2025年一季度食品科技风险投资趋势2025

EMERGING TECH RESEARCH Foodtech VC Trends VC activity across the foodtech ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Foodtech landscape3 Institutional Research Group Foodtech VC ecosystem market map4 Analysis Alex FrederickSenior Research Analyst,Agtech and Foodtechalex.frederick@pitchbook.compbinstitutionalresearch@pitchbook.comBen RiccioAssociate Research Analystben.riccio@pitchbook.compbinstitutionalresearch@pitchbook.com VC activity5 Foodtech VC deal summary24 Data Harrison WaldockData Analyst Publishing Report designed byChloe LadwigandMegan Woodard Published on June 6, 2025 Foodtechlandscape Restaurant & retail techAlt-proteinsBioengineered foodsDiscovery & reviewE-commerceFood production VC activity VC funding starts slow Foodtech VC activity slowed significantly in Q1, with $1.4 billion invested across 202 deals—aquarter-over-quarter decline of 49.6% in capital and 15.1% in deal count. Investor caution remainselevated, with a marked shift toward more mature startups boasting proven business models. Thishas led to a sharp reduction in seed and early-stage funding. Notably, some investors have pulledback from foodtech—or from venture capital altogether. As illustrated in the “Count of unique VCinvestors that invested in foodtech target companies by close year” chart, the number of uniqueVC investors participating in foodtech VC deals dropped 54% from its 2021 peak through Q1 2024,while participating nontraditional investors declined 67%. PitchBook data revealsthat 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 attractivefoodtech opportunities to get AI exposure. However, AI applications in restaurant managementsoftware, food intelligence & production, and supply chain traceability could reignite interest inthe sector. Despite the slowdown, notable deals demonstrate ongoing opportunities. Tapcheck, an earnedwage access platform for restaurants and retailers, led the quarter with a $250 million Series Athrough a combination of debt ($200 million credit facility) and $50 million in equity. Dorsia, amembership 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 theyawait exit opportunities. Importantly, these deals came without a valuation cut, bucking 2024’strend of down rounds for maturing startups. The current trends in foodtech VC funding have significant implications for both investors andstartups. For investors, the sharp rise in median valuations signals a flight to quality, with capitalbeing concentrated in fewer, more mature startups that can demonstrate proven business modelsand scalability. For example, the overall median pre-money valuation reached $26.3 million in Q12025, which more than doubles that of 2021 during the COVID-19-era. This heightened selectivitymeans investors are likely to face less competition in early-stage deals but may need to pay apremium for access to high-potential later-stage companies. As deal sizes also increase, investorsmust conduct deeper due diligence to ensure these higher valuations are justified by strongfundamentals and clear paths to profitability. Alt-proteins remain resilient Mature alt-protein companies faced significant challenges at the beginning of the year. BeyondMeat reported its third consecutive quarterly revenue decline, contributing to a $1.1 million loss,and subsequently raised $100 million in debt from a sustainable food nonprofit.1On the privatemarket side, mycelium meat alternative producer Meati encountered severe financial challengesand lost much of its cash to technical default and selling its assets for just $4 million,2despitehaving raised over $500 million in VC funding and achieving retail success, selling in over 7,000stores across the US.3 Despite these challenges, early-stage dealmaking in alt-proteins remains robust, particularly infermentation. Liberation Labs and Vivici raised $52 million and $33.8 million early-stage rounds,respectively. Liberation Labs plans to operate as a contract manufacturer, producing foodingredients and industrial products. Vivici, a customer of Liberation Labs,4develops fermenteddairy proteins. Other notable deals included cultivated meat producer Aleph Farm’s $29 millionSeries C and plant-protein producer PROJECT EADEN’s $15.5 million Series A. The deals underscoresustained investor interest in both consumer brands and enabling infrastructure. For startups, the environment is increasingly challenging, especially at the early stage, wheremedian valuations have dropped to $6.1 million from $12.1 million in 2021, reflecting tougherfundraising conditions and elevated expectations from investors. Startups must demo