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The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
The State of European Food Tech 2018
               in partnership with

                                     www.foodtech.vc
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
€169 billion                           €6.5 billion                             €1 billion
Combined value of global food tech   venture capital invested in food tech   2018 estimated investment in ‘next
       unicorns, of which                   in Europe since 2013              generation’ food tech companies

      €30 billion                           €21 billion                                   63%
From 9 European companies, vs.          Value created by first wave of       Annual growth in investment in ‘next
€43B in the USA from 10 unicorns         European food tech leaders          gen’ since 2013, in 1,241 companies

Europe produced 9 unicorns in         Food Delivery received nearly           The ‘next generation’ of food
Food Tech, in the Food Delivery        half of the €6.5 billion, but it      tech entrepreneurs are focusing
 segment in the past five years       only disrupts ~1% of the food              on the 99%, reinventing
                                                retail market                  agriculture, food production
                                                                                    and consumption

                                                       2
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
Food tech has created 35 unicorns globally, with a combined value of
€169B, of which €30B from Europe
                        Production &                                                      Distribution &
                       Transformation                                                     Consumption

                      Agri-tech                       Consumer brands         eCommerce          Restaurant tech   Delivery

 Europe    €30B

  USA      €43B

  Asia     €83B

 Rest of
 World
           €13B

                  Source: Dealroom.co. Uber Eats excluded from €43 billion.   3
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
Food tech is clearly heating up: globally €42B in combined
transactions in 2018 so far, excluding IPOs

       Global VC investment in food tech                                                           Global food M&A                                                               Global food tech IPOs
                                                                                                                                                                                                                         € 49,5B
                                                                   € 14,3B                                                    € 29,4B
                                                                                                                                                € 27,3B
                                                  € 12,2B
                                 € 9,5B
                 € 6,9B

   € 3,0B                                                                                                                                                                                                      € 9,1B
                                                                                € 3,8B        € 2,2B          € 3,2B
                                                                                                                                                                 € 1,9B            –             € 1,0B

   2014          2015             2016             2017             2018E       2014           2015            2016               2017         2018 YTD          2014           2015              2016         2017     2018 YTD

      Notable investment rounds                                  Round             Notable acquisitions                                    Transaction              Notable IPOs                                          IPO

      DoorDash (USA)                                    $ 250M Growth Equity       Ele.me (China)                                          $ 3.0B acquisition       Tilray (USA)                                        $ 1.5B IPO
      Food delivery across the US and Canada                  Aug 2018             Meal ordering services in China                       by Alibaba & Softbank      Medical cannabis research and production            July 2018

      Instacart (USA)                                         $ 150M Series E      LevelUp (USA)                                          $ 390M acquisition        Meituan Dianping (China)                            $ 53B IPO
      Groceries delivered at your home                           Apr 2018          A user-engagement platform                                 by Grubhub            Online retail including food delivery               Sep 2018

      Ele.me (China)                                    $ 3.0B Growth Equity       Cornershop App (USA)                                   $ 225M acquisition        Delivery Hero (Germany)                             € 4.4B IPO
      Meal ordering services in China                         Aug 2018             On demand grocery delivery                                 by Walmart            Food ordering website                                Jun 2017

      Indigo (USA)                                            $ 250M Series E      Chewy (USA)                                             $ 3.4B acquisition       Blue Apron (USA)                                    € 3.0B IPO
      Utilizing plant microbes to improve crops                  Sep 2018          Sells dog and cat food, treats, and supplies               by Petsmart           Food ingredients and recipes delivered               Jun 2017

      Deliveroo (UK)                                          $ 385M Series F      Whole Foods (USA)                                      $ 13.7B acquisition       HelloFresh (Germany)                                € 1.7B IPO
      Delivering premium restaurant meals                        Sep 2017          America’s healthiest grocery store                         by Amazon             Subscription service for premium quality food       Nov 2017

