FoodTech in Europe EN PDF

FOODTECH IN EUROPE
FOODTECH INVESTMENTS FROM 2014 TO 2018 (H1)
with
FOODTECH: AN OPPORTUNITY
FOR EUROPE
“What is not measured does not exist”. We introduced last year’s report on the French FoodTech startup ecosystem with this quote of Niels
Bohr. This report's goal was simple: give investors, entrepreneurs and corporates the much-needed data and insights to accelerate
development of the FoodTech ecosystem.
With more than 10,000 downloads, the renewed confidence of our sponsors - Sopexa and Vitagora - and new partners - CCI Paris Île-De-
France and Eutopia - we are now able to provide you a new report on the European FoodTech investments. You will find data on the
investments in FoodTech startups between 2014 and 2018 (H1) with category, investment type and geographic insights.
with
FoodTech investments in Europe - page !2

CONTENTS Introduction
Authors & sponsors
Method & sources
FoodTech definition
1. Investments between 2014 and 2018 (H1)
2. Geographical breakdown
3. Investors & types of funding rounds
4. Category breakdown
AgTech
Foodscience
Foodservice
Delivery & Retail
Media
Coaching

INTRODUCTION EUROPEAN FOODTECH: 2014-2018
The European FoodTech ecosystem has been growing fast since 2014. Three delivery unicorns (Deliveroo,
Delivery Hero and Hellofresh) weight for more than 60% of the total amount of money invested during the
period. However, behind them, a vibrant ecosystem of entrepreneurs and investors is emerging. That’s not
yet a European ecosystem per se but rather a collection of national centred ecosystems. Indeed, a few
countries and cities are driving FoodTech in Europe (without many connections between them): Berlin with
a small number of very well funded startups, Paris with many startups but without a leader and London with
a dynamic and balanced ecosystem.
€4.2B
Paris, London and Berlin, leading
Investments in the European ecosystems of FoodTech in Europe.
FoodTech between 2014 and 2018 (H1)
16%
Europe’s share among global
investments in FoodTech between
2014 and 2018 (H1)

AUTHOR DIGITALFOODLAB
“
DigitalFoodLab is born from our experience as entrepreneurs. As founders of a FoodTech startup
launched in 2010 and sold in 2016, we have witnessed the growing interest of large corporations,
investors and media in food innovation.
DigitalFoodLab helps agribusinesses In response, we set up in 2014 the first events dedicated to FoodTech in France. Today, DigitalFoodLab
to identify and act on FoodTech has become FoodTech’s intelligence platform. We gather data on FoodTech startups and investments
opportunities. at a global level. This data and our insights help our clients, corporates and investors, to detect and
DigitalFoodLab is involved in
act on opportunities.. We are convinced of FoodTech’s huge economic, ecological and human
”
conferences, mapping and consulting.
potential to enable a new food model.
Matthieu VINCENT
Co-founder - DigitalFoodLab

SPONSORS CCI PARIS ILE DE FRANCE
The CCI Île-De-France is the biggest entrepreneurial network in the Paris region, supporting more than 100,000
projects and 200,000 companies, nearly 10,000 of them being international.
With its 24 schools (Ferrandi, ESSEC, ISIPICA, ESCP,…), the CCI trains 32,000 young people, including 14,000 in
apprenticeship and 30,000 adults in continuing education.
Based in Europe’s leading convention and trade show centre, the CCI is present in more than a thousand events
The CCI Paris Île-de-France informs,
(SIAL, Gourmet Food&Wine …) bringing together over 9 million visitors in the Paris region.
advises and assists companies in the
The CCI Paris île-De-France is involved in the development of local ecosystems thanks to its participation to
agri-food sector who wish to start an
significant projects such as the Cité de la Gastronomie Paris-Rungis. It is a unifying actor of the agri-food ecosystem
activity, finance innovation, adapt to new
at a regional level.
regulations, build a digital strategy,
To accelerate the development of FoodTech in the region, the CCI has founded :
share their experiences and develop
- the regional Agroalia club which brings together startups and partners specialised in FoodTech
their network.
- an incubator, Rungis&Co which supports the development of projects and startups. The incubator is located at the
heart of Rungis MIN, the largest fresh produce market worldwide.
Gérard DELMAS
Vice-president - CCI Paris Île-de-France
President - CCI Val-de-Marne

SPONSORS EUTOPIA
Eutopia is a European VC fund specialised in consumer startups. Eutopia bases its investment thesis on the
transformations of the consumer society which have brought out a new wave of brands that reinvent and
improve our daily lives: the way we eat, drink, sleep, dress, play sports and consider self-care. Previously
named Otium Brands, the fund has already invested more than 40 million euros in 15 companies including
Feed, Oh My Cream, Même Cosmetics, Polène and Dynamo.
“ The food sector perfectly symbolizes Eutopia's investment thesis, which aims to support startups that are
able to respond to rapidly changing consumer expectations. Driven by the vision of a better world, these new
brands take advantage of technology to offer products and services that place traceability, authenticity,
”
experience and societal impact at the heart of their value proposition.
Antoine FINE
Founding Partner Eutopia

SPONSORS SOPEXA
International Communication Agency 100% Food, Drink & Lifestyle, Sopexa is convinced that innovation is
a key contributor for market performance and acts as a differentiation factor. Foodtech is an opportunity to
create new offers adapted to new consumption patterns. That is why the agency's experience in food &
drink enables it to anticipate innovations, understand the latest trends and develop high-impact and
creative communication strategies along with our clients.
Sopexa has 60 years of experience Sopexa is 100% international, based in 24 countries and develops bespoke multi-channel marketing and
in Food & Drink communication communications strategies for clients (brands and collectives) worldwide.
serving brands and communities
around the world. Beyond strategic planning, Sopexa runs comprehensive monitoring programmes backed by studies – on
sectors, behaviours and trends – carried out in-house by its market intelligence teams. Experts who feed
the teams in charge of implementing Influence, Branding and Shopper Marketing actions.
More information
Jean-René BUISSON
CEO, Sopexa

SPONSORS VITAGORA
“
Created in 2005, Vitagora is the agri-food cluster of the Bourgogne-Franche-Comté and Île-de-France
regions. Its mission: make innovation a growth driver to attack high-value food markets, locally and
internationally. To strengthen its innovation ecosystem of 370 active members, Vitagora launched in
2017 its acceleration program, ToasterLAB. This unique program allows FoodTech startups and SMEs
Vitagora - the agri-food innovation to go to market and industrialise more quickly.

centre of 370 active members.
”
Agri-food innovation - faster, further,
More information
together.
Christophe BREUILLET
Director - Vitagora

AUTHORS
Matthieu Jérémie
Vincent Prouteau
- co-founders
- startup coaches for Paris&Co and Euralimentaire
- co-founders of WeCook (founded in 2010 and acquired in 2016)
- M.Eng Telecom SudParis (Paris) / DCU (Dublin)
The startup database was created by Alexandre Grimault and Quentin Arnoult of
CONTRIBUTORS DigitalFoodLab. We also thank the CCI Paris Île-De-France, Eutopia, Sopexa and
Vitagora for their support and contribution to this report.

