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Are there still AgriFoodTech unicorns in 2025?

Published on March 12, 2025

We know that investments have been declining and then stabilising for FoodTech startups. Now, how does this affect the most well-funded startups? That’s what we answer in DigitalFoodLab’s seventh FoodTech unicorns report, which you can download here. The report contains insights on the state of these startups, as well as a list of all the companies, with details on their activities and location, so that’s something you should definitely have a look at.

Welcome to DigitalFoodLab’s Newsletter! I’m Matthieu Vincent, co-founder of DigitalFoodLab, an innovation strategy consultancy specialising in the future of agriculture and food. Each week, I bring you a curated selection of news and my insights on the trends shaping the future of these industries. Curious to take it further? Let’s connect t¨o explore how you can join the 60+ leading companies we’ve helped navigate innovation ecosystems and turn opportunities into actionable strategies.

While the concept of unicorns has lost some of its mystique, these companies still serve as valuable indicators of FoodTech’s evolution. They provide a unique window into the sector’s investment landscap

e, emerging trends, and the broader innovation trajectory.

There are now 55 FoodTech unicorns, down from 59 last year. Six startups lost their unicorn status with an unprecedented number of « failures »: four saw their valuation go below the $1B threshold (Flink, Tridge, Plenty, eFishery), one was acquired at a low valuation (Getir), while only one (Swiggy) had a successful IPO. Meanwhile, three new unicorns emerged in 2024 and Q1 2025, all in the US (Inari, Olipop, Liquid Death), two being consumer brands. This highlights a growing diversification in FoodTech, moving beyond its traditional tech-heavy segments.

This decrease is still an “optimist point of view.” Indeed, we only use information shared in public announcements for this mapping. However, we know and hear about numerous downturns (investments at lower valuations) and situations of near bankruptcy that could shrink the already small list even more.

The above graph shows the situation: there has been a steep decline in the number of startups reaching the $1B valuation. If the global amount of funding in FoodTech startups has declined to 2016 levels, the ecosystem generates half as many unicorns.

This tells us of a much more structural change: beyond brands that can be acquired at a high price by leading CPG companies, the idea that agrifood startups will become tomorrow’s leaders had died with the investment hype of 2021 and 2022. Now, the shared belief is that tech-focused companies (even those developing ingredients and food products) end-game are to be acquired by incumbent players at valuations reflecting what additional business they can generate. And in the immense majority, that’s in the order of tens or maybe hundreds of millions, but not billions.

In terms of categories, the delivery sector has definitively stabilised, marking the end of its once-hyped expansion. Vertical farming continues to struggle, with the most recent example being Plenty’s significant setbacks.

In terms of evolutions, we don’t expect much change for 2025 beyond some additional downturns and acquisitions.

Download the report to have a detailed view of all the insights and a list of all the startups and their activities.

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Use case: project for a global F&B company looking to map its AgTech innovation ecosystem and the best startups to partner with

What we did:

  • Mapping of the AgTech ecosystem: startups, research regulators, and other leading companies.
  • Discussion to select areas to focus on.
  • Analysis of the information to reveal the trends and a model to analyse eventual partners.
  • A workshop to validate the opportunities based on our recommendations.
  • Scouting of relevant partners followed by introductions.

Results:

  • Mapping the different categories of innovations in AgTech that should be considered now to create long-term benefits for the business.
  • Identification of key partners (an incubator and a couple of startups).
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Use case: project for a CPG company on the healthy ageing ecosystem

What we did:

  • Education of the board through a couple of workshops to define the perimeter
  • Identification of key opportunities and threats created by long-term evolutions (technologies, business models, behavioural changes).
  • Deep dives on each of the priority categories.
  • Co-construction of a vision on how the company should address these challenges.
  • Identification of partners (startups, incubators, funds) to move forward.

Results:

  • Creating a consensus on which categories to prioritise and how to address them.
  • Implementation of an open innovation strategy through the development of partnerships.
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Use case: project for a global CPG company to develop a strategy on the healthy ageing ecosystem

What we do (ongoing mission on a subscription model):

  • Kick-off where we present an overview of the AgriFoodTech ecosystem to select with the client the categories to cover and for each, the level of information required.
  • Monthly newsletter: each month we send a newsletter with the articles that we have gathered ranked by relevance, their summaries, and a layer of analysis.
  • Database: we set up a personalised database that will be filled month after month with the information gathered on the companies identified for the watch.
  • Workshops: twice a year with the client’s innovation team and other “innovation curious” team members, we present an overview of the evolutions, key trends and a dashboard of the topics followed by the watch.

Results:

  • A clear, regular and evolutive tool to follow what is happening in terms of innovation on key topics.
  • A forum (through the workshops) to discuss innovation trends and new opportunities.
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Use case: opportunity screening for an ingredient company

What we did:

  • Kick-off to define the perimeter of the ecosystem studied.
  • Mapping of the different trends shaping the innovation ecosystem of the client.
  • Analysis of the trends on DigitalFoodLab’s trend curve and other relevant frameworks.
  • Workshop to discuss DigitalFoodLab’s recommendations on key trends to prioritise

Results:

  • Shared view of the innovation ecosystem for the client with a view of the trends to prioritize.
  • Clear document (personalised trend curve) that can be easily shared internaly to explain the company’s innovation choices and which can be then updated each year.
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Use case: scouting for an agriculture coop

What we did:

  • Kick-off to define the perimeter of the client, the goals of the scouting (partnerships) and the criteria on which startups should be evaluated.
  • Set-up scouting: we selected the first batch of 20+ key startups following the criteria of the client.
  • On-going scouting: then we set up a quarterly scouting of about ten startups.
  • For each scouted startup, we created an ID card with key information such as the business and technological maturity, funding, and corporate partnerships. We also added an explanation of why we selected this startup.

Results:

  • An ongoing and evolutive scouting are matching the client's criteria and its capabilities in terms of deal flow.
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Use case: working on an acquisition process for a CPG company

What we did:

  • Kick-off to define what the client is seeking, notably in terms of maturity.
  • Workshop with the client based on a mapping of the different innovation ecosystems adjacent to its activities to select some priorities and discuss inspiring examples of startup acquisition stories.
  • Identification of 20+ targets.
  • Workshop to select the most relevant to engage with.
  • DigitalFoodLab worked as a sparing partner during the acquisition process, notably to help design how the acquired startup could be integrated into the overall company’s strategy.

Results:

  • Different results from traditional M&A processes with a focus on the client’s innovation strategy.
  • Identification of a good match for an acquisition.
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Use case: market due diligence on sugar alternatives

What we did:

  • Kick-off with the client to discuss its interest on this category, its expectations and existing level of information (notably on the target company).
  • Mapping of the ecosystem to analyse the different existing alternatives and technologies to compare them.
  • Interview (calls) with relevant startups made by our internal biotechnology expert.
  • Recommendation on whether to invest or not.

Results:

  • Clear view of the ecosystem and of the reasons to believe (or not) in each sub-category.
  • Enforceable recommendations based on facts and expertise.
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