PitchBook News - Foodtech funding swells in 2021

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The Daily Pitch: VC

February 11, 2022

Like our newsletter? The data comes from the PitchBook Platform — our data software for VC, PE and M&A

In today's Daily Pitch, you'll find:

From alt-proteins to delivery robots, our 2021 Annual Foodtech Report explores the sector's emerging segments attracting VC attention.

Our new PE Earnings Dashboard, which will be updated quarterly, tracks trends in key performance metrics for public PE firms from company filings and PitchBook data.

How does Nvidia's attempted Arm takeover stack up against other failed tech mergers?

Today's Top Stories

Foodtech funding doubles in 2021 as VCs supersize their investments

The foodtech sector is rapidly evolving due to shifting consumer behavior, technological innovation, supply chain vulnerabilities and increased focus on sustainability.

Our 2021 Annual Foodtech Report dives into the sector's investment activity, assessing emerging opportunities across market segments—led by alt-proteins, online grocers and delivery robots. Key takeaways include:

VCs poured more than $39 billion into foodtech companies in 2021. Over half of the capital went to two categories: online grocers and apps and marketplaces.

We expect the momentum for bio-engineered foods, such as plant-based proteins, to continue into 2022 as startups create more realistic alternatives to meat and dairy products.

China has become a hotbed for online grocers as startups such as Xingsheng Selected, Nice Tuan, and Pupumall compete for the massive market opportunity presented by high-population areas.

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PE Earnings Dashboard: KKR, Apollo, Blackstone and Carlyle

(Drew Sanders/PitchBook News)

Publicly traded US private equity firms have mostly shown strong returns during the COVID-19 recovery, and their stocks have consistently outperformed the S&P 500 index.

Blackstone, Apollo Global Management, KKR and The Carlyle Group have all seen their assets under management grow in each of the last eight quarters. Three of the four firms saw a steady increase in distributable earnings—the allocation of cash that can be returned to investors—in recent quarters.

Our new PE Earnings Dashboard, which will be updated quarterly, tracks trends in key performance metrics for public PE firms from company filings and PitchBook data.

explore the dashboard

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A message from Founder Shield

PE and VC firms need to rethink risk management

Private equity and venture capital firms face ever-evolving threats and challenges in today's environment. SEC enforcements were up 33% in 2021, with private companies and firms increasingly becoming targets. From SEC investigations to mismanagement lawsuits, how do you identify major risks faced by your firm and portfolio companies? And how should you implement strategies to mitigate these risks?

In this Private Equity & Venture Capital Risk Management Guide, Founder Shield covers the answers to these questions and more. Learn about crucial policies, examples of claims and lawsuits that private equity and venture capital firms typically face, and how these insurance policies kick in to defend your firm.

Download the Risk Management Guide

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How Nvidia's failed Arm deal compares to tech's biggest M&A upsets

(Ray Massey/Getty Images)

Nvidia's planned $40 billion acquisition of Arm, the British semiconductor manufacturer owned by SoftBank, was officially declared dead this week.

It's the latest in a list of tech mergers scrapped for a range of ultimately insurmountable obstacles. Here are five of tech's biggest failed takeovers.

Recommended Reads

One crypto project that has found a use for the tech outside of the finance world. [The New York Times]

Experts can't agree on how many humans will be on Earth by 2100. For those trying to plan for problems caused by overpopulation or climate change, the demographic mystery poses a problem. [The Atlantic]

While some LPs have pledged to divest fossil fuels, others aren't ready to forgo the high returns promised by PE's dirty energy assets. [The Economist]

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Quick Takes


	The Daily Benchmark
	2017 Vintage European PE Funds
	VC Deals
	Curevo Vaccine nabs $60M
	Superconductive picks up $40M
	Sardine banks $19.5M Series A
	FloodFlash secures $15M

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VC Deals

Curevo Vaccine nabs $60M

Curevo Vaccine has raised a $60 million Series A led by RA Capital Management. The Seattle-based company is developing vaccines for infectious diseases. Its lead product is intended to prevent shingles in older adults.

Additional Investors:

Adjuvant Capital, EN Investment, GC Pharma, Janus Henderson Investors

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Superconductive picks up $40M

Superconductive has raised a $40 million Series B led by Tiger Global. Based in Salt Lake City, the company is the developer of an open source tool for data testing, documentation and profiling. Index Ventures, CRV and Root Ventures also participated in the funding.

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Sardine banks $19.5M Series A

Sardine has raised $19.5 million from investors including Andreessen Horowitz, NYCA and Experian Ventures. The San Francisco-based company is the developer of a fraud and compliance platform for neobanks and digital wallet providers.

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FloodFlash secures $15M

FloodFlash has raised a $15 million Series A co-led by Buoyant Ventures and Munich Re Ventures. Founded in 2019, the London-based company is the developer of an insurtech platform for flood coverage.

Additional Investors:

Global Brain, Insurtech Gateway, LocalGlobe, MS&AD Ventures, Pentech Ventures, PropTech1 Ventures, Sony Financial Ventures

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