WHERE DOES THE DATA COME FROM?
METHOD & The information used to make this report comes from data collected directly from startups, investors and
SOURCES also from the media (such as press releases, articles). Some of the information is available in the
DigitalFoodLab FoodTech directory available here.
HOW CAN YOU USE THIS REPORT’S DATA AND INSIGHTS?

This report’s data and insights may be used in public communication by mentioning the source.
HOW WAS THE DATA USED FOR THIS REPORT?

The data was aggregated to preserve the confidentiality of individual deals information. The top deals reveal
only the data publicly available.
 
GEOGRAPHICAL PERIMETER
This report presents investments in FoodTech at the European continent, excluding Russia.

WHAT TIME FRAME IS THIS REPORT FOCUSING ON?
METHOD & This report covers the period between 2014 and the first half of 2018. This four-year comparison aims to
SOURCES measure FoodTech developments and future trends.
WHAT IS YOUR CLASSIFICATION OF FOODTECH AND FUNDING DEALS?

To make FoodTech more accessible, we have divided it into six domains and thirty-four subdomains (defined
in part IV). This report doesn’t take into account public grants and IPOs but it includes cryptocurrency (ICO)
deals.
UNDISCLOSED DEALS
Of the deals identified for this report, 132 are undisclosed, thus we have not been able to find data about the
amount of money invested.

CURRENCY ISSUES
The report displays data in euros. Data was collected in the original currencies and has been converted at the
exchange rates applicable at the deal date.

DEFINITION
FOODTECH FoodTech is an ecosystem made up of all the agrifood entrepreneurs and startups (from production to
DEFINITION distribution) innovating on products, distribution, marketing or business model.
AGTECH
Startups disrupting agriculture. They come up with solutions to improve farming output and quality using
drones, sensors and farm management software. AgTech is also about new farm products, next generation
farms and urban farming.
We have divided FoodTech into six

domains (AgTech, FoodScience, FOODSCIENCE
Foodservice, Coaching, Media and
Startups developing new food products answering the need for more transparency, health and environmental
Delivery & retail).
concerns. Products range from market innovations to radical disruptions using revolutionary ingredients.
DELIVERY & RETAIL
Startups answering e-commerce challenges in the food industry. The scope is broad, from the improvement
of the shopper experience in actual food stores to the home delivery of groceries or restaurant meals.

FOODSERVICE
FOODTECH Startups reinventing the restaurant industry. It means improving the management of restaurants and
DEFINITION institutional catering, connecting customers and businesses directly to local chefs for catering and new
experiences.
MEDIA
Startups answering consumers questions about food products and enabling them to discover new foods
matching their needs. These services combine recipes and nutritional information in a way that is entertaining
The six domains and their respective
and easier to reach for the consumer.
subdomains are detailed in Part 4.
COACHING
Startups answering the questions “is my food good for me?” and “what should I eat?”. These services target the
final customer and help him to have a better view of his food purchases and intakes to reach his personal goals.

THE AMBITION BEHIND FOODTECH
FOODTECH For eight years we have been working in the Foodtech ecosystem and we have met many entrepreneurs.
DEFINITION Many of them share the same goals and ambitions:

1 - give access to quality food to the greatest number,
2 - develop products or services that make food production more sustainable in the long term,
3 - allow everyone to optimise their diet for a better health.
The major players in the food and retail industry have not yet taken into account the extent of the disruption
in progress. Startups are not here to create "small businesses" that will collaborate with them but to
overtake or replace them.
While it is difficult to predict the evolution of agriculture, agri-food industry and distribution, we can
nevertheless be sure that these new players will disrupt the established ones.

I INVESTMENTS BETWEEN 2014 AND 2018 (H1)
€ 4.2 B
Investments in the European FoodTech
between 2014 and 2018 (H1)
60 %
Share of the top three startups: Delivery Hero,
HelloFresh, and Deliveroo

1
FOODTECH INVESTMENTS IN EUROPE
SINCE 2014
INVESTMENTS IN EUROPEAN FOODTECH (€ MILLIONS)
INVESTMENTS
€1245M €1261M
€750M
Our forecast for 2018 is about 750 €721M
€616M (2018)
million euros. The second half of
the year is generally more active for
startup deals.
€329M
2014 2015 2016 2017 2018 (H1)

1
WINNERS TAKE ALL: DELIVEROO, DELIVERY HERO, HELLOFRESH
€ 4.2Mds - € 2.5Mds = € 1.7Mds

Investments in the European Investments in Delivery Hero, Investments in the European
INVESTMENTS
FoodTech between 2014 and 2018 (H1) Deliveroo & HelloFresh FoodTech excluding the 3 leaders
The three leaders concentrate 60% of investments with 2.5 billion euros (before the IPO for HelloFresh and
Delivery Hero). Meal delivery is clearly a market where only the biggest players can be winners.
ARE EUROPE WINS COPYCATS?

Each of these three European giants is among the world leaders in Delivery & Retail. Though, none of these
startups has “invented” its own business model. Delivery Hero and HelloFresh were born from the German
startup studio Rocket Internet, specialised in copycatting successful (US) startups. While Delivery Hero has
The English (Deliveroo) and German
grown rapidly by taking over brands such as Foodora and FoodPanda, HelloFresh has become the world leader
(Delivery Hero and HelloFresh)
champions account for 60% of thanks to the US market.
FoodTech's investments.
1
Investments in the European FoodTech are almost cyclical (one year up, one year down), following closely
the global investment trend (p.22). However, If we withdraw the investments made in the three leaders of
the European FoodTech, we can see a steady growth in the investments.
FOODTECH INVESTMENTS EXCLUDING DELIVEROO, HELLOFRESH AND DELIVERY

INVESTMENTS
HERO (€ MILLIONS) 139 M€
€750M
(2018)
This view allows us to observe the €550M

ecosystem growth made up of the
less mature start-ups that constitute €390M
the future of the European
€329M
FoodTech.
€223M
€185M
2014 2015 2016 2017 2018 (H1)

1
NUMBER OF DEALS SINCE 2014
This chart shows that the number of investments in FoodTech startups is not directly correlated to the
amounts invested. The number of deals has been growing even when the total amount of money invested
was decreasing (cf. page 17) . This can be partly explained by the opening of the first FoodTech
accelerators and the growth of seed deals in Europe.
INVESTMENTS
292 300
273 (2018)
197
999
number of deals between 2014
141
and the end of the first half of 2018 96

22M€
2014 2015 2016 2017 2018 (H1)

