Future Food Finance | FutureFoodFinance has crunched the data on a wide range of privately owned businesses within the foodtech, Agtech and alternative proteins space and shortlisted the top 85 candidates based on our own internal analysis, and using Pitchbook data.

It's crazy to think that ten years ago, back in 2012, the special purpose acquisition company or SPAC was a little used corporate structure, largely unused and certainly not a way of funding disruptive technologies. According to SPACAnalytics.com in 2011 there were just 16 SPACS which raised a meagre $1 billion between them.

Flash forward to mid-2021 and there have been a grand total of 416 SPACs by the middle of the year, raising a total of $121 billion in aggregate. And according to SPACAnalytics, there’s still another 291 SPAC’s in the pipeline looking to raise another $67 billion in funding.

SPACs now rival ordinary initial public offerings (IPOs) as a source for earlier stage business funding – SPACs accounted for 44% of all net proceeds for newly listed businesses in the US.

Why the SPACmaina?

Some SPACs have delivered stunning returns. Investors in online betting firm DraftKings have seen their initial investment increase six-fold in value while Simply Good Foods has delivered a 3 times return for investors. But many firms that have used SPACs such as AppHarvest have disappointed investors with its share prices pushing below the all-important $10 initial price level after underwhelming recent results.

Despite these disappointing numbers, its clear that SPACs are here to stay as an alternative way of raising capital for fast growing, earlier stage businesses – we might even imagine that the SPAC structure is the public markets answer to venture capital?

All of which leaves, begs an obvious question – which businesses in the Foodtech space space are likely to go down the SPAC route in the coming years ?

FutureFoodFinance has crunched the data on a wide range of privately owned businesses within the foodtech, Agtech and alternative proteins space and shortlisted the top 85 candidates based on our own internal analysis, and using Pitchbook data.

Here’s our shortlist of likely SPAC candidates – with each business, we’ve added either own internal valuation for the business (based on common industry metrics and funding rounds) or used declared VC valuations. We’ve also put each business within in a Foodtech ‘space’ e.g food waste or grocery delivery and we’ve included their domicile and a link to their website.

80 Acres Farms

Valuation: $533.3M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: United States

Vertical / Indoor Farming

Aleph Farms

Valuation: $56.1M

Valuation Date: 14 May 2019

Valuation Source: PitchBook

Domiciled: Israel

Alternative protein

Apeel Sciences

Valuation: $2.5B

Valuation Date: 18 August 2021

Valuation Source: PitchBook

Domiciled: United States

Food Waste

Barogo

Valuation: $85.4M

Valuation Date: 5 July 2019

Valuation Source: PitchBook

Domiciled: South Korea

Food Delivery

Benlai Life

Valuation: $2.6B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: China

Grocery Delivery

Bevi

Valuation: $123.5M

Valuation Date: 22 January 2019

Valuation Source: PitchBook

Domiciled: United States

Food Waste

Bowery Farming

Valuation: $2.3B

Valuation Date: 13 August 2021

Valuation Source: PitchBook

Domiciled: United States

Digitised Agriculture

Brightseed

Valuation: $127.0M

Valuation Date: 8 September 2020

Valuation Source: PitchBook

Domiciled: United States

Ingredient Producer

Butternut Box

Valuation: $121.4M

Valuation Date: 12 February 2020

Valuation Source: PitchBook

Domiciled: United Kingdom

Food Delivery

Cheetah

Valuation: $183.1M

Valuation Date: 28 April 2020

Valuation Source: PitchBook

Domiciled: United States

Food Delivery

Choco

Valuation: $600.0M

Valuation Date: 20 July 2021

Valuation Source: PitchBook

Domiciled: Germany

Food Delivery

Chowbus

Valuation: $230.0M

Valuation Date: 13 October 2020

Valuation Source: PitchBook

Domiciled: United States

Food Delivery

Dailuobo

Valuation: $629.9M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: China

Grocery Delivery

Daily Harvest

Valuation: $380.0M

Valuation Date: 23 December 2019

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

Deliverect

Valuation: $276.9M

Valuation Date: 21 April 2021

Valuation Source: PitchBook

Domiciled: Belgium

Food Delivery

Dmall

Valuation: $2.3B

Valuation Date: 31 December 2020

Valuation Source: PitchBook

Domiciled: China

Grocery Delivery

Eat Just

Valuation: $3.3B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: United States

Alternative protein

Ecovative Design

Valuation: $200.0M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: United States

