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Q1 2021
Emerging Tech Research: Foodtech
May 14, 2021
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Digital bodegas and grocers drive foodtech deal boom
Venture funding for foodtech startups surged in the first quarter to $10.1 billion across 241 deals, a 122.3% quarter-over-quarter increase. PitchBook’s latest Emerging Tech Research report highlights the industry’s key events of the quarter and emerging opportunities shaping the future of food.
Key takeaways
Digital bodegas and grocers drive foodtech deal boom
Venture funding for foodtech startups surged in the first quarter to $10.1 billion across 241 deals, a 122.3% quarter-over-quarter increase. PitchBook’s latest Emerging Tech Research report highlights the industry’s key events of the quarter and emerging opportunities shaping the future of food.
Key takeaways
- Delivery platforms are thinking beyond takeout, giving a global rise to digital convenience stores and grocers. Notable deals include China-based Xingsheng Selected ($3 billion), US-based GoPuff ($1.15 billion), Spain-based Glovo ($535.7 million) and Germany-based Gorillas ($290 million).
- Zoom happy hour, anyone? Wine marketplace Vivino and alcohol purveyor Drizly also secured megarounds.
- Lab-grown meat specialists BlueNalu, Meatable and Future Meat commanded some of the largest early-stage deals. Eat Just, the first company to sell cultivated meat in a restaurant, raised a $200 million Series F.