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The State of European Food Tech 2018

in partnership with

www.foodtech.vc
€169 billion €6.5 billion €1 billion
Combined value of global food tech venture capital invested in food tech 2018 estimated investment in ‘next
unicorns, of which in Europe since 2013 generation’ food tech companies

€30 billion €21 billion 63%


From 9 European companies, vs. Value created by first wave of Annual growth in investment in ‘next
€43B in the USA from 10 unicorns European food tech leaders gen’ since 2013, in 1,241 companies

Europe produced 9 unicorns in Food Delivery received nearly The ‘next generation’ of food
Food Tech, in the Food Delivery half of the €6.5 billion, but it tech entrepreneurs are focusing
segment in the past five years only disrupts ~1% of the food on the 99%, reinventing
retail market agriculture, food production
and consumption

2
Food tech has created 35 unicorns globally, with a combined value of
€169B, of which €30B from Europe
Production & Distribution &
Transformation Consumption

Agri-tech Consumer brands eCommerce Restaurant tech Delivery

Europe €30B

USA €43B

Asia €83B

Rest of
World
€13B

Source: Dealroom.co. Uber Eats excluded from €43 billion. 3


Food tech is clearly heating up: globally €42B in combined
transactions in 2018 so far, excluding IPOs

Global VC investment in food tech Global food M&A Global food tech IPOs
€ 49,5B
€ 14,3B € 29,4B
€ 27,3B
€ 12,2B
€ 9,5B
€ 6,9B

€ 3,0B € 9,1B
€ 3,8B € 2,2B € 3,2B
€ 1,9B – € 1,0B

2014 2015 2016 2017 2018E 2014 2015 2016 2017 2018 YTD 2014 2015 2016 2017 2018 YTD

Notable investment rounds Round Notable acquisitions Transaction Notable IPOs IPO

DoorDash (USA) $ 250M Growth Equity Ele.me (China) $ 3.0B acquisition Tilray (USA) $ 1.5B IPO
Food delivery across the US and Canada Aug 2018 Meal ordering services in China by Alibaba & Softbank Medical cannabis research and production July 2018

Instacart (USA) $ 150M Series E LevelUp (USA) $ 390M acquisition Meituan Dianping (China) $ 53B IPO
Groceries delivered at your home Apr 2018 A user-engagement platform by Grubhub Online retail including food delivery Sep 2018

Ele.me (China) $ 3.0B Growth Equity Cornershop App (USA) $ 225M acquisition Delivery Hero (Germany) € 4.4B IPO
Meal ordering services in China Aug 2018 On demand grocery delivery by Walmart Food ordering website Jun 2017

Indigo (USA) $ 250M Series E Chewy (USA) $ 3.4B acquisition Blue Apron (USA) € 3.0B IPO
Utilizing plant microbes to improve crops Sep 2018 Sells dog and cat food, treats, and supplies by Petsmart Food ingredients and recipes delivered Jun 2017

Deliveroo (UK) $ 385M Series F Whole Foods (USA) $ 13.7B acquisition HelloFresh (Germany) € 1.7B IPO
Delivering premium restaurant meals Sep 2017 America’s healthiest grocery store by Amazon Subscription service for premium quality food Nov 2017

Source: Dealroom.co 4
In Europe €6.5B in venture capital invested since 2013. Nearly half of
that for five global food delivery leaders
Food tech investment (€B) Top-5 delivery platforms (€B)
Top-5 delivery platforms:
€ 2,0B
€3.1 billion invested
€ 1,7B
€ 1,7B
€ 1,6B

€ 0,8B
€ 1,2B
€ 1,0B
€ 1,2B € 1,0B ‘Next Generation’ food
€ 0,9B
tech: €3.4 billion invested
€ 0,8B € 0,3B

€ 0,7B
€ 1,0B
€ 0,9B
€ 0,4B
€ 0,7B
€ 0,2B
€ 0,5B
€ 0,1B € 0,2B
€ 0,1B
€ 0,0B
2013 2014 2015 2016 2017 2018E

Source: Dealroom.co
Note: 2018 is based on Jan-Sept annualized.
5
Following investment of €3.1B, five global food tech leaders emerged
from Europe, worth a combined €21B

