Investments & Finance

European Climate Food Tech Ecosystem Saw Unprecedented VC Investment in 2022

FoodLabs‘ new report, released in partnership with Dealroom, a global data provider, reveals that European food & agtech startups raised $1.9 billion in VC funding in 2022 — the most active year ever — showing a 20% increase from 2021.

The Food for Climate report offers a comprehensive market analysis of sustainable investment trends in the climate tech food ecosystem. It has identified over 340 startups across 16 segments working for sustainable food system transition.

The upcoming decade is crucial

The environmental footprint of our food system is enormous, explains FoodLabs. Agriculture is responsible for massive water use, greenhouse gas emissions, and land use. 

© MicroHarvest

Furthermore, the food industry faces unprecedented challenges due to climate change and global population growth.  As global warming threatens food security, the food industry plays a crucial role in climate change, and a new generation of technologies is emerging to tackle these challenges, reduce emissions, and ensure a sustainable future for our planet.

“The upcoming decade is crucial in the fight against climate change, and transforming the food industry can greatly impact our chances of success. Startups can bring fundamental change and ensure a sustainable future for our planet”, said Patrick Huber, general partner at FoodLabs. 

Solving future challenges

An offshoot of the Berlin fund Atlantic Labs and headed by tech investor Christophe Maire, FoodLabs aims to help European innovators achieve a paradigm shift in the world of food production.

Food for Climate report says the European sustainable food and agritech ecosystem saw record investment in 2022
Image courtesy of FoodLabs

With its €100 million fund, it has been an early investor in startups, including German MicroHarvest, which raised €1.5 million to develop fermented proteins, and UK’s WNWN, which secured $5.6 million to launch its vegan, cocoa-free chocolate range into the UK retail in 2023.

The early-backer VC also injected climate capital into Israel’s PoLoPo, which closed a $1.75 million pre-seed funding round to continue developing its proprietary molecular farming tech; and Bright Biotech, a UK-based startup, secured $3.2 million in funding to make cheaper growth factors for the cultivated meat industry, among many others.

“As global warming threatens food security, the food industry plays a crucial role in climate change; it is essential to rethink our food systems, and FoodTech and AgTech are key to solving future challenges,” said Christophe F. Maire, founding partner at FoodLabs.

The report is available for download at www.foodlabs.de/foodforclimate.

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