Explore the 2020 FoodTech Sector

1White Star Capital
Sector Overview:
Foodtech
From the eyes of an
international investor
H2 2020

2White Star Capital
White Star Capital
Contents
Section 1 Foodtech Ecosystem: An Overview 04
Market Overview
COVID-19
Trends
Section 2 Funding Overview 17
Venture Funding and Valuations
Significant Rounds
Unicorns
Exits and Corporate Activity
Section 3 Sector Focus 26
Delivery
Food Suppliers
Next Gen Food
Kitchen Tech
Section 4 Regional Spotlight 47
Global Trends
North America
Europe
Asia
Section 5 Partnering with White Star Capital 52

3White Star Capital 3
Technology leveraged to improve experience, efficiency
and/or sustainability across the food value chain is
gathered under Foodtech. Our scope excludes Agtech
and Restaurant Tech
162 Deals
$2bn
Invested in
Asia in 2019
227 Deals
$1.4bn
Invested in
Europe in
2019
398 Deals
$6.1bn
Invested in
North
America in
2019
Source: Pitchbook
1) USDA, ONS, CFA
2) Mintel
3) World Bank, 2019
• The food industry is one of the world’s largest industries and so, quite unsurprisingly,
Foodtech companies get a lot of attention. World Bank estimates that food and
agriculture comprise about 10% of global GDP i.e. c.$8.8tn (based on 2019 global
GDP).
• In the US only, the total spend on food and beverages reached $1.8tn in 2019.1
• Moreover, consumers spend almost 10% of their disposable income on food in the US,
close to 11% in Canada. While European countries spend over 12.2%, Japan and South
Korean spend respectively 13.5% and 13.2% with South-East Asian countries spending
30% on average.2
• The Foodtech sector saw its first pioneers in late 90s and early 2000s, primarily led by
online grocery and food delivery order aggregators in the US. This sector started
maturing in 2010s and new models including foods appealing to specific lifestyle
identities, “next gen food” and new production and distribution technologies began to
emerge.
• Since 2011 investment into Foodtech has grown almost 26 times, reaching $10.7bn in
2019 globally, harnessing 41 unicorns including DoorDash, Impossible Foods, Deliveroo
and Grab.
• But the food industry and large food conglomerates are having difficulties to adjust their
business model as a result of a growing population and increasing food demand
combined with quickly changing lifestyle, consumer preferences and values.
• Lack of trust: Only 43% of Millennials agree they do not trust large food
manufacturers compared to just 18% of older adults. Some of the main concerns are
lack of transparency and ethics.3
• An increasing number of consumers are willing to pay more for food innovations and
products that satisfy their demands for convenience, fit, perceived quality and health.

4White Star CapitalWhite Star Capital
Foodtech Ecosystem:
A Global Overview
1

5White Star Capital 5White Star Capital
2019/2020 News Highlights
$5bn
Of VC capital invested into
Foodtech globally in H1 2020,
~22% less than H1 20193
$31bn+
Foodtech VC funding over the
last 3 years3
5.5x
US online grocery sales reached
$6.6bn in May 2020, growing
450% since August 2019, and
24.5% MoM amid COVID-193
41
VC-backed Foodtech unicorns1
71%
Share of food delivery VC
funding invested in Foodtech
over the last 3 years globally3
24
Foodtech IPOs over the last 10
years3
11
Mega rounds in H1 20202
55% ▲
Increase in equity value of
HelloFresh, Blue Apron,
Takeaway.com, Grubhub,
Delivery Hero and Meituan
Dianping since the beginning
of 2020* amid COVID-19
* As of August 2020
1) CBInsights Unicorn List, 2020
2) Rounds > $100m as of July 1st 2020
3) Pitchbook
4) BCG 2020 Report

6White Star Capital
Over the last 10 years, Foodtech has undergone
significant growth and attracted over $30bn in VC
funding globally
1,305
691
1,374
1,072
2017 2018 2019 H1 2020
2,541
4,879
6,078
3,019
2017 2018 2019 H1 2020
1,684
6,958
1,992
698
2017 2018 2019 H1 2020
North America Europe Asia
VC Foodtech funding 2017 - 2020 (in $m) and YoY growth per region
+92% +25% -47% +99% +313% -71%
Food, one the largest sectors of the global economy (10% of all global economic output),
has been in the spotlight of innovation and investors for some time.1 But it’s not merely the size
of the market that makes it so attractive. Many companies are trying to navigate a soaring need
for (quality) food supply due to growing global population coupled with modern world’s health
crisis, as well as rapidly changing consumer demands driven by what we know as ‘conscious
consumption’.
The Foodtech industry has attracted over $30bn in VC funding globally between 2017 to
2019, largely driven by North America and Asia.
Source: Pitchbook
1) World Bank, 2019
2) Globalwebindex.com, 2019
3) World Economic Forum, 2020
4) Nielsen, 2015
Key Growth Enablers
1. Online and Mobile Penetration
In H1 2020 global internet penetration reached
60%, which is 2.4x higher than in 2010 and
over 50% of total internet time is consumed on
mobile.2
2. Supply Chain Capabilities
Supply chain capabilities are improving with
expanding delivery networks and last-mile
logistics. Last-mile urban deliveries are
soaring, expected to grow by 78% by 2030.
Moreover, same day deliveries are expected
to grow by 20-40% in the same period.3
3. Consumer Adoption
Only 5 years ago 60% or retail sales consisted of food items, while 60% of ecommerce sales
consisted of non-food items.4 Food had one of the lowest e-com penetration rates due to
perception (freshness, quality, safety, etc.) and habits. This is, however, changing. Not only are
consumers more comfortable to shop for food online, but the growth of on-demand grocery
options as well as the recent COVID-19 outbreak, further exacerbated this trend.
Active Social
Media Users
3.8
billion1
Penetration
49%
Internet
Users
4.6
billion
Penetration
60%
5.2
billion1
Penetration
67%
Unique Mobile
Phone Users
Source: Internetworldstats.com
-74%*
*H1 2020 vs H1 2019
+58%* -65%*

7White Star Capital
of consumers in the
Asia-Pacific region
proactively seek
products which improve
their health3
66%
Health-conscious
customers account
for 30% of all grocery
customer in the US
and Europe4
30%
The World Economic Forum is projecting over 2.1bn people will buy goods online by 2021.
This is likely to be even higher in light of COVID-19, which has dramatically accelerated e-
commerce penetration globally.
Besides being more open to shopping for food online – the sector has historically had one of
the lowest online penetration compared to other consumer goods – consumers are
increasingly more focused on convenience, healthiness and sustainability of the food
products they buy.
Rising e-commerce penetration and a massive shift in
consumer mindset has shaped and driven the growth
of the Foodtech sector over the last two decades
Sustainability
Eco-friendly consumer alternatives have
descended from high-end and rare to
affordable and widespread. Led by
consumer concern over polluting
packaging and ingredients, the eco trend
is now mainstream. 8 in 10 consumers
worldwide say they value sustainability.2
Source: GlobalWebIndex, Q2 2018
1) Lux Research
2) Barrons
3) GlobalData’s 2019 Q3 Consumer survey
4) Symphony RetailAI research, 2018
Healthiness
According to an L.E.K. survey, 93% of
consumers want to eat healthy some of
the time and 63% want to eat healthy
most or all the time. Consumers 1) look
for nuanced claims related to health,
and wellness, 2) want their food to have
an increasingly wide range of benefits
and 3) will pay more for healthy food.
Convenience
As noted in Nielsen’s Quest for
Convenience report; “in today’s
hyperconnected world, convenience is
the ultimate currency.” Consumers are
demanding convenience for the purpose
of saving time, making life easier or
finding the best product option/fit.
of US meals are
consumed alone due in
part to the “on-the-go”
consumption behavior
47%
Consumers are willing
to pay 14% more for
online grocery
delivery and 30% more
for prepared meals1
30%14 to
58% 61% 55%
46%
Gen Z Millennials Gen X Baby Boomers
% who agree they would pay more for
eco-friendly products

