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Digital bodegas and grocers drive foodtech deal boom
Venture funding for foodtech startups surged in the first quarter to $10.1 billion across 241 deals, a 122.3% quarter-over-quarter increase. PitchBook’s latest Emerging Tech Research report highlights the industry’s key events of the quarter and emerging opportunities shaping the future of food.
- Delivery platforms are thinking beyond takeout, giving a global rise to digital convenience stores and grocers. Notable deals include China-based Xingsheng Selected ($3 billion), US-based GoPuff ($1.15 billion), Spain-based Glovo ($535.7 million) and Germany-based Gorillas ($290 million).
- Zoom happy hour, anyone? Wine marketplace Vivino and alcohol purveyor Drizly also secured megarounds.
- Lab-grown meat specialists BlueNalu, Meatable and Future Meat commanded some of the largest early-stage deals. Eat Just, the first company to sell cultivated meat in a restaurant, raised a $200 million Series F.