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Ultrafast groceries, microalgae highlight Q2 in foodtech
Fueled by rapid consumer adoption of restaurant and grocery delivery services, the foodtech vertical delivered another strong quarter in Q2 with startups around the world raising $6.2 billion across 280 deals.
Our latest Emerging Tech Research report explores VC activity in the foodtech sector, highlighting key deals and exits. The report also dives into industry opportunities--including production of microalgae, rise of ultrafast grocery delivery startups, and India’s burgeoning food delivery market.
Key takeaways
- E-commerce-focused food suppliers led Q2 funding with $3.1 billion invested across 29 deals.
- Ultrafast grocery, the latest online food delivery trend, is characterized by startups offering 20-minute-or-less delivery of goods. European startups such as Getir and Weezy are betting on a market for consumers who prefer spontaneous food orders to help them avoid scheduled trips to the store.
- The latest protein to garner VC attention is microalgae. Several corporate food companies have formed partnerships with microalgae providers to develop new plant-based products and reduce their carbon footprint.
- The food delivery market in India is estimated to exceed $21 billion by 2026. As the market is large and underpenetrated, we believe ghost kitchens may play a greater role in the development of India’s food delivery market.
