25 Trending FoodTech Companies & Startups
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The eCommerce boom is pushing rapid growth in the Food Tech industry around the world.
In fact, VCs invested over $20 billion in 2022 alone.
In quarter 3 of 2023, VCs only invested $2 billion in Food Tech-related startups. That marks the eighth consecutive quarter where investments declined.
Despite this decline, Statista expects the industry to grow at a steady compound annual growth rate of 5.57% until 2028. This anticipated growth rate will take the industry market size to a value of $360.1 billion.
In this article, we are presenting 25 Food Tech startups that are currently having a huge impact on this space.
1. CoverManager
5-year search growth: 338%
Search growth status: Exploding
Year founded: 2015
Location: Seville, Spain
Funding: $57M (Series A)
What they do: CoverManager is a hospitality management platform focused on high-end bars and restaurants. Specifically, the platform handles reservations, cancelations, waitlists and online and dine-in food orders. The platform is currently used by over 9,000 businesses. In addition, 180 of their customers are Michelin Star restaurants. According to Pitchbook, the startup is projecting to see a 134% increase in its YoY revenue this year 2021.
2. Local Kitchens
Search growth status: Exploding
Year founded: 2020
Location: San Francisco, California
Funding: $25M (Series A)
What they do: Local Kitchens operates a digital delivery kitchen that brings some Bay Area restaurants under one platform. This allows customers to order from multiple restaurants using a single, unified platform. So far, Local Kitchens has partnered with 19 Bay Area restaurants.
3. PirPos
Search growth status: Exploding
Year founded: 2016
Location: Barranquilla, Colombia
Funding: Undisclosed
What they do: PirPos develops digital solutions for the restaurant industry. The startup is mostly known for their cloud-based POS system used to track orders, bills, and manage inventory. The platform is currently used by more than 1,500 establishments. According to Pitchbook, the startup is projected to see an 81% increase in its YoY revenue this year.
4. Ready Burger
5-year search growth: 76%
Search growth status: Regular
Year founded: 2020
Location: London, England
Funding: $2.9M (Equity Crowdfunding)
What they do: Ready Burger operates a food store selling plant-based burgers at cheaper prices. The company only sells online using its website and other online channels. The company initiated its selling operations in July 2021.
5. Onvi
Search growth status: Peaked
Year founded: 2016
Location: London, England
Funding: $16.7M (Seed)
What they do: Onvi is a mobile Order & Pay solution that is designed to help restaurants and bars develop online custom menus and allow customers to quickly order and pay online without having to download an app. Additionally, the platform also provides solutions to manage and process orders. The startup has seen a 1,106% increase in transactions compared to July 2020.
6. Green Culture
5-year search growth: 84%
Search growth status: Exploding
Year founded: 2011
Location: Misato, Japan
Funding: Undisclosed
What they do: Green Culture is a food technology company that manufactures vegetable-based meat products. The company also offers a purchasing website allowing customers to order online. According to Pitchbook, Green Culture will use its $2.27M funds to develop a new vegetable meat product.
7. peAR Technologies
5-year search growth: 2,400%
Search growth status: Regular
Year founded: 2018
Location: Ghatkopar, India
Funding: $922K (Seed)
What they do: peAR Technologies provides AR-based food menus that are accessed when customers scan a QR code with their smartphone. The technology converts images to 3D models at scale, letting restaurant customers see a 3D model of the dish they want to order. The startup claims it can help restaurants increase their revenue by up to 20%.
8. Elite Sweets
5-year search growth: -6%
Search growth status: Peaked
Year founded: 2017
Location: Austin, Texas
Funding: $220K (Pre-Seed)
What they do: Elite Sweets produces donuts that are originally baked, gluten-free and protein-packed. They have also developed their own website where they sell their products directly to their consumers. The startup’s YoY revenue increased by more than 56%.
9. Plant Power Fast Food
5-year search growth: 7%
Search growth status: Regular
Year founded: 2015
Location: San Diego, California
Funding: $7.5M (Series A)
What they do: Plant Power Fast Food is a fast-food chain offering vegan food at an affordable price. They use technology to develop plant-based meat substitutes and sell them at their locations. The startup claims that their burgers use 99% less water than traditional beef-based burgers.
10. TurtleTree
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2019
Location: Singapore, Singapore
Funding: $39.4M (Series A)
What they do: TurtleTree uses cell-based technology to produce clean and fermented milk products. It uses mammary cells that allow for the production of milk without animal involvement. The company has entered into a strategic partnership with JSBiosciences to develop products that support cellular growth.
11. Beer Cartel
5-year search growth: -12%
Search growth status: Peaked
Year founded: 2009
Location: New South Wales, Australia
Funding: Undisclosed
What they do: Beer Cartel operates an online beer store that sells beer, beer glasses, and beer gifts. The company also offers monthly subscription packages. Beer Cartel sells over 1,000 craft beers through their platform.
12. FitnessGenes
5-year search growth: -67%
Search growth status: Peaked
Year founded: 2013
Location: Bicester, England
Funding: $6.6M (Series A)
What they do: FitnessGenes is a DNA-testing platform that interprets DNA results and develops a tailored step-by-step workout and nutrition plan. The venture has an estimated yearly revenue of $3M and has seen a YoY employee growth rate of 4%.
13. Flink
5-year search growth: 136%
Search growth status: Exploding
Year founded: 2020
Location: Berlin, Germany
Funding: $1.2B (Series Unknown)
What they do: Flink is a food and grocery delivery platform. It operates in Europe and according to them, they deliver groceries in 10 minutes. The startup currently operates in 35 countries in Europe.