                                        Source: Dealroom.co                                                          4
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
In Europe €6.5B in venture capital invested since 2013. Nearly half of
that for five global food delivery leaders
                              Food tech investment (€B)                 Top-5 delivery platforms (€B)
                                                                                                                  Top-5 delivery platforms:
    € 2,0B
                                                                                                                    €3.1 billion invested
                                                                                                € 1,7B
                                                               € 1,7B
    € 1,6B

                                                                                                € 0,8B
    € 1,2B
                                                                                                         € 1,0B
                                                               € 1,2B         € 1,0B                               ‘Next Generation’ food
                                    € 0,9B
                                                                                                                  tech: €3.4 billion invested
    € 0,8B                                                                    € 0,3B

                                    € 0,7B
                                                                                                         € 1,0B
                                                                                                € 0,9B
    € 0,4B
                                                                              € 0,7B
             € 0,2B
                                                               € 0,5B
             € 0,1B                 € 0,2B
             € 0,1B
    € 0,0B
             2013                    2014                       2015          2016              2017     2018E

                      Source: Dealroom.co
                      Note: 2018 is based on Jan-Sept annualized.
                                                                                            5
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
Following investment of €3.1B, five global food tech leaders emerged
from Europe, worth a combined €21B

                                                                              7x
                                                                                     € 21B
     Value creation

                                                   2.8x

                                                                 € 8,8B

                                       (€ 3,1B)

                                   Investment
                                                                Exit (IPO)         Value today
                                   (2012-2015)
                      ‘10                 € 1.9B          ‘17        € 4.4B            € 8B

                      ’01                 € 0.1B          ’14        € 1.8B            € 5B

                      ’11                 € 0.4B          ’17        € 1.7B            € 2B

                      ’00                 € 0.1B          ’16        € 1.0B            € 3B

                      ‘12                 € 0.8B                       --             € 2-3B

                            Source: Dealroom.co                  6
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
Food delivery received nearly half of food tech investment in Europe.
However, delivery is only 1.5% of the total consumption market
                                                                                                        OPPORTUNITY     INCUMBENTS   INNOVATORS              DRIVERS
                                           €2 trillion GMV
                                         food consumption                                                                                         §   Convenience
                                                                                                         €21 billion
                                              in Europe                             Delivery            value created
                                                                                                                            --                    §   Better apps
 Food delivery :                                                                                                                                  §   Incredible choice
 - Just 1.5% of consumption                           €30 billion
 - Received ~half of food tech
 investment (€3 billion)                                                                                                                          §   Service innovation
                                                         €0,6tn                                          20x larger                               §   Healthier options
                                                                                  Restaurants
                                                                                                                                                  §   Personalisation

                                                                                                                                                  §   Online penetration is
                                                                                                                                                      around 6% (10%+ in
                                                                                                                                                      London, Beijing, Shanghai)(1)
                                                         €1,1tn                                          37x larger
                                                                                    Groceries                                                     §   Services like Amazon Prime
                                                                                                                                                      and Glovo are re-setting
                                                                                                                                                      consumer expectations

                                                                                                                                                  §   Consumer focus on health
                                                         €0,4tn                                          13x larger
                                                                                Alcohol & tobacco                                                 §   Smoking alternatives

                                 Source: Eurostat data and Dealroom analysis.
                                 1. KANTAR.
                                                                                                    7
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
Primary Production                        Transformation                Distribution & Consumption
                 Input                Farmers                 Traders             Food companies              Retailers

Incumbents

Global sales     €500B               €3 trillion             €1 trillion             €4 trillion         Global: €6 trillion
                                                                                                           Europe: €2 trillion

 Innovators

                                                                                  Alternative proteins
               Gene editing        Big data integration        Efficiency                                    On-demand
                                                                                       Clean label
Key themes      Biologicals              Robotics            Transparency
                                                                                     Healthier food
                                                                                                           Same day delivery
               Marketplaces          Indoor farming       Shorter supply chains                              Private label
                                                                                      New brands

                                Next Generation Food Tech leaders emerging                                Food Delivery
                                Next Generation Food Tech leaders emerging
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
The next generation of European Food Tech entrepreneurs is
gearing up for growth
                                                                                                       Tropic Biosciences
                  Primary Production – Investment in Europe                                            Develops high-performing commercial varieties of
                                                                                                                                                                 $ 10.0M Jun 2018
                                                                                                                                                                                       Genetic breeding
                                                                                                       tropical crops
                                                                                                                                                                      Series A

