3 new unicorns in 2023 and 5 downturns

There are now 59 FoodTech unicorns, down from 62 last year. Even so, considering the context(the global amount of funding for foodtech startups decreased by almost 60% between 2021 and 2023), knowing that only five startups had their valuation decrease below the $1B threshold is almost surprising. Even better, three new unicorns (Zepto, Restaurant365, eFishery) appeared in 2023, and one (Inari) in the first quarter of 2024.

Quite counterintuitively, the most badly affected category wasn’t delivery but AgTech, where multiple vertical farming former unicorns are on the verge of bankruptcy. Beyond these startups, there are 5 to 10 startups still listed as unicorns where we have strong doubts about their prospects, notably if they had to raise money.

Finally, in terms of exit, there was no acquisition this year. However, there was a single but important IPO (Initial public offering): Instacart. The process went well, and a year later, the company is trading beyond its initial pricing. While we often focus on private funding (investments), it is also important to look at what former unicorns are doing. It is interesting to note that many of them, notably delivery companies, are now doing well on the public markets. This should help to reassure investors that FoodTech companies can deliver value.

Download our FoodTech unicorns report below for the full list of the 59 unicorns, stats and more data!

What is a unicorn?

A unicorn is a privately held startup publicly announcing a valuation above one billion dollars.

A company can stop being a unicorn:

• following an acquisition (such as Wolt acquired by DoorDash);
• if it becomes a public company following an IPO (Initial Public Offering) and is then traded. Some companies have their valuation moving beyond the $1B mark on this occasion, but they are excluded from our scope as we focus on private companies;
• if it publicly announces a new round of financing with a valuation lower than $1B.