What were the top 15 agtech deals of 2024?

Ag biotechnologies and robotics are two segments in the upstream supply chain that have shown significant resilience in 2024 and attracted large deals from investors. Another key trend this year has been the emergence of developing economics in Asia as important players in the sectors of ag biotech.

Even if the United States remains the largest beneficiary of 2024 agtech VC investments, garnering 47% of worldwide funding in upstream supply chains, India and China are now also prominent when it comes to funding. In 2024, six of the top 15 agtech rounds were for companies from Asia, which shows clear signs of the growing maturity of startup ecosystems in the continent.

While you enjoy the holidays, the AgFunderNews team has already started sifting through the piles of data involved in the creation of parent company AgFunder’s Global AgriFoodTech Investment report, coming up in early 2024.

In the meantime we are happy to share the results of preliminary data, with a ranking of the top 15 agtech deals of 2024.

1 – 🇮🇳 SAEL  raised $299 million in debt funding in July to be invested in bio-energy projects.

The Indian company focuses on green energy including waste-to-energy technologies, aiming to reduce carbon footprints and promote energy independence. SAEL’s mission is to drive the transition to a more sustainable future by delivering reliable, clean energy to communities and businesses worldwide.

2- 🇨🇳 Scigene raised $232 million in February with a late-stage round.

The Chinese ag biotech company focuses on pig breeding utilizing advanced technologies such as genome selection and multi-omic breeding. In recent years the pork supply chain has become a strategic imperative for the Chinese government, which is attempting to curb climbing prices, and innovation is required to combat the spread of diseases and high mortality in industrial pig farming. Scigene aims to become the country’s largest provider of pig semen and pig breeding services.

3 – 🇺🇸 Aymium closed a $210 million debt funding round in June.

The Bioenergy & Biomaterials company produces high-value biocarbon and biohydrogen products that can be used to replace fossil fuels in the production of metals, energy, and crops and in the purification of water and air without requiring modifications of equipment or processes.

4 – 🇺🇸 Oishii raised $150 million in February via a B stage round.

The American Novel Farming startup  uses indoor vertical farming technology to produce strawberries it sells via supermarkets. The company, that has so far been able to make vertical farming commercially successful by applying it to a niche product, has recently added Rubi tomatoes to its product line and is now planning to expand to the Japanese market.

5 – 🇺🇸 Monarch Tractor (United States) closed a $133 million Series C deal in July. 

The Farm Robotics manufacturer creates fully electric, autonomous tractors designed to enhance productivity, sustainability, and safety in agriculture. Equipped with sensors that collect data on crop health, soil conditions, and other variables, Monarch tractors analyze this data to provide farmers with actionable insights for optimizing their farming practices. The company will the new funds to expand its reach.

6 – 🇱🇹 Green Genius raised $110 million via late financing in October.

The Lithuanian Bioenergy & Biomaterials company specializes in renewable energy including solar, biogas, wind, and hydrogen energy sources. The investment aims to support the company’s European growth strategy.

7 – 🇺🇸 Inari secured $103 million of late financing in January.

The American biotechnology company’s technology uses predictive design and multiplex gene editing to unlock the full potential of seeds via its proprietary SEEDesign platform.

8 – 🇫🇮 ICEYE raised $93 million in April via late financing 

The Finnish startup specializes in synthetic aperture radar (SAR) satellite imaging to provide remote sensing capabilities. ICEYE is building and operating its own commercial constellation of satellites, with SAR data already available to customers, to help clients resolve challenges in the maritime, disaster management, insurance, and finance sectors.

9 – 🇨🇳 CP Foods  raised over $70 million in March via a series A round.

The Novel Farming company is an egg-laying chicken breeder and egg products supplier. Relying on a self-built logistics structure, it ensures the freshness of eggs by delivering to customers within 22 hours.

10 – 🇻🇳 Techcoop closed a $70 million A round in December

The Vietnamese startup provides agrifintech services to medium and small enterprises, offering a comprehensive solution package combining access to market, access to finance, and access to technology for smallholders.

11 – 🇺🇸 Carbon Robotics closed a $70 million Series D  round in October.

The American farm robotics is known for its flagship ”Autonomous Weeder,” designed to identify and remove weeds from crop fields autonomously. The robotic device utilizes artificial intelligence and computer vision to distinguish between crops and weeds, allowing it to precisely target and eliminate unwanted plants without needing herbicides or manual labor. The series D funding will support expansion into new geographies.

12 – 🇮🇳 SarvaGram raised  $67 million in November via a Series D round.

The Mumbai-based fintech startup offers financial and capacity-enhancing products for rural households. Through a data science-enabled platform, SarvaGram applies data-driven intelligence to assess the potential of smallholder farms, including an in-depth understanding of their ground reality, balance sheets, and multiple income streams.

13 – 🇯🇵 Spiber raised $65.2 million via late financing in April. 

The Japanese Bioenergy & Biomaterials startup utilizes cutting-edge synthetic biology, polymer, and material science for the development of novel materials. Produced through microbial fermentation and utilizing agricultural feedstocks as primary raw materials, its proprietary Brewed Protein polymers are well-positioned to significantly contribute to animal- and plastic-free initiatives in various fields such as the apparel and automotive industries. 

14 – 🇺🇸 Botrista Technology closed a $65 million series C round in July.

The American robotics startup, based in Silicon Valley, provides an end-to-end beverage solution for food and beverage retail chains, with capability to automate drink menus and pour an array of drinks, including non-alcoholic mixed beverages. 

15 – 🇺🇸 Arbol raised $60 million in April via a Series B round.

The ag fintech company offers solutions to analyze and mitigate exposure to climate risk. Arbol is launching an parametric insurance platform that connects weather-exposed agricultural entities with capital providers like insurers and asset managers.