PitchBook：2022Q4农业科技风投趋势与新兴机遇报告（英文版）（11页）.pdf

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1、EMERGING TECH RESEARCHAgtech ReportVC trends and emerging opportunitiesQ42022REPORT PREVIEWThe full report is available through the PitchBook Platform.ContentsQ4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 2Institutional Research Group AnalysisPublishingReport designed by Drew Sanders a

2、nd Chloe Ladwig Published on February 7,2023DataTJ Mei Data AnalystVertical overview3Q4 2022 timeline5Agtech landscape6Agtech VC ecosystem market map7VC activity9Emerging opportunities26Biotech plant breeding27Energy-saving CEA components28Select company highlights29OneSoil30Ynsect32Alex Frederick S

3、enior Analyst,Emerging Technology What else would you like to see in this report?Send your ideas to .We look forward to hearing from you.Q4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 5Q4 2022 timelineOct 1Nov 1Dec 1Dec 31Q4 VC activity188total deals-6.9%QoQ growth$1.8Btotal VC raised-3

4、4.1%QoQ growth2022 annual summary988total deals-10.2%YoY growth$10.6Btotal VC raised-13.2%YoY growthVC dealOctober 12Indoor farm operator Soli Organic raised a$125.0 million Series D to scale its soil-based indoor farms nationwide.NewsNovember 22Global governments sign the“Koronivia Joint Work on Ag

5、riculture”at the United Nations Convention on Climate Change,COP27,which acknowledges the role of agriculture in addressing climate change.NewsDecember 6The European Commission agreed to a new deforestation law requiring that all companies selling on the EU market perform due diligence to ensure goo

6、ds are deforestation-free.VC dealOctober 28Sustainable chemical company Solugen raised a$200.0 million Series D to produce solutions including ag nutrition products and water treatment solutions.VC exitNovember 24Biomaterial provider Enerfarm was acquired by Equitix for$30.3 million.VC exitDecember

7、13Cloud-based farm management software provider Agroptima was acquired by ISAGRI for an undisclosed amount.Q4 2022 Agtech Report34512Ag biotech Agrifinance and e-commerce Indoor farmingAnimal ag Precision agAgtech landscape3542Q4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 9VC activityT

8、he agtech industry ended Q4 on a down note with$1.8 billion raised across 188 deals,down 34.1%and 6.9%QoQ,respectively.While agtech fared better than most other verticals through the first three quarters of 2022 despite market volatility,the funding environment appears to have shifted in Q4,with qua

9、rterly deal values reaching the lowest levels since Q2 2020.Top deals include indoor farm operator Soli Organics$125.0 million Series D and plant biotech startup Inaris$124.0 million Series E.Despite funding deceleration,2022 proved to be the second-strongest year on record.We logged$10.6 billion ac

10、ross 988 deals,down 13.2%and 10.2%YoY,respectively.Climate change,extreme weather,labor shortages,and geopolitical conflict have become familiar themes constraining global yields.Agtech offers solutions and attractive investment opportunities to address or adapt to these challenges.The 2022 median p

11、re-money valuation was$15.3 million,an increase of 7.8%YoY.However,median pre-money valuations declined at every VC stage except for the angel and seed stages,where valuations rose 24.8%YoY.Volatile public markets and the closed IPO window impacted valuations.Due to the distance from the public mark

12、ets,angel-and seed-stage companies may have been insulated from these ripple effects.The story was largely the same for median deal sizes.The 2022 median deal size was$3.3 million,up 19.3%YoY.Median deal sizes were up 28.2%at the late stage and up 49.8%at the angel and seed stages.These increases ma

13、y be attributed to investors shifting to a strategy of concentrating investment activity in fewer,yet larger deals deemed lower-risk.Exits fell significantly from 2021 levels.We logged$2.2 billion exited across 38 deals,down 93.0%and 37.7%YoY,respectively.The decline can be directly attributed to a

