The Global Startup Ecosystem Report Agtech & New Food Edition

Global Agtech & New Food Ranking: Top 25 + 10 Runners-Up

Key Findings

  • The top five Agtech & New Food ecosystems are Silicon ValleyNew York CityLondonTel Aviv-Jerusalem, and Denver-Boulder. The Colorado ecosystem vastly outperforms its overall ranking in the GSER 2021 (#27) due to its concentration of specialized Agtech talent and startups.
  • North America and Asia dominate the top 25 Agtech & New Food ranking, with 48% and 20% respectively. Europe has four ecosystems in the top 25, Oceania has two, and MENA one.
  • The amount of Series B+ deals in Agtech & New Food worldwide rose from $3.8 million in 2017 to $11.5 million in 2021. North America accounted for 70% of Series B+ deals in 2021.
  • Due to shifts in consumer behavior and rapid innovation in the sub-sector (including pandemic-driven changes), the share of food and grocery delivery deals has climbed steadily in recent years. In 2021, delivery accounted for 11% of the $1.6 billion invested in Agtech & New Food, up from just 2% of total dollar amount invested in the sub-sector in 2017 and 6% in 2020.
  • Non-cultivated alternatives to meat overtook cultivated meat in terms of amount invested at the seed stage for the first time in 2021, suggesting increasing early-stage innovation in the field.

Global Top 25

Among the most striking findings of the Global Agtech & New Food Ranking is the presence of Denver-Boulder in the top five ecosystems. The Colorado ecosystem ranks #27 in the world overall but #5 in Agtech & New Food, a reflection of its specialized knowledge and focus on the sector. Tortuga AgTech is just one example of the ecosystem’s relevant success stories – the Denver-based startup creates robots that perform labor-intensive agricultural tasks and has raised $28.6 million to date.

USA’s Research Triangle is another example of an ecosystem that ranks higher in Agtech & New Food than overall – it tied at #36 in the GSER 2021, but is at #10 in this sub-sector due to its talent, startup experience, and performance. One noteworthy example based here is biotech startup BIOMILQ, which produces human milk outside of the body. It raised $21 million at Series A in October 2021.

Similarly, São Paulo tied at #31 in the GSER 2021, but comes in at #18 in Agtech & New Food due to the ecosystem’s relevant experience and funding. A number of startups here are revolutionizing traditional agricultural supply chain structures and related financing, including Agrolend, which provides accessible credit for small-scale farmers, and Pago Rural, an inclusive lending and payment platform for producers and distributors.

The ecosystem ranking is a weighted average of the following factor scores:

  • Performance: 25%
  • Funding: 20%
  • Startup Experience: 15%
  • Knowledge: 10%
  • Talent: 5%
  • Focus: 25%

The success factors are weighted by the above percentages to establish the overall rank of each ecosystem. See the methodology section for more detailed information.