Climate tech
Q2 202413.06.2024

Agritech & foodtech (Q2 2024)

Picture of Éanna Kelly

Éanna Kelly

at Sifted

From lab-grown steaks to meatballs made from mushrooms, founders are leveraging technology to create the future of food. But it’s not being served piping hot to the dinner table just yet.

The first half of 2024 has seen $598m raised for foodtech/agritech, which is just 21% of 2023’s total. Exits are scarce right now — unless you’re in speedy groceries — meaning money and talent are not circulating as freely as the industry needs them to. Only four foodtechs became unicorns globally in 2023 and early 2024 — and none of these were based in Europe.

The list of once-hot, now mostly-discredited investment categories have grown over the years: vertical farming and virtual restaurants to name two big ones.

But there are still a few hot VC tickets. Platforms that reduce middlemen and digitise relationships between suppliers and buyers are popular. Plant-based investments decreased everywhere in the world last year — except Europe. Just look at our top pick below.

Meanwhile, bio-inputs, which are efforts to reduce the amount of nitrogen put in the soil, and carbon credit marketplaces, are two other hot bets.

20 startups to watch

  • UMIAMI logo

    Sifted score

    8.43
    -

    UMIAMI

    • Strong investor(s)
    • Hiring

    • Year founded

      2020

    • HQ

      Paris, France

    • Latest round

      Series A
      €32.5m / Oct 2023

    • Total funding

      €62.1m

    View company profile
  • Project Eaden logo

    Sifted score

    8.34
    -

    Project Eaden

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2022

    • HQ

      Berlin, Germany

    • Latest round

      Seed
      €2.0m / Jan 2023

    • Total funding

      €10.1m

    View company profile
  • Arkeon Biotechnologies logo

    Sifted score

    7.98
    -

    Arkeon Biotechnologies

    CO2-based protein for sustainable nutrition.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Tulln, Austria

    • Latest round

      Seed
      €4m / Dec 2022

    • Total funding

      €10.5m

    View company profile
  • Leafood logo

    Sifted score

    7.61
    -

    Leafood

    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Vilnius, Lithuania

    • Latest round

      Seed
      €1.6m / Jun 2022

    • Total funding

      €8m

    View company profile
  • Gardin Agritech logo

    Sifted score

    7.6
    -

    Gardin Agritech

    • Strong investor(s)

    • Year founded

      2020

    • HQ

      London, United Kingdom

    • Latest round

      Seed
      €9.8m / Dec 2021

    • Total funding

      €10.9m

    View company profile

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