtzbrinck VenturesLeading German VC active throughout Europe
Munich/Berlin Series ACaterWings, Everdine, EatFirst, Quandoo
Exits: Quandoo, Delivery Hero
Rocket Internet SEIncubates and invests in internet and technology companies globally
Berlin Series APets Deli, Lemoncat, Chefclub, CaterWings, ShopWings
Exits: Foodpanda, Foodora, HelloFood, Pizzabo, La Nevera Roja, Delivery Hero
Balderton CapitalThe leading venture investor in the EU
London Series ASimple Feast, Vivino, INFARM
Exits: Bookatable, Medicanimal
Target GlobalEuropean wide life cycle investor
Berlin Series ALemoncat
Exits: Foodfox, Delivery Hero, Mixville
Sofinnova PartnersVC specialized in Life Sciences, often lead role in round A financings
Paris Series A/B Micropep Technologies, DNA Script, Agrosavfe
Accel PartnersVenture and growth equity firm
London Series A/B OLIO, Deliveroo
Idinvest PartnersSpecializing in direct investments and fund of funds investments
Paris Series BGlovo, Frichti, Lunchr, DNA Script, M2i Life Sciences, Agriconomie
Exit: Cerelia
Business Growth FundHelps Britain’s growing businesses by providing growth capital
London Late VC Gousto, Muscle Food, Purity Brewing
Insights Venture PartnersLeading global private equity and venture capital firm
New York Late VC HelloFresh, Delivery Hero
Notable European exits (2016-2018)
19Source: Dealroom.co
COMPANY LOCATION (HQ) TRANSACTION ACQUIRER(S) SELLER(S)
Delivery HeroFood ordering website
Berlin € 4.4B IPOJun 2017
-Point Nine Capital, Fabrice Grinda, Team Europe, TEV |
Tengelmann Ventures, Hasso Plattner Ventures
HelloFreshSubscription service that focuses on premium quality and ecological foods
Berlin € 1.7B IPONov 2017
-HV Holtzbrinck Ventures, Investment AB Kinnevik, Rocket
Internet SE, Vorwerk, Phenomen Ventures
Takeaway.comThe leading online food delivery marketplace in Continental Europe
Amsterdam € 993M IPOSep 2016
- Prime Ventures, Macquarie Group
Tails.comDog food delivered at your doorstep
London £150M AcquisitionApr 2018
NestléJamJar Investments, Octopus Ventures, Slingshot Ventures,
Draper Esprit
BrewdogA craft beer brewery that produces bottled and canned beers
Aberdeenshire, UK
£ 113M SecondaryApr 2017
TSG Equity Partners Crowdcube, TSG Equity Partners
BookatableGlobal online marketing and real-time reservations services for restaurants
London € 108M AcquisitionJan 2016
MichelinBalderton Capital, Wellington Partners,
Kreos Capital
Delivery ClubA Russian online food delivery marketplace
Moscow $ 100M AcquisitionNov 2016
Mail.ru GroupAddVenture, Phenomen Ventures, Guard Capital, NJF
Capital, Nicole Junkermann
Marley SpoonHome delivery of recipes and ingredients to encourage home cooking
Berlin $ 145M IPOJul 2018
-Point Nine Capital, Global Founders Capital, Atlantic Labs,
Lakestar, Klaus Hommels
CAKEPay restaurant bills instantly from your phone
London $ 13.3M AcquisitionMar 2018
American Express Crowdcube
FoodistMonthly gourmet food subscription
Hamburg,Germany
€ 3.5M AcquisitionAug 2016
Ströer MediaAndreas Brandt, Alexander Djordjevic, Ole Schaumberg,
ProSiebenSat.1 Accelerator
Niccolo Manzoni
Partner
Ivan Farneti
Partner
■ We back Food Tech entrepreneurs for a healthier, more sustainable and more efficient food system
■ Five Season Ventures is the first VC fund in Europe solely focused on investing in early stage food technology companies
Ivan Draganov
Research Analyst
Irina Anihimovskaya
Research Analyst
Yoram Wijngaarde
Founder & CEO
■ World-leading tech firms, investments firms, multinationals and governments use Dealroom’s software, database and research to identify promising companies and innovation trends
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