14、closed IPO window and rising interest rates,which limited M&A opportunities.Notable Q4 exits include Equitixs acquisition of biomaterial provider Enerfarm for$30.3 million and ISAGRIs acquisition of cloud-based farm management software provider Agroptima for an undisclosed amount.Exits will likely r

15、emain muted in the medium term until interest rates decline and the IPO window reopens.Q4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 11Source:PitchBook|Geography:Global|*As of December 31,2022Agtech VC exit count by type05101520253020122013201420152016201720182019202020212022*Public li

16、stingAcquisitionBuyoutSource:PitchBook|Geography:Global|*As of December 31,2022Share of agtech VC exit value by type0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Public listingAcquisitionBuyoutVC ACTIVITYQ4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 13So

17、urce:PitchBook|Geography:Global|*As of December 31,2022Median agtech late-stage and venture-growth VC pre-money valuation step-up1.60 x1.82x1.23x1.37x0.0 x0.2x0.4x0.6x0.8x1.0 x1.2x1.4x1.6x1.8x2.0 x20122013201420152016201720182019202020212022*Late-stage VCVenture growthSource:PitchBook|Geography:Glob

18、al|*As of December 31,2022Median agtech angel and seed and early-stage VC pre-money valuation step-up1.36x1.82x2.07x2.11x0.0 x0.5x1.0 x1.5x2.0 x2.5x20122013201420152016201720182019202020212022*Angel and seedEarly-stage VCVC ACTIVITYQ4 2022 Agtech ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 32SELECT

19、 COMPANY HIGHLIGHTSOverviewYnsect is an insect farming company producing protein and fertilizer products from mealworms.Protein products have both agricultural and human use cases including aquaculture fish feed,pet nutrition,and pig and poultry feed.On the human side,Ynsect protein is used as a tex

20、tured protein for“alt-protein”products,a sports nutrition powder,and a food additive.The company operates three sites across France,the Netherlands,and the US,and is in the process of building a fourth facility in France.It recently announced the construction of two additional facilities in the US a

21、nd Mexico.The company partnered with Ardent Mills,a top wheat producer in the US.The partnership could entail building the US facility adjacent to an Ardent Mills plant to easily access and capitalize on a key benefit of insect farmingthe ability to upcycle food waste for insect feed.Founded 2011360

22、+employeesBased in Evry,FranceTotal raised:$420.8M over six dealsFirst institutional round:$2.5M in a Series A round(March 2014)Last financing:Raised$12.0M in a Late-stage VC roundLeadershipYnsect was cofounded by CEO and Charmain Antoine Hubert,Chief Impact and HSEQ Officer Jean-Gabriel Levon,Direc

23、tor of Data Fabrice Berro,and Alexis Angot.Hubert brings a background in agronomy engineering and has worked in environmental risk assessment,biomass,and plastics recycling.Levon has a background in industrial project consulting,and Berro brings experience in informatics and applied mathematics.Abou

24、t PitchBook Emerging Tech ResearchIndependent,objective and timely market intelAs the private markets continue to grow in complexity and competition,its essential for investors to understand the industries,sectors and companies driving the asset class.Our Emerging Tech Research provides detailed ana

25、lysis of nascent tech sectors so you can better navigate the changing markets you operate inand pursue new opportunities with confidence.2023 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including

26、photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any

27、past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in su

28、bstitution for the exercise of independent judgment.Additional researchEric Bellomo Gaming E-CommerceBrendan Burke Internet of Things Information Security Artificial Intelligence&Machine LearningAaron DeGagne Medtech Digital HealthAlex Frederick Agtech FoodtechJonathan Geurkink Supply Chain Tech Mob

29、ility TechDerek Hernandez SaaSAli Javaheri Emerging SpacesRobert Le Web3/DeFi Insurtech CryptoJohn MacDonagh Carbon&Emissions Tech Clean Energy TechRebecca Springer Healthcare Services Healthcare ITRudy Yang FintechComing soon Biotech Pharma ServicesPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Vice President,Editorial and Institutional ResearchPaul Condra Head of Emerging Technology Research