Food Waste

ezCater

Valuation: $1.3B

Valuation Date: 1 April 2019

Valuation Source: PitchBook

Domiciled: United States

Food Delivery

Farmer's Fridge

Valuation: $145.6M

Valuation Date: 29 May 2020

Valuation Source: PitchBook

Domiciled: United States

Food Delivery

Fazenda Futuro

Valuation: $133.0M

Valuation Date: 2 September 2020

Valuation Source: PitchBook

Domiciled: Brazil

Alternative protein

Gegejia

Valuation: $644.7M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: China

Retail Delivery

Geltor

Valuation: $394.3M

Valuation Date: 27 July 2020

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Glovo

Valuation: $1.2B

Valuation Date: 16 September 2020

Valuation Source: PitchBook

Domiciled: Spain

Retail Delivery

Goldbelly

Valuation: $232.1M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: United States

Food Delivery

Good Eggs

Valuation: $365.0M

Valuation Date: 23 November 2020

Valuation Source: PitchBook

Domiciled: United States

Grocery Delivery

Gopuff

Valuation: $15.0B

Valuation Date: 30 July 2021

Valuation Source: PitchBook

Domiciled: United States

Grocery Delivery

Gorillas

Valuation: $6.0M

Valuation Date: 30 May 2021

Valuation Source: PitchBook

Domiciled: Germany

Grocery Delivery

Gousto

Valuation: $1.0B

Valuation Date: 7 November 2020

Valuation Source: PitchBook

Domiciled: United Kingdom

Meal Kit Services

Grofers

Valuation: $1.1B

Valuation Date: 18 August 2021

Valuation Source: PitchBook

Domiciled: India

Grocery Delivery

GrubMarket

Valuation: $230.0M

Valuation Date: 5 April 2019

Valuation Source: PitchBook

Domiciled: United States

Grocery Delivery

HappyFresh

Valuation: $237.0M

Valuation Date: 26 July 2021

Valuation Source: PitchBook

Domiciled: Indonesia

Grocery Delivery

Hazel Technologies

Valuation: $234.0M

Valuation Date: 13 April 2021

Valuation Source: PitchBook

Domiciled: United States

Food Waste

HungryPanda

Valuation: $289.9M

Valuation Date: 30 November 2020

Valuation Source: PitchBook

Domiciled: United Kingdom

Food Delivery

Hungryroot

Valuation: $800.0M

Valuation Date: 4 June 2021

Valuation Source: PitchBook

Domiciled: United States

Grocery Delivery

Imperfect Foods

Valuation: $560.0M

Valuation Date: 29 January 2021

Valuation Source: PitchBook

Domiciled: United States

Food Waste

Infarm

Valuation: $577.6M

Valuation Date: 17 September 2020

Valuation Source: PitchBook

Domiciled: Germany

Vertical / Indoor Farming

Jüsto

Valuation: $216.7M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: Mexico

Grocery Delivery

Kitchen United Mix

Valuation: $140.0M

Valuation Date: 20 September 2019

Valuation Source: PitchBook

Domiciled: United States

Cloud/Dark kitchens

Kitchens Centre

Valuation: $1.3B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: India

Cloud/Dark kitchens

Kitopi

Valuation: $1.4B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: United Arab Emirates

Cloud/Dark kitchens

LIVEKINDLY

Valuation: $1.2B

Valuation Date: 14 October 2020

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Manus Bio

Valuation: $415.0M

Valuation Date: 6 November 2020

Valuation Source: PitchBook

Domiciled: United States

Ingredient Producer

Market Kurly

Valuation: $2.0B

Valuation Date: 1 June 2021

Valuation Source: PitchBook

Domiciled: South Korea

Grocery Delivery

Meati Foods

Valuation: $325.0M

Valuation Date: 6 July 2021

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Meatless Farm

Valuation: $153.6M

Valuation Date: 27 November 2020

Valuation Source: PitchBook

Domiciled: United Kingdom

Alternative protein

Meiri Yitao Share Technology

Valuation: $280.1M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: China

Grocery Delivery

Mesh Korea

Valuation: $230.8M

Valuation Date: 19 April 2021

Valuation Source: PitchBook

Domiciled: South Korea

Retail Delivery

Misfits Markets

Valuation: $1.1B

Valuation Date: 21 April 2021

Valuation Source: PitchBook

Domiciled: United States

Food Waste

Miyokos Creamery

Valuation: $212.0M

Valuation Date: 4 August 2021

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Mosa Meat

Valuation: $283.3M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: Netherlands

Alternative protein

MycoTechnology

Valuation: $273.2M

Valuation Date: 15 January 2021

Valuation Source: PitchBook

Domiciled: United States

Ingredient Producer

Nature's FYND

Valuation: $1.8B

Valuation Date: 19 July 2021

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Ninjacart

Valuation: $502.6M

Valuation Date: 21 May 2021

Valuation Source: PitchBook

Domiciled: India

Digitised Agriculture

NotCo

Valuation: $1.5B

Valuation Date: 26 July 2021

Valuation Source: PitchBook

Domiciled: Chile

Alternative protein

Nuro

Valuation: $5.0B

Valuation Date: 25 March 2021

Valuation Source: PitchBook

Domiciled: United States

Retail Delivery

Oda (Internet Retail)