1
FOODTECH STARTUP CREATION IN EUROPE
The number of startups having raised funds, joined an incubator or with a prototype / product / service on
the market has been growing steadily since 2014. The FoodTech ecosystem continues to attract more and
more entrepreneurs. This can be linked both to various startups gaining a lot of media traction (due to
massive deals) and to the growing demand for more sustainable and qualitative food.
INVESTMENTS
(350)
317
293
2017 data will continue to evolve

over the next 12 months. 217
191
We do not add to our total
startups at the “idea” stage.
2014 2015 2016 2017

1
EUROPE V.S. WORLD worldwide investments in FoodTech
startups (billions of dollars)
This chart compares the relative position of European
share of investments in European
FoodTech investments regarding global investments.
FoodTech startups(%)
INVESTMENTS
$8.8Bn
$8.3Bn
$6.3Bn
For this chart, we used data from the $4.9Bn 17% 16%
AgFunder report on global
investments in FoodTech. 16 %
13%
2014 2015 2016 2017

1
MORE MONEY REQUIRED TO COMPETE AT A GLOBAL LEVEL
The last chart shows that Europe’s share of the global investments in FoodTech is between 13 to 17%. If this
ratio matches the European population (just under 10% of the world's population in 2015), it does not live up
to the importance of Europe's agri-food industries in the world economy. Indeed, today the share of
European agri-food in the world market is 25% *.
INVESTMENTS
16% 25
Share of Europe in global
Share of European agri-business
investments in FoodTech
between 2014 and 2017 % (EU) in the global market.
DigitalFoodLab’s opinion:
Breakthrough innovations in agri-business are primarily driven by FoodTech startups. Substantial investments in
European FoodTech ecosystem need to be made in order to maintain Europe’s weight in the global market.
* source: FoodDrinkEurope
1
EUROPEAN INVESTMENTS IN FOODTECH: KEY INSIGHTS
European FoodTech has some international giants (unicorns worth more than one billion euros), which in
itself is a success. If these have until now absorbed a significant share of the capital invested, numerous new
startups are developing. Indeed, we observe a growth in investments outside these leaders, both in the
number of deals and amounts raised.
INVESTMENTS
€ 4.2 B 300
Investments in the European Annual deals in European
~
FoodTech between 2014 and FoodTech between 2016 and
2018 (H1) 2017
60 % 16 %
Share of the amounts invested in Europe’s share among global
three startups: Delivery Hero, investments in FoodTech between
HelloFresh and Deliveroo 2014 and 2018 (H1)

II GEOGRAPHICAL BREAKDOWN
33
Deals over 20 million euros since 2014
(14 in Germany alone)
63 %
Share of Germany and UK startups in
European FoodTech investments in 2017

2
NATIONAL ECOSYSTEMS LIVING SIDE BY
SIDE WITHOUT CONTINENTAL UNITY
GEOGRAPHICAL INVESTMENTS IN FOODTECH BY COUNTRY (IN € MILLIONS) BETWEEN 2014 AND 2018 (H1)
BREAKDOWN
1880
1100
The ranking of the first three
countries is consistent
regarding population and GDP.
501
231 96 79 76 64 53 40 23 32
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2
INVESTMENTS IN FOODTECH BY COUNTRY IN 2017 (€ MILLIONS)
In 2017, we can distinguish three clusters of countries. First Germany and the United Kingdom acting as
leaders. Second, France and the Netherlands. Then, Sweden, Spain and Switzerland. Finally, for the following
countries, a single significant investment can change the ranking.
GEOGRAPHICAL
402
BREAKDOWN 397
63 %
2017 share of Germany and UK
139 149
58
39 46
startups in European FoodTech 11 8 5 1 8
22M€
investments
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2
GERMANY AND UK: INVESTMENT LEADERS
This chart highlights the position of Germany and the United Kingdom as European FoodTech leaders whose
startups account for up to 88% of the amounts invested.
However, a new group of countries is becoming increasingly important, consisting of the Netherlands and
France, followed by Spain, Switzerland, Finland and Sweden.
GEOGRAPHICAL
BREAKDOWN
88 %
78 %
Share of German and British
startups in the European 63 % 63 %
investments.
46 %
Share of Finish, Swedish, Dutch, 40 %

35 %
Spanish, Swiss and French 31 %
startups in the European 21 %
investments. 10 %
2014 2015 2016 2017 2018 (H1)

2
ANNUAL INVESTMENTS IN THE FOUR KEY PLAYERS (IN € MILLIONS)
The charts show the evolution of the leading European Ecosystems from 2014 to 2017.
850 Germany United Kingdom

GEOGRAPHICAL
1319 M€ 400
BREAKDOWN
400
2014 2015 2016 2017 2014 2015 2016 2017
Investments in Dutch FoodTech

are closely linked to a massive 150
France 160 Netherlands
deal in Picnic in 2017 140
74 270 M€
2014 2015 2016 2017 2014 2015 2016 2017

2
INVESTMENTS IN FOODTECH BY COUNTRY (IN € MILLIONS) BETWEEN 2014 AND
2018 (H1) EXCLUDING DELIVEROO, HELLOFRESH AND DELIVERY HERO
Analysing investment data by country excluding these three startups gives another image of the European
FoodTech ecosystem (alone they represent 60% of the amounts invested).
GEOGRAPHICAL
BREAKDOWN
501
348
231
96
137 79 76 64 49 48 23 32
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2
Both in the Netherlands and Denmark, a single startup concentrates a large part of the investments that have
been made in the last four years.
Picnic is a Dutch startup founded in 2015 with a new offer on the food e-commerce. It is based
on two main differentiation elements:
- no delivery fees for the customer,

GEOGRAPHICAL
- electric vehicles dedicated to the delivery.
BREAKDOWN
Operating locally in a part of the Netherlands, the startup has raised 100 million euros in 2017 to
deploy nationally. This deal is almost equivalent to 2/3 of the total amount of money invested in
the Netherlands between 2014 and 2018 (H1).
Vivino is a Danish startup founded in 2010 which defines itself as the largest marketplace to
Picnic in the Netherlands and
discover and buy wine with more than 30 millions users globally. Vivino has raised more than
Vivino in Denmark are local
$ 56 million (from US investors mainly).
leaders.
Vivino is an example of how difficult it can be for a European startup to raise big rounds of
money and attract talents. It usually ends with a total or partial expatriation of the startup (in
this case to San Francisco).