                       Amount invested (€M)                   Number of rounds
                                                                                                       ecoRobotix                                                € 9.0M May 2018
                                                                                                       Manufactures robots that identify and remove weeds                               Farming robots
 € 300M                                                                                      150                                                                      Early VC
                                                                                                       from farming crops

                                                                                                       Infarm                                                    $ 25.0M Feb 2018
                                                                           € 252M                      Farming tech for grocery stores, restaurants, and local                           Vertical farms
                                                                                    € 250M             distribution centers
                                                                                                                                                                      Series A
 € 250M                                                                                      125

                                                                                                       Solynta                                                   € 16.0M Nov 2017
                                                                                                                                                                                        Potato breeding
                                                                                                       Hybrid potato breeding                                         Series B

 € 200M                                                                                      100       Nice Fruit                                                € 35.0M Jul 2017
                                                                                                       Preserves the cellular structure and organoleptic                              Freezing technology
                                                                                                       properties of the fruit during the freezing stages         Growth Equity

                                                                                                       Agricool                                                   € 8.0M Jul 2017
 € 150M                                                                                      75        Technology to grow fruit and vegetables inside                                 Innovative farming
                                                                                                       shipping containers                                            Early VC

                                                       € 104M                                          Protix Biosystems                                         € 45.0M Jun 2017
                                                                                                                                                                                    Insect-based ingredients
                                                                                                       High-quality insect based ingredients                          Late VC
 € 100M                                                                                      50

                                                                                                       M2i Life Sciences                                         € 12.0M Jun 2017
                                                                                                       Design, formulation and production of complex                                    Crop protection
                                                                                                       molecules                                                      Late VC
                                     € 47M
 € 50M                                                                                       25
                                                                                                       Agrilution                                                € 3.8M May 2017
                                                                                                                                                                                        Indoor farming
                     € 24M                                                                             A kitchen device that can grow vegetables and herbs            Series A
          € 16M
                                                                                                       Ynsect                                                    € 13.8M Dec 2016
  € 0M                                                                                       –         Transforms insects into a nutrient resource for                              Insect-based ingredients
           2013       2014             2015               2016              2017     2018              agriculture                                                    Series B

                             Source: Dealroom.co
                             Note: 2018 is based on Jan-Sept annualized.
                                                                                                   9
The State of European Food Tech 2018 - www.foodtech.vc - The State of European Food ...
New brands and innovative food concepts emerging

                  Food Transformation – Investment in Europe                                             Huel                                                   £ 20.0M Oct 2018
                                                                                                                                                                                   Powdered vegan food
                                                                                                         Nutritionally complete, powdered vegan food              Growth Equity

                        Amount invested (€M)                   Number of rounds
                                                                                                         Allplants                                              £ 7.5M Sep 2018
                                                                                                                                                                                          Vegan
 € 500M                                                                                       200        Makes and delivers Vegan meals                              Series A

                                                                                                         Simple Feast                                           $ 12.0M Aug 2018
                                                                                                                                                                                     Healthy food box
                                                                                                         Makes and delivers vegetarian meals                         Early VC
                                                                                     € 400M
 € 400M                                                                     € 387M
                                                                                              150        Mosa Meat                                               € 7.5M Jul 2018
                                                                                                                                                                                   Tissue cultured meat
                                                                                                         The world’s first tissue cultured hamburger                 Series A

 € 300M                                                                                                  Feed.                                                  € 15.0M Jun 2018
                                                                                                         Natural complete meals in the form of drinks or                             Innovative food
                                                                                                         energy bars
                                                                                                                                                                     Early VC
                                                                                              100

                                                                                                         Innovafeed                                             € 15.0M Feb 2018
                                                                                                                                                                                        Agri-tech
 € 200M                                                                                                  Sustainable way to produce protein                          Early VC
                                                        € 175M

