The accelerator, Eatable Adventures, presented its study “The State of Foodtech in Spain 2022”, where the pulse of the entrepreneurial ecosystem of our country is taken, compiling key information on the characterization of the Foodtech sector, as well as on the evolution of investment with compared to previous years.
Generally speaking, we are ahead of a very positive year for the sector. Despite the macroeconomic context and global pressures that have a significant impact on the agri-food system, the sector has received confidence, not only from investors, but also from companies and governments, which have taken a much more active role in the growth of our ecosystem. In this sense, the industry’s commitment to externally seeking solutions to its industrial challenges and new opportunities in the market stands out, through collaboration models with startups based on open innovation.
Thanks to this, in 2022 we are facing a more mature market with more solvent technologies and intellectual properties that have aroused the interest of the international community. “Spain is consolidating its position as a Foodtech Nation with a flourishing ecosystem and great technological and intellectual solvency. Technologies offer us an excellent opportunity to build the food system of the future: more efficient, sustainable and that guarantees food security for all”, has commented Mila Valcárcel, Managing Partner of Eatable Adventures.
Greater technological solvency and great growth in terms of employment
In 2022, Spain remains in the global top 10 in terms of the number of Foodtech startups, whose latest census, according to the report, adds a total of 412 startups. At the regional level, Madrid, Catalonia and Andalusia lead the ranking of communities that concentrate a greater number of startups, with 27.6%, 25.7% and 11.8%, respectively.
Regarding the teamsCuriously, the age of entrepreneurship in our country is quite late, with the average age of entrepreneurs standing at 37.5. This year, the increase in the share of women stands out, with 24.23% of partner teams made up of women, 4 points above last year.
This sector is increasingly emerging as a source of qualified employment, experiencing growth close to 26% during 2022 and with a total of 6,300 employees.
Regarding the key areas of the Foodtech sector, for yet another year, four large categories fairly balanced between them: Agritech (24%); Production and transformation of food (34%); Logistics, Distribution and Retail (25%); and Restaurant Tech (16%). If we go deeper into each of the subcategories of these areas, the ones that lead the global ranking are the “direct to consumer” models (21.12%), product innovation (15%) and the digitization of the field (14%). .
As previously mentioned, we note a greater maturity in the technological solvency of startups and in the management of their intellectual property. The percentage of startups that decide is growing patent their solutions or generate utility models. 32.9% of startups have patents, 56.6% have a trademark registration and 29% have trade secrets.
Speaking of technologies, the so-called “Deep Tech” continue to lead the technological transformation of the industry, although some important variations can be seen compared to the previous year: artificial intelligence increased by more than 12 points, as well as machine learning and IOT, with a increase of 8.5 and 9.6 points, respectively. Biotechnology continues to lead the ranking of the technologies used, although it decreases slightly compared to the previous year.
A sustained investment and an increase in larger rounds
2021 was undoubtedly the year of inflection for the sector, with overwhelming investment data (695 million euros) and growth of 220% compared to the previous year. However, we must bear in mind that Glovo was the protagonist, throughout that year, of an investment round of 450 million euros, hence the so-called “Glovo effect” and its impact on the total investment figure.
This year, the total investment figure stands at 268 million euros, a very positive result that places investment growth at 9.38% compared to the previous year, if we discount the investment round reached by the Catalan startup . In addition, the increase in series A rounds stands out, growing by close to 20%, 5 points more than in 2021. The largest investments have occurred in startups that work in restaurants/retail, as had been happening previously, but the irruption of the protein alternative stands out as a great recipient of investment capital. The top 5 startups that lead this ranking are Cover Manager (€52M), Heura (€20M), Good News (€11M), Nova Meat (€6M) and Cubiq (€6M).
Finally, regarding the keys of increase, startups highlight in first place the determining role of international investors (88.06%), collaboration with research centers (63.64%) and the food industry. However, there is a certain cooling in the perception of support from local investors (43.28%), Spanish universities (43.28%) and public aid to the sector (29.86%). Internationalization undoubtedly has a key role as the main tool to boost the growth of startups.
