The Agtech industry is looking to disrupt the traditional agriculture market and deal with growing issues such as food security issues and mass social disruption. A growing number of venture capital firms have been turning to Agtech for impact investment. This has included investment in novel farming systems, innovative production and automation.
UK startups like LettUsGrow are creating technology for greenhouses and vertical farms and the Small Robot Company are developing farmbots to help plant, feed and weed arable crops autonomously.
According to a recent report from venture capital firm AfgFunder, the Foodtech and Agtech startup industry raised almost $20 billion in 2019. A 250% increase over five years.
“We all have to learn that a food venture and a software venture are two very different puzzles to solve,” Templeton explains. “The time horizon, growth patterns and other factors play a different role in food and agriculture.”