                                                                                                         MiniBrew                                               € 2.5M May 2017
                                                                                                                                                                                     Brewing machine
                                                                                                         Smart beer brewing machine                                  Early VC
                                     € 105M                                                   50
 € 100M

          € 55M                                                                                          BrewDog                                                £ 100M Apr 2017
                                                                                                                                                                                       Beer brand
                                                                                                         A craft beer brewery                                    Growth Equity
                      € 30M

                                                                                                         XOLUTION                                               € 45.0M Jan 2016
  € 0M                                                                                        –                                                                                      Resealable cans
           2013        2014             2015               2016              2017     2018
                                                                                                         Drinking products for increasingly mobile lifestyles        Early VC

                              Source: Dealroom.co
                              Note: 2018 is based on Jan-Sept annualized.
                                                                                                    10
And continued investment in innovative distribution & consumption
platforms
                                                                                                        Kolonial.no                                               € 30.0M Aug 2018       Online
             Distribution & Consumption – Investment in Europe                                          Norway’s largest online grocery store                          Late VC        supermarket

                      Amount invested (€M)                    Number of rounds                          Glovo                                                      € 115M Jul 2018
                                                                                                        On-demand mobile app that connects customers with                            On-demand app
 € 700M                                                                                      200        independent local couriers                                     Series C
                                                                                    € 640M
                                                                                                        Tiller Systems                                            $ 13.9M Jun 2018
                                                                           € 605M                                                                                                      Restaurant
                                                                                                        Point-of-Sale solution for bars and restaurants                Series B
 € 600M

                                                                                                        Gousto                                                    £ 28.5M Mar 2018
                                                                                                                                                                                     Home cooking
                                                                                             150        Delivers perfectly measured ingredients to cook at home        Late VC
 € 500M
                                                       € 440M                                           FoodSpring                                                € 22.0M Mar 2018
                                                                                                                                                                                        Fit food
                                                                                                        Innovative sports nutrition products                           Early VC
 € 400M                             € 377M
                                                                                                        Vivino                                                    $ 20.0M Feb 2018       Wine
                                                                                             100        The world's largest online wine marketplace                    Series C       supermarket

 € 300M
                                                                                                        Muscle Food                                               £ 10.0M Jan 2018
                                                                                                                                                                                      Healthy food
                                                                                                        Changes the way people buy healthy food online                 Early VC

 € 200M                                                                                                 MatHem                                                    SEK221M Dec 2017       Online
                                                                                             50         Sweden's largest online food store                             Late VC        supermarket
                    € 141M

                                                                                                        Frichti                                                   € 30.0M May 2017
 € 100M
                                                                                                        Food delivery platform designed to connect consumers                           Meal kits
                                                                                                        to restaurants
                                                                                                                                                                        Series B
          € 28M

  € 0M                                                                                       –          Picnic                                                    € 100M Mar 2017        Online
           2013      2014              2015               2016              2017     2018               Online-only supermarket without delivery costs                 Series B       supermarket

                             Source: Dealroom.co
                             Note: 2018 is based on Jan-Sept annualized.
                                                                                                   11
UK, Germany and France lead, in line with venture capital. But Italy
and Spain stand out by number of rounds
                                         By amount invested                                       By number of rounds

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                            45%
    Amount
  invested in
  Food Tech          26%
   2013-2018                                                                   20%
                                                                                     17%
                                                                                           12%           12%
                                  8%                                                                                9%
                                                5% 5%                                            7% 7%
                                        3% 1%                                                                  4%        4% 2%
                                                        0% 0% 2% 1% 1% 1% 0%                                                   1% 2% 2% 1%

    Venture                                            2% 2% 2% 1% 1% 1%                                                         2% 1%
                                              5% 4% 3%                                                         4% 4% 3% 3% 2% 2%
                                        7% 6%                                                          7% 6%
    capital,                                                                                     11%
    amount                        15%                                                      13%
                                                                                     15%
                           18%
  invested in
    Europe                                                                     28%
   2013-2018         33%

