Agrifood: How Many Investments in Startups Were Made in Italy?

With 28 investment rounds closed between January and November 2023, equal to a tenth of the overall venture capital operations, the startups operating in the Agrifood sector in Italy have collectively raised almost €96 million.

The data emerges from the report created by Growth Capital dedicated to startups in the Food & Agriculture sectors.

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The findings of the report

According to the report, on a geographical level the North drives investments, with 20 rounds and €86 million raised. The South follows, with 4 rounds closed during the year and €6.3 million euros raised, compared to €2.5 million in 2022. Central Italy, with 4 rounds, instead collects €3.4 million, decreasing compared to 2022 ( €8.7 million).

Looking at the individual sectors, Food Retail stands out in first place in terms of number of rounds closed (8, i.e. 28% of the total), followed by vertical farming and alternative protein, with 4 rounds each. As regards the amount invested, however, Vertical Farming wins the scepter, with €49.6 million, an increase of 65% compared to 2022.

In second place are the rounds in Food Retail, for a total of €16.4 million (against €3.7 million in 2022), while in third place are the Cloud and Ghost Kitchen with €13 million, compared to €7.9 million in 2022. Off the podium, the €7 million invested in Alternative Protein, which in 2022 had not collected any type of interest.

The most promising startup in the agrifood sector

Among the five most promising startups according to the report are Planet Farms, which in the sector is the team that has obtained the most important funding during 2023. Followed by Soul-K, which closed a round of €20.5 million, including equity (€13 million) and bank financing (€7.5 million).

Third place for the Milanese brand of fresh pasta restaurants MiScusi, which closed a total round of €10 million, fourth place for Kilometro Verde, a startup of the entrepreneur Giuseppe Battagliola, which received €6 million for the creation of one innovative “vertical farming” plant. Finally, Agricooltur, a startup operating in the field of aeroponic cultivation, which completed a series A investment round of €5 million.

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First published in StartupItalia. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.

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