PitchBook年二季度食品科技风险投资趋势

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 map 4 Analysis VC activity5 Alex FrederickLead Research Analyst, Agri-foodtechalex.frederick@pitchbook.com Foodtech VC deal summary27 Ben RiccioAssociate Research Analystben.riccio@pitchbook.com Data Harrison WaldockData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe LadwigandMegan Woodard Published on September 12, 2025 Foodtech VC ecosystem market map VC activity Megadeals drive increase in foodtech funding Foodtech VC funding totaled $2.0 billion across 128 transactions in Q2, marking a 50.1% QoQ increasein total capital deployed but a 37.7% decline in deal volume. While the sequential uptick in capitalreflects a modest recovery from Q1 2025’s record-low $1.3 billion, it reinforces several persistentmedium-term trends that have defined the sector since 2022. Capital concentration has intensifieddramatically: 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 fundingwas more evenly distributed across stages and early-stage deals constituted 37% of transactionsversus just 19% today. The declining deal count also extends a troubling long-term trajectory: from2,674 deals in 2021 to 1,107 in 2024, and now just 128 in Q2 alone. Notably, each of Q2’s megadealswent to a unicorn—including three new entrants, Wayflyer, Jumbotail, and Owner—underscoringhow unicorn creation has become increasingly rare, with only 36 foodtech unicorns remaining activeglobally, down from 62 in 2024. This pattern suggests the sector is maturing rapidly, with investorsconsolidating 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. Dealcounts have steadily declined since peaking in 2021, with the latest quarter marking the lowest totaltransaction count in over a decade. Only 334 deals closed in the first half of 2025, a rate equivalentto 668 annual deals, placing the sector on track to significantly underperform the 2020-2024 annualaverage of 1,870 deals. Seed and early-stage activity has been particularly weak, now representingtheir lowest share of overall deal flow in the past five years. This contraction reflects heightenedinvestor caution and a flight to quality, with capital increasingly directed toward later-stagecompanies with demonstrated revenue growth and greater near-term exit opportunities. VC ACTIVITY Looking ahead, this trend is likely to accelerate through H2 2025 and into 2026, with annual dealcounts potentially falling below 600 as the surviving cohort of well-funded unicorns and growth-stagecompanies consolidate market share. The sector appears headed toward a bifurcated landscape:a small tier of dominant, well-capitalized players attracting the majority of investment, whileearly-stage funding remains scarce until macroeconomic conditions improve and successful exitsdemonstrate renewed investor returns. We expect 2026 to be a pivotal year for M&A activity as cash-strapped startups seek strategic buyers, potentially catalyzing the next wave of consolidation. The increased deployment of capital across a smaller pool of companies has caused median dealsizes to reach new highs. H1 2025’s median deal size stood at $3.1 million, while full-year 2024’s was$3 million—both significantly above the $2.2 million median recorded during 2021’s peak. Valuationshave followed suit: The overall median valuation rose 18.7% to $19.5 million between full-year 2024and H1 2025. However, this headline figure largely reflects late-stage dynamics, as venture-growthrounds saw a 6x increase in median valuation—from $115 million in 2024 to $706.6 million in H12025. Critically, these apparent valuation gains may be misleading due to significant disclosurebias. A smaller percentage of companies are reporting valuations compared with prior years, withindustry sources indicating that many deals—particularly down rounds—are going undisclosed. Thisselective reporting creates an artificial upward skew in median valuations, as companies experiencingvaluation declines opt for confidentiality, while successful raises are publicized. The true valuationenvironment is likely more challenging than the data suggests, particularly at the seed and earlystages where down rounds are reportedly more common but systematically underrepresented inpublic datasets. These trends underscore the widening gap in fortunes between established foodtech companiesand emerging entrants. Well-capitalized market leaders—particularly in restaurant