                Source: Dealroom.co                                     12
A solid, local funding and partnering ecosystem for Food tech
companies is shaping up in Europe
                          Big Food Tech
  Specialist VC Funds                        Incumbents        Crowdfunding   Generalist VC Funds   Incubators & Accelerators
                        (first generation)

                                                          13
A new generation of investors: specialist Food Tech funds

              HQ                     Amsterdam/Boston                  Paris/Bologna                               Paris

           FOCUS                          Mainly Ag-tech           Food tech and Ag-tech                      Mainly Ag-tech

    YEAR FOUNDED                              2013                          2018                                   2014

        FUND SIZE                            $ 200M                        € 70M+                                 € 124M

           STAGE                 Series A/B in Europe & US          Series A/B in Europe                   Series A/B in France

                                                                   EIF, Nestlé, bpifrance,      Crédit Agricole, Groupama, bpifrance, Avril,
      NOTABLE LPs                     Rabobank, Fidelity
                                                                Fondo Italiano d'Investimento                      Tereos

     INVESTMENTS
                                                             + two investments not announced

                    Source: Dealroom.co                               14
The first generation Food tech companies have become very
acquisitive, to expand and consolidate their market
       CORPORATE                           LOCATION (HQ)            STRATEGIC FOCUS                                            ACQUISITIONS & DIRECT INVESTMENTS

                                                                                                   HipMenu, Hungry Group, Quiqup, Foodora, Rappi, Foodfly, Carriage, Hungryhouse, Foodpanda,
       Delivery Hero                           Berlin       Market expansion & consolidation
                                                                                                         ClickDelivery, Foodarena, e-food.gr, Yemeksepeti, Jidloted, DameJidlo, Pizza.de

                                                            Market expansion & consolidation      Hungryhouse, Pizzabo, Deliverex, Clicca e Mangia, Food2u, SinDelantal, Flyt.io, iFood, TouchBistro,
       Just Eat                               London
                                                              Innovative models (e.g. Skip)                                  SkipTheDishes, La Nevera Roja, Menulog,

       Takeaway.com                         Amsterdam       Market expansion & consolidation             Fooderena, Oliveira, BGMENU.com, Food Express, Ten Bis, Lieferservice, Lieferando

                                             Gurugram,                                                Mekanist, Gastronauci, Obedovat, Cibando, Lunchtime, Menu Mania, Sparse Labs, Runnr,
       Zomato                                               Restaurant discovery & reservations
                                               India                                                                                       TongueStun

       Elior Group                             Paris          Restaurant/hotel management                   La Belle Assiette, PopChef, TouchAndPlay, Never Eat Alone, Lancer Hospotality

                                             Needham,
       TripAdvisor                                                  Restaurant booking                                   Couverts, BestTables, LaFourchette, SeatMe, Eatigo
                                            United States

       Naspers                              Cape Town               Food is major focus                                 Delivery Hero, ESKY, iFood, Swiggy, FarmLogs, Movile

       Mail.ru Group                          Moscow                      Russia                                         Foodmate, Delivery Club, zakazaka.ru, Instamart.ru

                                              Chiyoda,
       Recruit Holdings                                             Restaurant booking                                              Quandoo, Treatwell, TrustYou
                                               Japan

       Alibaba                               Hangzhou                      Asia                                       Ele.me, Bigbasket, Yiguo, Sun Art Retail Group, Tokopedia

                     Source: Dealroom.co                                                  15
The large Food and Agricultural companies continue to look for
innovation to add to their platforms
     CORPORATE                              LOCATION (HQ)           STRATEGIC FOCUS                                    ACQUISITIONS & DIRECT INVESTMENTS

                                              Boulogne,
     Carrefour                                                         Organic food                                           So.bio, Bringo, Quitoque
                                               France

                                              Wayzata,
     Cargill                                                     Animal nutrition & Protein                                   Memphis Meats, Pro-Pet
                                             United States

                                             Rotterdam,
     Unilever                                                  Delivery, Direct-to-consumer                          Gousto, Chromatin, Sun Basket, Milkbasket
                                             Netherlands

