2016全球农业科技风险投资报告（英文版）_49页_2mb

AgTech Investing Report: Year in Review 2016

Core Content Summary

The AgTech investing report for 2016 highlights the dynamics of venture capital (VC) investment in the agtech sector, showing a decline in funding but an increase in deal activity. Despite a global VC market contraction of 24%, agtech saw a 30% drop in funding to $3.23 billion, while the number of deals increased by 10%. The report emphasizes the role of accelerators and early-stage resources in driving deal growth.

Key Statistics

• Total Investment: $3.23 billion
• Total Deals: 580
• Unique Investors: 670
• YoY Investment Growth: -30%
• YoY Deal Growth: +10%
• Biggest Raise: $200 million
• Median Deal Size: Varies by category, with some categories showing growth

Main Insights

1. Investment Decline in VC Market

• Agtech experienced a 30% drop in VC investment in 2016, attributed to investor caution, poor IPO performance, and political uncertainty.
• The decline was more pronounced in certain sectors like bioenergy, drones, and food delivery.
• Q4 2016 saw a significant pullback in both funding and deal activity, especially in agtech, due to global market trends.

2. Uncertainty Around Exits

• Despite some notable exits, large agribusinesses remained largely absent from acquisition activity.
• Companies like Scott’s Miracle Gro and KPCB made acquisitions, but the lack of a $1 billion exit raised concerns among VCs.
• Agtech startups are still seen as valuable, but the M&A landscape remains uncertain.

3. Seed Funding Increase, Series A Decline

• Seed stage deals dominated, accounting for 57% of deal activity and $230 million in investment, up from 49% and $130 million in 2015.
• Series A funding dropped by 43% in dollar terms and 31% in deal numbers, likely due to investor caution and valuations not matching business fundamentals.
• Series B deals showed growth, with $791 million across 55 deals, reflecting sector maturation.

4. Geographical Diversity Picks Up

• US startups accounted for 48% of dealflow, down from 58% in 2015 and 90% in 2014.
• Non-US agtech startups saw increased funding, particularly from China and India.
• Canada and the UK showed growth in deal activity, with a focus on Farm Management Software & IoT and Food E-Commerce, respectively.
• Asia had notable investment, with China and India leading in funding for supply chain and logistics startups.

Deal Volume and Activity by Quarter

• Q4 2016 saw a sharp decline in funding and deal activity, contrasting with previous years where Q4 was the most active.
• The drop was even more pronounced when excluding Food E-Commerce, which had previously driven significant investment.

Deal Activity by Stage

• Seed stage deals were the most active, contributing to 57% of deal activity and $230 million in investment.
• Series A and C saw declines in both funding and deal numbers, indicating investor caution and tighter valuations.
• Series B deals showed growth, with $791 million across 55 deals, reflecting the sector's maturation.

Deal Activity by Category

• Food Marketplace/E-Commerce: Dominated by large deals, including Yiguo.com and FreshDirect, with 40% of total funding.
• Ag Biotechnology: Second-largest category, with $719 million across 84 deals, including microbiome and gene-editing technologies.
• Farm Mgmt Software, Sensing & IoT: Slightly declined in funding but remained a significant category.
• Novel Farming Systems: Showed growth, with $247 million across 43 deals, focusing on indoor farming and alternative proteins.
• Supply Chain Technologies: Grew significantly, with investments in logistics and food safety.
• Robotics, Mechanization & Equip: Experienced a pullback, especially in drone technology, due to lack of proof of efficacy.

Investor Activity

• There are 14 active agtech funds, totaling over $850 million in capital.
• Accelerators played a crucial role in early-stage funding, with 16 new ones launched in 2016.
• Non-ag focused investors, including family offices and Silicon Valley VCs, were key players in later-stage funding.
• Generalist investors remained a concern due to market pullback and caution.

Top Investors and Funds

• New Crop Capital (Washington, DC): 9 investments
• S2G (Chicago, IL): 7 investments
• Anterra Capital (Amsterdam, Netherlands): 6 investments
• Cultivian Sandbox (Chicago, IL): 6 investments
• Middleland Capital (Washington, DC): 6 investments
• GV (Google Ventures) (Mountain View, CA): 5 investments
• Acre Ventures Partners (Santa Monica, CA): 4 investments
• Greensoil Investments (Ra’anana, Israel): 4 investments
• Syngenta Ventures (Basel, Switzerland): 4 investments
• Viking Global Investors (Greenwich, CT): 4 investments

Conclusion

The agtech sector showed resilience in 2016 despite a global VC pullback. While investment declined, deal activity increased, driven by early-stage resources and a growing number of accelerators. Seed funding remained robust, while Series A and C saw caution and tighter valuations. Geographical diversity expanded, with notable growth in non-US markets. The future of agtech appears promising, with continued innovation and investment interest, though exits and M&A activity remain uncertain.