Change has not only been driven by innovation, but also
by consumers' needs. ‘Conscious consumption’ has
driven the trend of Next Gen Food in the last 5-10 years
Lifestyle
Marketplaces
Managed
Marketplaces
Online Grocery
Early 2000s
Next Gen Food
Around 2010 and later
Production and
Logistics 2.0
Some of the first online Foodtech businesses started in the pre-dotcom
crash, many addressing the attractive grocery space. Some survived such
as FreshDirect and Peapod, some did not, such as Webvan or
HomeGrocer.
Almost in parallel with the online grocery space, the first pioneers of the
restaurant delivery space launch in early 2000s followed by a second
wave of marketplaces with delivery logistics following Uber’s success story.
This is a broad category including D2C, marketplaces, packaged foods and
more, centered around convenience and lifestyle. This includes ready-to-
eat meals, meal kits, foods addressing special concerns and diets.
We’ve seen this trend emerge in the last 10 years or so. This includes new
ways of preparing and distributing food. Given significant barriers to scale,
many of these companies are not yet fully deployed and commercialized.
Next Gen Food has been a fast-growing trend in recent years. This
includes alternative and plant-based protein and dairy, CBD, algae-based
products and other alternative ingredients, free-form food, cell-based food
and more.
1996, Chicago 1999, New York
2004, Chicago 2004, Copenhagen (Ele.me) 2008, Beijing1999, New York 2000, Amsterdam
2013, San Fran.2013, London 2014, San Fran.2009, Singapore
2011, Berlin
Cooking
2013, New York
Convenience
and nutrition
2015, Kuala Lumpur
Convenience
2015, San Fran.
Sustainability
2012, San Fran.
2007, Seattle (Yihaodian) 2008,
Beijing
2000, London
2012, London
Local Food
2015, Boston
Robotic Restaurant
2015 Los Angeles
Cloud Kitchens
2019, San Fran.
Drone Delivery
2019, Israel
3D Printing
2014, Seattle
AI Application
2009, Los Angeles
Plant-based meat
2014, Emeryville
Plant-based dairy
2011, Culver City
Adaptogens
2018, Spain
Cell-based
2018, New York
CBD

Source: Pitchbook, July 2020
1) Statista, 2019
Spotlight: Humanization has been a massive driver
behind the Pet Food industry. Consumers are looking
for the same nutrition and freshness for their pets that
they get from their own food
The global Pet Food market is estimated at $96bn in 2020, expected to grow at a 4.8%
CAGR over the next 5 years. North America is leading with $35.1bn, representing over one
third of the global market, however, Asia is expected to grow at a faster annual rate of 5.8%
(compared to the expectations of North America growing at 3% and Europe at 4.6%)1
The Pet Food market has attracted attention from investors globally. Funding into the Pet
Food space has grown more than 33x since 2011, reaching $375m globally in 2019.
Pet Food funding, 2011 – 2020 (in $m)
Select outsized round 2018 – 2020
Series E: $60m (2020)
China
Series C: $72m (2019)
China
Series B: $39m (2018)
USA
Series C: $29m (2020)
UK
4 3715 16 29 34 36 43 53 58
11
22
261
204
63
200
280
254
375
246
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
Asia
North America
Europe
Deal Count
35.1
29.9
12.4
8.7
2.9
North America Europe Asia South America Australia & Oceania
Market size breakdown by region, 2020 (in $bn)

The Pet Food market evolution is driven by changing
pet owner values and preferences for things like
natural and organic ingredients
Key Trends:
Number of US Households That Own a Pet
(in millions)
Popular Claims
Increasing attention to and product offering in the pet food aisles is primarily driven by dog
(and other pet) owners looking for balanced, nutritious and healthy meals for their pets
Recent Corporate Activity Highlights:
• PetSmart acquired pet food and product site Chewy.com for $3.4bn in 2017
• General Mills acquired Blue Buffalo for $8bn (26x EBITDA) in 2018
• J. M. Smucker Company acquired Ainsworth Pet Nutrition for approximately $1.9bn
in 2018
• Nestlé Purina PetCare acquired natural pet food brand Lily’s Kitchen in 2020
74%
65%
61%
55%
No genetically
modified
ingredients
(GMOs)
Natural
digestive
enzymes
Organic
ingredients
Scientifically
formulated
Source: Nielsen, American Pet Products Association
63.40
42.70
13.10
5.70 5.40 4.50
1.60
Dogs Cats Fish Bird Small
Animal
Reptile Horse
Fresh human-grade pet
food:
Increasingly, pet owners
desire pet food options
addressing human health
concerns, such as
unnatural preservatives and
genetically modified
ingredients.
Plant-based, sustainable
and natural alternatives:
Pet owners also seek
sustainable and natural
products for their pets for as
well as supplements and
alternative protein options.
Personalization:
Customized pet food based
on health needs, taste
preferences or pet breed
and size allows pet owners
to provide human-style
variety to their pets.

• Online grocery in Asia is set to grow from
$99bn in 2019 to $295bn by 2023
• This represents a 24.4% CAGR, vs. 6.2%
for the global grocery retail market
• South Korea is leading Asia’s online
grocery market, with 20% market
penetration
• South Korean growth is fuelled by the
country’s increasing number of single-
person households and the steady rise
of mobile shopping3
Asia and Europe are leading global
adoption of online grocery shopping
North America and Asia are leading with adoption of
online food delivery online grocery sales are
skyrocketing in Asia, growing at a 24.4% CAGR
Revenue Forecast for Online Food Delivery
by Country in 2024 (in $bn)
Online Food Delivery Top Players by Region
Online Grocery Sales in 2020 by Country
(in $bn)
67.6
32.3
14.7
3.2 2.9 1.1
28%
34%
15% 23% 24%
18%
China United
States
India Germany France Italy
User Penetration Rate
Source: Statista
178
28 22 18 16 13
15%
8%
12%
2%
6%
20%
China United
Kingdom
Japan US France South
Korea
Online penetration by country
Source: Statista
• Asia accounts for 55% share of the
global online food delivery market
• China alone saw over $34bn in online
food delivery revenues across Ele.me
and Meituan Dianping1
• Asian leadership in online food delivery is
driven by high adoption rates of super
apps such as WeChat
Asia
• North America has over 20 online food
delivery companies with DoorDash
leading with 46% of the market share1
• In 2020, online food delivery has already
reached $45bn, reaching 13% of the
addressable market this year and on
track to reach 16% by 2022, instead of
2025, as originally forecasted
• 3 years of consumer spend has been
pulled forward, led by accelerated growth
from delivery platforms2
North America
• Europe is home to over 10 significant
online food delivery companies
• Netherlands based Just Eat acquired
Takeaway.com and Grubhub* to lead
with presence in 8 European countries
and 83% share of the UK market
Europe
* Grubhub deal announced in June 2020 but not yet closed
1) Second Measure
2) Morgan Stanley
3) Digital Market Asia

