introduction investing report · mid- year 2016 august 2016 investing report. agtech funding report...

AGTECH FUNDING REPORT 2016: MID-YEAR REVIEW | AGFUNDER.COM

INTRODUCTIONAgTech

M I D - Y E A R 2 0 1 6

AUGUST 2016

Investing Report


INTRODUCTION

The agtech sector experienced a pullback in venture dollars during the first half of2016. Investment dropped 20% year-over-year for H1, largely mirroring activity inthe global venture capital markets, which fell 14% on H1-2015 (Venture Pulse).

We expect that total investment levels for 2016 will come in lower than 2015, ascontinued caution (and perhaps discipline) is exercised in some of the subsectorsthat were growth drivers in 2015.

There is some good news, however. The number of deals grew 7% year-over-year,as we recorded 307 deals this half compared to 286 during the first half of 2015.The number of investors coming into the sector climbed 52% from 280 in H1-2015 to 425 in H1-2016 suggesting that investors are getting more comfortablewith the sector.

The increase in deal activity reflects the growing number of programs andresources available to startups, including new venture funds, accelerators,incubators and grants. We’ve added slides to track funds andaccelerators/incubators targeting the industry, and we’ve also started trackingsector M&A activity. Let us know if there’s other analysis you would like to see aswe continue to improve the report.

AGTECH MID-YEAR REPORT 2016

Still on our mission to fund the next wave of ag innovation!

Rob Leclerc, AgFunder CEO

AgFunder is an online

investment platform for

food and agriculture

technology. We help

accredited and institutional

investors discover & invest

in technologies which

transform the agriculture

industry.

Learn more @

www.agfunder.com

Authors: Louisa Burwood-Taylor Melissa Tilney, Robin Chauhan


Opportunity Fund I

Coming Fall 2016

Invest in 20-30 of some of the most promising agtech companies globally

To Learn More Contact:[email protected]

This does not constitute an offer to sell or a solicitation of an offer to buy any securities.

AGTECH FUNDING REPORT 2016: MID-YEAR REVIEW | AGFUNDER.COM 4

DATA SOURCESData for 2014, 2015, and 2016 was provided by CrunchBase

and supplemented with our own data collection methods and

private communications with investors and companies.

DATA LIMITATIONSBecause the U.S. Securities and Exchange Commission (SEC)

requires companies to publicly file their financings with the

SEC, there may be many more non-U.S. companies that

receive financing, but which are absent from our analysis.

UNDISCLOSED FINANCINGSOf the 307 financings in our curated data set, 50 had

undisclosed financings which could not be determined

through SEC filings or direct sources. We excluded

undisclosed financings when computing averages and median

values. In some cases, we were able to obtain financing figures

directly from the the investors, on the condition that they only

be included in the aggregate figures.

MULTIPLE FINANCINGSIn some cases, CrunchBase displayed multiple financings for

the same company in the same year. In the case of discrete

series (Seed, A, B,…) of financings or asset classes (debt vs

equity), we counted these as separate rounds. In the case

where a company raised capital two or more times in the

same round, we aggregated the total financing into the largest

financing for that round.

Special AcknowledgementSpecial thanks to Tim Li and the rest of the CrunchBase team

for their support and assistance.

SOURCESSOURCES


Alternative Protein These companies look to replace traditional sources of protein such as meat and eggs. Companies fall into three categories: cellular agriculture; ingredient innovation; and the production and discovery of alternate protein sources, such as crickets or algae.

Animal Health & Nutrition Companies that identify agricultural livestock or farming of aquatic organisms as a key market.

Bioenergy Companies producing energy made from materials derived from biological sources.

Biomaterials & Biochemicals This includes companies using biological material to produce/farm: peptides, bioplastics, non-ag inputs, microorganisms, pharmaceuticals, microbes and algae, functional ingredients/nutrients/phytoceuticals. While it could technically fall into this category, we split bioenergy out.

Cannabis Technology Companies developing technologies for the emerging legal cannabis and hemp markets.

Decision Support Tech This is our primarily software-focused category. It includes but is not limited to precision agriculture technologies. It includes satellite data companies, big data, and ERP technologies. Excludes companies categorized under drones & robotics, and smart equipment & hardware, and irrigation & watertech.

Drones & Robotics Companies that are building drones or robotic technologies which have self-identified food or agriculture as a key market.

Farm-2-ConsumerCompanies that directly deliver food to consumers from farms, differing from food e-commerce, which involves e-grocers, meal kit delivery services, and specialist meal delivery.

5

CATEGORY DEFINITIONSCATEGORY OVERVIEW

CATEGORY WHAT’S INCLUDED


Food E-Commerce E-grocers, meal kit delivery, and specialist meal services which are attempting to disrupt the agriculture value chain. Excludes restaurant delivery.

Food TechA broad category including food processing, food enhancing technology (e.g. flavor or nutritional value), packaging, food analysis.

Food Safety & Traceability Includes all companies attempting to track food production, food sterilization or introducing technologies that reduce the risk of food safety concerns.

Indoor Agriculture Includes all farming operations that occur indoors or in greenhouses, and the technologies that accompany them. It does not include Cannabis-related tech, which is spun out into its own category.

Irrigation & WatertechIncludes all technologies involving the management of water for agriculture. Some precision irrigation companies could technically fall into smart equipment or decision support tech, but we felt that this categorization would be more informative.

Smart Equipment & Hardware Predominantly includes sensor technology, Internet of Things (IoT), and other non-robotic machinery in the food and agriculture value chain.

Soil & Crop Technology Includes: biological inputs and treatments, chemical inputs, genetics–based tech, new crops, seed

technology.

Waste tech Includes products made out of food waste, wastewater treatment for agriculture, and agriculture or food waste mitigation technologies.

6

CATEGORY DEFINITIONSCATEGORY OVERVIEW

CATEGORY WHAT’S INCLUDED


MID-YEAR REVIEW 2016

7


MID-YEAR 2016425

UNIQUE INVESTORS

$1.8bnINVESTED

307DEALS


FOUR THEMES FOR MID-YEAR 2016MID-YEAR REVIEW

1. AGTECH INVESMENT FALLS WITH GLOBAL VC PULLBACK

Total agtech investment dollars fell to $1.8 billion for the firsthalf of 2016, a 20% decline from H1-2015 ($2.2bn) and a 27%decline from H2-2015 ($2.4bn).

