Innovative Food category nets $4.8b in 2021 thanks to alt-protein
Data Snapshot is a regular AFN feature analyzing agrifoodtech market investment data provided by our parent company, AgFunder.
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Startups developing alternative proteins, novel ingredients, and functional foods saw the most investment activity of any agrifoodtech category in 2021, according to the recently released AgFunder 2022 Agrifoodtech Investment Report.
More than 430 companies in the Innovative Food category, including familiar alt-protein names like Impossible Foods, NotCo, and BlueNalu, raised a total of $4.8 billion – 9.3% of the $51.7 billion pumped into all of agrifoodtech last year. Overall, category grew 103% year over year in 2021.
The Innovative Food category, as defined by AgFunder, covers startups developing alt-protein — including plant-based, cell-cultured, and fermentation-based — as well as functional ingredients and other novel nutrient sources.
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