Forward Fooding announces the official 2024 FoodTech 500 ranking

Forward Fooding has released the sixth edition of the FoodTech 500, its annual ranking of the most promising AgriFoodTech startups. The 2024 list highlights global entrepreneurial talent at the intersection of food, innovation, and sustainability. This year’s ranking reflects how the industry is responding to evolving economic and geopolitical challenges, with over 1,420 applications from more than 80 countries and a collective US$8.67 billion raised by the selected companies.

“What began as a simple idea in 2019 – to highlight both the rising stars and established leaders in FoodTech – has evolved into the globally recognized FoodTech 500, a definitive ranking of the world’s most promising AgriFoodTech companies,” commented Alessio D’Antino, CEO of Forward Fooding. “Now in its sixth edition, this milestone comes at a time of significant shifts in the global FoodTech market, where funding remains scarce, yet innovation continues to thrive. More than ever, FoodTech 500 serves as a beacon for the trailblazers shaping the future of food at the intersection of technology and sustainability.”

The FoodTech 500 ranking is powered by Forward Fooding’s FoodTech Data Navigator, the largest AgriFoodTech data intelligence platform. Companies are evaluated based on business size, digital presence, and sustainability impact. The latest ranking illustrates key industry trends, including the rise of biotechnology and climate-conscious solutions.

The evolution of the FoodTech 500 mirrors broader shifts in the sector, with increasing focus on deep tech solutions and environmental impact. Between 2020 and 2024, upstream verticals such as food processing, alternative proteins, and cellular agriculture gained prominence, while downstream segments like food delivery and restaurant tech saw a decline.

Investment trends reveal a shift in funding dynamics. After a peak in 2021-2022, where FoodTech 500 companies secured nearly $3.6 billion, investor caution led to a decline in mega-funded startups in 2023-2024. However, the presence of 209 Seed-stage companies and 171 Series A startups in the 2024 ranking indicates a maturing sector that continues to attract investment.

“Reflecting on our journey, it’s remarkable to see how far we’ve come. From the very beginning, our mission has been clear: to spotlight the unsung heroes of AgriFoodTech – entrepreneurs, startups, and scaleups transforming our food system from farm to fork,” said D’Antino. “Over the years, we’ve refined a data-driven methodology that identifies and ranks the top 500 AgriFoodTech companies worldwide. To date, we have received over 10,500 applications from pioneering businesses eager to make an impact.”

This year’s ranking also highlights progress in diversity, equity, and inclusion. Female-founded companies in the FoodTech 500 increased by 36% since 2020, reaching 171 in 2024. However, representation of ethnic minorities, LGBTQ+, and disabled founders has seen only minimal growth, suggesting further work is needed in this area.

Sustainability remains a core focus, with a significant rise in startups addressing climate-related challenges. Companies aligned with UN Sustainable Development Goal (SDG) 13 (Climate Action) surged from 74 in 2022 to 243 in 2024, while those working on SDG 15 (Life on Land) tripled from 42 to 126. These startups are advancing soil restoration, biodiversity protection, and sustainable alternatives to deforestation-linked products.

To mark the release of the 2024 FoodTech 500, Forward Fooding is hosting an unveiling event at Google UK’s Headquarters in London on March 18. The event will bring together leading entrepreneurs, investors, and industry stakeholders to explore the latest innovations shaping the AgriFoodTech sector.

2024 has also been a pivotal year for Forward Fooding and the FoodTech 500, with new initiatives expanding its global reach. “We introduced bold new initiatives, strengthening our global reach and fostering deeper industry connections,” said D’Antino. “We expanded our FoodTech 500 Ambassador program, welcoming 32 esteemed experts to amplify the voices of FoodTech innovators worldwide. We also embarked on a global FoodTech 500 tour, making stops in leading FoodTech hubs such as London, San Francisco, Barcelona, and Stockholm. Additionally, we strengthened our government collaborations, working with key partners like The Canadian Food Innovation Network, FoodValley in the Netherlands, the UAE FoodTech Challenge, the Korean Agriculture Technology Promotion Agency, and Singapore’s EDB. These partnerships have been instrumental in driving collaboration, fostering innovation, and bringing invaluable insights to our global AgriFoodTech community.”

“This year’s FoodTech 500 finalists represent the pinnacle of innovation, selected from over 1,420 applications across 52 countries,” D’Antino continued. “Their groundbreaking solutions reflect the sector’s continued evolution, entering a new phase of growth and impact. As we celebrate these visionary companies, we remain committed to spotlighting pioneering AgriFoodTech solutions and supporting those who work tirelessly to build a more sustainable and resilient food system.”

Founded in 2015, Forward Fooding is a global platform fostering innovation in the food and beverage industry through data intelligence and corporate-startup collaboration. Headquartered in London, with offices in Barcelona and Rome, Forward Fooding connects AgriFoodTech entrepreneurs with industry leaders to drive sustainable transformation in the food sector.

For more information, access the full FoodTech 500 ranking and download the 2024 white paper here.