Forward Fooding Announces the 2023 FoodTech 500 Rankings

Key Insights

1. Introduction of the 2023 FoodTech 500 List: Forward Fooding has released the official ranking of the FoodTech 500 for 2023, spotlighting leading global AgriFoodTech companies at the nexus of food, innovation, and sustainability.
2. Global Participation and Selection Process: The list, which is in its fifth year, was compiled from over 1,500 entries across 77 countries. It aims to recognize entrepreneurs tackling challenges throughout the food value chain.
3. Data-Driven Ranking Methodology: Utilizing the FoodTech Data Navigator’s algorithms, the ranking evaluates companies based on business size, digital footprint, and sustainability, aligning with specific UN Sustainable Development Goals (SDGs).
4. Variety and Stage of Companies: The top 500 companies range from pre-seed stages to IPO companies, with a significant number currently generating revenue. The sectors covered include Agtech, Next-Generation Food and Drinks, and Surplus & Waste Management.
5. Investment Landscape Shifts: The AgriFoodTech investment landscape is described as undergoing a healthy correction, with a noted increase in early-stage investments and a shift in the types of solutions being funded.

Today, Forward Fooding unveiled the 2023 FoodTech 500, the list of the world’s leading AgriFoodTech companies, emphasizing food, innovation, and sustainability. Now in its fifth edition, the FoodTech 500 celebrates global entrepreneurial talent, highlighting companies that address the entire food value chain.

“Our finalists for this year embody technology and innovation to future-proof our food system. Selected from over 1,500 entries spanning 77 countries, they represent a diverse array of AgriFoodTech entrepreneurs,” said Alessio D’Antino, CEO of Forward Fooding.

This year the top 10 features:

• Nature’s Fynd
• Bowery
• ProducePay
• 80 Acres Farms
• Meati Foods
• Heura Foods
• CropX
• Nobell Foods

Unique Ranking Methodology

The ranking employs a data-driven method, the FoodTech Data Navigator’s algorithms, to process data across business size, digital footprint, and sustainability. This innovative approach, developed in collaboration with sustainability experts, assesses companies against selected United Nations Sustainable Development Goals.

Diverse AgriFoodTech Ecosystem

The companies featured in the 2023 FoodTech 500 represent various growth stages, including 4 IPOed companies and 2 ‘unicorns.’ The list covers all key AgriFoodTech areas, deploying Forward Fooding’s proprietary taxonomy, which includes Agtech and Next-Generation Food and Drinks as leading sectors.

Observations on Investment Trends

Max Leveau, COO of Forward Fooding, remarked on the changing AgriFoodTech investment landscape: “Mega-deals have vanished, and generalist investors are leaving the space, while specialist and impact-focused ones tend to go ‘beyond the hype’ to invest in a broader range of solutions.”

Addressing the SDGs

The FoodTech 500 also focuses on how finalists are addressing the UN’s Sustainable Development Goals, with SDG 2 (Zero Hunger), SDG 12 (Responsible Consumption and Production), and SDG 13 (Climate Action) being the most targeted by the companies.

Key Data from the 2023 FoodTech 500 Ranking

1. Global Participation:
   • Applications received: Over 1,500
   • Countries represented: 77
2. Company Growth Stages:
   • IPOed companies: 4, listed on stock exchanges including NASDAQ and NYSE
   • ‘Unicorns’ (latest valuations in December 2023): 2
3. Funding Raised:
   • Total funding raised by the finalists: €6.610 billion
4. Sector Representation:
   • Agtech companies: 34.6% of the top 500
   • Next-generation Food & Drinks: 28.6%
   • Surplus & Waste Management: 10.8%
5. Investment Trends:
   • Percentage of Pre-seed and Seed rounds in 2021: 36%
   • Percentage of Pre-seed and Seed rounds in 2023: 61%
   • Percentage of companies at the Pre-seed or Seed stage among finalists: 58%
6. Sustainable Development Goals (SDGs) Addressed:
   • Top 3 SDGs focused by the finalists:
     • SDG 2 (Zero Hunger)
     • SDG 12 (Responsible Consumption and Production)
     • SDG 13 (Climate Action)
7. Company Categories & Domains:
   • Total domains represented: 34
   • Top 10 domains:
     • Plant-based companies: 63
     • Farm Management and Precision Farming: 55
     • Vertical and Indoor Farming: 46
     • Ag Biotech: 36
     • Protein Fermentation: 33
     • Biotech/Synthetisation: 30
     • Food Waste Tech & Food sharing platforms: 26
     • Upcycled ingredients, Food surplus & Waste efficiency: 25
     • Cellular Agriculture: 23
     • Food Safety & Quality: 21
8. Diversity in Leadership:
   • Women in leadership teams: 32.3%
   • BEM (Black, Asian, or minority ethnic) in leadership teams: 17.8%
   • LGBTQ+ in leadership teams: 2.9%
   • Founders with disability: 1.9%
9. Revenue Generation and Public Listings:
   • Revenue-generating companies as of December 2023: 72%
   • Publicly traded companies: 4
   • Unicorns (based on latest valuations): 2

Celebratory Global Unveiling Tour

To mark the release of the 2023 FoodTech 500, Forward Fooding is hosting a Global Unveiling Tour with events in London, San Francisco, Stockholm, Berlin, Barcelona, and Dubai, offering an opportunity to delve deeper into the industry’s state and future directions.

Forward Fooding’s website provides the full list and additional details about the 2023 FoodTech 500, which provides an insightful view into the industry’s innovative landscape and future potential.