                                                Basel,                                          Abbott & Cobb, FarmShots, Nidera, Devgen, Phytech, Asilomar Bio, BioPhero, Greenlight
     Syngenta                                                         Crop protection
                                              Switzerland                                                            Biosciences, AgriMetis, AgBiome, Agworld

                                               Atlanta,
     The Coca-Cola Company                                        Non-alcoholic beverage                                          Home Eat Home
                                             United States

                                           Clermont-Ferrand,
     Michelin                                                         Restaurant tech                         Bookatable, Restaurantes.com, Le Fooding, Exotic Systems
                                                France

                                                               Farm management & Organic
     Archer Daniels Midland Company            Chicago                                                                      Agrible, Harvest Innovations
                                                                         food

     Diageo                                     London              Alcoholic beverage                                           VinePair, Stirrings

     Metro Group                              Dusseldorf       Restaurant tech & Distribution                                  Lunchio, Coffee Could

                                                Vevey,
     Nestle                                                    Delivery, Direct-to-consumer                             Freshly, Tails.com, Blue Bottle Coffee
                                              Switzerland

                     Source: Dealroom.co                                              16
Crowdfunding can be an effective platform to turn investors into
brand ambassadors, compelling for consumer brands

                                                                                    % of rounds with crowdfunding participation
   Notable investments                   Key European platforms
                                                                                                European Food Tech    Europe Overall
                                                                       20%

                                                                                                                                                 18%

                                                                       15%

                                                                       10%

                                                                                                                                                 8%
                                         Non-European platforms

                                                                       5%

                                                                        –
                                                                             2013        2014             2015       2016          2017   2018

                   Source: Dealroom.co                            17
Generalist VC funds are hunting for the next Food tech unicorn
      INVESTOR                                                                 LOCATION (HQ)   TYPICAL FIRST ROUND                          FOOD TECH INVESTMENTS

      LocalGlobe                                                                  London              Seed                   Taster, Menu Next Door, INFARM, WeFARM, Farmeron
      Early stage seed investor in London

      Point Nine Capital                                                                                                                               Lemoncat
                                                                                   Berlin             Seed
      The Angel VC                                                                                                                Exits: Marley Spoon, Kitchen Stories, Cibando

      Index Ventures                                                                                                                          Pets Deli, Just Eat, Deliveroo
                                                                                  London             Series A
      International venture capital firm                                                                                                Exits: Zesty, Blue Bottle Coffee, Just Eat

      HV Holtzbrinck Ventures                                                                                                          CaterWings, Everdine, EatFirst, Quandoo
                                                                               Munich/Berlin         Series A
      Leading German VC active throughout Europe                                                                                            Exits: Quandoo, Delivery Hero

      Rocket Internet SE                                                                                                        Pets Deli, Lemoncat, Chefclub, CaterWings, ShopWings
                                                                                   Berlin            Series A
      Incubates and invests in internet and technology companies globally                                            Exits: Foodpanda, Foodora, HelloFood, Pizzabo, La Nevera Roja, Delivery Hero

      Balderton Capital                                                                                                                      Simple Feast, Vivino, INFARM
                                                                                  London             Series A
      The leading venture investor in the EU                                                                                                Exits: Bookatable, Medicanimal

      Target Global                                                                                                                                    Lemoncat
                                                                                   Berlin            Series A
      European wide life cycle investor                                                                                                Exits: Foodfox, Delivery Hero, Mixville

      Sofinnova Partners                                                           Paris            Series A/B                      Micropep Technologies, DNA Script, Agrosavfe
      VC specialized in Life Sciences, often lead role in round A financings

      Accel Partners                                                              London            Series A/B                                      OLIO, Deliveroo
      Venture and growth equity firm

      Idinvest Partners                                                                                                    Glovo, Frichti, Lunchr, DNA Script, M2i Life Sciences, Agriconomie
                                                                                   Paris             Series B
      Specializing in direct investments and fund of funds investments                                                                                Exit: Cerelia

      Business Growth Fund                                                        London             Late VC                             Gousto, Muscle Food, Purity Brewing
      Helps Britain’s growing businesses by providing growth capital

