European agrifoodtech ventures raised $3.3 billion in 2020, a 15% drop from 2019. But we expect the total investment tally to reach $3.8 billion as new 2020 deals come to light. At that level, Europe’s 2020 funding would only represent a 2.6% decrease from 2019, mostly on the back of a drop in late stage activity, as early stage investment activity increased.The increase in early stage investment signals the beginning of a new innovation cycle on the continent and many second generation starups are raising larger rounds than those that paved the way before them.Upstream investment increased 50% year-over-year, continuing a trend seen across the globe for most investor comfort in more complicated, deep tech ventures closer to the farm.It marks a major shift from 2019, when the top funded categories were Restaurant Marketplaces, eGrocery and Cloud Retail Infrastructure. The three collectively accounted for nearly 50% of European agrifoodtech funding last year, but only 19% in 2020.
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