Foodtech is sizzling with over 10.5K+ startups vying to revolutionize our eating habits. These companies cover everything from online food platforms and IoT-enabled appliances to SaaS solutions. At the end of 2020, there were 64 foodtech unicorns, with half of them being food delivery players. The number of unicorns has nearly doubled in the past two years; by the end of 2022, the world was home to 124 foodtech unicorns. 

Now, let’s meet some of the biggest foodtech unicorns that are making waves in the foodtech industry, from around the world.

 

1. Getir

Company Name: Getir

Founded: 2015 in Istanbul, Turkey

Total Funding: US$2.5 Billion

Valuation: US$11.8 Billion

Segment: Grocery Delivery

Getir emerges as a leading force in the Turkish grocery market, thriving in an industry that is projected to reach new heights. Established in 2015, this Istanbul-based “ultrafast” grocery-delivery player quickly gained momentum, revolutionizing the way people shop for essentials. With its innovative ultrafast delivery model, Getir has garnered a loyal customer base and transformed the grocery shopping experience. 

Serving millions of households, Getir connects users with a wide range of products and delivers them straight to their doorsteps. Presently, Getir operates across over 80 cities in Turkey, offering a swift and convenient service that customers have come to rely on. The team have also led expansion efforts bringing their grocery service to over 50 cities across Europe and the U.S. 

Currently, the company has managed to attract over 40 million app downloads across 9 countries. Getir also manages 1,100 dark stores – which is part of its micro-fulfillment network strategy that allows it to deliver groceries to customers within 20-40 minutes.

Getir has secured a total funding of $2.5 billion, demonstrating investors' confidence in its disruptive approach. It’s largest fundraising round was US $768 million Series E raise in 2022. 

By leveraging advanced logistics and embracing technology, Getir has not only met but exceeded the expectations of its customers, earning their trust and loyalty. With its ambitious growth plans and commitment to customer satisfaction, Getir is poised to reshape the grocery industry. By simplifying the shopping experience and providing unparalleled convenience, Getir has become an integral part of countless households, revolutionizing the way people get their groceries. As it continues to expand its reach and offerings, Getir is paving the way for a future where grocery shopping is effortless and accessible to all. 

 

2. Deliveroo

Company Name: Deliveroo

Founded: 2013 in London, United Kingdom

Total Funding: US$1.7 Billion

Valuation: US$10.46 Billion

Segment: Online Food Delivery

Deliveroo stands tall in the global online food delivery market, projected to reach $190B by 2028. Born in 2013, this British delivery service swiftly grew into a major player, connecting 140,000 restaurants with 110,000 riders and serving 7.5 million hungry users. Their logistics-enabled marketplace model has transformed the industry, expanding restaurant reach and customer convenience. Deliveroo's hyperlocal strategy and foray into on-demand grocery delivery have further solidified its position in the market.

Today, Deliveroo operates in the United Kingdom, Ireland, France, Belgium, Italy, Singapore, Hong Kong, the United Arab Emirates, Kuwait and Qatar. It has raised over US $1.53 billion across eight funding rounds. On March 31, 2021, the company IPOed on the London Stock Exchange, raising an additional US $2.1 billion. 

 

3. Impossible Foods

Company Name: Impossible Foods

Founded: 2011 in Redwood City, California, USA

Total Funding: US$1.9 Billion

Valuation: US$4-7 Billion

Segment: Alt-Proteins

Impossible Foods, the plant-based meat producer, burst onto the scene in 2011. They revolutionized the market with the Impossible Burger, a vegan patty that "bleeds." By targeting flexitarians and omnivores, they tapped into a larger market and experienced over 50% retail sales growth last year. Impossible Foods quickly became the top-selling plant-based meat brand in the U.S. food service sector, surpassing all competitors. 

With celebrity endorsements and investments from giants like Microsoft, they're valued at around $4B and show no signs of slowing down. They have managed to fundraise just over US $1.68 billion over the course of 9 funding rounds, and are making preparations for an IPO, though the CEO has indicated that they will wait until market conditions improve. 

 

4. Farmers Business Network (FBN)

 

Company Name: Farmers Business Network

Founded: 2014 in San Carlos, California, USA

Total Funding: US$918 Million

Valuation: US$4 Billion

Segment: Agtech

Farmers Business Network (FBN) is a farmer-to-farmer network that connects farmers, ranchers, and agricultural entrepreneurs with both capital investors and other established farmerentrepreneurs across the United States. With its innovative technology and data-driven approach, FBN empowers farmers by providing them with valuable insights, market intelligence, and a supportive community. By leveraging the collective power of its network, FBN helps farmers make informed decisions, optimize their operations, and achieve better financial outcomes. 

In a recent example of FBN’s influence, the group partnered with Boveta Nutrition in early 2023, launching a proprietary feeding system for beef cattle to reduce feed costs. With significant funding and a growing valuation, FBN continues to revolutionize the agricultural industry and support farmers in their quest for success. 

 

5. Kitopi

Company Name: Kitopi

Founded: 2018 in Dubai,UAE

Total Funding: US$804 Million

Valuation: US$1-5 Billion

Segment: Cloud Kitchens / KaaS

In the fast-paced food delivery realm, Kitopi has emerged as a key player. With $804M in funding, this tech-powered food company has transformed kitchen operations. Kitopi's Kitchen as a Service (KaaS) platform allows restaurants to easily open delivery-only locations, minimizing capital expenditure and time. Their Smart Kitchen Operating System optimizes cloud kitchen operations, managing multiple brands in a single kitchen for maximum efficiency. Kitopi's remarkable growth and partnerships with renowned brands have solidified its status as a unicorn, marking its presence in the Middle East. 

Since raising its now infamous US $715 million Series C in 2021, Kitopi has been on an acquisition spree, expanding from a KaaS player, to an owner and operator of its own virtual restaurant brands, meal kit and personalized nutrition players across the region. The question remains, what’s next?

Related: Kitopi, Dubai’s Latest Foodtech Unicorn

 

These unicorns are shaking up the foodtech industry, each bringing their unique flavors to the table. From delivering mouthwatering meals to creating plant-based wonders, they're revolutionizing how we eat. Keep an eye on them as they continue to shape the future of food delivery, one order at a time.

To read more about the future of food and the growing business of foodtech – read the full report here.