7x
€ 21B
Value creation

2.8x

€ 8,8B

(€ 3,1B)

Investment
Exit (IPO) Value today
(2012-2015)
‘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

Source: Dealroom.co 6
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
€2 trillion GMV
food consumption § Convenience
€21 billion
in Europe Delivery value created
-- § Better apps
Food delivery : § Incredible choice
- Just 1.5% of consumption €30 billion
- Received ~half of food tech
investment (€3 billion) § Service innovation
€0,6tn 20x larger § Healthier options
Restaurants
§ Personalisation

§ Online penetration is
around 6% (10%+ in
London, Beijing, Shanghai)(1)
€1,1tn 37x larger
Groceries § Services like Amazon Prime
and Glovo are re-setting
consumer expectations

§ Consumer focus on health


€0,4tn 13x larger
Alcohol & tobacco § Smoking alternatives

Source: Eurostat data and Dealroom analysis.


1. KANTAR.
7
Primary Production Transformation Distribution & Consumption
Input Farmers Traders Food companies Retailers

Incumbents

Global sales €500B €3 trillion €1 trillion €4 trillion Global: €6 trillion


Europe: €2 trillion

Innovators

Alternative proteins
Gene editing Big data integration Efficiency On-demand
Clean label
Key themes Biologicals Robotics Transparency
Healthier food
Same day delivery
Marketplaces Indoor farming Shorter supply chains Private label
New brands

Next Generation Food Tech leaders emerging Food Delivery


Next Generation Food Tech leaders emerging
The next generation of European Food Tech entrepreneurs is
gearing up for growth
Tropic Biosciences
Primary Production – Investment in Europe Develops high-performing commercial varieties of
$ 10.0M Jun 2018
Genetic breeding
tropical crops
Series A

Amount invested (€M) Number of rounds


ecoRobotix € 9.0M May 2018
Manufactures robots that identify and remove weeds Farming robots
€ 300M 150 Early VC
from farming crops

Infarm $ 25.0M Feb 2018


€ 252M Farming tech for grocery stores, restaurants, and local Vertical farms
€ 250M distribution centers
Series A
€ 250M 125

Solynta € 16.0M Nov 2017


Potato breeding
Hybrid potato breeding Series B

€ 200M 100 Nice Fruit € 35.0M Jul 2017


Preserves the cellular structure and organoleptic Freezing technology
properties of the fruit during the freezing stages Growth Equity

Agricool € 8.0M Jul 2017


€ 150M 75 Technology to grow fruit and vegetables inside Innovative farming
shipping containers Early VC

€ 104M Protix Biosystems € 45.0M Jun 2017


Insect-based ingredients
High-quality insect based ingredients Late VC
€ 100M 50

M2i Life Sciences € 12.0M Jun 2017


Design, formulation and production of complex Crop protection
molecules Late VC
€ 47M
€ 50M 25
Agrilution € 3.8M May 2017
Indoor farming
€ 24M A kitchen device that can grow vegetables and herbs Series A
€ 16M
Ynsect € 13.8M Dec 2016
€ 0M – Transforms insects into a nutrient resource for Insect-based ingredients
2013 2014 2015 2016 2017 2018 agriculture Series B

Source: Dealroom.co
Note: 2018 is based on Jan-Sept annualized.
9
New brands and innovative food concepts emerging

Food Transformation – Investment in Europe Huel £ 20.0M Oct 2018


Powdered vegan food
Nutritionally complete, powdered vegan food Growth Equity

Amount invested (€M) Number of rounds


Allplants £ 7.5M Sep 2018
Vegan
€ 500M 200 Makes and delivers Vegan meals Series A