Valuation: $1.2B

Valuation Date: 6 June 2021

Valuation Source: PitchBook

Domiciled: Norway

Grocery Delivery

Oishii

Valuation: $342.8M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: United States

Vertical / Indoor Farming

Panda Selected

Valuation: $342.8M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: China

Cloud/Dark kitchens

Perfect Day

Valuation: $800.0M

Valuation Date: 8 July 2020

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Picnic Technologies

Valuation: $1.9B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: Netherlands

Grocery Delivery

Plenty

Valuation: $1.1B

Valuation Date: 1 January 2020

Valuation Source: PitchBook

Domiciled: United States

Vertical / Indoor Farming

Rappi

Valuation: $5.3B

Valuation Date: 16 July 2021

Valuation Source: PitchBook

Domiciled: Colombia

Retail Delivery

Rebel Foods

Valuation: $846.5M

Valuation Date: 29 July 2020

Valuation Source: PitchBook

Domiciled: India

Cloud/Dark kitchens

REEF Technology

Valuation: $3.1B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 2)

Domiciled: United States

Cloud/Dark kitchens

Revolution Foods

Valuation: $340.4M

Valuation Date: 25 March 2019

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

Ripple Foods

Valuation: $357.3M

Valuation Date: 20 August 2021

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Simulate

Valuation: $134.1M

Valuation Date: 8 June 2021

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Snackpass

Valuation: $405.1M

Valuation Date: 11 June 2021

Valuation Source: PitchBook

Domiciled: United States

Food Delivery

Sun Basket

Valuation: $555.0M

Valuation Date: 21 May 2019

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

Swiggy

Valuation: $3.6B

Valuation Date: 6 April 2020

Valuation Source: PitchBook

Domiciled: India

Cloud/Dark kitchens

Swile

Valuation: $249.4M

Valuation Date: 22 June 2020

Valuation Source: PitchBook

Domiciled: France

Food Delivery

Tebrio

Valuation: $136.5M

Valuation Date: 1 June 2020

Valuation Source: PitchBook

Domiciled: Spain

Alternative protein

The Farmer's Dog

Valuation: $639.0M

Valuation Date: 17 December 2019

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

Thrive Market

Valuation: $1.3B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: United States

Grocery Delivery

Tovala

Valuation: $190.0M

Valuation Date: 4 February 2021

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

Upside Foods

Valuation: $550.0M

Valuation Date: 10 April 2020

Valuation Source: PitchBook

Domiciled: United States

Alternative protein

Urban Remedy

Valuation: $78.0M

Valuation Date: 22 July 2021

Valuation Source: PitchBook

Domiciled: United States

Meal Kit Services

v2food

Valuation: $370.4M

Valuation Date: 5 August 2021

Valuation Source: PitchBook

Domiciled: Australia

Alternative protein

Vivino

Valuation: $316.2M

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: Denmark

Food Delivery

Weee!

Valuation: $2.8B

Valuation Date: 16 March 2021

Valuation Source: PitchBook

Domiciled: United States

Grocery Delivery

Wolt

Valuation: $3.6B

Valuation Date: 25 January 2021

Valuation Source: PitchBook

Domiciled: Finland

Food Delivery

Xingsheng Selected

Valuation: $12.0B

Valuation Date: 16 July 2021

Valuation Source: PitchBook

Domiciled: China

Grocery Delivery

Zume

Valuation: $4.6B

Valuation Date: 6 September 2021

Valuation Source: FFF (see footnote 1)

Domiciled: United States

Food Waste

General information: Company information sourced through PitchBook as of 15 July 2021. Companies that have either recently raised debt, been acquired or entered into an IPO process have not been included.

Footnote 1: For companies whose last known valuation predates 2019, an additional premium was calculated based on the performance of the Nasdaq-100 since the company’s latest known valuation year. This premium was added to the last known valuation to estimate the companies’ valuation in 2021 (source for last known valuation: PitchBook). If the calculated valuation was lower than the last financing round, the method is Footnote 2 was used instead.

Footnote 2: For companies with unknown valuation, an indicative valuation was calculated as follows: first, the raise was assumed to have accounted for 30% of the company’s post-money valuation. Thereafter, an additional premium was calculated based on the performance of the Nasdaq-100 since the company’s latest funding date (as at July 15, 2021) (source for latest funding data: PitchBook).