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Food Startups Ecosystem

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Food Startups Ecosystem

  1. 1. The State of FoodTech research project Raffaele Mauro June 2014
  2. 2. From 2012 to date there has been a new wave of investments in innovative companies related to the food industry.An increased number of transactions was coupled with the involvement of the major players of the venture capital industry. Startups operating in the food tech area are revolutionizing the way food is produced, distributed and consumed,and are revitalizing an entire industry with new business models and customer experiences. Executive Summary A significant pipeline of open innovation opportunities has been generated,with the potential to structure acquisitions,commercial deals and partnership between big industry players and startups. P101 is positioned at the forefront of the food tech market and could act as a key player in the innovation process: the fund has invested in relevant startups in this sector and it is continuously scouting the market for new teams and technologies.
  3. 3. Confidential Information | 3 Food Startups are hitting the headlines The food industry is transforming itself through open innovation, digital technology and new customer experiences Just Eat IPO Values It At $2.44BN, Company First To Test LSE’s New Tech-Friendly Market TECHCRUNCH - Posted Apr 3, 2014 by Mike Butcher (@mikebutcher) Exclusive: Blue Apron raising new funds at $500 million FORTUNE - By Erin Griffith Posted April 7, 2014 3:36 PM ET Tamburi Investment Partners Invests 120 Million Euro in Eataly PAMBIANCONEWS - Tuesday 11 March 2014
  4. 4. Confidential Information | 5 Market overview: Food & Beverage funding scenario Total Food & Beverage funding Q1 2012 - Q1 2014* • $1.38 Bn invested (VC, PE, Corp VC,Angel) in 2013, mostly US data • 397 deals; +37,4% yearly growth • Q1 2014 was the best quarter in term of number of deals M&A (Food & Beverage) IPO (Food & Beverage) 2012 Q2 10 20 30 40 50 60 0 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 Numberofexits * Source: CB Insights
  5. 5. Confidential Information | 6 Market overview: Food & Beverage M&A Total Food & Beverage M&A deals Q1 2012 - Q1 2014* • 197 exits last year • +55% yearly growth • Q1 2014 was the best quarter in term of number of exits M&A (Food & Beverage) IPO (Food & Beverage) 2012 Q2 10 20 30 40 50 60 0 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 Numberofexits * Source: CB Insights
  6. 6. Confidential Information | 7 Market overview: Food Tech & Media Total Food Tech & Media VC investments and M&A deals 2012 – 2013* US • 2013: $1.6 Bn invested in in Food Tech with 148 deals • 2012: $1.2 Bn invested with 132 deals • Average deal size from $4.6 M to $5.6 M • Excluding the Media component, $930 M invested in 2013 and $560 M for 2012 Food Tech/Media Investment ($B) Totalininvestmentinginbillions Numberofinvestments Food Tech/Media Investment ($B) (Adjusted) Food Tech/Media Investment Deals Food Tech & Media investments higher than Food & Beverage * Source: Rosenheim Advisors $2.0 $1.5 $1.0 $1.2 $1.6 $0.6 136 $0.9 $0.5 2012 2013 148
  7. 7. Confidential Information | 8 360° change: Ordering, delivery, analytics, media, social Each area of the food experience is disrupted by digital technology *Source:RosenheimAdvisors Recipes and Cooking Communities Publishers Grocery / CPG Coupon Distributors Mobile / Online Ordering Mobile / Online Ordering (B2B) Commerce Online / Offline Communities Personalized Restaurant Discovery Restaurant Reviews and Search Restaurant Coupons and Deals Next Gen Restaurant Ordering / Payments Restaurant Loyalty Rewards Reservations Restaurant Marketing / Analytics Grocery / CPG Coupon Aggregators Grocery / CPG Mobile Coupons Grocery / CPG Loyalty Rewards Digital Content Vertical Ad Networks Product Guides and Discovery Recipe Box and Search