Simple Feast $ 12.0M Aug 2018


Healthy food box
Makes and delivers vegetarian meals Early VC
€ 400M
€ 400M € 387M
150 Mosa Meat € 7.5M Jul 2018
Tissue cultured meat
The world’s first tissue cultured hamburger Series A

€ 300M Feed. € 15.0M Jun 2018


Natural complete meals in the form of drinks or Innovative food
energy bars
Early VC
100

Innovafeed € 15.0M Feb 2018


Agri-tech
€ 200M Sustainable way to produce protein Early VC
€ 175M

MiniBrew € 2.5M May 2017


Brewing machine
Smart beer brewing machine Early VC
€ 105M 50
€ 100M

€ 55M BrewDog £ 100M Apr 2017


Beer brand
A craft beer brewery Growth Equity
€ 30M

XOLUTION € 45.0M Jan 2016


€ 0M – Resealable cans
2013 2014 2015 2016 2017 2018
Drinking products for increasingly mobile lifestyles Early VC

Source: Dealroom.co
Note: 2018 is based on Jan-Sept annualized.
10
And continued investment in innovative distribution & consumption
platforms
Kolonial.no € 30.0M Aug 2018 Online
Distribution & Consumption – Investment in Europe Norway’s largest online grocery store Late VC supermarket

Amount invested (€M) Number of rounds Glovo € 115M Jul 2018


On-demand mobile app that connects customers with On-demand app
€ 700M 200 independent local couriers Series C
€ 640M
Tiller Systems $ 13.9M Jun 2018
€ 605M Restaurant
Point-of-Sale solution for bars and restaurants Series B
€ 600M

Gousto £ 28.5M Mar 2018


Home cooking
150 Delivers perfectly measured ingredients to cook at home Late VC
€ 500M
€ 440M FoodSpring € 22.0M Mar 2018
Fit food
Innovative sports nutrition products Early VC
€ 400M € 377M
Vivino $ 20.0M Feb 2018 Wine
100 The world's largest online wine marketplace Series C supermarket

€ 300M
Muscle Food £ 10.0M Jan 2018
Healthy food
Changes the way people buy healthy food online Early VC

€ 200M MatHem SEK221M Dec 2017 Online


50 Sweden's largest online food store Late VC supermarket
€ 141M

Frichti € 30.0M May 2017


€ 100M
Food delivery platform designed to connect consumers Meal kits
to restaurants
Series B
€ 28M

€ 0M – Picnic € 100M Mar 2017 Online


2013 2014 2015 2016 2017 2018 Online-only supermarket without delivery costs Series B supermarket

Source: Dealroom.co
Note: 2018 is based on Jan-Sept annualized.
11
UK, Germany and France lead, in line with venture capital. But Italy
and Spain stand out by number of rounds
By amount invested By number of rounds

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45%
Amount
invested in
Food Tech 26%
2013-2018 20%
17%
12% 12%
8% 9%
5% 5% 7% 7%
3% 1% 4% 4% 2%
0% 0% 2% 1% 1% 1% 0% 1% 2% 2% 1%

Venture 2% 2% 2% 1% 1% 1% 2% 1%
5% 4% 3% 4% 4% 3% 3% 2% 2%
7% 6% 7% 6%
capital, 11%
amount 15% 13%
15%
18%
invested in
Europe 28%
2013-2018 33%

Source: Dealroom.co 12
A solid, local funding and partnering ecosystem for Food tech
companies is shaping up in Europe
Big Food Tech
Specialist VC Funds Incumbents Crowdfunding Generalist VC Funds Incubators & Accelerators
(first generation)

13
A new generation of investors: specialist Food Tech funds

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

EIF, Nestlé, bpifrance, Crédit Agricole, Groupama, bpifrance, Avril,


NOTABLE LPs Rabobank, Fidelity
Fondo Italiano d'Investimento Tereos

INVESTMENTS
+ two investments not announced

Source: Dealroom.co 14
The first generation Food tech companies have become very
acquisitive, to expand and consolidate their market
CORPORATE LOCATION (HQ) STRATEGIC FOCUS ACQUISITIONS & DIRECT INVESTMENTS