12White Star Capital
64%
54% 53%
47%
39%
29% 29% 30%
Postmates Grubhub DoorDash Uber Easts
Growth between 2/1 to 2/29 Growth between 3/1 to 3/22
Growth in Food Delivery App Installs, 2020
Source: inmobi
In North America, COVID-19 further accelerated growth and
penetration of online grocery and delivery. In the US, food
delivery volume could nearly double in 2020 as a result of just
5% of incremental penetration into the population
COVID-19 continues to cause massive disruption to everyday lives, driving new consumer
behaviors that will profoundly impact the internet ecosystem over the long-term. In the food
delivery space specifically we can expect:
1. Increased volume: Over the last few years food delivery accounted for less than 4% of
the total restaurant spend. In 2020, we expect a spike in the number of new users as
well as order frequency. In the US this can lead to as much as 5% increase in online
food delivery penetration, and an increase in order frequency by one additional
order per month. This could lead to a 15% annual boost in sales in 2022 and beyond.
2. Better industry unit economics: Online food delivery lost nearly $1.35 EBITDA per
order in 2019. Organic boost in demand will lower need for promotions, as well as fleet
incentives due to influx in on-demand workforce.
3. Acceleration in consolidation and dominance: Businesses with strong product, loyal
customer base and good balance sheets are best positioned to capture this growth
and/or use the opportunity to consolidate.
In Q1 2020, Uber Eats outperformed expectations, growing revenues by 53% year over
year, and Grubhub featured a 24% jump in active diners. In March alone Instacart sales
soared 98% vs. Feb. and Amazon Fresh sales were up 68%
8 10 14
25
48
42
52
60
1.3% 1.6%
2.1%
3.5%
9.2%
6.6%
7.3%
8.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
0
10
20
30
40
50
60
70
FY16 FY17 FY18 FY19 FY20E FY21E FY22E FY23E
Gross Food Sales Penetration
US Online Food Delivery Sales (in $bn) and Penetration (as % of Total Food
Consumed Away From Home)
Source: Barclays Research

• Small kitchen appliances are booming, and kitchen tech is poised to make an
impact. As people spend more time at home, they also spend more time in their
kitchens to cook
• The purchase of small kitchen appliances significantly increased. Gains included
electric pasta makers (462%), soda machines (283%), handheld cleaning devices
(284%), water filtration machines (152%), and air purifiers (144%).2
• Cooking behavior has changed globally:
• Demand for plant-based meat is skyrocketing. Plant-based meat sales increased by
264% in the nine weeks ending May 2nd 2020, which is faster than growth in February
prior to the pandemic. Consumers are increasingly turning to alternative meat products
to compensate for failures in the conventional meat industry.1
• Moreover, meat packing plants have been identified as COVID-19 hotspots, meat supply
chains have proven to be inflexible, and consumers have been more concerned by
zoonotic diseases.
COVID-19 has provided some tailwinds to other Foodtech
areas such as kitchen tech and alternative protein
Source: Supermarket Perimeter using Nielsen data
454%
255%
205% 188% 200% 224% 228% 206%
171% 169% 164%
100%
53% 37% 41% 30% 49% 54% 33% 22% 22% 27%
21-M
ar
28-M
ar
4-Apr
11-Apr
18-Apr
25-Apr
2-M
ay
9-M
ay
16-M
ay
23-M
ay
30-M
ay
6-Jun
13-Jun
20-Jun
Plant-based Animal-based
Plant-Based and Animal-Based Fresh Meat 2020 Sales Growth (vs. 2019)
54%
Of Americans are cooking
more during COVID-19 and
35% say they enjoy cooking
more than ever.3
46x
Increase in online search
related to sustainable
living in the. UK. 45% of
Brits would like to be able
to grow their food and 41%
would like to be better at
preserving food.4
86%
Of Chinese and 77% of
Hong Kong consumers
said they want to cook at
home more often. This is
similar for South Korea,
Malaysia and Vietnam (all
c.62%).5
1) Wall Street Journal
2) Bloomberg
3) Hunter
4) Food Ingredients First
5) Nielsen

• Online food ordering has been growing at a
15-20% CAGR over last 5 years1
• Global market is expected to grow from $76bn
in 2020 to $135bn by 2025 at 12% CAGR
• Low profitability pressures leading players
• M&A activity driven by market share
consolidation has significantly increased
Food Delivery
The global increase in online/mobile penetration, the changing consumer lifestyles with the
rise of millennials, and the natural expansion of the food and beverages industry (c.4% CAGR)
has fueled a sustained growth in the food delivery sector over the past decade:
of restaurant meals
are consumed
off-premise
• Online grocery buyers skew toward young,
affluent and urban households
• Shifting consumer tastes and price to
quality sensitivity have increased demand
• Rapid improvements in speed and
availability of same-day delivery have
improved the customer experience
Online Grocery
Online grocery is a large and fast-growing market requiring brands and retailers to leverage both
existing capabilities and new tech to succeed. Key market enablers include demographic and
behavioral shifts, improved omnichannel execution, and better delivery logistics:
• Consumers now have convenient and personalized
alternatives to restaurants or supermarkets
• D2C food players can face increasingly complex
consumer demands while changing the way people eat
• Following the first wave of healthy, affordable D2C
meal kits, groceries and specialized meal providers
are driving renewed growth in the sector
D2C Food (Meal Boxes & Ready-to-Eat)
Food suppliers are distributing food directly to consumers
as prepared meals and meal kits, unlocking the capability
to cater to specific lifestyles and preferences:
1) National Restaurant Association
2) Nielsen, Quest for Convenience, 2018
3) Grand View Research, 2019
60%
of consumers have used
a food delivery service,
7% do so weekly2
1/3
of online grocery
sales come from
Millennials
55%
expected to grow at
a CAGR of 24.8%
from 2020-20273
$190bn
Consumer Foodtech is dominated by players across
food delivery, online grocery and D2C food