  8. 8. Confidential Information | 9 Open innovation: leveraging lean startups “Everyone eats, everyone is online; what the hell we waiting for?” Dave McClure – 500 Startups Space for disruption: • New layers in the food experience: local, social, mobile, metadata, ecommerce, digital payments, analytics, retail • Inefficiencies still exist: personalized & health choices, logistics & routing, waiting time, social layer, recommendations. • New startups are lean, fast & experiment at low cost Open innovation is key to corporate success: • Example: Google has acquired 91 startups since 2010 Open innovation trhough food startups: • Startup acquisitions bring high-potential innovation at low cost
  9. 9. Confidential Information | 10 Food Startups: Areas of innovation • Recipes and Cooking Communities • Recipe Box and Search • Publishers • Digital Content • Vertical ad Networks • Product Guides and Discovery • Grocery CPG: Coupon Distributors, Coupon Aggregators, Mobile Coupons, Loyalty Rewards • Mobile / Online: Ordering, B2B transactions • Food Ecommerce • Food Delivery • Product Deals / Offers • Restaurant Review and Search • Personalized Restaurant Discovery • Reservations, Ordering, Payments • Restaurant Marketing / Analytics * P101 elaboration on data from Rosenheim Advisors
  10. 10. Confidential Information | 11 Trends in the new food tech startups Grocery delivery integrated with recipe discovery and cooking-related educational material Pick up spots delivery options (beyond home delivery), weekly featured food Focus on health, nutrition, lifestyle and women consumers New verticals: tools for restaurants, office catering, school catering, lunchboxes Video for food lovers, cooking lessons and other rich media content Global repositories beyond restaurants: recipes, chefs, kitchenware
  11. 11. Confidential Information | 12 We are not in the 90s Dotcom companies failed because of flawed business models and wrong cost structures …times Have changed: • Robust business models • Smarter investors • Lean approach: experiment, fail fast, learn • Drop in start-up launch & development costs BuT
  12. 12. Confidential Information | 13 The customer experience Examples from the Italian ecosystem I Plan I cook I buy I share
  13. 13. Confidential Information | 14 Example of a “hot spot”: the food delivery area During the first 4 months of 2014: $177 M VC investments in the food delivery area
  14. 14. Confidential Information | 15 Food delivery hits 5-year high * Source: CB Insights Q1 2013 -Q1 2014: • Food delivery startups funding up 51% • 4 out of 5 of Food delivery VC deals take place outside Silicon Valley • European example (Berlin): Delivery Hero raised $300 M overall Funding (food delivery) Deals (food delivery) MillionUSD 0 50 100 150 200 2009 Q2 2010 Q4 2012 Q2 2010 Q1 2011 Q3 2013 Q1 2009 Q3 2011 Q1 2012 Q3 2010 Q2 2011 Q4 2013 Q2 2013 Q4 2009 Q4 2011 Q2 2012 Q4 2010 Q3 2012 Q1 2013 Q3 2014 Q1 Numberofdeals 0 5 10 15 20 25
  15. 15. Confidential Information | 16 Food Tech investments topology Advertising, marketing & analytics Communities & media Restaurant services Restaurant Order & delivery Ecommerce & Marketplaces Grocery delivery Mass market Physical & delivery focus Media & digital content focus Niche focus
  16. 16. Confidential Information | 17 Investors in food tech companies Example: JustEat raised funding from top investors such as Greylock and Index. IPO in April 2014