HipMenu, Hungry Group, Quiqup, Foodora, Rappi, Foodfly, Carriage, Hungryhouse, Foodpanda,
Delivery Hero Berlin Market expansion & consolidation
ClickDelivery, Foodarena, e-food.gr, Yemeksepeti, Jidloted, DameJidlo, Pizza.de

Market expansion & consolidation Hungryhouse, Pizzabo, Deliverex, Clicca e Mangia, Food2u, SinDelantal, Flyt.io, iFood, TouchBistro,
Just Eat London
Innovative models (e.g. Skip) SkipTheDishes, La Nevera Roja, Menulog,

Takeaway.com Amsterdam Market expansion & consolidation Fooderena, Oliveira, BGMENU.com, Food Express, Ten Bis, Lieferservice, Lieferando

Gurugram, Mekanist, Gastronauci, Obedovat, Cibando, Lunchtime, Menu Mania, Sparse Labs, Runnr,
Zomato Restaurant discovery & reservations
India TongueStun

Elior Group Paris Restaurant/hotel management La Belle Assiette, PopChef, TouchAndPlay, Never Eat Alone, Lancer Hospotality

Needham,
TripAdvisor Restaurant booking Couverts, BestTables, LaFourchette, SeatMe, Eatigo
United States

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

Chiyoda,
Recruit Holdings Restaurant booking Quandoo, Treatwell, TrustYou
Japan

Alibaba Hangzhou Asia Ele.me, Bigbasket, Yiguo, Sun Art Retail Group, Tokopedia

Source: Dealroom.co 15
The large Food and Agricultural companies continue to look for
innovation to add to their platforms
CORPORATE LOCATION (HQ) STRATEGIC FOCUS ACQUISITIONS & DIRECT INVESTMENTS

Boulogne,
Carrefour Organic food So.bio, Bringo, Quitoque
France

Wayzata,
Cargill Animal nutrition & Protein Memphis Meats, Pro-Pet
United States

Rotterdam,
Unilever Delivery, Direct-to-consumer Gousto, Chromatin, Sun Basket, Milkbasket
Netherlands

Basel, Abbott & Cobb, FarmShots, Nidera, Devgen, Phytech, Asilomar Bio, BioPhero, Greenlight
Syngenta Crop protection
Switzerland Biosciences, AgriMetis, AgBiome, Agworld

Atlanta,
The Coca-Cola Company Non-alcoholic beverage Home Eat Home
United States

Clermont-Ferrand,
Michelin Restaurant tech Bookatable, Restaurantes.com, Le Fooding, Exotic Systems
France

Farm management & Organic


Archer Daniels Midland Company Chicago Agrible, Harvest Innovations
food

Diageo London Alcoholic beverage VinePair, Stirrings

Metro Group Dusseldorf Restaurant tech & Distribution Lunchio, Coffee Could

Vevey,
Nestle Delivery, Direct-to-consumer Freshly, Tails.com, Blue Bottle Coffee
Switzerland

Source: Dealroom.co 16
Crowdfunding can be an effective platform to turn investors into
brand ambassadors, compelling for consumer brands

% of rounds with crowdfunding participation


Notable investments Key European platforms
European Food Tech Europe Overall
20%

18%

15%

10%

8%
Non-European platforms

5%


2013 2014 2015 2016 2017 2018

Source: Dealroom.co 17
Generalist VC funds are hunting for the next Food tech unicorn
INVESTOR LOCATION (HQ) TYPICAL FIRST ROUND FOOD TECH INVESTMENTS

LocalGlobe London Seed Taster, Menu Next Door, INFARM, WeFARM, Farmeron
Early stage seed investor in London

Point Nine Capital Lemoncat


Berlin Seed
The Angel VC Exits: Marley Spoon, Kitchen Stories, Cibando

Index Ventures Pets Deli, Just Eat, Deliveroo


London Series A
International venture capital firm Exits: Zesty, Blue Bottle Coffee, Just Eat