Personalized Nutrition
• Developed market consumers have been
moving towards fresh, natural organic
food due to health awareness
• The direct relationship between a farm and
a restaurant or home has been growing with
the farm-to-table trend: we believe food
production will continue moving to local-first
Global-to-Local & Farm-to-Table
The global food supply chains built around large distance transportation are facing
headwinds from multiple angles - economic bottlenecks with transport costs, environmental
scrutiny on carbon footprint, and political pressure for greater food security and independence:
• The plant-based food industry is a growing
opportunity with c.20% annual growth rates
and industry revenue of $3.3bn in the US2,3
• The meat business has been attracting
scrutiny for its climate change impact
• High-profile funding activity has been first
aimed at plant-based burger patties
Plant-Based Alternative Protein
We have seen the rise of plant-based food
attempting to replace meat & dairy products
by simulating both taste and texture:
2018
2019
2020-e
2021-p
2022-p
2023-p
2024-p
2025-p
North America Europe Asia Pacific RoW*
Personalized Nutrition Market
Size ($bn)1
• Personalized nutrition provides a potential solution
as consumers experience diet confusion
• Personalized nutrition involves examining an
individual’s lifestyle, behaviors, diets, measurable
traits, and biological characteristics to understand
their responses to foods and nutrients and
improve health and wellbeing
Thanks to the increasing awareness of the health
impact of diet, a growing focus on individuality and
personalization is spreading to food consumption:
16.4
8.2
Cell-Based Alternative Protein
• The objective is to grow real meat in a
sustainable, healthy, affordable and
slaughter-free way
• The technique relies on a combination of
synthetic biotech and tissue engineering
• Investment activity is ramping up despite
commercialization being years away
Cellular agriculture describes animal products
(meat, dairy, leather) produced by replicating
animal cells in labs, outside of the animal:
1) Markets & Markets, 2020 report
2) Aleph Farms
3) World Economic Forum
avg. time from
picking to eating a
US grocery apple
11
months
Of food waste occurs
before it reaches its
consumer. In some
countries, this is as
high as 50%3
30%
Consumer sentiments is further driven by trends
around fit, healthiness and sustainability

• Given 1/3 of food is being wasted every
year, food providers are innovating to help
collect, segregate, and optimize food waste
at all levels in the supply chain
Sustainability and Transparency
The increased awareness of the food
systems’ responsibility in climate change
as a driver of both land & marine biodiversity
loss, as well as concerns on the future global
food production capacity shortfall has led to a
reevaluation of the sustainability of food
resources:
• These companies are designed for
operational efficiency and primarily sell
through meal delivery platforms
• New specialized players as well as many
leading meal delivery companies, including
DoorDash, Deliveroo, and Grubhub,
have rolled out ghost kitchen operations
Ghost Kitchens
Ghost Kitchens refer to commercial kitchens
that operate without any brick-and-mortar
dining locations:
• Sensors, Wi-Fi-enabled equipment, timers, and other
devices to communicate, collect data, and self-regulate
have been slowly making way into people’s homes
• Tech-savvy recipe content publishers are leveraging
technology platforms in order to transform food content
• The connected kitchen ecosystem remains
promising given current COVID tailwinds
Connected Kitchens
Consumers are not only looking for smart appliances but
are looking for digital products that will automate and
improve the cooking experience:
0 20 40 60 80 100
North America and Oceania
Japan, China, and Republic of Korea
Europe (including Russia)
North Africa, West and Central Asia
Latin America
South and South East Asia
Sub-Saharan Africa
Production Handling And Storage Processing
Retail and Distribution Consumption
Regional Food Lost & Waste by Stage1
Traditional
Restaurant
Ghost
Kitchen2
Real Estate 3,500 sq. ft 230 sq. ft
Employees 30+ 5
Upfront Cost $1m $30k+
Time to Open 12+ months 2+ weeks
Delivery Time 35 mins 15 mins
Innovation
Feasibility
High risk and
costly
Low risk and
profitable
1) Digital Food Labs
2) Reforming Retail Source, Jan 2020
3) Euromonitor International, Oct 2018
units of connected kitchen
appliances sold will grow
at a 17% CAGR3
12m
2018
25m
2023
will drive the growth
through fridge freezers
Other key trends in Foodtech include sustainability and
transparency, ghost kitchens and kitchen tech

Funding Trends
2

127
206
322
498
737 753 763
907
857
361
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
North America Europe Asia Rest of World
$0.4bn $0.5bn $0.8bn
$2.3bn
$5.1bn $4.7bn
$5.6bn
$13.0bn
$10.7bn
$8.8bn
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
North America Europe Asia Rest of World
Source: Pitchbook
* H1 2020 vs. H1 2019
North America and Asia have led the world from a deal value perspective, with
mega rounds from companies like Ele.me, DoorDash, and Impossible Foods driving
value. European Foodtech companies were among some of the earliest to IPO
including Just Eat (2014), Takeaway.com (2016), and Delivery Hero (2017).
North America, driven by the US, consistently leads by deal volume, with 398 deals
in 2019 compared to 227 in Europe and 162 in Asia. H1 2020 saw a dip in deal
volume due to maturing markets focused on growth-stage, high-value financing.
Funding has grown at a 53% CAGR since 2011 as the
food sector innovates to serve the evolving consumer
demands. Deal volume has grown 27% CAGR over the
same time period
Deal Value
Deal Volume
(18)%
YoY*
+45%
YoY*

+[xx]%
Growth in share of
deals from 17-19
Source: Pitchbook
The US and Asia markets are starting to mature however,
where Series C+ rounds are becoming more common. France
market is also developing fast with large growth in Series B.
Globally, the Foodtech ecosystem is primarily early
stage with funding concentrated in Seed and Series A
rounds
US Canada UK Germany France Scandinavia China SEA
Seed
55% 86% 84% 38% 33% 50% 21% 67%
18.8% 24.2% 4.1% (29.3)% (18.4)% (29.3)% (10.6)% (13.9)%
Series A
24% 14% 5% 63% 33% 0% 38% 14%
(13.6%) 13.4% (51.3)% 58.1% (5.7)% NA (8.7)% NA
Series B
12% 0% 11% 0% 33% 25% 36% 10%
(22.9%) (100%) NA NA 63.3% NA 67.3% (2.4)%
Series C+
10% 0% 0% 0% 0% 25% 5% 10%
(0.0%) (100.0%) NA NA NA NA (42.3%) NA
Share of deal volume by deal stage type (2019)

Median invested capital by deal stage (in $m)
Deal sizes are consistently growing globally except in Canada.
France and China are both featuring a drop in Series B round
sizes but they materially increased deal volume activity
Source: Pitchbook
…Attracting more capital and growing deal sizes
across stages and countries
0 5 10 15 20 25
Seed
Series A
Series B
USA
2017 2018 2019 2020 H1
0 20 40 60
Seed
Series A
Series B
China
2017 2018 2019 2020 H1
0 5 10 15 20
Seed
Series A
Series B
UK
2017 2018 2019 2020 H1
0 10 20 30 40
Seed
Series A
Series B
Germany
2017 2018 2019 2020 H1
0 10 20 30 40 50
Seed
Series A
Series B
Canada
2017 2018 2019 2020 H1
0 20 40 60 80
Seed
Series A
Series B
SEA
2017 2018 2019 2020 H1
0 10 20 30 40
Seed
Series A
Series B
France
2017 2018 2019 2020 H1
0 10 20 30 40
Seed
Series A
Series B
Scandinavia
2017 2018 2019 2020 H1

