Investment in agrifood technology reached a record high in 2020 with expectations for that trend to continue. According to the 2020 AgriFood Tech Investment Review from Finistere Ventures, overall investment in agrifood tech companies reached $22.3 billion last year. Of the overall total, $5 billion was invested in agtech, while $17.3 billion was invested in the foodtech sector. The numbers reflect a compound annual growth rate 50 percent between 2010 and 2020.
The staggering growth in investment in 2020 is highlighted in the report, with the single year’s investment equating to approximately one-third of total investment in agrifood tech over the past decade. Biotech remained the number-one sector for agtech investment, attracting $1.3 billion in 2020. Animal tech investment grew to nearly $850 million, primarily due to the impact of the COVID-19 pandemic. Subsectors like digital technologies, precision agriculture, and plant sciences, also broke investment records in 2020. Based on early data this year, Finistere is expecting 2021 to be another record year for investment.
Listen to the radio report below.