HV Holtzbrinck Ventures CaterWings, Everdine, EatFirst, Quandoo


Munich/Berlin Series A
Leading German VC active throughout Europe Exits: Quandoo, Delivery Hero

Rocket Internet SE Pets Deli, Lemoncat, Chefclub, CaterWings, ShopWings


Berlin Series A
Incubates and invests in internet and technology companies globally Exits: Foodpanda, Foodora, HelloFood, Pizzabo, La Nevera Roja, Delivery Hero

Balderton Capital Simple Feast, Vivino, INFARM


London Series A
The leading venture investor in the EU Exits: Bookatable, Medicanimal

Target Global Lemoncat


Berlin Series A
European wide life cycle investor Exits: Foodfox, Delivery Hero, Mixville

Sofinnova Partners Paris Series A/B Micropep Technologies, DNA Script, Agrosavfe
VC specialized in Life Sciences, often lead role in round A financings

Accel Partners London Series A/B OLIO, Deliveroo


Venture and growth equity firm

Idinvest Partners Glovo, Frichti, Lunchr, DNA Script, M2i Life Sciences, Agriconomie
Paris Series B
Specializing in direct investments and fund of funds investments Exit: Cerelia

Business Growth Fund London Late VC Gousto, Muscle Food, Purity Brewing
Helps Britain’s growing businesses by providing growth capital

Insights Venture Partners New York Late VC HelloFresh, Delivery Hero


Leading global private equity and venture capital firm

Source: Dealroom.co 18
Notable European exits (2016-2018)
COMPANY LOCATION (HQ) TRANSACTION ACQUIRER(S) SELLER(S)

Delivery Hero € 4.4B IPO Point Nine Capital, Fabrice Grinda, Team Europe, TEV |
Berlin -
Food ordering website Jun 2017 Tengelmann Ventures, Hasso Plattner Ventures

HelloFresh € 1.7B IPO HV Holtzbrinck Ventures, Investment AB Kinnevik, Rocket


Berlin -
Subscription service that focuses on premium quality and ecological foods Nov 2017 Internet SE, Vorwerk, Phenomen Ventures

Takeaway.com Amsterdam € 993M IPO - Prime Ventures, Macquarie Group


The leading online food delivery marketplace in Continental Europe Sep 2016

Tails.com £150M Acquisition JamJar Investments, Octopus Ventures, Slingshot Ventures,


London Nestlé
Dog food delivered at your doorstep Apr 2018 Draper Esprit

Brewdog Aberdeenshire, £ 113M Secondary TSG Equity Partners Crowdcube, TSG Equity Partners
A craft beer brewery that produces bottled and canned beers UK Apr 2017

Bookatable € 108M Acquisition Balderton Capital, Wellington Partners,


London Michelin
Global online marketing and real-time reservations services for restaurants Jan 2016 Kreos Capital

Delivery Club $ 100M Acquisition AddVenture, Phenomen Ventures, Guard Capital, NJF
Moscow Mail.ru Group
A Russian online food delivery marketplace Nov 2016 Capital, Nicole Junkermann

Marley Spoon $ 145M IPO Point Nine Capital, Global Founders Capital, Atlantic Labs,
Berlin -
Home delivery of recipes and ingredients to encourage home cooking Jul 2018 Lakestar, Klaus Hommels

CAKE London $ 13.3M Acquisition American Express Crowdcube


Pay restaurant bills instantly from your phone Mar 2018

Foodist Hamburg, € 3.5M Acquisition Andreas Brandt, Alexander Djordjevic, Ole Schaumberg,
Ströer Media
Monthly gourmet food subscription Germany Aug 2016 ProSiebenSat.1 Accelerator

Source: Dealroom.co 19
Yoram Wijngaarde Ivan Draganov Irina Anihimovskaya
Founder & CEO Research Analyst Research Analyst
Ivan Farneti Niccolo Manzoni
yoram@dealroom.co ivan.draganov@dealroom.co irina@dealroom.co
Partner Partner

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