PitchBook年二季度Agtech风险投资趋势（英）

EMERGING TECH RESEARCHAgtech VC TrendsVC activity across the agtech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Agtech VC TrendsInstitutional Research GroupAnalysisDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana Hansen and Drew SandersPublished on July 31, 2025Agtech landscape 3Agtech VC ecosystem market map 4VC activity 5Agtech VC deal summary 22Ben Riccio Associate Research Analyst ben.riccio@pitchbook.comAlex Frederick Lead Research Analyst, Agtech and Foodtech alex.frederick@pitchbook.comFor previous updates as well as our complete agtech research, please see the designated analyst workspace on the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Agtech VC TrendsAgtech landscapeAg biotechAgrifinance& e-commerceIndoor farmingAnimal agPrecision agCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Agtech VC TrendsAgtech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Agtech VC TrendsVC activityAgricultural technology (agtech) valuations in 2025 reflect diverging fortunes by segment and stage. Agricultural biotech (ag biotech) continues to command the highest deal values and pre-money valuations—driven by its intellectual property potential and relevance to food security—while precision agriculture (precision ag) is also valued at a premium thanks to automation and AI demand. In contrast, animal agriculture (animal ag) and indoor farming attract lower valuations, reflecting more challenging economics and sector volatility. Over the long term, valuations have shifted from the exuberance of 2021 toward a “flight to quality,” with recent capital concentrating in fewer, larger later-stage deals in resilient segments such as ag biotech and precision ag, even as deal counts shrink. As a result, median pre-money valuations have rebounded from their lows, but multiples across agtech have generally remained below broader tech sectors, favoring companies demonstrating scalable, defensible business models anchored in efficiency, sustainability, and resilience.The second quarter of 2025 maintained the cautious tone set over the past year. Q2 agtech VC deal activity totaled $1.5 billion across 117 deals, marking QoQ declines of 22.8% in value and 22.9% in deal count. Accounting for more deal announcements, we estimate Q2 deal value and deal count reaching $1.8 billion and 140 deals, similar to quarterly averages of $1.5 billion and 213 deals in 2024 and $1.9 billion and 265 deals in 2023. Like almost all sectors, the steady contraction in deal volume has persisted since the market’s high in Q1 2022.Source: PitchBook • Geography: Global • As of June 30, 2025Agtech VC exit activity200406080$0$10,000$20,000$30,000$40,00020152016201720182019202020212022202320242025 Exit value ($M)Exit countSource: PitchBook • Geography: Global • As of June 30, 20