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Agri-food Valuations, Lessons from Public Markets

Graphic of the Week: Agri-food Valuations, Lessons from Public Markets

Welcome to the New Food Finance newsletter!

This month, we use public market trends to draw conclusions for valuations, in agri-food private fund-raising markets.

At New Food Finance, we track M&A deals and fund-raisings, covering more than 3,600 agri-food tech companies and 9,000 investors. We focus on a green transition space, meaning technologies that are cutting the environmental impact of food production.

Given lower data transparency in private fund-raising deals, where valuations are rarely disclosed, we have turned to public markets to shed more light.

We created three “green agri-food” indices relevant to our space, covering publicly listed companies in: precision ag; life sciences; and alternative proteins.

We then compared how these New Food Finance indices compare with established MSCI “conventional agri-food” indices, in similar sectors.

We compared indices as follows (see index constituents below):

New Food Finance Precision Ag Index VS MSCI Select Agriculture Producers Index

New Food Finance Life Sciences Index VS MSCI Biotech Advance Index

New Food Finance Alternative Protein Index VS MSCI World Food, Beverages and Tobacco Index.

Our findings, comparing weighted stock moves from Jan 1 2024 through end-Feb 2025, are striking – see the graphic above:

  1. Precision ag companies have hugely out-performed conventional agricultural equipment manufacturers

  2. Our green transition life sciences companies are very much in line with conventional biotech companies.

  3. Alternative protein companies have hugely under-performed conventional food and beverage companies.

What are the lessons from this analysis?

We conclude that precision ag valuations will be buoyed by positive valuations in public markets, not least since these companies seem to offer the best exit opportunities right now. Meanwhile, private alternative protein start-ups will differentiate themselves from their publicly listed counterparts, for example by focusing on innovation in cost-cutting and consumer appeal.

Annex – Index Constituents:

New Food Finance Precision Ag (8 constituents): Spire Global, Inc., AgEagle Aerial Systems Inc., Satellogic Inc., Energiekontor AG, Komatsu Ltd., Valmont Industries, Inc., Planet Labs PBC, Jain Irrigation Systems Ltd.

New Food Finance Life Sciences (15) – Bioceres Crop Solutions Corp., China Green Agriculture, Inc., Evolve Transition Infrastructure LP, Biotalys NV, Desert Control AS, Eden Research plc, Yield10 Bioscience, Inc., Anpario plc, Evogene Ltd., Ginkgo Bioworks Holdings, Inc., Arcadia Biosciences, Inc., Benson Hill, Inc., Nath Bio-Genes (India) Ltd., Farm Hannong Co., Ltd., PlantArcBio Ltd

New Food Finance Alternative Proteins (8) – Oatly Group AB, Beyond Meat, Inc., Moolec Science SA, Steakholder Foods Ltd., Laird Superfood, Inc., Nepra Foods Inc., Plant & Bean Ltd., Burcon NutraScience Corporation

MSCI Select Agriculture Producers (133) – Top 5: Deere & Co, Corteva, Archer-Daniels-Midland, Nutrien, CF Industries Holdings

MSCI Biotech Advance Index (166) – Top 5: Vertex Pharmaceuticals, Eli Lilly & Company, Alcon, GE Healthcare Tech, Johnson & Johnson

MSCI World Food, Beverages and Tobacco Index (59) – Top 5: The Coca-Cola Company, Nestlé, PepsiCo, Philip Morris International, Altria Group

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Who Are We?

At New Food Finance, we track opportunities from cutting the environmental impact of food production. Our database is updated DAILY, tracking the biggest and best data and news sources on agtech and foodtech online worldwide.

Our platform comprises:

  • >3,600 agtech and foodtech companies

  • >8,500 investors in and 500 acquirors of these companies

  • >$105 billion fund-raising transactions

  • $50 billion M&A deals

  • Proprietary Taxonomy – Using more than 1,700 markets and technologies

“Green Transition” Deals of the Week

In our “Green Transition” space in February, we saw X fundraisings worth $xx million.