$9.5m $3.7m $8.7m
$18.4m $24.4m $23.9m
$85.0m $51.1m $68.5m
Valuations have been growing globally by 82% YoY and
feature a steady growth overtime across all geographies
Source: Pitchbook
1) Asia data is taken from 2018 due to lack of sufficient 2019 data
Note: Pitchbook valuation data has limitations and only considers rounds that have officially announced valuations.
Valuations remain relatively in line across geographies except
for outsized Asia Series B and Europe which features a c.30%
discount overall to US and Asia
Outsized rounds are becoming common place around the
world as investors compete for the most promising startups
North America Asia1
Europe
Median pre-money valuation
Select outsized funding rounds
+16.1%
+[xx]%
Growth in
valuations
from 14-19
Series B: $940m (2019)
USA
Series B: $65m (2018)
USA
Series B: $100m (2018)
China
Series B: $33m (2019)
Denmark
Series A: $108m (2018)
China
Series B: $109m (2017)
Netherlands
Series A: $33m (2019)
Germany
Series A: $145m (2018)
USA
Series B: $186m (2020)
USA
Series A: $90m (2019)
USA
Series A: $91m (2019)
China
Series B: $30m (2018)
Finland
+15.4% +11.4%
+12.2% NA +7.5%
+24.8% NA +72.1%
Seed
Series A
Series B

Size of most recent capital raise (2018-2020*)
Significant Rounds by Geography
Source: Pitchbook
*As of H1 2020
North America Europe Asia
$500m
$100m
$50m
$1bn
$40m
Later Stage (2020)
$12m
Later Stage (2020)
$750m
Later Stage (2019)
$700m
Later Stage (2020)
$375m
Early Stage (2018)
$400m
Later Stage (2020)
$340m
Later Stage (2020)
$300m
Later Stage (2020)
$225m
Later Stage (2020)
$200m
Early Stage (2020)
$186m
Early Stage (2020)
$150m
Later Stage (2019)
$100m
Later Stage (2019)
$72m
Later Stage (2020)
$80m
Later Stage (2020)
$65m
Early Stage (2018)
$50m
Later Stage (2019)
$43m
Later Stage (2020) $40m
Later Stage (2019)
$30m
Later Stage (2020)
$35m
Later Stage (2018)
$6m
Early Stage (2020)
$6m
Early Stage (2020)
$575m
Later Stage (2020)
$277m
Later Stage (2019)
$166m
Later Stage (2019)
$109m
Later Stage (2020)
$57m
Early Stage (2019)
$36m
Early Stage (2018) $33m
Early Stage (2019)
$30m
Early Stage (2020)
$30m
Later Stage (2019)
$26m
Early Stage (2018)
$19m
Early Stage (2020)
$19m
Later Stage (2019)
$17m
Early Stage (2020)
$4bn
Later Stage (2018)
$450m
Later Stage (2018)
$200m
Later Stage (2019)
$164m
Later Stage (2020)
$156m
Later Stage (2020)
(Dingdong Macai)
$300m
Later Stage (2020)
$109m
Early Stage (2020)
$100m
Early Stage (2018)
$100m
Later Stage (2019)
$92m
Early Stage (2019)
$60m
Early Stage (2020)
$60m
Later Stage (2020)
$50m
Later Stage (2019)
$44m
Early Stage (2018)
$20m
Early Stage (2018)
$20m
Later Stage (2019)
$13m
Early Stage (2019)
$10m
Early Stage (2019)
$314m
Early Stage (2020)
$66m
Series C (2019)
$700m
Early Stage (2019)
$50m
Later Stage (2018)
$28m
Early Stage (2019)
$78m
Later Stage (2020)
$315m
Later Stage (2019)
$220m
Later Stage (2019)
$56m
Later Stage (2020)
$940m
Early Stage (2019)
$33m
Early Stage (2020)
$85m
Early Stage (2020)
$20m
Early Stage (2020)
$9m
Early Stage (2019)
$18m
Later Stage (2020)
(Woowa Bros)
$320m
Later Stage (2018)
$495m
Later Stage (2020)

Asia 12
$3.6bn
$3.3bn
$3.0bn
$2.8bn
$2.0bn
$1.1bn
$1.1bn
$1.0bn
$1.2bn
$10.0bn
$14.3bn
Superapp
Unicorns:
Grab, Gojek, Rappi
56%
of Foodtech Unicorns
come from US and China
There are 41 VC-backed Foodtech unicorns mainly across
North America and Asia
Select Global Foodtech Unicorns
Sources: CB Insights Unicorn List, Pitchbook
North America 12
$7.6bn
$4.0bn
$2.3bn
$1.6bn
$1.3bn
$1.1bn
$1.0bn
$12.6bn
$4.6bn
$2.7bn
$2.4bn $1.0bn
$1.0bn
Europe 3
$1.0bn
$2.0bn
$1.2bn
(Dindong Maicai)
(Yijiupi)
(Womai)

Sources: Pitchbook analysis
*As of July 2020
Legacy or leading Foodtech businesses are actively acquiring
new players to add new solutions or consolidate market share
Strategic M&A drives over 90% of Foodtech exits in
North America, Asia and Europe
Date Company Valuation
Sep 2018 $52.8bn
Jun 2017 $1.9bn
Oct 2017 $1.9bn
May 2019 $1.4bn
Feb 2020 $683m
Jul 2018 $149m
Select recent VC-backed IPO exits
448
VC-Backed M&A
24
VC-Backed IPOs
VC-backed exits
16
21
24
56
71
46
64
76
53
21
1
1
2
4
2
4
4
1
3
2
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
M&A IPO
Date Target Acquirer Valuation
Apr 2018 $9.5bn
Jan 2020 $7.8bn
Jun 2020 $7.3bn
Apr 2020 $4.0bn
Q1 2021E $2.6bn
Jun 2018 $727m
Jul 2020 $459m
Oct 2019 $410m
Nov 2018 $350m
Feb 2018 $334m
Jan 2019 $321m
Selected recent VC-backed M&A exits
Global Foodtech Exits, 2011-2020*