The decline in agtech investment was in line with the broaderventure capital market, which fell over two consecut ive halves:14% on H1-2015, and 21% on H2-2015, according to KPMGand CB Insights’ Venture Pulse Report.

We expected some pullback from the record year in 2015, asthe broader venture market appeared less stable and,specifica lly in agtech, as investors reassessed certain sub-sectors.

Interestingly, if we exclude Netafim’s $500 million in debtfinancing as an outlier from the H1-2015 data, we would haveactually seen single-digit growth during the first half of theyear.

Food E-Commerce, Biomaterials & Biochemicals, Soil & CropTechnology and Precision Agriculture drove top line numbersfor H1 this year. Compared to last year, Soil & CropTechnology, Farm-2-Consumer, and Biomaterials &Biochemicals had noticeable upticks, while Drones & Robotics

($132m) and Food E-commerce ($556m) fell year-over-year.Food E-Commerce experienced a large pullback in 2016 withseveral companies announcing closings or scale backs.

2. INVESTMENT ACTIVITY HAS UPTICK, DESPITE DOLLAR

DECREASE

Agtech deal activity outperformed the broader venture capitalmarkets where the number of global venture-backed deals fell13% on H1-2015 after a 28% decline in H2-2015.

By comparison, agtech investment activity increased in H1-2016 with 307 deals reported. This is a 7% increase on H1-2015 numbers (285) and a 25% increase on H2-2015 (245).

Seed stage investment continues to drive agtech investment,representing 52% of deals recorded. The total size of seedstage investments grew with 159 seed stage deals ra ising$104 million in H1-2016 compared to 260 deals ra ising $130million for all of 2015.

This activity may reflect an increase in new accelerators andother startup resources focused on the sector – we trackedthe launch of 12 new programs in 2016 – spurringentrepreneurial activity and giving entrepreneurs the startup

funding and support they need to bring new technologies tolight.

In addition, Series B investments increased 40% from 20 inH1-2015 to 29 in H1-2016, as some of the younger startups

began to mature and gain traction.


3. BIOLOGICAL INPUTS AND GENETIC TECHNOLOGIES DRIVE

INVESTMENT INCREASES

Soil & Crop Technology is a broad category encompassingbiological inputs and treatments, chemical inputs, genet ics-based tech, new crops, and seed technology.

The subsector saw $161 million raised across 22 deals in H1-2016, a 290% increase on H1-2015 ($41m) and not far behind2015’s total for the sector of $173m.

The increase in investment and activity were largely beattributed to three trends: gene-editing technologies,microbiome research, and biological inputs.

In gene-editing, Caribou Biosciences raised a $30 million

Series B for its CRISPR Cas-9 technology platform from agtech-focused VCs Pontifax AgTech and Anterra Capital, as well asother life sciences VCs.

On the microbiome side, Indigo raised a $56 million Series B

ahead of the launch of its first seed coating product, andPivotBio, raised a $16 million Series A.

Notable biolog ical inputs deals included BiOWiSHTechnologies’ $5 million Series B, Cool Planet’s late stage $9

million round, Inocucor Technologies’ $6 million Series A, andTerramera’s $10 million Series A.

4. WHERE MONEY DOESN’T MEET THE HYPE

There are a couple of subsectors where the investment figuresmight seem surprising ly low judging by the amount of presscoverage. Namely, indoor agriculture, alternative proteins, andwaste tech.

Indoor Agriculture startups – those operating indoor farms orcreating technological products for those farms – raised $21mduring the first half of the year across 10 deals. That’sapproximately 1% of the total raised and 3% of all deal flow.

Alternative Proteins are another subsector with relatively fewstartups; $88 million was raised during the half across 15deals. Internally at AgFunder, we’re starting to divide thesubsector into three segments: cellular agriculture; ingredient

innovation; and the production and discovery of alternateprotein sources, such as crickets or algae. Investment activitywas spread quite evenly across these segments, although thelarger deals tended to be in cellular agriculture.

Another category with surprisingly limited activity is WasteTech, which raised $29 million across 12 deals. Despite theincreasing acceptance among consumers, regulators andcorporates that food waste is a serious global issue, investorshave shown little appetite for this subsector.

FOUR THEMES FOR MID-YEAR 2016MID-YEAR REVIEW


$0.4 $0.5 $0.5

$0.9

$2.4

$4.6

$3.6

2010 2011 2012 2013 2014 2015 2016

11

ANNUAL FINANCING 2010-2016* (PROJECTED)MID-YEAR REVIEW

The first half of 2016 followed last year’s record for agtech

investment, which nearly doubled from 2014. Food delivery was a large driver of investment growth in 2015, but 2016 has seen less activity as a growing number of Food E-commerce companies announced layoffs and shutdowns.

Excluding Food E-commerce, $1.2 billion was invested in H1-2016, a 19% decline from H1-2015 ($1.5bn ex Food E-Commerce).

H2 2016 Projection

Financing | $Billions


DEAL VOLUME AND ACTIVITY BY QUARTERMID-YEAR REVIEW

# Deals

Financing | $Millions

$467 $416

$541

$969

$1,255

$933

$1,129

$1,262

$861 $893

55

7969

64

155

131

129

116

156151

2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 2016-Q2

Agtech investment was slow to respond to the 30%

pullback in the global venture capital market during the fourth quarter of 2015, when agtech raised a record-breaking $1.26 billion. Caution seems to have hit the sector during the first half of the year in response to uncertainty in the broader market.

However, the number of deals grew in H1 to the highest level recorded for two consecutive quarters.


DEAL VOLUME AND ACTIVITY BY QUARTER(EX-FOOD E-COMMERCE)

MID-YEAR REVIEW

# Deals


$454

$299

$527

$743

$1,056

$422

$660

$788

$639

$55951

7265

57

127

99

90

78

123119

2014-Q1 2014-Q2 2014-Q3 2014-Q4 2015-Q1 2015-Q2 2015-Q3 2015-Q4 2016-Q1 2016-Q2


DEALSBY SUBSECTOR


Food E-Commerce startups raised $556

million during the half, which was 22% less than in H1-2015 and 41% less than H2-2015. The pullback in funding seems to be in line with an increasing number of food delivery closures globally.

Soil & Crop Technology startups gained traction, accounting for 14% of all investment, compared to just 4% in 2015.

Biomaterials & Biochemicals startups increased their relative market share from 4% in 2015 to 14% in H1-2016 with the help of two large deals: Ginkgo Bioworks’ $100 million Series C and a

$100 million debt financing from Biosynthetic Technologies.