  17. 17. Confidential Information | 18 Food Tech & Media investments 2013 - Selected Excluding $154 M MyWeb Grocer growth deal, Foursquare $35 M deal and Yelp’s $288.9 M new stock offering. Excluding angel investments and deals below $500k CompanY $M CompanY $M CompanY $M CompanY $M Olo 5.0 Chewse 1.0 Tastemade 10 MyCheck 4.2 Abe’s Market 5.0 Eatclub 5.0 Punch 3 Tabbedout 7.75 ChowNow 3.0 FarmersWeb 1.0 Glam Media 25 MouthFoods 1.5 LocalResponse 1.5 LoyalBlocks 9.0 Blue Apron 5 Index 7 EatStreet 2.0 Swipely 12.0 Dryinc 0.9 Yub 12 Blu Apron 3.0 Marqeta 14.0 MyFitnessPal 18 Postmates N/A Kitchensurfing 1.0 Foodpanda 20.0 Aisle50 2.6 TouchBistro 4.5 ClubW 3.1 Panna 1.3 Clutch 5.3 Qloo 3 Moment Feed 1.8 EMN8 51.5 DoorDash 2.4 Sprig 1.2 Perkville 0.5 Revel Systems 10.1 Leaf 20 Zomato 37 Food 52 2.0 E La Carte 13.5 Goldbely 3 ShapeUp 7.5 500friends 5.0 MyWebGrocer 154.0 HelloFresh 7.5 Delivery Club 8 Tastemade 5.3 Belly 12.1 GoodEggs 8.5 The Orange Chef 1.2 Relay Foods 8.2 Naked Wines 10 Zipments 2.25 MomentFeed 5.5 HealthyOut 1.2 Gratafy 1.45 Mogl 1.1 Freight Farms 1.2 Plated 1.4 Delectable 2 IfOnly 12 Gousto 2 SavingStar 9.1 GrubHub N/A Real Food Works 1.5 PowerSupply N/A Kitchensurfing* 3.5 Restorando 13.3 Butter Systems N/A Daily Secret 1.25 * Two deals in the same period
  18. 18. Confidential Information | 19 Food Tech & Media investments 2014 (January-June) CompanY $M CompanY $M CompanY $M GetYourGuide 4.5 Dash 1.2 Meican 10 BrightFarms 4.9 Granular 4.2 PunchTab 6.5 Yiftee 2.1 Postmates 16 Blue Apron 50 Food Genius 1 iFood 2 DeliveryHero 85 Drizly 2.25 Tapingo 10.5 AgLocal 1.3 Venga 1 Foodpanda 20 ezCater 3 Farmlogs 4 Noom 7 NatureBox 18 Main Street Hub 14 Kitchensurfing 15 Munchery 28 Culinary Agents 0.5 Ricebook 7 Drync 2.1 Delivery Hero 88 Spring 10 Spoonrocket 11 Planted 5 TouchBistro 1.5 EatStreet 6 Excluding angel investments and deals below $500k
  19. 19. Confidential Information | 20 Food Tech & Media M&A 2013 - Selected Buyer Target Value ($M) Buyer Target Value ($M) Yahoo Alike N/A GoDaddy Locu 70 Pinterest Punchfork N/A Groupon Plumfare N/A Pinterest Livestar N/A Zero Point Zero FoodRepublic N/A TripAdvisor Tiny Post N/A Groupon Sidetour N/A Twitter Spindle N/A Food52 RealTime Farms N/A OpenTable JustChalo 11 Anderson Press Caskers N/A OpenTable Foodspotting 10 First Data Corp Perka 30 DeliveryHero Hungryhouse N/A eBay Shutl N/A DeliveryHero EatitNow N/A 8Coupons Clipless N/A PMB Pushpins 10-15 (est.) AgSquared Local Dirt N/A Fancy Samplrs N/A UnderArmour Map My Fitness N/A Jawbone MassiveHealth N/A VoxMedia Curbed Network 20-30 (est.) Coupons.com KitchMe N/A GoodEggs LolaBee Harvest N/A Target Cooking.com N/A Coupons.com Yub 30 Target Chefs Catalog N/A Cookpad Althecooks N/A Seamless (merger) GrubHub N/A OpenTable Quickue 11 EMN8 Snapfinger N/A Lifelock Lemon 42.6 Harvest Mark ShopWell Solutions N/A Square Evenly N/A
  20. 20. Confidential Information | 21 Food Tech & Media M&A 2014 (January-June) - Selected Buyer Target Value ($M) MacMillan Publishers Cookstr N/A Leapset Punchfork N/A Walmart Yumprint N/A Kroger You Technology N/A Datalogix Spire Marketing N/A MyWebGrocer Buy4Now N/A OpenTable NessComputing 17.3 XO Group Gojee N/A Mobivity SmartReceipt 3 JustEat Meal2Go N/A Blue Bottle Cofee Tonx N/A Priceline OpenTable 2600
  21. 21. Confidential Information | 22 Why acquire? Example: Walmart acquired Yumprint in Q1 2014 to improve its grocery delivery strategy Yumprint analyses recipes, nutritional information and consumer preferences The website also matches ingredients with advertisements and prepares shopping lists A
  22. 22. Confidential Information | 23 Why acquire? Typical buyers needs in food tech acquisitions: • New sales & distribution channels • Integration with databases and APIs • Access to younger population • Access to mobile & social layers • Geographical expansion • Expansion to new product categories • Content acquisition • Talent acquisition B
  23. 23. Confidential Information | 24 Significant IPOs in 2014 In Q1 2014 tech companies saw robust M&A activity and exit potential. Food tech startups reached successful IPOs Just Eat: valued at $2.4 BN GrubHub: valued at $2.7 BN
