PitchBook年二季度食品科技风险投资趋势（英）

EMERGING TECH RESEARCHFoodtech VC TrendsVC activity across the foodtech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Foodtech VC TrendsInstitutional Research GroupAnalysisAlex Frederick Lead Research Analyst, Agri-foodtech alex.frederick@pitchbook.comBen Riccio Associate Research Analyst ben.riccio@pitchbook.comDataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig and Megan WoodardPublished on September 12, 2025Foodtech landscape 3Foodtech VC ecosystem market map 4VC activity 5Foodtech VC deal summary 27CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Foodtech VC TrendsFoodtech landscape4.34.54.0Restaurant & retail techAlt-proteinsBioengineered foodsDiscovery & reviewE-commerceFood productionCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Qx 202x [Vertical] VC TrendsFoodtech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q2 2025 Foodtech VC TrendsVC activityMegadeals drive increase in foodtech funding Foodtech VC funding totaled $2.0 billion across 128 transactions in Q2, marking a 50.1% QoQ increase in total capital deployed but a 37.7% decline in deal volume. While the sequential uptick in capital reflects a modest recovery from Q1 2025’s record-low $1.3 billion, it reinforces several persistent medium-term trends that have defined the sector since 2022. Capital concentration has intensified dramatically: The five largest Q2 transactions—each exceeding $100 million—accounted for 57% of all invested capital, continuing a multiyear flight to quality where investors favor proven, later-stage companies over early-stage bets. This starkly contrasts the 2020-2021 boom, when funding was more evenly distributed across stages and early-stage deals constituted 37% of transactions versus just 19% today. The declining deal count also extends a troubling long-term trajectory: from 2,674 deals in 2021 to 1,107 in 2024, and now just 128 in Q2 alone. Notably, each of Q2’s megadeals went to a unicorn—including three new entrants, Wayflyer, Jumbotail, and Owner—underscoring how unicorn creation has become increasingly rare, with only 36 foodtech unicorns remaining active globally, down from 62 in 2024. This pattern suggests the sector is maturing rapidly, with investors consolidating around a shrinking pool of market leaders rather than fueling broad-based innovation.The pattern of capital consolidation has persisted in foodtech over the past three years. Deal counts have steadily declined since peaking in 2021, with the latest quarter marking the lowest total transaction count in over a decade. Only 334 deals closed in the first half of 2025, a rate equivalent to 668 annual deals, placing the sector on track to significantly underperform the 2020-2024 annual average of 1,870 deals. Seed and early-stage activity has been particularly weak, now representing their lowest share of overal