Drones & Robotics startups raised $132 million during the half, which is 32% less

than in H1-2015. The decrease was largely in Drones where many investors have already made bets and are either managing current investments, waiting for the technology ecosystem to develop

or regulatory environment to mature.

H1 2016 AGTECH INVESTMENT BY SUBSECTORDEALS BY SUBSECTOR

32%

14%

9%

8%

8%

5%

4%

4%

3%

3%

10%

Food Ecommerce

Biomaterials & Biochemicals

Soil & Crop Technology

Decision Support Technology

Drones & Robotics

Alternative Protein

Food Safety & Traceability

Irrigation & Water

Farm-2-Consumer

Animal Nutrition & Health

Other


$556

$251

$161

$139

$132

$88

$70

$67

$56

$50

$31

$30

$29

$21

$15

$4

$54

Food Ecommerce




Drones & Robotics

Alternative Protein


Irrigation & Water

Farm-2-Consumer


Cannabis

Bioenergy

Waste Tech

Indoor Agriculture

Smart Equipment & Hardware

Food Tech

Miscellaneous

65

21

22

33

26

15

18

8

10

12

14

3

12

10

8

9

21

DEAL VOLUME AND ACTIVITY BY SUBSECTORDEALS BY SUBSECTOR


# Deals

Food E-Commerce and Biomaterials &

Biochemicals were the outliers during the half, together representing $807 million in funding across 86 of the 307 total deals.

Excluding Food E-Commerce and Biomaterials & Biochemicals, the remaining subsectors clustered into three ranges: $130 – $160 million; $50 -$90 million; and $0 - $30 million.

By number of deals, Food E-Commerce was the most active subsector with 65 deals followed by Decision Support Technology with 33; a trend observed

during 2015. Despite the pullback in Drones & Robotics funding dollars, it was the third most active subsector with 26 deals.

Soil & Crop Technology was the third most funded subsector during the first half of 2015 raising $161 million across 22 deals, a 250% increase from H1-2015 ($41.3m) and 27% increase from H2-

2015 ($131.8m).

16


MEDIAN DEAL SIZE BY SUBSECTORDEALS BY SUBSECTOR


$15

$4

$4

$3

$3

$2

$2

$2

$2

$2

$2

$1

$1

$1

$0

$0

$3

Bioenergy

Farm-2-Consumer


Drones & Robotics

Irrigation & Water

Alternative Protein




Smart Equipment & Hardware


Food Ecommerce

Waste Tech

Cannabis

Indoor Agriculture

Food Tech

Miscellaneous

Median deal sizes remained low during

the first half of 2016, except Bioenergy which only had three deals and where one out of three deals exceeded $28 million and one was undisclosed.

The low median figures highlight the large number of smaller, seed stage deals which represented 52% of deal activity.


$333mINVESTED

58DEALS

99UNIQUE INVESTORS

DEALS BY CATEGORY

PRECISION

AGRICULTURE

SPOTLIGHT


Precision ag startups raised $333 million

during the first half of 2016, slightly more than half of what was raised during all of 2015 ($661m).

We define these companies as those

helping farmers grow and manage both crops and livestock using digital tools and hardware. They come from the following subsectors: Drones & Robotics, Decision Support Tech, Irrigation & Water, and

Smart Equipment & Hardware.

There was a slight shift in the make up of the precision ag segment during the first half of 2016. Drones represented a

smaller portion of the precision ag segment versus 2015 (34% vs 49%) while investors continued to favor software.

Precision ag software startups raised $92

million across 19 deals in H1-2016 representing 28% of precision ag funding compared to 11% during 2015.

Hardware and sensors startups also

grabbed a larger size of the pie raising $27.4 million.

PRECISION AGRICULTURE SUBSECTORDEALS BY SUBSECTOR

34%

28%

17%

11%

8%2% Drones

Software

Irrigation

Satellite & Imagery

Hardware & Sensors

Weather


TOP 20 PRECISION AGRICULTURE DEALSDEALS BY SUBSECTOR


$43.2

$41.0

$27.0

$24.6

$20.0

$18.0

$15.0

$14.5

$11.0

$10.0

$8.5

$8.0

$7.5

$7.4

$5.6

$5.5

$5.2

$5.0

$4.1

$3.5

Jain Irrigation Systems

Farmer's Edge Laboratories

3D Robotics

FarmLink

Orbital Insight Inc.

PrecisionHawk

AirMap

Delair-Tech

Resson

Hortau

Sentera

semiosBIO Technologies

Understory

MicaSense

Prioria Robotics

AGERpoint

OmniEarth

Slantrange

Agrible

The Yield

Farmers Edge captured two funding

rounds during the first half of 2016. In January it raised $41 million from existing investors Kleiner Perkins, Mitsui & Co, and real estate company Osmington, and then raised a further $3 million in May

from Osmington.

FarmLink, another software-based technology, also raised funding during the half but did not disclose its investors.

While investment in Drone startups fell during H1, imagery analysis was still popular among investors. Canadian startup Resson raised $11 million in a

Series B from Monsanto Growth Ventures and others.

A growing emphasis on the need for high-quality data saw successful funding

rounds for startups like drone sensor company SlantRange, aquaculture sensing business The Yield, and ground-level weather data startup Understory.


DEALS BY CATEGORY

$161mINVESTED

22DEALS

40UNIQUE INVESTORS

SOIL & CROP

TECHNOLOGY

SPOTLIGHT


TOP 20 SOIL & CROP TECHNOLOGY DEALSDEALS BY SUBSECTOR


$56.0

$30.0

$16.0

$10.0

$9.0

$9.0

$6.0

$6.0

$5.3

$5.0

$3.4

$2.0

$1.3

$0.6

$0.5

$0.5

$0.3

$0.3

$0.1

Indigo

Caribou Biosciences

Pivot Bio

Terramera

Cool Planet Energy Systems

Safex Chemicals

Inocucor Technologies

MUSE Biotechnology

ZeaKal

BiOWiSH Technologies

Adaptive Symbiotic Technologies

Redag Crop Protection

EQUInom

AgriScience

Wondercide

Calyxt

Endura Bio

Agribody Technologies

Cronicas

The Soil & Crop Technology subsector

encompasses biological inputs and treatments, chemical inputs, genetics-based tech, new crops, and seed technology. Companies in this category raised $161 million across 22 deals

during H1-2016. That’s just $12 million shy of the total raised for all of 2015.