  24. 24. Confidential Information | 25 Growing Ecosystem: Incubators Lean food startups now growing in vertical incubators VC funds such as Accel Partners are supporting the process
  25. 25. Confidential Information | 26 Growing Ecosystem: Events Tailored events are structuring the ecosystem and building knowledge about go-to-market and growth
  26. 26. Confidential Information | 27 Big players join the race: delivery Big retailers and ecommerce websites are increasingly involved in same- day grocery delivery • “Fresh service”: Started in 2007 in Seattle • Recently expanded to Los Angeles • 500k available items • Now expanding to San Francisco and other 20 locations, including non-US
  27. 27. Confidential Information | 28 Big players join the race: consumer giants release APIs Ingredients and other food datasets are increasingly available trhough new APIs Examples: Kraft Application Programming Interface Nestlè GoScan appA B
  28. 28. Confidential Information | 29 More innovation Food 3D Printig New desktop 3D printers shape food as their “ink” A
  29. 29. Confidential Information | 30 More innovation Drone delivery “30 min delivery service” trough unmanned aerial vehicles Program confirmed by Bezos in the 2013 letter to shareholders 6th generation of drones developed at Amazon B
  30. 30. Confidential Information | 31 More innovation Big Data & Food Tech Data science is overtly applied by several food startups and big tech players Example: recipes & ingredients Companies Recipe sourcing models Food bloggers Social networks Semantic tech DatabasesAll industry players C
  31. 31. Confidential Information | 32 Italian food startups are growing E-commerce & delivery Restaurant services Social food
  32. 32. Confidential Information | 33 Internal innovation: • Explore the new layers generated by digital technology. • Each process in the food experience could be leaner, smarter and more efficient Open innovation: • Look for M&A opportunities: the new wave of food startups is generating smart and scalable solutions • Key factors are low development costs, access to new demographics, innovative processes and new sales & distribution channels How to leverage the market
  33. 33. Confidential Information | 34 Powering the Italian Ecosystem: • P101 is a venture capital fund focused on digital technology • The firm is positioned at the frontier of the market and screens hundreds of entrepreneurial projects per year • The fund is empowered by a network of incubators, research institutions, investing partners and entrepreneurs • P101 invests in innovative companies with a significant portfolio allocation in food tech & media startups P101 as Innovation Hub
  34. 34. Confidential Information | 35 The attached information is not intended suggestion or solicitation of public savings and is exclusively addressed to the recipient specified above (the “Recipient”). All the data in the present document are for information only and Programma 101 will not be liable for any action the Recipient may decide to take in total independence and autonomy. The information included in this document is subject to the risks and uncertainties of the Internet, Media and Telecoms markets. Allforecastsreflectmarketparameters,assumptionsandotherfundamentals that may be subject to change and therefore affect future results. The Recipient declares to have specific experience in the field of investments in financial instruments and to be properly advised by qualified consultants in the valuations of their investments. The information in this document is Confidential and must be treated as such. Disclaimer Research project Raffaele Mauro graphic design Giulia Bertuzzo
  35. 35. - www.p101.it info@p101.it

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