2
NUMBER OF DEALS BY COUNTRY MADE BETWEEN 2014 AND 2018 (H1)
21
GEOGRAPHICAL
BREAKDOWN
This map represents the number

25
of investments made by country:
21
the darker the colour, the more 28
223 64
investments are
identified. (Turkey and Russia are
not in this study’s scope)
341 31
67
0 < 10 < < 20 341
63
2
DEALS BY COUNTRY BIGGER THAN €500k BETWEEN 2014 AND 2018 (H1)
Many countries have an ecosystem able to support FoodTech startups with seed deals (a few hundred
thousand euros). However, few of these countries have a large number of startups raising larger rounds (see
following page) . It is especially true for France, Spain and Italy with many small deals.
GEOGRAPHICAL
176
BREAKDOWN
434
deals European FoodTech startups
96
bigger than €500k between 2014

22M€ 30 23
and 2018 (H1) 25 18
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2
DEALS BY COUNTRY BIGGER THAN €20M BETWEEN 2014 AND 2018 (H1)
In contrast to the previous chart, the number of deals bigger than €20M is putting back the ranking in its initial
order (see page 26). Regardless of the number of smaller deals we observed in countries like France, Spain or
Italy, FoodTech investments are driven by the biggest rounds in Germany and the UK.
GEOGRAPHICAL
BREAKDOWN 14
33 8
deals European FoodTech startups
bigger than €20M between 2014

22M€ 3 3
and 2018 (H1)
2
1 1 1
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2
INVESTMENTS MADE BY POPULATION IN 2017
This graph shows the investments made in FoodTech startups in euros per capita and per country.
Netherlands
UK
GEOGRAPHICAL
BREAKDOWN Switzerland
Germany
France
Finland
Population data used for
this chart comes from the Spain
Eurostat database.
Denmark
Italy
0 2,25 4,5 6,75 9

2
The previous graphs illustrates four trends:
- there are relatively few deals in Germany (see page 33), but the amounts raised are more significant
(Germany accounts for less than 7% of the deals of more than €500k and 42% of the €20m+ investments),
GEOGRAPHICAL - France appears as the leader in the number of deals. On the other hand, the country finds itself far behind in
BREAKDOWN terms of amounts raised (with only three investments of more than 20 million euros),
- British startups benefit from both a high number of small and notable deals, making it the most balanced
European FoodTech ecosystem,
- the other national ecosystems are not investment hubs, either in number or amounts invested.
Spain and more so Barcelona acts as an exception to trends identified. There is a dynamic local ecosystem (in
Glovo is a Spanish startup
terms of creations and investments) and a leader (Glovo).
offering to deliver "everything"
from nearby stores.

2
The limited number of deals identified in Germany, and to a lesser extent in the UK, can be explained by local
phenomena and by the void created around the leaders:
- indeed, for a German or British investor, it will be more difficult than in Spain, France or the Netherlands to
finance a restaurant delivery or meal kit startup given the presence of indisputable leaders,
GEOGRAPHICAL
BREAKDOWN - In Germany, a lot of early-stage investments are made by numerous SMEs or mid-caps (e.g. Vorwerk, the
parent company of Thermomix) which are less prone to communicate on their investments than traditional
investment funds,
- The UK has a vast ecosystem of FoodTech startups focused on product innovation, but few are reaching
significant funding milestones (the € 500k mark).
Excepting B2B or delivery startups (well-financed), European startups have trouble getting out of their home market. The lack
of interlocutors to distribute innovative products on the global European market makes it difficult to develop B2C startups.
This could evolve when Amazon or startups will enter the grocery delivery market.

2
FOODTECH IN THE CITY (1/2)
Startup ecosystems are a combination of many ingredients (and no replicable recipe has unfortunately been
mastered yet). Nonetheless, some key ingredients are well known: a concentration of entrepreneurs, talents,
money and a pro-innovation environment. We wondered which cities in Europe have the best recipe for
FoodTech. The following charts are a partial answer.
GEOGRAPHICAL
BREAKDOWN
70
Number of startups based in

the city that have raised more
than €500k between 2014 and
35 2.6
2018 (H1).
2
Median amount of money 1.5 1.5
1.2
1
raised (in € millions) by
startups based in the city
between 2014 and 2018 (H1).
Paris London Berlin Barcelona Milan Amsterdam

2
FOODTECH IN THE CITY (2/2)
These six cites are taking a leading role in their respective national ecosystems. It is even reinforced by taking
into account metropolitan areas. For example, if you take the share of French investments made in the Paris
region, it rises to 80% (versus 58% for Paris alone).
GEOGRAPHICAL
€1839M
BREAKDOWN
92% 97%
70
77%
Total amount of money invested

63% 60%
in the startups in the city
58%
between 2014 and 2018 (H1) €1022M
Share of the city’s ecosystem

reported to the national level €179M
€288M €50M €29M
Paris London Berlin Barcelona Milan Amsterdam

2
BERLIN
The Berlin ecosystem is focused on Delivery & Retail (see part IV). Based on a few startups
(themselves often founded by Rocket internet), it concentrates a large share of the European
FoodTech jobs and investments.
GEOGRAPHICAL
BREAKDOWN LONDON AMSTERDAM,
London has a global and rich FoodTech
BARCELONA AND
ecosystem with many startups focused
on Delivery and new products. MILAN
These three cities could be
the home of future
FoodTech champions. They
PARIS
have the potential and the
Paris has a FoodTech ecosystem with many means to become European
startups but each of them with relatively little hubs for FoodTech.
funding. A few of its leaders (in Foodservice
mostly) are truly international.

2
GEOGRAPHICAL BREAKDOWN: KEY INSIGHTS
This report of the European FoodTech highlights wide disparities between countries:
- Germany is home of a small number of startups, but among them, there is a large part of Europe’s giants
- The United Kingdom has the most balanced ecosystem with many startups at every stage of the funnel
(from project to unicorn),
GEOGRAPHICAL
- France has a large number of seed and/or series A funded startups, but those seem to have difficulties to
BREAKDOWN
grow abroad and to be funded at later stages,
- FoodTech ecosystems in Switzerland, the Netherlands, Spain and Sweden are smaller but have the
potential to grow significantly.
33
European FoodTech startups’ deals Berlin, London & Paris, leading
bigger than €2M between 2014 FoodTech ecosystems in Europe
and 2018 (H1)
63 %
Share of European FoodTech
investments made in Germany and
the UK in 2017

III INVESTORS, DEALS BY STAGE AND EXITS
75 %
of the 15 top deals are made in Delivery
and Retail startups
4%
share of startups funded in the seed stage
that have been part of series C deal

3
INVESTORS,
DEALS BY STAGE AND EXITS
A VERY NARROW FUNNEL
DISTRIBUTION OF DEALS BY STAGE BETWEEN 2014 AND 2018 (H1)
€37M
352
Median amount of money raised

(in € millions) by stage
51M€
102 €12M
Number of startups that have 31

14
been funded at that stage
€3M
€0.45M
Seed Series A Series B Series C+

3
INVESTORS,
AVERAGE AND MEAN DEAL BY STAGE BETWEEN 2014 & 2018 (H1)
To make the information more accessible we have grouped series C and later deals
into a single series C + category.
Reminder: money raised through an IPO and secondary market operations is not
taken into account in this report.
20 M€
89
Median amount of money raised

37
3.5 M€
Average amount of money raised
18
3 5 12
0.2 0.4 0.45 0.9
Pre-seed Seed Series A Series B Series C+