Investment growth in this subsector represents the maturation of

technologies like biological inputs, microbiome research, and gene-editing.

Indigo captured the largest deal of the year with a $56 million Series B for its

microbial seed coating technology; followed by a Caribou Biosciences’ $30 million Series B. PivotBio, another microbiome research firm that has yet to release any products to market, raised a

$16 million Series A.

Terramera, the biopesticide company, raised a $10 million Series A from strategic and VCs, while Cool Planet,

which counts Google Ventures as an investor, raised a further $9 million from other existing investors.


DEALS BY CATEGORY

$251mINVESTED

21DEALS

15UNIQUE INVESTORS

BIOMATERIALS &

BIOCHEMICALS

SPOTLIGHT


TOP 20 BIOCHEMICAL & BIOMATERIAL DEALSDEALS BY CATEGORY

$100.0

$100.0

$22.6

$7.9

$4.0

$3.1

$3.0

$3.0

$2.4

$2.4

$1.2

$0.5

$0.3

$0.3

$0.1

$0.1

$0.1

$0.1

$0.1

$0.0

Ginkgo Bioworks

Biosynthetic Technologies

Avantium Technologies

BioAmber

Ecovative Design

AzarGen Biotechnologies

Anellotech

Anellotech

KeyNatura

Signpath Pharma

Mycell Technologies

Biosortia Pharmaceuticals

Algaeon

Ardra Bio

Chinova Bioworks

Radient Technologies

Peer-to-Peer Probiotics

Magenta Biolabs

Uira BioenergEthic

Bionet Financing | $Millions

Startups in the Biomaterials &

Biochemicals subsector produce or farm biological organisms and compounds for use across the food, pharmaceutical, textile and other industrial industries.

It’s an increasingly diverse segment of the agtech scene that has raised $251 million so far 2016, a 32% increase for all of 2015 ($190m), and nearly triple H1- and H2-2015 levels.

SOSV an accelerator/VC funded 5 of the 21 deals during the half.

The growth in funding can be traced to

the broader ag-related life sciences sector, which has seen growth in the development of soil-based microbials. Also, some companies have shifted from bioenergy to biochemistry as oil prices

remain depressed.

Ginkgo Bioworks, dubbed “The Organism Company,” is replacing some of the artificial ingredients used in the food,

flavoring and fragrance industries, and was one of the year’s largest deals so far with a $100m Series C.


DEALSBY STAGE


The first half saw a maturing of the agtech market with 29 startups raising Series B funding totaling $449 million, a 50% increase in

investment from H1-2015. This marks a shift from 2015 when total Series A dollars exceeded total Series B funding. The generalpullback in VC funding was felt at Series C level where companies raised 18% less than in H1-2015 suggesting a temperance fromhigh valuations. Seed stage companies cont inued to gather pace with 52% of deal activity as 159 new startups raised $104 million inseed funding; that’s just 20% less than 260 startups raised during all of 2015 ($130m).

DEAL VOLUME AND ACTIVITY BY STAGE ACTIVITY BY STAGE

#Deals


$104

$388

$449

$363

$152$131

$165

159

67

29

13

216

12

SEED A B C D LATE DEBT


DEAL AVERAGE AND MEDIAN BY STAGEDEALS BY STAGE

Median | $ Millions

Average | $MillionsThe total Series B funding dollars were

slightly inflated by Thrive Market’s $111 million round. However, there were some other weighty deals during the half such as microbial seed coating company Indigo’s $56 million raise and Modern

Meadow’s $40 million deal.

The average Series B funding increased by $3 million from 2015. Only two companies raised Series D rounds

(Bigbasket.com and Advanced Animal Diagnostics) which skewed the average and median to $76 million for each, compared to the $40 million average and $6 million median in 2015.

$0.8 $6.4

$16.6

$33.0

$75.9

$10.9

$13.7$0$4.5

$7.4

$18.0

$75.9

$6.3

$2.6



The most noticeable differences from H1-2015 to H1-2016 were at the Seed and Series B stages. Even if you exclude Thrive Market’s

$111 million round, overall Series B investment was still up. The net increase in Seed stage dollars largely reflected increased dealactivity rather than valuation inflation. The debt funding figures for 2015 were skewed by a $500 million debt round from Israeli dripirrigation technology company Netafim.

H1-2015 VS H1-2016 DEALS BY STAGEDEALS BY STAGE

H1 2015 | $Millions

H1 2016 | $Millions

$62

$408

$298

$440

$167$204

$607

$104

$388

$449

$363

$152$131

$165



[email protected]

Are We Missing Your Data?Don’t forget to share!


TOP 20 SEED DEALSDEALS BY STAGE


Seed stage deals grew during H1-2016 to

represent 52% of deals up from 45% in H1-2015 and 49% in H2-2015. The size of the largest deals increased slightly with the top two raising over $5 million. In the case of Back to the Roots, this was a later

stage pre-Series A seed round and a precursor to a $10 million Series A five months later, both in H1-2016.

While Food E-commerce still dominated

the number of seed stage deals (42), other sectors were catching up such as Decision Support Technology (17), and Drones & Robotics (14). The top 20 deals represent a wide mix of subsectors, with

companies from Alternative Protein, Drones, Food Safety & Traceability, Biomaterials & Biochemicals, Soil & Crop Technology, Decision Support, and Smart Hardware & Equipment subsectors

making it into the top 20.

Geographically, the most seed stage companies came from U.S. (75), followed by India (13) and Canada (10).

$5.2

$5.0

$3.3

$3.1

$3.0

$3.0

$2.8

$2.7

$2.5

$2.4

$2.4

$2.2

$2.2

$2.1

$2.1

$2.0

$2.0

$2.0

$2.0

$2.0

Shipt

Back to the Roots

Deliberry

Wingtra

Try The World

AgriWebb

Memphis Meats

Slantrange

ProducePay

KeyNatura

Skyward

Stony Creek Colors

Forky

Meadow

Homemade

Menu Next Door

Edyn

Aromyx

Taranis

Redag Crop Protection


TOP 20 SERIES A DEALS

DEALS BY STAGE


$46.0

$18.0

$16.0

$15.0

$14.5

$13.4

$12.3

$11.6

$10.0

$10.0

$10.0

$10.0

$9.2

$8.9

$8.5

$8.0

$7.5

$7.5

$7.0

$6.7

Taoshihui

Shenandoah Growers

Pivot Bio

AirMap

Delair-Tech

Frichti

Chef'd

Sun Basket

DOTS Devices, Inc.