Many large corporates are choosing to invest and acquire
Foodtech companies to add new technology capabilities,
expand offerings, or vertically integrate their product lifecycle
Large corporates are making strategic bets across the
Foodtech value chain
• M&A is often considered as a faster, effective and sometimes cheaper route
than developing products and capabilities internally
• Established legacy food manufacturers have been paying very close attention to
Foodtech trends and making strategic investments to add new products such
as alternative protein, sport nutrition, pet food or vegan brands
• Both established retailers and food manufacturers have begun investing in online
delivery platforms to vertically integrate new distribution capabilities
• Large tech players such as Amazon or Uber have been acquiring Foodtech
players to expand into the sector through a capital-efficient method
Source: Pitchbook
Note: In June 2020 Just Eat Takeaway announced its plans to acquire Grubhub for $7.3bn
Large acquirers and notable acquisitions (in $m):
2020 Woowa Bros 4,000
2015 Yemeksepeti 548
2014 Pizza.de 400
2016 Foodpanda 393
2015 Talabat.com 174
2017
Carriage
Logistics
94
2015 E-food 24
2015 Foodora 15
2018 LevelUp 369
2017 Eat24 282
2018 Tapingo 150
2017 Foodler 51
2011 Dotmenu 50
2015 Otlob 170
2015 La Nevera Roja 91
2014 Delivery Club 49
2015 Menulog G 669
2018 Hungryhouse 334
2016 SkipTheDishes 136
2014 FBA Invest 70
2019 City Pantry 33
2015 EAT.ch 18
2020 Just Eat 7,800
2018 10bis 142

Sector Focus
3

At White Star Capital we consider the Foodtech sector
to cover food transformation, distribution and
consumption, in or out-of-home
Delivery
• Apps and Marketplaces
• B2B Ordering & Delivery
• Delivery Robots
Intermediary solutions that connect food
providers with consumers for direct consumption.
It also includes online ordering management
tools and other last-mile delivery facilitators
Food Suppliers
Next Gen Food
• Ingredient-Centric Food
• Alternative Meat & Dairy
• AI & ML Food Innovation
• Appliances & Kitchen
Goods (B2C)
• Smart Content & Cooking
Communities
• Robotics (B2B/B2B2C)
Kitchen Tech & Content
Hardware, software or mobile app solutions used
by consumers or businesses to assist with food
cooking and preparation
Solutions to manufacture and distribute food as
groceries or prepared meals, to consumers or
other businesses, via direct digital channels or
other intermediaries
• Online Grocery
• D2C Models
• Packaged Food & Drinks
• Catering & Corporate Meals
• Ghost Kitchens
• B2B Suppliers
Given the health and environmental limitations of
the traditional food industry, businesses have
proceeded to reinvent food products by changing
its form, ingredients or development processes

White Star CapitalWhite Star Capital
The White Star Capital perspective on Foodtech value-chain
28
Farmers Food & Beverage Manufacturer / Suppliers
Bio-Tech
In-field Sensors
& Systems
Field Monitoring
Kitchen Tech
Primary Production Transformation Distribution & Consumption
Inputs Retailers, Intermediaries and DeliveryTraders
Post-harvest Monitoring &
Efficiency
Crop/Farm
Mgmt.
Cellular
Agriculture
Precision
irrigation / Water
Monitoring
Insect Sensing /
Monitoring
Logistics
Providers and
Software
Post-Harvest
Monitoring
Food Recovery
Online Grocers
Yield
Forecasting
Crop Marketing /
Trading
Seed / Fertilizer
Providers
Alternative Meat
and Dairy
Ingredient-
Centric Food
Ghost Kitchens
B2B Suppliers /
Procurement
Catering &
Corporate Meals
D2C Ready-to-
Eat and Meal
Kits
Apps &
Marketplaces
Delivery Robots
Robotics
(B2B2C)
Appliances and
Kitchen Goods
(B2C)
Packaged Food
and Drinks
Smart Content &
Cooking
Communities
Restaurant
Reviews /
Discovery
Deals, Loyalty,
Rewards
Reservation /
Event Mgmt
POS Ordering /
Payment
Restaurant
Mgmt. BI
Analytics
Restaurant CRM
& Marketing
AI & ML Food
Product
Innovation
$500bn $3 Trillion $1 Trillion $4 Trillion $6 Trillion
Restaurant TechDeliveryFood SuppliersNext Gen Food
Pesticides /
Insecticides
Freshness
Control
Cold Chain
Monitoring
Quality Mgmt. /
Compliance
Food Safety
Detection
Quality & Sustainability
Traceability
Food Waste
Mgmt.
Novel
Ingredients
B2B Ordering
and Delivery
Sources: Five Seasons Ventures & Dealroom.co - The State of European Food Tech 2019, and Better Food Ventures

White Star CapitalWhite Star Capital
29
Food & Beverage Manufacturer / Suppliers
Kitchen Tech
Retailers, Intermediaries and Delivery
DeliveryFood SuppliersNext Gen Food
Quality & Sustainability
Traceability Food Waste Mgmt./Recovery
Online Grocers
Alternative Meat and Dairy
Ingredient-Centric Food
Ghost Kitchens B2B Suppliers / Procurement
Catering & Corporate Meals
D2C Ready-to-Eat and Meal Kits Apps & Marketplaces
Delivery RobotsRobotics (B2B/B2B2C)
Appliances and Kitchen Goods (B2C)
Smart Content and Cooking CommunitiesAI & ML Food Product innovation
Packaged Food and Drinks
B2B Ordering & Delivery Platform
The White Star Capital perspective on Foodtech value-chain
Sources: Five Seasons Ventures & Dealroom.co - The State of European Food Tech 2019, and Better Food Ventures

Delivery

13 2821 28 46 80 62 53 46 48
Delivery funding, 2011-2020 (in $m)
• The global food delivery market is predicted to be $113bn in 2020 and grow at a 12%
CAGR reaching $199bn by 2025. According to Pitchbook, the coronavirus pandemic
will lead to a 20% YoY increase in food delivery sales in 2020.1
• The structural growth from a shift from offline to online and the underlying trend towards
more food ordered and consumed at home has positioned food delivery platforms at the
heart of the food ecosystem. 75% of current Foodtech unicorns are food delivery
solutions. Delivery is on the cusp of taking precedence over going to restaurants and
in-person takeaway.
• Demographics play a large role in the growth of delivery platforms. Millennials have
more purchasing power than ever before and spend the highest proportion of their
income on prepared foods compared to other generations, making them a priority
audience for food delivery platforms. As a matter of fact, 50% of delivery service app
users are between 25 and 44-year olds.2
• While horizontal marketplaces mature (DoorDash, UberEats, JustEat, etc.), vertical
marketplaces build their success around discovery, trust and experience. For example,
Slice, the online delivery platform for independent pizza restaurants, has been able to
offer a lower fee structure, catering to the product’s lower margin profile. And Chowbus,
focusing on Asian food only, provides curation to customers and support to restaurants.
Caviar has also experienced success through providing a curated selection of upscale
restaurants. The company has been last acquired by DoorDash for $410m.
Source: Pitchbook, July 2020, note: Grab and Gojek deals were excluded due to primary focus on ride-hailing services rather than food delivery
*H1 2020 vs. H1 2019
1) Pitchbook Q1 2020 FoodTech Report
2) Forbes, 2020
15%
YoY*
The food delivery sector has been historically led by
digital platforms connecting consumers with food
providers. Other emerging companies in the sector
include last-mile delivery facilitators and B2B online
ordering technology solutions
$164m $182m
$415m
$3,494m
$4,018m
$6,499m
$1,680m
$3,989m
$1,911m
$1,155m
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020*
South-East Asia
North America
Europe
Deal Count