3INVESTORS,
MEDIAN INVESTMENTS IN EUROPE V.S GLOBAL IN 2017 (IN € MILLIONS)
By comparing Europe’s investments in FoodTech startups to global data (therefore mostly to US
startups), we can see they are almost as well funded. However, the gap is significant for series A.
Investors seem to be less inclined to trust Europe’s startups with a few millions before they have proven
there worth.
20,5
Median amount of money 16

raised (in € millions) by stage in
Europe
9
Median amount of money
8
raised (in € millions) by stage 3,9
globally
1.6
0.4 0.45
Seed Série A Série B Séries C +

3
INVESTORS,
DEALS AND TYPES OF INVESTORS BETWEEN 2014 AND 2018 (H1)
% startups that have been

financed by this type of
investor
Median of the deal in which the

investor participated (in €
42%
millions) €2.7M
€2.6M
4%
24%
11%
10%
share of startups funded in the
8%
seed stage that have been part of €0.8M 5%
27C deal
the series 22M€ 19 65
0.4 M€
Equity crowdf. Accelerators Business Angels Public Corporate Venture VC

3
In page 43, it’s important to point out that startups reaching the C-series (and beyond) are startups that
have been (for the majority of them) funded previously through seed, series A and series B deals. From this
data, we can observe a ratio of 4% between the number of all the startups that are seed-funded and those
who reach a series C deal.
INVESTORS, The growing significant gap between median and average shows a dispersion that accelerates along the
DEALS BY STAGE AND EXITS financing funnel. In other words, it means that the difference in the amount raised between startups raising
the most capital and those raising the least tends to increase as they age and go to later deals.
110 M€
After a first round (sometimes through crowdfunding), we separate FoodTech startup into three groups:
- service based startups (such as Foodservice startups providing restaurants with POS systems) which continue to grow
and raise money but mostly to expand their business development, marketing and technical teams,
- Delivery & Retail startups (like Deliveroo and Delivery Hero) which are raising huge amounts of money to sustain their
growth,
- Smaller startups, notably new food products which halt in the first half of the funding funnel in Europe, not finding the
resource to go international.

3
FOODTECH IPOs
Becoming publicly traded through an Initial Public Offering (IPO) is a radical change for a startup:
- it becomes subject to financial regulation with quarterly publications of its results,
- the new investors are more short-term oriented.

However, an IPO gives companies more financial means, high visibility and the opportunity for founders and
INVESTORS,
previous investors to get the return on their investment.
Created by Rocket Internet, Delivery Also created by Rocket Internet, Hello

Hero offers meals delivery from Fresh offers meal kits: the customer
restaurants. It is active in Europe, receives every week all the ingredients
Asia and South America. for the recipes of his daily life.
Delivery Hero made its IPO in June 2017. Since then, its HelloFresh made its IPO in November 2017. Its valuation
Just Eat: since its IPO in 2014,
valuation has almost doubled to 8 billion euros. today reaches 2 billion euros.
the company has seen its
stock price being multiplied by
2.5. Marley Spoon, German competitor of HelloFresh, will soon make its IPO (in Australia, where its meal kits
are leaders).

3INVESTORS,
TOP DEALS SINCE 2016
Delivery Hero (2017)

Deliveroo (2017)
Deliveroo (2016)
Picnic (03/17) €100M

€246M
€321M
€387M
Hello Fresh (2016) €85M

These 15 deals account for more
Protix (2017) €45M
than 62% of the total amount of
Gousto (2018) €32M
money raised by the European
Frichti (2017) €30M
FoodTech startups between 2016
Glovo (2018) €30M
and 2018 (H1)
Wynd (2016) €30M
Delivery & retail Ambrosus (2017) €25M
Foodservice Vivino (2016) €23M

Mathem (2017) €22M
Media
Starship Technologies (2018) €21M
AgTech Infarm (2018) €20.1M

3INVESTORS,
TOP INVESTORS SINCE 2014
This chart doesn’t take into account the crowdfunding for equity or product equity platforms. Including them
would make Crowdcube, Seedrs, Ulule, Wiseed and KissKissBankBank leading investors.
Demeter + Emertec
Kima 17
18
Rocket Internet 12
Cap Agro
StartupBootcamp
H-Farm
For this chart we have combined HV Holtzbrinck Ventures
the deals made by Demeter and
Index ventures
Emertec since the two investors
Sosv
merged in 2018
360 capital partners
Entreprise ireland
Lifeline ventures

3
EUROPEAN FOODTECH INVESTORS
Investors dedicated to AgTech are well represented in Europe and continue to strengthen by raising new funds
(such as Anterra Capital, Cap Agro, Demeter). We also note the presence, among the most active investors, of
many diversified funds and accelerators investing small amounts on a large number of startups like Kima
Ventures and Startup Bootcamp.
INVESTORS,
From this data, we can gather some insights:
- a small but growing presence of the agribusinesses and retailers through CVC (Corporate VC) funds,
- the early-stage financing ecosystem is structured and ready to invest in emerging FoodTech projects,
- few investment funds are dedicated to foodscience (especially compared to other geographical areas such
as the United States).
More and more food corporates are investing directly in startups. For example, Nestlé participates in 5 Seasons Ventures.
In the same way, new investors, as Eutopia, are taking an interest in B2C brands. We can, therefore, think that early-stage
startups will find the necessary capital to accelerate their development in the coming years.

3
M&A: MORE AND MORE ACQUISITIONS
INVESTORS,
These four examples are among the most notable acquisitions of FoodTech startups by corporates. The French
paradox (many small and medium-sized deals but a lack of a champion of international dimension) can be
Delivery Hero has an impressive
explained here: startups that could have become unicorns have already been acquired.
history. The startup has developed
into new markets through
numerous startup acquisitions

3INVESTORS,
In early 2018, Sodexo announced the acquisition of a majority stake in Foodchéri. A few months later, the
startup launched Seazon, the first subscription offer to ultra-fresh food, available throughout France.
“
For Sodexo, this acquisition demonstrates the importance of expanding in the food delivery by
working with a startup in line with the 'health conscious' and millennials segments. For FoodChéri,
Launched in 2015, FoodChéri is a
Sodexo's majority stake allows us to join a larger sales force to win new markets and reduce our
vertically integrated catering service
acquisition costs while enjoying considerable autonomy.
”
("full stack") from the conception and
preparation of the meals until their
delivery, which offers on a daily basis
fresh, healthy, balanced, tasty and

Patrick ASDAGHI
varied meals, at affordable prices.
Founder of FoodChéri

3
INVESTORS, DEALS BY STAGE AND EXITS: KEY INSIGHTS
The distribution of deals along the financing funnel brings many insights:
- many new ventures are emerging with the rising number of early-stage deals,
- the presence of investments from corporates is still low. However, they are more and more active (on the
biggest deals),
INVESTORS,
- In contrast, several government agencies (such as Enterprise Ireland), early-stage investment funds (like
Kima) and accelerators (such as Startup Bootcamp and H-Farm) are among the top investors with small
tickets.
It gives the image of a young and emerging ecosystem which mostly consists of early-stage startups with the
potential to create new FoodTech unicorns.
42 % 4%
of the deals are made with share of startups funded in the
11 of the 15 top deals are made in
at least one VC fund seed stage that have been part of
Delivery and Retail startups
(2014-2018 (H1)) the series C deal