Back to the Roots

Terramera

Home Chef

Nima

Ancera

Sentera


Entrinsic Health Solutions

Understory

CBC Biotechnologies

Cornershop

Series A rounds were generally smaller in

the first half compared to 2015. Excluding the $46 million round by Japan’s Farm-2-Consumer platform Taoshihui, there were fewer deals above $20 million in H1-2016.

There was a diverse collection of companies at Series A. Indoor agriculture company Shenandoah Growers raised the second largest round ($18m) from

S2G Ventures, Middleland Capital, and USDA-backed Advantage Capital Agribusiness Partners.

PivotBio ($16m), which is researching the

microbiome for soil-input technologies, also raised funding from ag-focused venture capital firms Spruce Capital, Data Collective, Monsanto Growth Ventures, and Prelude Ventures.

AirMap and Delair-Tech, two drone companies focusing on ag, came next followed by a representative from nearly every other subsector.


TOP 20 SERIES B DEALSDEALS BY STAGE


Series B companies raised $463 million

across 25 deals. Thrive Market raised $111 million for its healthy food delivery delivery service. This is the year’s second largest deal so far and it eclipsed all other Series B deals for 2015.

Microbial seed coating company Indigo came next with a $56 million round; the fifth largest deal so far this year. Alternative Protein startup Modern

Meadow, which is focusing on cultured leather, raised $40 million, also putting it into the year’s top 10 across stages and subsectors.

Caribou Biosciences was another high profile Series B investment as it raised funding to develop its CRISPR Cas-9 gene-editing technology in partnership with DuPont.

By category, the stage was fairly evenly split between Soil & Crop Technology companies (4) Food E-Commerce (4), Decision Support Technology (5), Drones

& Robotics (3), Food Safety & Traceability (3) and then most other categories represented with one or two deals each.

$111.0

$56.0

$40.0

$36.0

$30.0

$20.0

$20.0

$18.0

$17.0

$16.5

$11.0

$10.0

$8.3

$7.4

$5.9

$5.6

$5.5

$5.3

$5.0

$4.0

Thrive Market

Indigo

Modern Meadow

MissFresh e-commerce

Caribou Biosciences

Helium


kite hill

Marley Spoon

FreshMenu

Resson

Label Insight, Inc

Eaze

MicaSense

Schedulers

Prioria Robotics

AGERpoint

ZeaKal

BiOWiSH Technologies

Clearas Water Recovery


DEALSBY GEOGRAPHY


GLOBAL INVESTMENT PER COUNTRYDEALS BY GEOGRAPHY

The U.S. captured 53% of all deals in H1-

2016, down from 58% in 2015.

Startups are cropping up across the globe with 39 countries represented so far in 2016. Some new or rare sightings

include Costa Rica, Portugal, Finland, Russia, Turkey, United Arab Emirates, Denmark, Indonesia, and Ecuador.

Canadian startups had a particularly

strong showing with 22 deals raising a total of $91 million. Indian startups (24) continued to focus on developing technologies to modernize their agriculture sector. Agtech innovation in

France (9) also picked up pace during the first half compared to 11 for all of 2015. Innovation from Israel did not appear to grow despite the growing number of startup resources at their disposal from

accelerators, incubators, and crowdfunding platforms; just 6 startups raised funding compared to 15 during 2015.

1621#Deals Funded


TOP 20 NON-U.S. DEALSDEALS BY GEOGRAPHY

$150.0

$117.0

$46.0

$41.0

$36.0

$17.0

$16.5

$14.5

$13.4

$11.0

$8.0

$7.0

$6.0

$6.0

$5.9

$5.8

$4.6

$4.5

$4.3

$4.0

Bigbasket.com

Benlai Life

Taoshihui

Farmer's Edge Laboratories

MissFresh e-commerce

Marley Spoon

FreshMenu

Delair-Tech

Frichti

Resson


Voltea

Targedys

Inocucor Technologies

Schedulers

Vicampo

Sorabito

Engender Technologies

FarmDrop

PharmaCielo


While the top three international

investments went to India’s BigBasket, China’s Benlai Life, and Japan’s Taoshihui, all in the food delivery space, Asian startups were not as dominant on the leader scoreboard during the first half of

2016 as they were in 2015. The slowing Chinese economy and failure of a growing number of Food E-Commerce startups are possible explanations.

Notable deals from other countries include Canada’s Farmers Edge (Decision Support Technology) which raised a $41 million Series C, followed by a $3 million round. Farmers Edge is one of precision

ag’s more established services and includes both hardware and software products to digitize the farm.

Two other Canadian Decision Support

Technology companies hit the charts including Resson, the drone imagery startup, and SemiosBio, the pest sensor and reduction technology.


The top 20 U.S. Venture deals are very

similar to the top 20 Series B deals for the first half of 2016, with the addition of Ginkgo Biowork’s $100 million Series C and a few other C and Series A rounds.

Investors participating in U.S. agtech deals were a mix of players ranging from two storied Silicon Valley VCs: Andreessen Horowitz and Kleiner Perkins (both AirWare); Singapore’s state fund

Temasek (Modern Meadow) to US pension fund Municipal Employee Retirement System (Calysta Energy), to global agribusiness Cargill (Calysta Energy).

Once again agtech-focused VCs were largely absent from the year’s largest deals. This bifurcation is likely a function of the relatively small size of their funds

compared to the large generalist VCs and investment firms. The biggest deal involving agtech VCs was Shenandoah Growers, the indoor agriculture company, which raised $18 million from

S2G Ventures and Middleland Capital.

TOP 20 U.S. VENTURE DEALSDEALS BY GEOGRAPHY


$111.0

$100.0

$56.0

$40.0

$30.0

$30.0

$24.6

$20.0

$20.0

$18.0

$18.0

$18.0

$16.0

$15.0

$12.3

$12.3

$11.6

$10.0

$10.0

$10.0

Thrive Market

Ginkgo Bioworks

Indigo

Modern Meadow

Caribou Biosciences

Calysta Energy

FarmLink

Helium


PrecisionHawk

kite hill

Shenandoah Growers

Pivot Bio

AirMap

WISErganic

Chef'd

Sun Basket

DOTS Devices, Inc.

Back to the Roots

Terramera


601#Deals Funded

37

U.S. deals accounted for 162 of the 307

deals in H1-2016. Agtech innovation is spreading further across the U.S. each year as an increasing number of states vie for a piece of the growing pie.