14. Jumbotail
5-year search growth: 111%
Search growth status: Regular
Year founded: 2015
Location: Bangalore, India
Funding: $160.4M (Debt Financing)
What they do: Jumbotail operates an online marketplace for food and groceries. The platform provides services such as supply chain logistics, credit solutions, integration of point-of-sale systems and online ordering apps. These services create a food ecosystem making it easier for consumers to buy groceries at cheaper prices. The company is funded by 24 investors across 5 funding rounds.
15. NotCo
5-year search growth: 264%
Search growth status: Regular
Year founded: 2014
Location: Santiago, Chile
Funding: $432.9M (Series D)
What they do: NotCo uses AI and machine learning to analyze the molecular structure of animal products and replicate them with plant-based ingredients. They use an AI platform, Giuseppe, to test different ingredients, create flavors, and develop new food products. The company's current product line includes plant-based mayonnaise, milk, creamers, and meat, which are sold across Latin America, the US, and Canada.
16. Clone (Formerly Not So Dark)
5-year search growth: 134%
Search growth status: Regular
Year founded: 2019
Location: Paris, France
Funding: $105M (Series B)
What they do: Clone provides restaurants with a second revenue channel through newly created digital food brands. They will add a digital ordering system and data analytics to a restaurant's current operations and create recipes and source new meal ingredients so the restaurant staff can focus on cooking. A few of Clone's brands include Vegedal, FK Burgers, and Walida.
17. Hungryroot
5-year search growth: 86%
Search growth status: Regular
Year founded: 2015
Location: New York, New York
Funding: $75.4M (Series C)
What they do: Hungryroot uses AI and predictive technology to predict and deliver groceries and recipes that suit each individual. The company is able to customize deliveries on an individual basis by having its users take a quiz to better understand their preferences. According to Hungryroot, its users save up to $22 a week by using the Hungryroot platform.
18. Meati
5-year search growth: 359%
Search growth status: Exploding
Year founded: 2015
Location: Boulder, Colorado
Funding: $261M (Undisclosed)
What they do: A meat-tech company, Meati produces plant-based meat alternatives made from 95% mushroom root. Their primary ingredient is mycelium, the vegetative, root-like structure of fungi, combined with other natural ingredients like salt, natural flavors, fruit juice, etc. Meati opened the Mega Ranch, a large-scale production facility, in January 2023 capable of producing tens of millions of pounds of mushroom roots.
19. Frubana
5-year search growth: 345%
Search growth status: Regular
Year founded: 2018
Location: Bogotá, Colombia
Funding: $271.1M (Series C)
What they do: Frubana is a B2B grocery and ingredient online platform helping restaurants, bars, and small retailers source their agricultural products directly from farmers. Frubana has an estimated yearly revenue of $20M.
20. Market Kurly
5-year search growth: 7%
Search growth status: Regular
Year founded: 2015
Location: Seoul, South Korea
Funding: $690.7M (Private Equity)
What they do: Market Kurly is a food delivery and logistics platform partnering with local stores and farms to sell their products online. It enables users to order food and groceries online and receive it the next morning. The startup has experienced a 119% revenue growth during the last year when it posted a yearly revenue of $806M.
21. DayTwo
5-year search growth: -76%
Search growth status: Peaked
Year founded: 2015
Location: Walnut Creek, California
Funding: $90.4M (Series B)
What they do: DayTwo is a microbiome-health management platform. It offers custom nutritional insights that adhere to the required standards for patients with Diabetes and Prediabetes. The company claims that its nutrition plans have helped users increase their energy by up to 64% and improve their sleep quality by up to 44%.
22. Harvie Farm
5-year search growth: 535%
Search growth status: Peaked
Year founded: 2016
Location: Pittsburgh, California
Funding: Undisclosed
What they do: Harvie Farm provides an online platform designed to connect consumers to local farms and sellers. The platform also facilitates the home delivery of orders conducted through the website. The startup has partnered with over 250 farms and artisans throughout the United States.
23. MaxAB
5-year search growth: 0%
Search growth status: Peaked
Year founded: 2018
Location: Cairo, Egypt
Funding: $101.2M (Series B)
What they do: MaxAB is a platform that connects food and grocery retailers to suppliers. The platform creates price transparency by making all prices visible to all parties involved. Additionally, it also facilitates payments and logistics between suppliers and retailers. MaxAB has been funded by 12 investors over 4 funding rounds.
24. Sharebite
5-year search growth: 95%
Search growth status: Peaked
Year founded: 2015
Location: New York, New York
Funding: $62.9M (Series B)
What they do: Sharebite provides an online platform intended to let people order their food online. Additionally, the platform provides a social aspect in that people can see what dishes are trending among their friends and neighbors. The startup has been built with the mission of alleviating world hunger in mind and donates 1 meal for every meal ordered via their platform.
25. Snackible
5-year search growth: 113%
Search growth status: Regular
Year founded: 2015
Location: Mumbai, India
Funding: $1.6M (Seed)
What they do: Snackible produces healthy snack food of different varieties, such as sweet, sour, low cal, high fiber, high protein, gluten-free and lactose-free. The company also sells directly to its customers using online channels. Snackible is funded by 8 investors, with Mumbai Angels being their most notable one.
Conclusion
Startups in the Food Tech space are making access to quality, healthy food easier and more convenient for consumers. And also making it cheaper and more profitable for businesses to produce and sell food of all kinds.
As can be seen from our list, growth in this space is supported and accelerated by the growth in eCommerce, logistics and supply chain technology.