      Insights Venture Partners                                                  New York            Late VC                                   HelloFresh, Delivery Hero
      Leading global private equity and venture capital firm

                                 Source: Dealroom.co                                                 18
Notable European exits (2016-2018)
                                       COMPANY                                     LOCATION (HQ)         TRANSACTION          ACQUIRER(S)                                SELLER(S)

     Delivery Hero                                                                                        € 4.4B IPO                               Point Nine Capital, Fabrice Grinda, Team Europe, TEV |
                                                                                       Berlin                                       -
     Food ordering website                                                                                  Jun 2017                                  Tengelmann Ventures, Hasso Plattner Ventures

     HelloFresh                                                                                           € 1.7B IPO                             HV Holtzbrinck Ventures, Investment AB Kinnevik, Rocket
                                                                                       Berlin                                       -
     Subscription service that focuses on premium quality and ecological foods                              Nov 2017                                    Internet SE, Vorwerk, Phenomen Ventures

     Takeaway.com                                                                   Amsterdam             € 993M IPO                -                        Prime Ventures, Macquarie Group
     The leading online food delivery marketplace in Continental Europe                                     Sep 2016

     Tails.com                                                                                       £150M Acquisition                           JamJar Investments, Octopus Ventures, Slingshot Ventures,
                                                                                      London                                     Nestlé
     Dog food delivered at your doorstep                                                                    Apr 2018                                                   Draper Esprit

     Brewdog                                                                       Aberdeenshire,    £ 113M Secondary      TSG Equity Partners                Crowdcube, TSG Equity Partners
     A craft beer brewery that produces bottled and canned beers                        UK                  Apr 2017

     Bookatable                                                                                      € 108M Acquisition                                   Balderton Capital, Wellington Partners,
                                                                                      London                                    Michelin
     Global online marketing and real-time reservations services for restaurants                            Jan 2016                                                  Kreos Capital

     Delivery Club                                                                                   $ 100M Acquisition                            AddVenture, Phenomen Ventures, Guard Capital, NJF
                                                                                      Moscow                                 Mail.ru Group
     A Russian online food delivery marketplace                                                             Nov 2016                                           Capital, Nicole Junkermann

     Marley Spoon                                                                                         $ 145M IPO                             Point Nine Capital, Global Founders Capital, Atlantic Labs,
                                                                                       Berlin                                       -
     Home delivery of recipes and ingredients to encourage home cooking                                     Jul 2018                                             Lakestar, Klaus Hommels

     CAKE                                                                             London         $ 13.3M Acquisition   American Express                             Crowdcube
     Pay restaurant bills instantly from your phone                                                         Mar 2018

     Foodist                                                                         Hamburg,        € 3.5M Acquisition                           Andreas Brandt, Alexander Djordjevic, Ole Schaumberg,
                                                                                                                              Ströer Media
     Monthly gourmet food subscription                                               Germany                Aug 2016                                           ProSiebenSat.1 Accelerator

                                  Source: Dealroom.co                                               19
Yoram Wijngaarde          Ivan Draganov        Irina Anihimovskaya
                                                                    Founder & CEO          Research Analyst         Research Analyst
             Ivan Farneti                    Niccolo Manzoni
                                                                 yoram@dealroom.co   ivan.draganov@dealroom.co    irina@dealroom.co
               Partner                           Partner

■ We back Food Tech entrepreneurs for a healthier, more        ■ World-leading tech firms, investments firms, multinationals
  sustainable and more efficient food system                     and governments use Dealroom’s software, database and
                                                                 research to identify promising companies and innovation
■ Five Season Ventures is the first VC fund in Europe solely     trends
  focused on investing in early stage food technology
  companies                                                    ■ Dealroom has been featured in The Economist, The New York
                                                                 Times, The Financial Times, the BBC, Bloomberg, CNBC and
                                                                 other publications

                            Paris, France                                                Amsterdam, Netherlands

                            www.fiveseasons.vc                                           www.dealroom.co

                            info@fiveseasons.vc                                          support@dealroom.co
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