Canada, Feb 28 – Konscious Foods produces frozen, plant-based substitute seafood meals from whole grain, fruit, and legume ingredients. The company distributes via food retailers and food service. The Vancouver-based company secured a $3.46 million grant from the Government of Canada.

Israel, Feb 28 – Steakholder Foods is a producer and seller of 3D bioprinting equipment designed to create whole-cut, ground, and hybrid plant-based meat alternatives. The company says its bio-inks and printing technology help mimic conventional meat’s texture, taste, and appearance. The Nasdaq-listed company raised $1.25 million from Alumni Capital in public markets.

United States, Feb 25 – Actual Veggies is a B2B producer of vegetarian burger patties marketed via food retailers. The company says its patties are made from plant-only ingredients, without fillers or preservatives, and are Certified gluten-free, Soy Free, nut-free, and non-GMO. The company raised $7 million in a venture capital round from Relentless Consumer Partners and New Fare Partners.

United Kingdom, Feb 25 – uFraction8 develops microfluidics-based filter systems for bio-manufacturers, enabling energy-efficient and scalable bioprocessing. The company says its filtration approach, leveraging hydrodynamic phenomena, offers advantages over conventional filters and centrifuges. It raised $4.31 million in a pre-venture capital round from Foresight Group, Alwyn Capital, Old College Capital, Scottish Enterprise, Thia Ventures, and The Polish Agency for Enterprise Development.

Netherlands, Feb 25 – Vivici uses precision fermentation to produce animal-free dairy proteins. The company’s process involves large fermentation vessels and careful harvesting to create nature-equivalent whey proteins, including beta-lactoglobulin, which it says offers superior functionality compared to full whey complexes. The Dutch startup, founded by Fonterra and dsm-firmenich in 2022, raised $34.2 million in a venture capital round from Invest-NL and APG.

Australia, Feb 24 – The Yield Technology Solutions provides farm operation teams with recommendations via apps to optimize irrigation, feeding, planting, crop protection, and harvesting. It uses ML-supported analytics of microclimate forecasts based on local weather data, obstructions, and topography. The company was acquired for an undisclosed amount by Yamaha Motor Ventures.

Switzerland, Feb 20 – Food Brewer is a food technology company that develops cocoa and coffee alternatives, which works with Krones, a food and brewing equipment provider. The Zurich-based startup last week achieved a CHF 5 mln strategic investment from the chocolate giant Lindt & Sprüngli, and Sparkalis (the corporate venture arm of bakery ingredients and chocolate giant Puratos).

United States, Feb 20 – Hylio provides broadcast and spot spraying drones and associated mapping software for planning, executing and recording treatments. The Texas-based ag drone maker raised $2M on equity crowdfunding platform StartEngine Crowdfunding, Inc., to expand production at a new facility capable of producing 5,000-plus drones a year.

Japan, Feb 20 – Kinish describes itself as a pioneering foodtech company specializing in the production of alternative foods through plant molecular farming, for example to produce milk proteins. The company last week raised 120 million yen ($800K) in a seed round, from investors including Genesia Ventures, Lifetime Ventures, Full Commit Partners, and MUFG participated in the round.

United States, Feb 19 – Jord BioScience says that it offers a proprietary microbial inoculant that works alongside and boosts the effectiveness of inoculants from other companies. The company raised $7M to develop its microbial solutions for ag, closing a Series B round, from investors including SilverBlue LLC and the University of Minnesota.

Spain, Feb 19 – MOA foodtech says it combines fermentation and artificial intelligence to transform by-products of the agri-food industry into protein with high nutritional value. The company was awarded €14.8 million from the European Innovation Council, as part of the latest EIC Accelerator. The funding comprises a €2.3 million grant, with an additional €12.5 million equity to be deployed in a second phase.

Germany, Feb 19 – Kynda says it enables food companies to undertake mycelium fermentation in-house, using its accessible, plug and play bioreactors, to turn agricultural by-products into mycoprotein for the food and pet-food industry. The company has raised €3 million in seed funding, in a round led by EnjoyVenture. Poultry processor PHW Group and Swiss climate tech investor Clima Now also participated.