• Last-mile delivery comprises 28% of total transportation
costs for food delivery. Using autonomous vehicles/robots
significantly improves sellers’ unit of economics1
• Safety concerns due to COVID-19 generated a surge of
interest, however the technology is not yet ready to be
deployed at scale due to complexity of autonomous driving,
regulation and cost of deployment
• Restaurant-to-consumer delivery of meals/groceries carried
out by restaurants/shops. Essentially order aggregators
without logistics (Delivery Hero, Just Eat, Domino’s)
• Platform-to-consumer delivery of meals/groceries from
partner restaurants that do not offer delivery (UberEats,
Deliveroo, Glovo, Postmates, Instacart)
• Chowly and It’s-a-Checkmate allow restaurants to manage
their orders in a single platform
• Deliverect provides an automatic integration of
delivery/ordering, POS and kitchen
• Olo provides online ordering capabilities for over 250
restaurant chains in the US via a subscription tech stack
Apps and Marketplaces
Delivery Robots
B2B Ordering & Delivery Platform
Technology has made delivery more convenient for consumers and increased the range of
food available in the comfort of one’s home. There are two types of delivery platforms:
Autonomous robots that enables parcels, groceries and food to be delivered on-demand
directly from stores to the customer’s door. Key benefits:
Companies in this category allow restaurants to aggregate orders and payment from
multiple platforms. Examples of these companies are:
Delivery apps and marketplaces represents the largest
subsector, but we have also seen the rise of B2B
ordering and delivery platform solutions as well as new
frontier solutions such as delivery robots

Date Acquirer Target Valuation
Jul 2020 $2.7bn
Jul 2020 $459m
Jun 2020 $7.3bn
Apr 2020 $4.6bn
Oct 2019 $410m
Oct 2019 $222m
Trends and Challenges
Spotlight: Consolidation
Customer demand for lower
environmental impact, has
put pressure on delivery
companies to reduce single
use packaging and plastic.
Companies such as UberEats
and Deliveroo are making
efforts to change packaging
and utensil practices.
Sustainable Delivery
Consumers are demanding
more convenience when it
comes to ordering food:
Grubhub has integrated with
Alexa, Just Eat allows voice
orders and customers can also
order via their smartwatch or
SmartTV.
New Channels
Autonomous robots could help
reduce last-mile delivery costs.
For example, Just Eat and
Starship Technologies have
developed a robot to deliver
food in the UK and Domino’s
has successfully delivered their
first pizza in New Zealand.
Modern Delivery Options
Several food delivery companies
have decided build specialized
offering. For example Chowbus
focuses on Asian food only.
Deliveroo has also seen a
330% increase in vegan orders
over the past two years with a
growing number of restaurants
offering many vegan options.1
Verticalization
Structurally low profit margins
have been further exacerbated
by today’s hypercompetitive
environment. Consolidation,
increased marketing spending
discipline and vertical
integration should provide long-
term margin improvement
across the industry.
Low Margins
Data collection and analytics
allows for order and delivery
optimization. Companies
analyze road traffic conditions,
impact of outdoor temperature
on food, impact of market trends
on stock consumptions and
purchasing history to provide
meal recommendations.
Data and Optimization
• Over $11bn of capital has flowed into the food delivery industry over the past 5 years.
Many players with undifferentiated offering are competing head-to-head for price sensitive
consumers. Although, several online food delivery platforms have reached large, losses
have been mounting and path to profitability is unclear. Large players have been turning to
M&A to consolidate market share, establish dominant position and benefit from network
effects and barriers to scale
Most Recent Notable M&A in Foodtech
• As an example Just Eat recently established
one of the largest food delivery groups in the
world through successive acquisitions of UK
firm HungryHouse, Takeaway.com, as well as
Grubhub (as announced in June 2020)
• Most recently, Uber acquired Postmates for
$2.65bn, driving significant efficiencies and
slimming down the US delivery market from 4
to 3 major players
The food delivery sector has seen significant growth in
the last decade, but still faces challenges to establish
long-term sustainable economics

Food Suppliers

9 1912 26 26 48 48 53 51 55
Deal Count
Food Suppliers funding, 2011-2020 (in $m)
(90)%
YoY*
• The global food suppliers market is projected to reach $88bn in 2020 and is expected to
grow by 25.8% CAGR, reaching $279bn in 2025.1 This growth is mostly driven by the
home food orders segment, fuelled by the structural shift from offline to online and
changing consumer behavior.
• Food suppliers are now providing consumers with convenient and personalized food
products increasingly bypassing traditional distribution channels such as supermarkets or
restaurants, and applying a variety of distribution models such as subscription delivery,
on-demand delivery or automated self-serve. Food suppliers are also innovating with
specialized products targeting niche customer segments based on diet, taste, eco-
consciousness, cooking patterns, etc.
• COVID-19 pandemic further accelerated the phenomenon and featured unprecedented
growth in online grocery delivery and meal kits.1 For example Hello Fresh, a Berlin-
based meal kit and grocery delivery company, has reported a 39% QoQ revenue
growth in Q2 2020, accelerating its path to profitability.2 Other companies raised large
funding rounds on the back of their unexpected growth– Imperfect Foods, a produce
delivery company, raised a $72m Series C and its competitor, Misfits Market, raised a
$82m Series B.
• Our focus areas are: 1) The increase in demand for D2C meal delivery, 2) rising
consumer need for online grocery delivery by both incumbents and smaller new
entrants, 3) innovations in B2B suppliers and grocers to improve supply chain
efficiency, 4) the emergence of ghost kitchens, 5) improving the online and offline retail
experience through omnichannel B2B2C solutions.
Food Suppliers use innovative solutions to
manufacture and distribute food to consumers and
businesses. These include digital-native companies as
well as traditional players that are adding digital
solutions to their existing services
Source: Pitchbook, July 2020, note: 2019 driven by $700m round for Cloud Kitchen
*H1 2020 vs. H1 2019
2) Investor Relations, Half-year Report, Q2 2020
$8m $44m $52m $125m $202m
$377m
$525m
$857m
$2,542m
$217m
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
South-East Asia
North America
Europe

• Graze and Nature Box provide healthy snack items, they
can purchased either through a subscription on their website
or through local grocery stores and retailers. While
Sunscoop offers plant-based ice cream that is allergen-free
• Dirty Lemon, Health-Ade Kombucha offer healthy and
innovative ready-to-drink beverages consisting of either
kombucha or other ingredients such as charcoal or aloe
• The online grocery sector is dominated by large players
such as Walmart, Amazon and Ocado. These businesses
have invested heavily in technology and delivery logistics to
provide a good customer experience
• Local grocers have, however, they rely largely on 3rd party
delivery services such as Instacart as they do not have
enough capital to fulfil their own deliveries
• HelloFresh and Blue Apron offer meal kits that consist of
selling the exact ingredients for the consumer to make at
home
• Freshly, Daily Harvest and AllPlants provide meals that
arrive pre-cooked and just need to be warmed up. Unlike
meal kits, which primarily focus on dinner, these are
available for breakfast, lunch and dinner
Online Grocers
Packaged Food and Drinks
D2C Ready-to-Eat and Meal Kits
Online grocers are food suppliers or supermarkets that provide consumers with groceries
delivered to their home.
This sector refers to companies that provide ready-to-drink beverages, prepared snacks and
other pre-packaged foods distributed, in most cases, via both online and retail channels.
Companies within this sector are processing, manufacturing and distributing food products
directly to consumers as prepared meals or meal kits.
On the Consumer side, online grocery is the largest
subsector within food suppliers, but other D2C
solutions like ready-to-eat meals, meal kits as well as
packaged food and beverages have seen a lot of
funding