IV DEALS BY CATEGORY
37 %
share of the deals for Delivery and
Retail startups
80 %
share of the money invested in Delivery
and Retail startups

4
DEALS BY CATEGORY
SIX (VERY DIFFERENT) FOODTECH
CATEGORIES
ACTIVE STARTUPS BY CATEGORY (H1 2018)
A third of the FoodTech startups are on the Delivery and Retail category, followed by Foodservice,
Foodscience and AgTech.
Media
4 % FoodScience Delivery

8 % 18 % & Retail
This breakdown makes possible to

AgTech
assess the relative attractiveness of
each FoodTech category.
31 % 20 %
Foodservice
20 %
Coaching

4
DEALS BY CATEGORY
DEALS AND INVESTMENTS BETWEEN 2014 AND 2018 (H1) BY CATEGORY
The growing share of Delivery and Retail startups along the funding funnel shows the importance of this
category in Europe.
Number of deals by category (2014-2018

(H1))
Investments by category (2014-2018
(H1))
3 % 3 %
5 % 7 %
18 %
9 %
AgTech
FoodScience
Foodservice 37 % 17 %
Delivery & Retail
Media
Coaching
20 % 80 %

4
INVESTMENTS BETWEEN 2014 AND 2018 (H1) BY COUNTRY AND CATEGORY
GERMANY UNITED KINGDOM

3 % 4 %
This chart highlights the 8 % As in Germany, most of the
over-representation funds are targeted to the
DEALS BY CATEGORY Delivery & Retail startups in Delivery & Retail startups.
Germany’s startups.
96 % 86 %
AgTech
FoodScience
Foodservice FRANCE NETHERLANDS
Delivery & Retail 2 %
Media 24 % The French ecosystem has 24 % The Dutch ecosystem is
Coaching 32 % a more balanced profile. It also very focused on the
is however mostly due to Delivery&Retail category
11 %
t h e l a c k o f a Fre n c h with the deal of Picnic.
75 %
30 % Delivery unicorn.

4
DEALS BY CATEGORY
INVESTMENTS BY CATEGORY: ALL-IN FOR DELIVERY & RETAIL?
The breakdown of active startups by categories is quite balanced with four major domains (Delivery & Retail,
Foodscience, Foodservice and AgTech) and two smaller ones (Media and Coaching).
Indeed, one step further, the distribution of the number of deals show a relatively unmoved chart. Investors do
not have a natural preference for a particular area of FoodTech. Any FoodTech regardless of his startup’s
category seems to have an “equal opportunity” to be funded.
However, for the distribution of investments, the chart changes 21 %
completely. Delivery & Retail startups concentrate more than 80% of the
39 % 8 %
investments. This bias is once again due to (only) three startups. The
opposite chart shows the distribution of investments without them.
27 %
Investments by category
(2014-2018 (H1))
without Delivery Hero, Deliveroo
and HelloFresh

4
AGTECH: DEFINITION AND SUB-CATEGORIES
Startups disrupting agriculture. They come up with solutions to improve farming output and quality using
drones, sensors and farm management software. AgTech is also about new farm products, next generation
farms and urban farming.
Precision farming: Startups increasing the profitability of farms based using predictive analysis of data of
DEALS BY CATEGORY agricultural areas. These services make it possible to optimise yields while decreasing the number of products
used.
Drones & Robots: Startups that provide farmers with robots and drones. These tools are used to collect data or
directly to replace human tasks.
Alternative Proteins: Startups meeting the challenge of global demand for protein for food or feed made using
insects, algae or legumes.
Biotech startups are not taking into
account in our AgTech definition Agricultural marketplaces: Startups developing e-commerce of farming equipment or the collaborative
economy between farmers.
Farm management software: Startups assisting farmers in managing, organising and optimising all of the tasks
on their farm.

4
Farms of the Future & Urban farms: Startups developing urban farms to reduce the distance between
production and consumption or developing new-generation farms to increase yields, quality and sustainability.
Micro-farming: Startups that allow everyone to grow fresh food at home in new containers or smart devices.
These start-ups make home farming easier by creating vegetable gardens and other tools suitable for indoor
growing.
DEALS BY CATEGORY
INVESTMENTS IN AGTECH STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
€124M
Investments in € millions 50 66
36 €71M
Number of deals per year
€48M
2014 2015 2016 2017 2018 (H1)

4
DEALS BY CATEGORY
AGTECH: GEOGRAPHICAL BREAKDOWN
France, Switzerland and the Netherlands are the leaders of the European AgTech (they weight 73% of the
investments in 2017 and 2018 (S1)).
This category is well-financed in Europe thanks to the presence of dedicated funds which are among the top
FoodTech investors (as seen in part 3).
TOP AGTECH DEALS BETWEEN 2017 AND 2018 (H1)
Protix €45M, 2017
Infarm €20.1M, 2018
Innovafeed €15M, 2018
Qualysense €12.3M, 2017
Ecorobotix €10.6M, 2017
0 12,5 25 37,5 50

4
PEAS & LOVE: FARM IN THE CITY
Peas&Love creates the new generation of urban farms: vegetable farms. The concept is to gather at one
location individual urban farms that will be cultivated by community farmers. These farms grow local, ultra-
fresh, seasonal, and organic produce for subscribers seeking new culinary experiences connected both to
nature and their city.
DEALS BY CATEGORY
“ Developed first in Brussels from 2013 to 2016, the project was launched in Paris in 2017 and then in
major European urban agglomerations. Our customers are urban people who want to eat better
and reconnect with nature but also institutional and real estate developers who want to enhance
their estate and/or create a plate for their employees to connect.
Peas&Love is a Belgian startup
enabling city residents to create
their vegetable garden

Jean-Patrick SCHEEPERS
Founder of Peas&Love
”
4
FOODSCIENCE: DEFINITION AND SUB-CATEGORIES
Startups developing new food products answering the need for more transparency, health and
environmental concerns. Products range from market innovations to radical disruptions using revolutionary
ingredients.
Future Food: Startups working on breakthrough food products, mostly to replace those currently in use with
DEALS BY CATEGORY
more sustainable and healthier alternatives.
Product innovations: Startups working on a new take on already well-established ingredients or markets
(such as chocolate or the baby food). The innovation is either in the product itself, the transparency of its
composition, the means of distribution or greater customisation of the products.
Drinks: Startups working on new forms of drinks, to promote either new ingredients or an healthier life. 
Meal substitutes: Startups changing the way we perceive a meal. Their bars, drinks or powders replace a
traditional meal, snack or breakfast with a highly nutritious alternative. 
 
Packaging: Startups developing smarter and more sustainable food and beverage packagings.