Belgium, February 14 – Fyteko develops proprietary biomolecules for biostimulants and biocontrol products. The company raised $13.65 million in venture capital from Credit Mutuel, SFPIM, Supernova Invest, EIT Food, and Innovation Fund.

United States, February 13 – 80 Acres Farms produces microgreens and herbs in vertical farms using zero pesticides. The company raised $115 million in private equity from General Atlantic, Siemens Financial Services, and others.

Sweden, February 13 – Agteria Biotech develops feed additives to reduce methane emission from livestock. The company raised $6.28 million in pre-venture capital from Industrifonden, AgriZeroNZ, Norrsken, and Mudcake.

United States, February 13 – Carbonzero.eco tackles climate change through biochar application in farming. The company raised $3.5 million in pre-venture capital from undisclosed investors.

Netherlands, February 13 – Collie develops virtual fencing technology using smart collars for cattle management. The company raised $3.66 million in pre-venture capital from Freigeist.

United Kingdom, February 13 – CroBio engineers microbes for sustainable agriculture and drought management. The company raised $0.85 million in grants from DEFRA.

Israel, February 13 – IBI-Ag develops single domain antibodies targeting insect proteins. The company raised $6.1 million in venture capital from Corteva Agriscience, The Trendlines Group, and others.

Australia, February 13 – Magic Valley develops cultivated meat products. The company raised $0.06 million in grants from the Government of Australia.

Netherlands, February 13 – Proba specializes in carbon insetting for fertilizer-related decarbonization. The company raised $1 million in pre-venture capital from Future Food Fund and others.

Finland, February 13 – Raisio produces plant-based foods including Elovena oat drinks. Valio acquired a partial stake for $7.32 million.

United States, February 13 – Tidal Vision produces chitosan-based agricultural inputs from seafood byproducts. The company raised $140 million in venture capital from Cambridge Companies SPG and others.

United States, February 11 – MyLand Agriculture, A Soil Health Company uses microalgae for soil health improvement. The company raised $23 million in venture capital from Proterra Investment Partners and others.

Israel, February 11 – Plantae Bioscience develops unique plants using computational protein-design. The company was acquired by 80 Acres Farms.

Belgium, February 6 – BiocSol specializes in developing microbial-based biopesticides, emerging as a spinout from UCLouvain’s research initiatives. The company raised $4.57 million in venture capital from Pymwymic and Win4Company.

Switzerland, February 6 – Koa Switzerland & Ghana upcycles cacao fruit into products such as Koa Pure juice, Koa Concentrate 72°, and cacao fruit powder. The company employs a mobile processing unit for on-site cocoa pulp extraction, enhancing sustainability. It raised $2.08 million in pre-venture capital from Faber, Fund F, and Swanlaab.

United States, February 6 – PlantBaby produces plant-based, soy-free, and dairy-free infant formula under its Kiki Milk brand. The company raised $4.00 million in venture capital from Big Idea Ventures, XFactor Ventures, B2 Partners, Everywhere Ventures, and Women’s Equity Lab.

Netherlands, February 5 – Mosa Meat, a cultivated burger manufacturer, raised $2.60 million in crowdfunding from undisclosed investors.

Denmark, February 4 – Enduro Genetics focuses on improving large-scale fermentations by integrating a “genetic plug-in” into microbial production hosts. This technology ensures only high-producing cells survive, eliminating non-productive ones. The company raised $12.45 million in venture capital from Supernova Invest, NOON Ventures, and Sandwater.

France, February 4 – Jay&Joy produces vegan cheese from almonds and cashew nuts. The company raised $2.07 million in private equity from Demeter, Beyond Impact, and Jean-Baptiste Rudelle.

France, February 4 – Les Nouveaux Affineurs applies traditional cheesemaking techniques to ferment and mature cashew- and soy-based cheese. The company was acquired by Jay & Joy for an undisclosed amount.

Regulatory News Round-Up

Our Regulatory News Round-Up from February:

  • Feb 6 – Mosa Meat has filed to sell its cultivated beef fat for use in blended meat products in Switzerland, supported by Bell Food Group, the country’s largest meat processor, and an investor in Mosa Meat

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