Agritech unicorns are private agricultural technology companies valued at over $1 billion. These companies are transforming the agricultural and food sectors by promoting sustainable farming practices and optimising supply chains.
This article aims to showcase Agritech unicorns that are leveraging emerging technologies within the agricultural system, covering aspects from farm planning to consumption. Key areas of focus include intelligent crop farming, farm-to-fork solutions, and data utilisation. These companies are enhancing the agricultural landscape and driving technological advancements in farming.
The Rise of Agritech
Agricultural technology, often referred to as agritech, involves the application of technology to enhance farming efficiency and production levels while reducing resource usage. This includes everything from field monitoring to optimising the food supply chain.
In agriculture and food production, necessity drives innovation. Agritech has enabled us to feed the world’s rapidly growing population more effectively than ever before. With the use of machines, robots, software, and other technologies, we can minimise waste and lower costs in food production. Here are some recent technological trends transforming the agricultural landscape:
Top Agritech Trends Transforming the Farming Industry
+ Agri-Robotics: Robotics is revolutionising farming practices by automating tasks such as planting and harvesting and using drones for crop monitoring. Farmers are adopting robotics to enhance efficiency, reduce labor costs, and improve precision in farming operations.
+ Internet of Things (IoT): The integration of the Internet of Things is transforming agriculture into a highly interconnected and data-driven industry. Through sensors and smart devices, farmers can monitor crops and livestock in real time, enabling informed decision-making and better resource utilisation.
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+ Regenerative Agriculture: Regenerative agriculture is gaining traction as a method for improving soil health and enhancing biodiversity. Companies are developing practices and products aimed at supporting soil regeneration, carbon sequestration, and the overall health of ecosystems, with the goal of fostering a more sustainable agricultural model.
+ Indoor Agriculture: Also known as controlled environment agriculture, indoor farming allows for year-round crop cultivation, regardless of external weather conditions. Companies in this sector are pioneering advancements in hydroponics, aquaponics, and aeroponics, leading to sustainable and scalable farming practices.
+ Digital Agriculture: This trend involves incorporating digital technology into every aspect of farming. Companies are developing software platforms that improve farm management, perform data analysis, and support predictive modeling, thereby promoting smarter and more efficient agricultural practices.
+ Precision Agriculture: Precision farming involves using technology to manage field variations precisely. By leveraging satellite imagery, GPS technology, and other innovative tools, Agritech companies empower farmers to optimise inputs like water and fertiliser, which can ultimately increase yields and reduce environmental impact.
These technologies are being developed and promoted by various Agritech unicorns that are currently shaping the future of technology in agriculture. Here are the top five Agritech unicorns to watch in 2024.
Top Agritech Unicorns in 2024
The AgTech industry is thriving with successful companies that have raised millions of dollars in venture capital funding from some of the world’s top investors. Many of these companies have achieved Agritech unicorn status, which means they are privately held companies valued at over $1 billion. If you’re looking to build the next unicorn in the AgTech space, these are five companies you should keep an eye on.
1. Farmers Business Network (FBN)
Farmers Business Network is a farmer-to-farmer network that connects farmers, ranchers, and agricultural entrepreneurs with both capital investors and established farmer-entrepreneurs. Based in San Carlos, California, FBN was co-founded by Amol Deshpande and Charles Baron, launching as a startup in 2014.
Since then, FBN has raised a total funding of $899M over 9 rounds. In its latest funding, Series G held in 2023, it raised a total of $155 million.
As of 2024, FBN has approximately 80,000 farmers in its network across the U.S. and Canada.
Startup Details:
– Valuation: $4.00 billion (August 2020)
– Country: United States
– State: California
– City: San Carlos
– Founded: 2014
– Founders: Amol Deshpande, Charles Baron
– Number of Employees: 500-1,000
– Funding: $739.60 million
– Funding Rounds: 10
– Number of Investors: 24
2. Tridge
Tridge is a pioneering agritech unicorn company based in South Korea. The platform connects buyers and sellers based on trade data from agricultural and fishery products and has carried out approximately 12 billion worldwide transactions.