4
INVESTMENTS IN FOODSCIENCE STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
Deals in FoodScience startups have been rising for several years. However, the investments are still not
substantial. It is particularly true when comparing these amounts with those invested in the United States.
Indeed, US startups are raising huge amounts (e.g. Impossible Foods has raised alone $387m for its plant-
based burgers).
DEALS BY CATEGORY
€38M
204 m€
€35M
46
Investments in € millions 64
43
€19M
2014 2015 2016 2017 2018 (H1)

4
FOODSCIENCE: GEOGRAPHICAL BREAKDOWN
Foodscience hubs are France and the United Kingdom. Across Europe, many entrepreneurs are launching
new food products, sometimes raising small amounts of money but without going beyond the national level.
Distribution appears to be one of the main barriers to build Europe-wide Foodscience startups. Indeed,
distributing a product in the 30+ Europeans markets means dealing with as many local retailers.
DEALS BY CATEGORY
TOP FOODSCIENCE DEALS BETWEEN 2016 AND 2018 (H1)
Feed €15M, 2018
Proper Corn €8.2M 2016
Freed foods €4.3M, 2016
Algama €3.5M, 2016
Feed €3M 2017
0 4 8 12 16
4“
DEALS BY CATEGORY
FEED: MEAL REPLACEMENTS FOR THE COUNTRY OF GASTRONOMY
Feed is a French FoodTech startup that designs and sells complete meal replacements in the form of drinks,
powders and bars. Feed raised 18.5 million euros to accelerate growth.
It was interesting to start with France, which is the most traditional country regarding eating habits. This
allowed us to accumulate a lot of feedback and to improve our recipes very quickly.
We are now launching in new countries which will be much easier to convince, using all the learnings
accumulated in France. 
We can also highlight great legitimacy by working with great French chefs, as well as the greatest
”
Feed offers complete meals variety of recipes and formats in the world.
with natural ingredients which
provides 100% of the necessary
inputs of a balanced meal. Anthony BOURBON

Fondateur and CEO of Feed

4
FOODSERVICE: DEFINITION AND SUB-CATEGORIES
Startups reinventing the restaurant industry. It means improving the management of restaurants and
institutional catering, connecting customers and businesses directly to local chefs for catering and new
experiences.
Reservation platforms: Services to book a restaurant table. These startups can specialise by focusing on
DEALS BY CATEGORY
unsold food, high-end restaurants, etc.
Foodservice Management: Services to improve restaurant management. These startups help with the online
presence, cash management, marketing, customer feedback, order taking, inventory management,
traceability, recipes, etc.
Chef as a Service: Startups enabling anyone to hire the services of a chef to organise a dinner or cocktail
party based on their tastes and budget. These start-ups namely rely on a network of local chefs and farmers.
Foodservice robots: Startups developing robots to replace kitchen or waiting staff. These startups can build
their own robots or focus on the software.
New restaurants: Startups reinventing the restaurant as we know it with new experiences ranging from
meeting strangers around a meal to dinging at foreigners’ homes.

4
Staffing services: Startups helping restaurants’ for hiring additional staff. These “go-between” platforms
enable restaurants to reserve additional staff in just a few clicks and include the management of
administrative procedures.
INVESTMENTS IN FOODSERVICE STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
DEALS BY CATEGORY
€138M
65
59
Investments in € millions
Number of deals per year €64M

€53M
2014 2015 2016 2017 2018 (H1)

4
FOODSERVICE: A KEY PART OF EUROPEAN FOODTECH
Startups improving the management of restaurants, for example with connected cash desks and booking
platforms which are among Europe’s FoodTech greatest successes.
After many exceptional deals in 2016, a new generation of startups (with a focus on data) is currently raising
series A and B.
DEALS BY CATEGORY
TOP FOODSERVICE DEALS BETWEEN 2017 AND 2018 (H1)
Tiller €12M, 2018
Lunchr €11M, 2018
Enevo €10.1M, 2017
Privateaser €10M, 2018
Winnow €7.4M, 2017
0 3 6 9 12
4
DEALS BY CATEGORY
FOODSERVICE: ROBOTS IN THE KITCHEN
EKIM is launching PAZZI, the first pizza robot that cook in front of customers. The autonomous fast food
concept imagined by two young engineers, both robotics and electronic enthusiasts will be launched in Paris in
early 2019. Their leitmotiv is "We love food, even more than robots".
“ We intend to reassure our customers who could be afraid by our quest for the best taste, the
quality of our ingredients and our service. Above all, we have developed robotic machines at the
service of customers to manufacture the best pizza possible.
Ekim offers a pizza robot that
cooks in front of customers.

Philippe GOLDMAN
”
CEO of EKIM

4
DELIVERY & RETAIL: DEFINITION AND SUB-CATEGORIES
Startups answering e-commerce challenges in the food industry. The scope is broad, from the improvement of
the shopper experience in actual food stores to the home delivery of groceries or restaurant meals.
Meal kits: Startups regularly delivering to their customers all the ingredients to make meals by adapting quantities to the
home. This concept meets several expectations including the desire to eat better with new recipes.
DEALS BY CATEGORY
Local delivery: Startups that meet the challenge of revitalising downtown businesses by including them in e-commerce
platforms where customers can buy from several stores before having their products delivered. 
Delivery Robots: Startups developing food delivery drones or robots.
Retail Robots: Startups developing store robots dedicated to answer customers’ questions and scan shelves for a potential
restocking.
Discovery boxes: Delivery services to receive products selected by experts every month. Wine, tea, coffee and exotic new
products from around the world are among the most popular themes.
Restaurant delivery: Startups that enable its customers to receive at home prepared meals from nearby restaurants, mostly
through independent drivers.
Full-stack delivery: Startups delivering meals prepared in their own kitchens.

4
Data for supply chain: Startups that address the issues of the food supply chain with tools to facilitate data management.
Shopper experience: Startups working to (re)build the bond between brands and the end consumer and provide information
to industrial firms on customer behaviour in stores or restaurants.
Marketplaces: Startups developing food e-commerce platforms. Special diet and farm-to-home solutions are among the
most popular.
DEALS BY CATEGORY
INVESTMENTS IN DELIVERY&RETAIL STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
€1044M
94
100
51
€467M
€158M
2014 2015 2016 2017 2018 (H1)

4
DEALS BY CATEGORY
INVESTMENTS IN DELIVERY&RETAIL STARTUPS EXCLUDING DELIVERY HERO,
DELIVEROO AND HELLOFRESH (IN € MILLIONS) & NUMBER OF DEALS
€333M
68 m€
€158M
€136M
€113M
€102M
2014 2015 2016 2017 2018 (H1)

