Between 1 January 2021 to 30 June 2023, Foodtech Scaleups in MENA raised a combined US $2.93 billion. Scaleups refer to any startup that has raised a minimum of $1 million in its lifetime. That means that Foodtech Scaleups in MENA raised 70% of all Foodtech Funding since 2010, in the past 2.5 years. Only time will tell if the VC winter will hit foodtechs across MENA in 2023; though funding in 2023 looks depressed compared to the past two landmark years, it is likely that 2023 funding will still fare better than the prior year's funding averages.
The Growing Business of Foodtech
There are over 124 foodtech unicorns around the world worth over US $1.3 trillion. The Foodtech market itself surpassed US $260 billion last year alone. Alt-Proteins, 3D Printing Food, and AI integrated Restaurant SaaS: The future of food has arrived. In addition to looking at foodtech globally, in this special report we also look at the future of food technology scene in the MENA region, our special report delves deeper into the dynamics of Foodtech in MENA.