California is still the dominant state with 60 agtech startups receiving funding, accounting for over 53% of all funding raised in H1-2016. But with innovation centers and accelerators cropping up all

across the U.S., the spread of startups is continuing.

New York (16) and Massachusetts (10) have always been second to California in

deal volume with New York City and Boston as hubs for life science and food tech startups, but they started to lose some ground to other states which made notable strides in agtech investment

activity during the half. Florida has already produced as many startups in 2016 as it did during the whole of 2015 (7), Illinois, has produced 6 compared to 8 in 2015, and 7 Washington State-based

startups raised funding in H1-2016 compared to 9 in 2015.

U.S. INVESTMENT: NUMBER OF DEALS BY STATEDEALS BY GEOGRAPHY


Massachusetts overtook New York for the

second spot in total investment dollars raised with the help of Ginkgo Bioworks' $100 million Series C, and Indigo’s $56 million Series B.

New York had a greater number of earlier stage deals by comparison, with Modern Meadow’s $40 million Series B, the state’s latest and largest during the half.

Virginia sprung onto the leader board, with 3 startups based there raising $23.9 million. They include Shenandoah Growers and Food Safety & Traceability startup CargoSense, which raised a $5.3

million Series A.

U.S. INVESTMENT: NUMBER OF DEALS BY STATE DEALS BY GEOGRAPHY

$554.0

$186.5

$73.4

$27.9

$27.1

$24.7

$23.9

$19.8

$19.4

$18.9

$11.1

$8.9

$6.7

$5.3

$5.2

California

Massachusetts

New York

Washington

Illinois

Missouri

Virginia

North Carolina

Florida

Minnesota

Kentucky

Connecticut

Colorado

Hawaii

Alabama Financing | $Millions


INVESTORACTIVITY


NEW AGTECH FUNDSINVESTOR ACTIVITY

Fund Name StatusAmountRaised

AnnouncedDate

Stage Location

AgFunderOpportunity Fund I

OpenTargeting $20m

TBA July 2016 Venture USA

Anterra Capital Fund II

Closed $125m March 2016 Growth Netherlands

AvrioFund III

Closed $110m February 2016 Venture Canada

New Crop Capital Closed $25m March 2016 Venture USA

Open Prairie Rural Opportunities Fund

(Open Prairie, RBIC)

OpenTargeting $100m

Undisclosed May 2016*Gov’t, Rural

food & agriculture

USA

PontifaxFood & Agriculture Technology Fund

First Close, Targeting $200m

Undisclosed March 2016 Growth Israel/USA

Willow Hill Ventures (Finistere, IFC)

Open, Target Undisclosed

TBA April 2016 Growth USA


NEW AGTECH ACCELERATORS / RESOURCESINVESTOR ACTIVITY

January February March April May June

Cascadia CleanTech Accelerator

(OR, USA)

The AgTechAccelerator

(NC, USA)

AgLaunch Accelerator (TN, USA)

Radicle Accelerator (Multi state, USA)

StartupNext Food & Tech

(MN, USA)

Iowa Ag Startup Engine

(IA, USA)

Terra Agtech Accelerator

(CA, USA)

Brazilian Digital Tech Accelerator

(Brazil)

Bayer Trendlines Ag Innovation

Fund

AgroInnovation Lab (Austria,

Eastern Europe)

NXTP Labs(Argentina, Uruguay)

Sprout-X (Australia)

0 1 1 1 5 4


SOSV, the “accelerator VC”, topped the

investor leader board during the first half by investing in 26 agtech startups. This is more than double the number of startups it funded in the sector during 2015.

Investment from the global VC firm came from three of its accelerator programs: IndieBio out of San Francisco, IndieBio EU out of Ireland, and Food-X out of New York.

The Indie Bio accelerator was the most active in agtech investment this half. It is not focused on food and agriculture specifically, but instead on biological/life sciences startups, an area of growth for

agtech investment in H1-2016.

Cultivian Sandbox and Middleland Capital were the most active ag-focused venture firms during the half with 4 deals each,

followed by Spruce Capital Partners, S2G Ventures, and Monsanto Growth Ventures.

NUMBER OF DEALS BY INVESTORSINVESTOR ACTIVITY

384

30 7 2 1 1

x1 x2 x3 x4 x6 x26

#Investors


Middleland Capital and Cultivian Sandbox

were the most active ag-focused venture capital firms for H1, investing in four deals each.

Middleland invested across a range of

subsectors: Animal Health company Advanced Animal Diagnostics ($1.7m), Blue Prairie, the Food Technology company ($1m), Shenandoah Growers, the VC’s first Indoor Agriculture play

($18m), and ZeaKal, the GM seed startup ($5.3m).

Cultivian invested across Decision Support Technology, Food Safety &

Traceability, Soil & Crop Technology, and Animal Health.

Next with 3 deals each were Monsanto Growth Ventures, Spruce Capital

Partners, S2G Ventures, BDC Capital, and SP Ventures out of Brazil.

INVESTORS WITH 3+ DEALSINVESTOR ACTIVITY

0 5 10 15 20

SOSV

The Yield Lab

Cultivian Sandbox Ventures

Middleland Capital

S2G Ventures

Spruce Capital Partners

SP Ventures

500 Startups

BDC Capital

Monsanto Growth Ventures

CanopyBoulder


MOST ACTIVE VENTURE CAPITAL FIRMSINVESTOR ACTIVITY

Advanced Animal Diagnostics (qscoutlab)

Advanced Animal Diagnostics (qscoutlab) BioAmber Pivot Bio

Undisclosed Blue Prairie Hortau Resson

Undisclosed Shenandoah Growers Resson Understory

Undisclosed ZeaKal


MOST ACTIVE VENTURE CAPITAL FIRMSINVESTOR ACTIVITY

Back to the Roots AGERpoint Agronow

Shenandoah Growers MUSE Biotechnology Agrosmart

Terramera Pivot Bio InCeres


MOST ACTIVE ACCELERATORSINVESTOR ACTIVITY

Anu Dairy Grobo Inc. Agribody Technologies Chefs for Seniors

Ardra Bio Hexafly AgVoice Grain

AstRoNA Biotechnologies Magenta Biolabs BayoTech, Inc, iGrow

Barley + Oats Memphis Meats Cryoocyte

BioCellection Microsynbiotix Nanoguard Technologies

BioNascent MilisBio Till Mobile

Chinova Bioworks Miraculex

Cronicas Peer-to-Peer Probiotics

Eattiamo Plasma Nutrition

Endura Bio RAWK Fit

Farmshelf Spira

FreshSurety Uira BioenergEthic

Gelzen Willow Cup


M & A


MERGERS & ACQUISITIONSAGTECH EXITS

Target Target Country Acquirer Targets Subsector

EnviroFlight USA Interexon Animal Nutrition & HealthEdeniq USA Aemetis Bioenergy

BIOMAR Microbial Technologies Spain 4d pharma Biomaterials & BiochemicalsExtrakt Chemie Germany Frutarom, Biomaterials & Biochemicals