4
DELIVERY & RETAIL
There have been few in deals in Delivery & Retail startups in early 2018 (except for Gousto for 28.5 million pounds
in the UK). Indeed Delivery Hero and HelloFresh are already public, and Deliveroo could join them quickly.
Bigger deals (including those of Glovo in July 18) are to be expected before the end of the year.
DEALS BY CATEGORY TOP DELIVERY & RETAIL DEALS BETWEEN 2017 AND 2018 (H1)
Delivery Hero €421M, 2017
Deliveroo €385M, 2017
Picnic €100M, 2017
Gousto €32.2M, 2018
Frichti €30M, 2017
Glovo €30M, 2017
0 100 200 300 400

4
MEDIA: DEFINITION AND SUB-CATEGORIES
Startups answering consumers questions about food products and enabling them to discover new foods
matching their needs. These services combine recipes and nutritional information in a way that is entertaining
and easier to reach for the consumer.
DEALS BY CATEGORY Infotainment: Startups proposing to reinvent the recipe online. Instead of the recipe card, it is about
interactive games or addictive videos broadcast on social networks.
Internet of food: Startups enabling consumers to access quality information on food products. The goal is to
create standardised content that is easily accessible by everyone and potentially exchangeable between
different services.
Culinary experiences: startups creating tourist experiences around food-related point of interest (brewery,
vineyard ...) or reinventing access to cooking classes.

4
INVESTMENTS IN MEDIA STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
Media startups, which represent 8% of active startups, account for less than 1% of the investments.
Among the biggest deals in this category are Vivino (a wine discovery marketplace - Danish) and Chefclub
(recipe videos dedicated to social networks - French).
DEALS BY CATEGORY
€26M
4 m€
€18M
16

€4M
0.5 m€
2.2 m€
2014 2015 2016 2017 2018

4
COACHING: DEFINITION AND SUB-CATEGORIES
Startups answering the questions “is my food good for me?” and “what should I eat?”. These services target
the final customer and help him to have a better view of his food purchases and intakes to reach his personal
goals.
Food Logging: Services offering to their users the ability to enter in an application all the ingredients
DEALS BY CATEGORY
consumed to obtain a nutritional opinion. The input of information can be done textually (individual
ingredients, dishes, barcodes for packaged products) or by photo recognition.
Personalised Nutrition: Startups working genome or microbiota-based tests to establish the personalised
nutritional needs of each customer.
Recommendation / AI: Startups answering the question "what should I eat (or drink)?” with recommendations
of meals, recipes, shopping lists or wines based on each customer expectation. These startups use manual
recommendations from specialists or algorithms based on artificial intelligence.

4
DEALS BY CATEGORY
INVESTMENTS IN COACHING STARTUPS (IN € MILLIONS) & NUMBER OF DEALS
With 4% of the active startups, the investments made in European food coaching startups are proportionately
low. Indeed, these startups, mostly software oriented, require less capital than the others. It is still hard for
them to internationalise nutritional coaching tools in different countries, each having its particularities (eating
habits, nutritional display constraints, etc.).
€2.7M
€2.5M
Investments in € millions 40
1.3 m€
2014 2015 2016 2017 2018

4
DEALS BY CATEGORY: KEY INSIGHTS
Looking only at the distribution of the investments in FoodTech can give the impression of a sector reduced to
Delivery and Retail startups (80% of the money invested went to these startups). However, we can go further:
- the ecosystem is globally balanced between the active startups and the number of investments made,
- Foodscience startups are not well represented Europe. These startups, who are inventing the future
DEALS BY CATEGORY mass products, are poorly funded with 17% of the active startups but only 3% of investments. This is
mainly due to the reluctance of European investors to finance the research steps necessary for the
development of these products,
- AgTech and Foodservice categories are well developed and financed, but still without the level of
investments US startups can benefit.
31% 37 % 80 %
Share of the Delivery and Share of the deals for Share of the money
Retail among active Delivery and Retail invested in Delivery and
startups startups Retail startups

SERVICES
Insights
Talks to discover how FoodTech can transform your
business
Contact us: contact@digitalfoodlab.com
Business Intelligence
Workshops
Dedicated business intelligence reports (startup
sourcing, recommendations)
Coaching & Consulting

Coaching of FoodTech projects (internal or
independent)
DigitalFoodLab transforms traditional Strategic consulting
agri-food businesses with FoodTech
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FOODTECH IN EUROPE

FOODTECH INVESTMENTS FROM 2014 TO 2018 (H1)

development of the FoodTech ecosystem.

FoodTech investments in Europe - page !2

1. Investments between 2014 and 2018 (H1)

3. Investors & types of funding rounds

FoodTech investments in Europe - page !3

Investments in the European ecosystems of FoodTech in Europe.

FoodTech between 2014 and 2018 (H1)

investments in FoodTech between

2014 and 2018 (H1)

FoodTech investments in Europe - page !4

FoodTech investments in Europe - page !5

FoodTech investments in Europe - page !6

FoodTech investments in Europe - page !7

FoodTech investments in Europe - page !8

Vitagora - the agri-food innovation to go to market and industrialise more quickly.

FoodTech investments in Europe - page !9

- startup coaches for Paris&Co and Euralimentaire

- co-founders of WeCook (founded in 2010 and acquired in 2016)

- M.Eng Telecom SudParis (Paris) / DCU (Dublin)

FoodTech investments in Europe - page !10

HOW CAN YOU USE THIS REPORT’S DATA AND INSIGHTS?

HOW WAS THE DATA USED FOR THIS REPORT?

FoodTech investments in Europe - page !11

SOURCES measure FoodTech developments and future trends.

WHAT IS YOUR CLASSIFICATION OF FOODTECH AND FUNDING DEALS?

FoodTech investments in Europe - page !12

DEFINITION distribution) innovating on products, distribution, marketing or business model.

We have divided FoodTech into six

DELIVERY & RETAIL

FoodTech investments in Europe - page !13

FoodTech investments in Europe - page !14

DEFINITION Many of them share the same goals and ambitions:

FoodTech investments in Europe - page !15

between 2014 and 2018 (H1)

HelloFresh, and Deliveroo

2014 2015 2016 2017 2018 (H1)

FoodTech investments in Europe - page !17

€ 4.2Mds - € 2.5Mds = € 1.7Mds

ARE EUROPE WINS COPYCATS?

FOODTECH INVESTMENTS EXCLUDING DELIVEROO, HELLOFRESH AND DELIVERY

This view allows us to observe the €550M

2014 2015 2016 2017 2018 (H1)

FoodTech investments in Europe - page !19

and the end of the ﬁrst half of 2018 96

2014 2015 2016 2017 2018 (H1)

FoodTech investments in Europe - page !20

2017 data will continue to evolve

2014 2015 2016 2017

FoodTech investments in Europe - page !21

2014 2015 2016 2017

FoodTech investments in Europe - page !22

between 2014 and 2017 % (EU) in the global market.

three startups: Delivery Hero, investments in FoodTech between

HelloFresh and Deliveroo 2014 and 2018 (H1)

FoodTech investments in Europe - page !24

(14 in Germany alone)

European FoodTech investments in 2017