PitchBook年一季度食品科技风险投资趋势（英）

EMERGING TECH RESEARCHFoodtech VC TrendsVC activity across the foodtech ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Foodtech VC TrendsFoodtech landscape3Foodtech VC ecosystem market map4VC activity5Foodtech VC deal summary24Institutional Research GroupAnalysisAlex Frederick Senior Research Analyst, Agtech and Foodtechalex.frederick@pitchbook.compbinstitutionalresearch@pitchbook.comBen Riccio Associate Research Analystben.riccio@pitchbook.compbinstitutionalresearch@pitchbook.comDataHarrison Waldock Data AnalystPublishingReport designed by Chloe Ladwig and Megan WoodardPublished on June 6, 2025CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Foodtech VC TrendsFoodtechlandscape4.34.54.0Restaurant & retail techAlt-proteinsBioengineered foodsDiscovery & reviewE-commerceFood productionCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Foodtech VC TrendsVC activityVC funding starts slow Foodtech VC activity slowed significantly in Q1, with $1.4 billion invested across 202 deals—a quarter-over-quarter decline of 49.6% in capital and 15.1% in deal count. Investor caution remains elevated, with a marked shift toward more mature startups boasting proven business models. This has led to a sharp reduction in seed and early-stage funding. Notably, some investors have pulled back from foodtech—or from venture capital altogether. As illustrated in the “Count of unique VC investors that invested in foodtech target companies by close year” chart, the number of unique VC investors participating in foodtech VC deals dropped 54% from its 2021 peak through Q1 2024, while participating nontraditional investors declined 67%.PitchBook data reveals that 71% of all venture capital deployed in Q1 went to AI & machine learning (ML) startups. Foodtech, by contrast, has seen fewer AI-native startups close major rounds. As capital increasingly gravitates toward AI, generalist investors may be overlooking attractive foodtech opportunities to get AI exposure. However, AI applications in restaurant management software, food intelligence & production, and supply chain traceability could reignite interest in the sector.Despite the slowdown, notable deals demonstrate ongoing opportunities. Tapcheck, an earned wage access platform for restaurants and retailers, led the quarter with a $250 million Series A through a combination of debt ($200 million credit facility) and $50 million in equity. Dorsia, a membership platform for exclusive restaurant reservations, raised a $50.4 million Series A at a $146 million valuation. Late-stage unicorns Augury and GrubMarket both closed rounds as they await exit opportunities. Importantly, these deals came without a valuation cut, bucking 2024’s trend of down rounds for maturing startups. Source: PitchBook • Geography: Global • As of March 31, 2025Count of unique VC investors that invested in foodtech target companies by close year1,30826