Segetis United States GFBiochemicals Biomaterials & BiochemicalsAgam Advanced Agronomy Israel Rivulis Irrigation Decision Support TechnologyFocus Technology Group USA AGDATA Decision Support TechnologyproPlant Germany Bayer Decision Support TechnologySilent Herdsman UK Afimilk Decision Support Technology

Abe's Market USA Direct Eats Food E-commerceEatOnGo India InnerChef Food E-commerceFlavor Labs India InnerChef Food E-commerce

Place of Origin India Craftsvilla Food E-commerceTinyOwl India Roadrunnr Food E-commerceCookNook USA Homemade Food E-commerceSpoonRocket USA iFood Food E-commerceFarmBox USA GrubMarket Food E-commerceUrban Acres USA Greenling Food E-commerceFoodinho Italy Glovo Food E-commerceThe Fresh Diet USA New Fresh Food E-commerceFood Genius USA US Foods Food Safety & TraceabilityPantry USA Byte MiscellaneousAerWay Canada Salford Group Smart Equipment & HardwareHagie Manufacturing USA John Deere Smart Equipment & HardwareKeenan Ireland Alltech Smart Equipment & HardwareBioline Ltd UK InVivo Group Soil & Crop Technology

Ceres USA Land O' Lakes Soil & Crop Technology

Ekompany Netherlands Kingenta Soil & Crop Technology*In most cases, exit amounts could not be obtained or were not disclosed.


APPENDIX


TOP 5 DEALS: ALTERNATIVE PROTEINSTOP 5 DEALS

Company Funding Date Raised ($m) Stage Investors

Modern Meadow 2016-06-28 $40.0 BARTIS Ventures, Collaborative Fund, Horizons Ventures, Iconiq Capital, Red Swan Ventures,

Temasek Holdings, Tony Fadell

kite hill 2016-05-20 $18.0 B301 INC, CAVU Venture Partners, General

Mills

Impossible Foods 2016-05-26 $16.5 Debt Trinity Capital Investment

Exo Protein Bars 2016-03-07 $4.0 AAccelFoods, Collaborative Fund, Dentsu

Ventures, Nasir "Nas" Jones, Start Garden, Tim Ferriss

Algama 2016-05-25 $3.9 A Horizons Ventures


TOP 5 DEALS: ANIMAL NUTRITION & HEALTHTOP 5 DEALS


Calysta Energy 2016-02-02 $30.0 CAquaSpark, Cargill, Municipal Employee

Retirement System, Pangaea Ventures, Walden Riverwood Ventures

EpiBiome 2016-02-04 $6.0 AAlexandria Venture Investment, CRCM

Venture Capital, Matrix Capital Management, SV Tech Ventures, Viking Global Investors

Engender Technologies 2016-06-03 $4.5 AAngelHQ, ArcAngels, Enterprise Angels, ICE

Angels, New Zealand Venture Investment Fund, Pacific Channel

Avivagen 2016-06-03 $3.6 Late Undisclosed

Aptimmune Biologics 2016-03-24 $2.4 A Arsenal Capital Partners, Fox Ventures


TOP 5 DEALS: BIOENERGYTOP 5 DEALS


Solazyme 2016-03-24 $28.8 LateARTIS Ventures, Greenhill Capital Partners,

Powerplant Ventures, Simon Equity Partners, LLC, VMG Partners

Biodico 2016-05-18 $1.2 Grant Undisclosed

Infinity Biofuels 2016-01-13 Undisclosed Late Undisclosed


TOP 5 DEALS: BIOMATERIALS & BIOCHEMICALSTOP 5 DEALS


Biosynthetic Technologies 2016-02-02 $100.0 Debt U.S. Department of Agriculture

Ginkgo Bioworks 2016-06-08 $100.0 CAllen & Company, Baillie Gifford, Cascade

Investment, Continuity Fund, Senator Investment Group, Viking Global Investors

Avantium Technologies 2016-04-19 $22.6 Late FPIM, PMV

BioAmber 2016-04-26 $7.9 Debt BDC Capital

Ecovative Design 2016-01-28 $4.0 Debt Undisclosed


TOP 5 DEALS: CANNABISTOP 5 DEALS


Eaze 2016-06-13 $8.3 B Winklevoss Capital

CBC Biotechnologies 2016-03-08 $7.0 A Tuatara Capital

Pono Life Sciences 2016-05-13 $5.3 A Undisclosed

PharmaCielo 2016-05-31 $4.0 A Undisclosed

Green Gorilla 2016-01-07 $2.5 A Undisclosed


TOP 5 DEALS: DECISION SUPPORT TECHNOLOGYTOP 5 DEALS


Farmers Edge Laboratories 2016-01-28 $41.0 CKleiner Perkins Caufield & Byers, Mitsui & Co.,

