Investments & Finance

Spanish Food Tech Sector Raises €226M in 2023, Demonstrating Resilience Despite Global Economic Crisis

Spanish food tech accelerator Eatable Adventures has released the fourth edition of The State of Foodtech in Spain 2023, revealing the strength and resilience of the ecosystem at the national level. 

Figures of the investment landscape during the year show that despite the global economic crisis and the sharp drop in investment worldwide, Spanish startups managed to secure €226 million in 2023. According to Eatable Adventures, this total represents a decrease of only 16% compared to the previous year — a moderate slowdown.

For context, according to the data from last year’s Eatable Adventures study, the food tech investment in Spain reached €268 million in 2022, marking a growth of 9.3% compared to 2021.

Among the leading national investors stands out Capsa Vida, which supported the food techs baïa, entomo agroindustrial, GrinGrin, and nucaps; BeHappy Investments, backing Harbest Market and Hunty; and Clave Capital, which has invested in Deep Detection and Groots. 

Eatable Adventures’ Spain Foodtech program supported the startups Bio2coat, Mmmico, and Néboda, consolidating its position as a prominent investor in Spain. 

The Bio2Coat analysing fruits
Bio2Coat – Image courtesy of Eatable Adventures

420 startups in 2023

Regarding the investment phase of the startups, pre-seed and seed rounds showed stability, indicating notable interest from national and international investors. Startups in the seed stage were the majority, representing approximately 38.9%, followed closely by pre-seed phases, which constituted around 29%, according to the new paper.

The report also shows that the Spanish food tech sector maintained a census similar to last year, with 420 startups in 2023, making it one of the most dynamic food tech ecosystems, says the food tech accelerator. 

41% of the startups belong to the food production and processing category, which experienced an increase of 6% compared to the previous year. The growing demand for innovations in food production drives this growth, with multiple startups creating either new products with new ingredients, new ingredients, packaging, food production technologies, and even food safety, waste management, and traceability solutions.

In the breakdown of startup categories, agritech represented 21%, retail and distribution 13%, and restaurant tech along with delivery services made up 25%.

The Spanish food tech accelerator Eatable Adventures has released the fourth edition of The State of Foodtech in Spain 2023.
Image courtesy of Eatable Adventures

3D printed plant-based bacon

In retail, Cocuus and Foody’s hit a historic milestone in the sector with the debut of 3D-printed plant-based bacon and with the opening of the world’s first 3D-printed facility.

Lastly, the report also highlights the growing appeal of the sector for female entrepreneurs, noting that 36% of the surveyed startups include a female partner in their founding or leadership team.

“We have not only witnessed the resilience of our ecosystem but also the consolidation and market launch of disruptive technologies, as has been the case of the arrival to the Retail channel of the first 3D bio-printed vegetable bacon by Cocuus and Foody’s.

“This achievement highlights the technological robustness of Spain, reaffirming its prominent position in the international Foodtech field,” commented Mila Valcárcel, Managing Partner of Eatable Adventures.

For more information about the study, download the full report here.

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