From its inception in 2019, the aim of FoodTech 500 has been clear: to recognise the global entrepreneurs addressing challenges throughout the entire food value chain. Its mission is to create a platform that showcases the most promising companies to a global network of investors, media and supporting organizations to accelerate their growth.

Forward Fooding’s CEO, Alessio D’Antino said:

‘’Our finalists for this year embody technology and innovation to future-proof our food system. Selected from over 1,500 entries spanning 77 countries, they represent a diverse array of AgriFoodTech entrepreneurs who have achieved unprecedented heights in recent years.’’

To rank the top 500 international AgriFoodTech companies, Forward Fooding has pioneered a data-driven method using the FoodTech Data Navigator's algorithms to process data from each company's application.

As for the previous editions, the ranking combines scores from three key areas – business size, digital footprint, and sustainability. The sustainability scoring framework was developed in collaboration with sustainability experts from academia and is based on selected Sustainable Development Goals from the United Nations (SDGs).

The companies on the 2023 FoodTech 500 list are a diverse group of the world’s leading AgriFoodTech businesses. They are at various stages of growth, from pre-seed to IPOed companies, with 71.2% of them currently generating revenue. In total, these companies have raised €6.610B to date (Source: FoodTech Data Navigator). They include 4 IPOed companies listed on various stock exchanges including NASDAQ and NYSE among others, as well as 2 ‘unicorns’ according to their latest valuations in December 2023.

The list accounts for all key areas of AgriFoodTech and deploys Forward Fooding’s proprietary taxonomy with eight macro activities namely: Agtech, Next-Generation Food and Drinks, Food Processing, Food Delivery, Kitchen and Restaurant Tech, Consumer Apps and Services, Food Safety and Traceability, Surplus and Waste Management.

Among all activities, Agtech dominated with 34.6% of the top 500 AgriFoodTech companies operating in this sector followed by ‘Next-generation Food & Drinks’ (28.6%), which includes mostly alternative proteins, but also functional ingredients. Surplus & Waste Management is the third most represented vertical with 10.8%.

Looking at the global ecosystem beyond the FoodTech 500, the AgriFoodTech investment landscape has been going through a major shift since its peak year in 2021. While Global AgriFoodTech investments have dropped by 70%, the distribution across the different activities is shifting towards what we consider a healthy and sustainable correction.

Forward Fooding’s COO, Max Leveau said:

‘’Mega-deals have vanished (as reflected by the drop in average deal size), and generalist investors are leaving the space, while specialist and impact-focused ones tend to go ‘beyond the hype’ to invest in a broader range of solutions across the supply chain (such as technologies to fight food waste). This translates into a new distribution of investments, previously dominated by Food Delivery and Alternative Proteins, as well as a growing proportion of early-stage investments towards less mature or ‘hyped’, but nonetheless impactful solutions.’’

As a matter of fact, we see a growing concentration of early-stage deals. In 2021 the % of Pre-seed and Seed rounds was 36% of total investment rounds, while the same percentage reached 61% in 2023. This trend is well reflected by the 2023 FoodTech 500 finalists with 58% of total companies being at the Pre-seed or Seed stage.

With a unique focus on food, technology and sustainability, the FoodTech 500 offers a privileged look into the current state of the industry and a glimpse into its future.

Leveau continues:

‘’Overall, it is safe to say that capital is no longer a ‘commodity’. Entrepreneurs have to focus on building ‘healthier’ businesses with a clear path to profitability, and ideally ‘asset-light’ models. They also seem to be able to rely more and more on public funding to support their growth, as shown by the sharp increase in the number of grants allocated to AgriFoodTech startups.

More patient and smart capital will be needed to solve the challenges of our Food System. Looking at the latest investment figures, this seems to be going in the right direction at the moment.’’

The FoodTech 500 list also looks into how companies are tackling the UN's Sustainable Development Goals (SDGs). The top 3 SDGs addressed by the finalists for this year are SDG 2 (Zero Hunger), SDG 12 (Responsible Consumption And Production), and SDG 13 (Climate Action).

To celebrate the release of the 2023 FoodTech 500, Forward Fooding is hosting a Global Unveiling Tour with stops in London (March 13th), San Francisco (March 21st-22nd), Stockholm (April 9th), Berlin (May TBC), Barcelona (June TBC), and Dubai (September TBC).

The 2023 FoodTech 500 list will be available on Forward Fooding's official website.

The 2023 FoodTech 500: At a Glance

Here’s a snapshot of this year's edition:

• 1500+ applications received from international AgriFoodTech startups and scaleup companies covering the whole value chain (from Agtech to Food delivery, Food Processing, Next-Gen Food & Drinks, Food Waste, and beyond)
• 34 domains represented in the list and the top 10 domains include: Plant-based (63 companies), Farm Management and Precision Farming (55 companies), Vertical and Indoor Farming (46 companies), Ag Biotech (36 companies), Protein Fermentation (33 companies), Biotech/Synthetisation (30 companies), Food Waste Tech & Food sharing platforms (26 companies), Upcycled ingredients, Food surplus & Waste efficiency (25 companies), Cellular Agriculture (23 companies), and Food Safety & Quality (21 companies)
• 57 countries represented in the list
• 32.3% of the 500 finalist companies' leadership teams are women, 17.8% BEM (Black, Asian or minority ethnic), 2.9% LGBTQ+, and 1.9% founders with disability
• 95.40% of the finalists received investments
• 72% of the finalists are revenue-generating companies as of December 2023
• 4 publicly-traded companies and 2 unicorns were included among the 500 finalist companies
• $6.6B funding raised overtime by the 500 finalist companies

About Forward Fooding

Forward Fooding is the world’s first collaborative platform for the food & beverage industry fostering innovation via FoodTech Data Intelligence and corporate-startup collaboration. Headquartered in London with satellite offices in Barcelona and Rome, they run a global network of AgriFoodTech entrepreneurs powered by entrepreneurs since 2015. They act as an ecosystem enabler to provide the necessary support and velocity to enable meaningful collaborations and partnerships between established food organisations and international AgriFoodTech startups and scaleup companies. To learn more visit: forwardfooding.com