Ltd., Osmington

FarmLink 2016-01-19 $24.6 C Undisclosed

Orbital Insight Inc. 2016-06-27 $20.0 BBloomberg Beta, CME Ventures, GV, In-Q-

Tel, Lux Capital, Sequoia Capital

Understory 2016-02-02 $7.5 A4490 Ventures, CSA Partners LLC, Monsanto

Growth Ventures, RRE Ventures, SK Ventures, True Ventures

AGERpoint 2016-06-14 $5.5 B Spruce Capital Partners, Tenfore Holdings


TOP 5 DEALS: DRONES & ROBOTICSTOP 5 DEALS


3D Robotics 2016-06-02 $27.0 Debt Undisclosed

PrecisionHawk 2016-04-20 $18.0 C

Innovate Indiana Fund, Intel Capital, Millennium Technology Value Partners, NTT

DOCOMO Ventures, USAA, Verizon Ventures, Yamaha Motor Ventures

AirMap 2016-04-07 $15.0 ABullpen Capital, General Catalyst Partners,

Lux Capital, Pritzker Group Venture Capital, Social Capital, TenOneTen Ventures

Delair-Tech 2016-03-11 $14.5 A Andromède

Resson 2016-06-22 $11.0 B

BDC Capital, Build Ventures, East Valley Ventures, McCain Foods, Monsanto Growth

Ventures, New Brunswick Innovation Foundation, Rho Canada Ventures


TOP 5 DEALS: FARM-2-CONSUMERTOP 5 DEALS


Taoshihui 2016-03-25 $46.0 AAmeba Capital, CITIC Capital Holdings, Li Qi,

QF Capital

Vicampo 2016-02-25 $5.8 C e.ventures, Passion Capital

FarmDrop 2016-02-03 $4.3 A Atomico, JamJar Investments

Ooooby 2016-06-22 $0.2 Seed Undisclosed

Eattiamo 2016-05-09 $0.1 Seed SOSV


TOP 5 DEALS: FOOD E-COMMERCETOP 5 DEALS


Bigbasket.com 2016-03-22 $150.0 D

Abraaj Group, Ascent Capital Group, Bessemer Venture Partners, Helion Venture Partners, International Finance Corporation, Sands Capital Management, Zodius Capital

Benlai Life 2016-05-24 $117.0 C China Urban Realty Association, Joyoung

Thrive Market 2016-06-27 $111.0 BCross Culture Ventures, e.ventures,

Greycroft Partners, Invus

MissFresh e-commerce 2016-04-27 $36.0 B China Growth Capital

Marley Spoon 2016-03-10 $17.0 BKreos Capital, Lakestar, Luxor Capital Group,

QD Ventures


TOP 5 DEALS: FOOD SAFETY & TRACEABILITYTOP 5 DEALS


Helium 2016-04-25 $20.0 BFirstMark Capital, GV, Khosla Ventures,

Munich RE/Hartford Steam Boiler Ventures

DOTS Devices, Inc. 2016-01-11 $10.0 A Undisclosed

Label Insight, Inc 2016-02-11 $10.0 BCultivation Capital, KPMG Capital, West

Capital Advisors

Nima 2016-05-19 $9.2 AFoundry Group, Lemnos Labs, Matt Rogers,

Mitch Kapor, SK Ventures, SoftTech VC, Upfront Ventures

Ancera 2016-06-28 $8.9 AGlass Capital Management, Metabiota,

Packers Sanitation Services


TOP 5 DEALS: FOOD TECHTOP 5 DEALS


Aromyx 2016-05-27 $2.0 SeedEric Di Benedetto, Merus Capital, Oriza

Ventures, Troy Capital Partners

Blue Prairie 2016-02-01 $1.0 Seed Middleland Capital

ChromaDex 2016-03-15 $0.5 Debt Undisclosed

Anu Dairy 2016-06-07 $0.1 Seed SOSV

Halo Life Science 2016-01-02 $0.1 Seed Undisclosed


TOP 5 DEALS: INDOOR AGRICULTURETOP 5 DEALS


Shenandoah Growers 2016-01-01 $18.0 AAdvantage Capital Agribusiness Partners,

Middleland Capital, S2G Ventures

Robonica Srl 2016-02-16 $1.1 Seed Undisclosed

Agrilyst 2016-05-10 $1.0 Seed

Antecedent Ventures, Beta Bridge Capital, Brooklyn Bridge Ventures, InvestHER

Ventures, Koh Founders, Metamorphic Ventures

Wasabi Iceland 2016-02-11 $0.4 Seed Undisclosed

ēdn 2016-02-01 $0.1 Seed Undisclosed


TOP 5 DEALS: IRRIGATION & WATERTOP 5 DEALS


Jain Irrigation Systems 2016-03-15 $43.2 Late Mandala Capital

Hortau 2016-02-04 $10.0 LateAdvantage Capital Agribusiness Partners,

Avrio Ventures, BDC Capital, Capital régional et cooperatif Desjardins

Voltea 2016-06-01 $7.0 C Anterra Capital

Clearas Water Recovery 2016-03-23 $4.0 B Goodworks Ventures, NEXT Frontier Capital

CropX 2016-04-12 $1.0A

(Top up to $9M Series A in 2015)

Flex Lab IX, Robert Bosch Venture Capital


TOP 5 DEALS: SMART EQUIPMENT & HARDWARETOP 5 DEALS


semiosBIO Technologies 2016-04-18 $8.0 A Undisclosed

Edyn 2016-02-10 $2.0 Seed Fenox Venture Capital, Idea Bulb Ventures

Spectral Engines 2016-04-29 $1.8 A Inventure Oy, VTT Ventures

Byte Foods 2016-05-31 $1.5 Seed Bolt

Saturas 2016-02-25 $1.0 SeedAnat Halgoa Solomon, Moshe Meron, Shlomo

Nehama, Trendlines Group


TOP 5 DEALS: SOIL & CROP TECHNOLOGYTOP 5 DEALS


Indigo 2016-02-18 $56.0 B Flagship Ventures

Caribou Biosciences 2016-05-16 $30.0 B

5 Prime Ventures, Anterra Capital, F-Prime Capital Partners, Heritage Group, Maverick

Capital, Mission Bay Capital, Novartis, Pontifax AgTech

Pivot Bio 2016-03-23 $16.0 AData Collective, Monsanto Growth Ventures,

Prelude Ventures, LLC, Spruce Capital Partners

Terramera 2016-05-20 $10.0 ABold Capital, Maumee Ventures, S2G

Ventures, Sumitomo Corporation

Cool Planet Energy Systems 2016-02-10 $9.0 LateNorth Bridge Venture Partners & Growth

Equity, Yung's Enterprise


TOP 5 DEALS: WASTE TECHTOP 5 DEALS


WISErganic 2016-04-11 $12.3 C Undisclosed

California Safe Soil 2016-01-14 $5.9 A Undisclosed

WISErganic 2016-06-01 $4.0 C Undisclosed

Winnow Solutions 2016-01-20 $3.3 AD-Ax Corporate Venture Capital, Mustard

Seed

Sanergy 2016-02-08 $1.7 AAcumen, Novastar Ventures, The Eleos

Foundation

*

* Total C round raised across two tranches.

*


AgFunder is an online investment platform for AgTech.

We help Accredited and Institutional Investors discover & invest in developing

technologies to transform the agriculture industry.

Learn more @ www.agfunder.com Contact us @ [email protected]

Last updated August 4, 2016

66

introduction investing report · mid- year 2016 august 2016 investing report. agtech funding report...

Documents