Five editions and 9,000+ applications from global AgriFoodTech companies later, it is a great honour for us at Forward Fooding to unveil the official ranking of the 2023 FoodTech 500!

Did you miss our Official Unveiling Event? Fear not, below is a brief video recap our event which took place in our London’s FoodTech Innovation hub on March 13th 2024.

Introducing the Official 2023 FoodTech 500

When we first set out to create the FoodTech 500, we wanted to develop the definitive list of the top 500 companies shaping the future of food. Thanks to an overwhelming amount of support, the FoodTech 500 was born with its first edition in 2019. Showcasing innovations from AgriFoodTech companies across the globe, it set the bar incredibly high for this year’s list. 

It is our ambition that the FoodTech 500 becomes the Fortune 500 of AgriFoodTech, the definitive list of top innovators and disruptors in the industry and also the go-to leaders of this emergent and ever-evolving sector. 

Download the full list ranking in our latest White Paper and discover the entrepreneurial talent behind this year’s FoodTech 500.

Download the Official 2023 FoodTech 500 HERE

Now in its fifth edition, the FoodTech 500 has gathered more than 1500+ applications from AgriFoodTech Startups & Scaleups globally in 2023, receiving applications from 77 countries, with 57 countries represented in the final FoodTech 2023 list, shedding light to the FoodTech 500 initiative’s widespread reach and global influence. The FoodTech 500 2023 data also indicated that 16,000+ jobs were created globally and having raised over 6.61 billion dollars in funding overtime emphasises the positive contribution of the FoodTech 500 in driving innovation and shaping the future of the food industry worldwide.

The ranking methodology for the FoodTech 500 blends human vetting with tech-powered data crunching, resulting in the definitive list of the world top 500 AgriFoodTech companies in the world, the FoodTech 500.

 

As represented by this year’s finalists, we think the AgriFoodTech space is intrinsically more diverse than other tech industries. As a matter of fact, over the years, we’ve been reporting that the FoodTech space is rather diverse, and when using FT500 as a proxy of the overall FoodTech space, we have witnessed an increase year-on-year of female-founded businesses among FoodTech 500 alumni.

Top 10 Domains in 2023 FoodTech 500

The Forward Fooding taxonomy is organised according to eight macro ‘Activities’ across the supply chain, each of them divided into ‘Domains’. To learn more about our proprietary taxonomy and how we define the sector, visit our “What is FoodTech page“.

In this year’s FoodTech 500, the top 10 domains showcase a diverse range of innovations that are shaping the future of food. Leading the pack are 63 companies focused on plant-based technologies, offering sustainable alternatives to traditional animal products like dairy, cheese, and meat. These innovations aim to create more vegan options in the market while providing nutritious and delicious options for consumers.

Following closely behind are 55 companies dedicated to farm management and precision farming. For us, this is quite impressive as it shows resilience of the sector, driven by the growing role of remote sensing and AI.

Another notable trend is the rise of vertical and indoor farming technologies, with 46 companies working to maximise food production in urban environments. Technologies like aeroponics and hydroponics enable year-round cultivation, reducing water usage and increasing access to fresh produce in urban areas. Despite the current challenges faced by the sector, we expect indoor farming to keep growing in “climate-strategic” regions where it can mitigate the risks of climate change and dependence on imported food, such as the CGG.

Ag biotech and protein fermentation are also driving advancements in alternative protein production. These companies use innovative techniques such as microbiome technology and biotechnology to create novel protein sources that prioritise animal and plant health. The growth in Ag biotech is from 17 companies in 2022, it has almost doubled this year with 36 companies within the finalists, as the topics of soil health and microbiome, and seed genetics-focused technologies like molecular farming are gaining more traction. The 2023 finalist companies include the likes of Tropic, Soilsteam, and  Mozza Foods.

Additionally, companies specialising in biotech, food waste tech, and upcycled ingredients play a crucial role in promoting food sustainability. With 30 companies focusing on biotech/synthesis and 26 companies dedicated to food waste tech, these innovators are finding creative solutions to repurpose surplus food and by-products, contributing to shorter supply chains and reducing food waste.

In conclusion, the top 10 domains in the FoodTech 500 are driving positive change in the food industry, promoting sustainability, reducing environmental impact, and offering innovative solutions to global food challenges.
 

The FoodTech $100M Club

Despite the challenging funding landscape in recent years, the FoodTech 500 listed exceptional companies that raised over $100M. The FoodTech $100 Million Club serves as a recognition of the companies with a successful track record of fundraising.

With a significant amount of funding at their disposal, these companies can afford to spend more on research and development, expand their workforce, and even acquire other companies to accelerate their path to success.

To acknowledge these companies’ achievements and separate them from the more early-stage players, we created the ‘FoodTech $100 Million Club’. As the name suggests, this new category comprises startups and scaleups that surpassed the $100 Million mark in funding and are making big waves in the industry. On the 2023 FoodTech 500 list, these outliers will be identified by a distinctive C-shaped mark, and in future iterations, they will have their very own ranking.

To learn more about these companies and their impact on the FoodTech industry, please visit our $100 Million Club page.

 

The Unveiling Event

The 2023 FoodTech 500 unveiling was an exciting moment, kicked off by a speech from our CEO, Alessio D’Antino, who introduced this year’s FoodTech 500, provided key highlights of the 2023 edition, and announced the official ranking.

 

To culminate the event, we had the pleasure of hosting presentations from a select group of FoodTech 500 companies, each sharing their remarkable journey and vision.

The speakers included Frankie Fox (CEO & Co-founder of FoodSquared), Laura Knight (CEO of SmarterNaturally), Susan Payne (Co-Founder & COO of Sustainable Planet), Prof. David Salt (CSO of Nukoko), Nico Hutton (Chief Commercial Officer of Extracellular), and Alina Sartogo and Dini McGrath (Co-Founders of The Wonki Collective).

We were also joined on stage by Simon Hall from Google Cloud, our strategic partner for the unveiling event. Google Cloud has been actively supporting the AgriFoodTech startup ecosystem via its Google For Startups Cloud Program, which provides access to startup experts, Google Cloud and Firebase costs covered up to USD 200K (up to USD 350K for AI startups) over 2 years, technical training, business support, and Google-wide offers. If you’re a data-driven agrifoodtech startup, apply to the Google For Startups Cloud Program.

Together, they delved into the future landscape of the AgriFoodTech sector, offering insights into upcoming technological advancements and sharing their personal journeys and inspiring visions for the industry.

 

What’s next on the FoodTech 500 agenda?

Following the successful unveiling kickoff event in London, we’re heading to key agrifoodtech hotbeds for our Global 2023 Unveiling FoodTech 500 Tour. So mark your calendars and join us in our next stops:  

• San Francisco (March 21st)
• Stockholm (April 9th)
• Barcelona (June 25th)
• Dubai (September 21-22-23rd)

We look forward to welcoming you to our global FoodTech community and giving you a first-hand taste of the future of food. Visit our Events Page to grab your tickets and we hope to see you in one of these meetups!

Once more, a heartfelt thank you to all the participants, speakers, exhibitors, event sponsors, media partners, and all the companies that have applied, making this list possible every year.

Download the White Paper and visit the FoodTech 500 page to learn more about the full ranking.

Forward Fooding is the world’s first collaborative platform for the Food & Beverage industry via FoodTech Data Intelligence and Corporate-Startup Collaboration – Learn more about our Consultancy and Scouting Services and our Startup Network.