In 2023, Tridge was officially recognised as one of Korea’s Unicorn Companies by the Ministry of SMEs and Startups after successfully completing a Series D funding round in 2022, where it raised $37.2 million, reaching a valuation of $2.7 billion.
Startup Details:
– Valuation: $2.70 billion (August 2022)
– Country: South Korea
– State: Seoul
– City: Seoul
– Founded: 2015
– Founders: Hoshik Shin, Kangwook Lee, Minjong Chung
– Number of Employees: 501-1,000
– Funding: $113.79 million
– Funding Rounds: 4
– Number of Investors: 4
3. Apeel Sciences
Apeel Sciences is focused on reducing food spoilage with its plant-derived shelf-life extension technology. According to a 2011 estimate from the UN’s Food and Agriculture Organisation, about a third of all food produced globally goes to waste.
Apeel offers a plant-based coating solution that can be applied to fruits and vegetables to double or triple their shelf life by reducing water loss and oxidation. The company in 2022, raised $250 million in a funding round led by GIC, Singapore’s sovereign wealth fund. Apeel is now valued at over $1 billion, an increase from its $420 million valuation after a $70 million funding round in 2018.
Startup Details:
– Valuation: $2.00 billion (May 2020)
– Country: United States
– State: California
– City: Goleta
– Founded: 2012
– Founder: James Rogers
– Number of Employees: 500-1,000
– Funding: $640.00 million
– Funding Rounds: 9
– Number of Investors: 30
4. Ynsect
Ynsect is a company that transforms humanely-raised insects into premium animal nutrition. The insects are processed and sold as a highly nutritious protein powder for animal feed and aquaculture, while by-products from the raising process are sold as organic fertilisers.
Currently, about 25% of the global fish caught are used for animal feed. By replacing traditional sources of feed (such as fishmeal from wild-caught fish stocks) with insect protein, Ynsect can help alleviate the growing competition for ocean fish stocks needed to feed an additional 2 billion people by 2050, while also addressing issues of fish, water, and soil depletion.Â
Startup Details:
– Valuation: $1.00 billion (February 2019)
– Country: France
– City: Evry
– Founded: 2011
– Founders: Alexis Angot, Antoine Hubert, Fabrice Berro, Jean-Gabriel Levon
– Number of Employees: 100-250
– Funding: $393.40 million
– Funding Rounds: 11
– Number of Investors: 23
5. Infarm
Infarm builds and distributes efficient vertical farms throughout cities. Their vertical farming methodology and system offer a sustainable solution to feed an increasing population. Infarm’s proprietary modular technology can be deployed in as quickly as six weeks to transform a 40-square-meter space into an urban vertical farm, capable of producing more than 500,000 plants each year equivalent to the output of a football field.Â
In 2021, Infarm secured a Series D investment of $200 million from existing and new investors, including the Qatar Investment Authority (QIA), Partners in Equity, Hanaco, Atomico, Lightrock, and Bonnier. With this funding round, the company has reached a valuation of over $1 billion and achieved unicorn status, also becoming Europe’s first vertical farming unicorn.
Startup Details:
– Valuation: $1.00 billion (December 2021)
– Country: Germany
– City: Berlin
– Founded: 2013
– Founders: Erez Galonska, Guy Galonska, Osnat Michaeli
– Number of Employees: 250-500
– Funding: $601.59 million
– Funding Rounds: 10
– Number of Investors: 22
Future Outlook
Looking ahead, the agritech industry is poised for further growth and innovation. Trends such as increased investment in vertical farming, advancements in biotechnology, and a growing emphasis on sustainable practices are likely to shape the future landscape of agriculture.
These Agritech Unicorns listed above highlight the transformative potential of agritech in revolutionising agricultural practices to meet contemporary challenges. Opportunities abound for Agritech startups in Africa to develop new technologies and approaches that address local food challenges while promoting a sustainable environment.
