The FoodTech 500, an annual ranking by Forward Fooding that showcases agrifoodtech startup and scaleup companies working to create a better future of food, has published its results for 2024.
Several notable alternative protein companies have made the top 25, including:
- Nature’s Fynd — The maker of Fy protein, produced through the fermentation of a type of fungi originating in Yellowstone National Park, took the third spot on the list. The company uses the protein to make a variety of meat and dairy alternatives.
- Plantible — This producer of duckweed-derived protein is at number 4.
- Heura Foods — The Spanish plant-based food tech brand took the fifth spot in the rankings.
- Starfield — This Chinese plant-based innovator is at number 7.
- Upside Foods — After making history by gaining regulatory approval to sell cultivated chicken in the US in 2023, Upside Foods made number 10 on the list.
- Planet A Foods — The cocoa-free chocolate producer, which recently raised $30 million, is at number 13.
- THIS — The award-winning British plant-based meat brand is in fourteenth place.
- Onego Bio — This producer of animal-free egg proteins made using precision fermentation is at number 18.
- GoodDot — An Indian plant-based brand that ranked in twentieth place.
- Gourmey — This French foodtech company is developing cultivated foie gras and made number 22 on the list.
Methodology
All entries were manually validated to create a shortlist of 500 finalists, then data from each application was processed using algorithms to provide a business size score and a digital footprint score. Each company was then assessed on its sustainability using data from a self-assessed questionnaire devised by sustainability experts, taking into account each Sustainable Development Goal the companies were achieving.
Finally, the three scores were aggregated to give each company a score out of 300, determining their rank. For example, Nature’s Fynd received a score of 250.57, while Upside Foods received 233.48.
“Inspired by the Fortune 500, Forward Fooding is proud to present the FoodTech 500, the world’s first definitive list of the global entrepreneurial talent at the intersection between food, technology, and sustainability,” says Forward Fooding on its website.