Catering & Corporate Meals
B2B Suppliers / Procurement
Ghost Kitchens
Catering businesses offer an online delivery solution to cater food to large groups and offices
or events. Some of these solutions provide more thank just logistics, but rather integrate
everything from sourcing ingredients, chefs, packaging, service and food unpacking and
clean up.
B2B suppliers allow restaurants and other businesses to order wholesale food and other
restaurant supplies from vendors through a website or an app.
• Higher operational efficiency due to reduced occupancy costs and
pooling of resources
• Extended delivery capacity and geographical reach compared to
dine-in restaurants
• Ability to create multiple private brands at a lower marketing cost
& higher operating leverage per brand
• Ability to scale remains fairly linear and negotiating power might
gravitate to the delivery platforms, eroding their earning ability
Commercial kitchens that operate without a retail or dine-in location, as delivery-only brands
or expansion kitchens. Some benefits and downsides of this model are:
• The process of ordering ingredients is very outdated and it is
difficult for both sellers and buyers to compare prices
• Many of these platforms start with procurement but expand to
services and tools that allow the suppliers and buyers to control the
entire supply chain and procurement/inventory process
• These businesses are solving the broader problem of overstocking,
increasing efficiency but also preserving resources
Brand
examples:
On-demand office
catering platform
Office kitchen
management and
healthy food
Managed marketplace
for office catering
cooked by local chefs
Virtual cafeteria
and personalized
office food
Catering and
food boxes for
school kids
There are several other subsectors that have
benefitted innovative solutions within this sector
including: catering & corporate meals, ghost kitchens,
and b2b suppliers and procurement

Spotlight: Consumers turn to online grocery delivery amid
COVID-19
Consumers are looking for the
same nutrition for their pets as
they get from their own food,
which has led to the
“humanization” of pet food.
Businesses such as Butternut
Box have embraced this trend
and provide high-quality
human-grade dog food.
Humanization of Pet Food
This refers to the trend of food
stores converting to
warehouses or distribution
centers for online ordering or
click-and-collect only (e.g. Big
Basket has developed dark
stores). This trend has been
further driven by COVID-19
and limited store operations.
“Dark Stores”
Many food manufacturers are
refocusing on catering to
specific demands for specialty
food centered around Paleo,
vegetarian, vegan, Keto or
gluten-free (i.e. Sun Basket
meal kits). These products
allow for differentiation and
premium prices.
Specialty Diets
Many incumbents are seeking
innovation through M&A or
partnerships. Costco has
partnered with Blue Apron,
Kroger acquired Home Chef for
$200m and Amazon bought
WholeFoods in order to expand
to on-demand grocery delivery.
Incumbent Innovation
Given the increased complexity
of consumer demand, food
suppliers have had to invest in
automation technology to help
reduce operational costs for
food manufacturing,
warehousing and distribution.
For example, Takeoff uses
robots in its fulfillment centers.
Automation
Grocery providers are becoming
more aware of the risks
associated with single-provider
deliveries. This will drive more
grocers to use multiple fleets,
manage their delivery operations
in-house by using food delivery
management software like
Ocado’s Smart Platform.
Delivery Logistics
• Closures and stay-at-home orders have forced many people to rapidly adopt and increase
their use of online food ordering. In the US, 52% of consumers have shopped for groceries
online because of the COVID-19 pandemic and 20% of those are first-time shoppers.
According to Deutsche Bank, online grocery shopping is likely to exceed 10% sales
penetration globally this year, 4 years sooner than previously forecasted.
• Before the pandemic, online shopping penetration for groceries was not high, with less than
one in five Western European consumers and less than 1 in 10 Eastern European
consumers had ever used these services. However, COVID-19 has accelerated this
growth, for example in the France, consumers are purchasing online groceries 15% more
than before.2
• This is expected to have a long-lasting impact on future online grocery sales, 51% of
consumers who had previously never ordered groceries online, plan to continue doing so
in the future.1 This will force many B&M players to quickly add convenient online delivery
options.
1) The Fabric Report, The Impact of COVID-19 on online grocery, 2020
2) Nielsen Covid Report, 2020
COVID-19 has accelerated the growth of the online
grocery sector, however, the food supplier category
has to adopt new technologies in order to sustain this
growth

Next Gen Food

4 4611 19 25 39 46 63 98 139
141%
YoY*
Some food-related innovations include: plant-based protein, new forms of food
replacements, rethinking of the traditional baby formula, and the use novel ingredients like
CBD and fungi.
• Food innovation and bio-engineered foods is expected to reach $65.5bn in 2020 and
is expected to grow at 10% CAGR to reach $104.6bn by 2025.1 The largest subsector,
driven by consumer concerns around the environmental and health impact of eating
meat, is plant-based protein.
• The overall meat market is large: however, the meat and dairy replication sectors
depends on adoption of meat substitutes. According to Pitchbook, alternative protein
products will take a significant market share away from the $350bn annual meat market.
• North America dominates the market for plant-based meat and dairy in terms of global
sales with a market size of $5bn in 2019. Western Europe (market size of $235m)
follows with the majority of the sales coming from Germany and the UK.1 The potential
of addressable market in Western Europe is large, however, only a fraction is
capitalized, largely due to the premium perception of plant-based foods.2
• Plant-based milk and dairy market account for over 69% of the global plant-based
food market in 2019. Much of this demand comes from the US and Europe. For
example, almond milk has gained considerably share due to the wide scale popularity
among consumers. Almond milk is expected to grow by 9.5% CAGR between 2019 and
2028.3
• Cellular agriculture produce is expected to reach the market by 2022, according to
Pitchbook. This sector is likely to become more accessible and will begin to compete
with alternative protein when it achieves economies of scale, as the current price of $37
per pound is still too high for most consumers.2
Food Innovation/Bio-Engineering funding, 2011-2020 (in $m)
Fast-changing consumer preference and values around
health, ethics and environmental concerns, encouraged
many food businesses to reinvent food products by
changing its form, ingredients or development processes
Deal Count
Source: Pitchbook, July 2020, note: H1 2020 driven by funding of Impossible Foods and LiveKindly
*H1 2020 vs. H1 2019
1) GFI, Market Research, 2020
3) Bekryl report, 2019
$4m $4m $46m
$179m
$355m
$241m
$629m $607m
$1,509m
$1,768m
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
South-East Asia
North America
Europe

• Tastewise is an AI-powered intelligence platform designed
to help keep restaurants and food retail brands identify
consumer and taste preference
• Journey Foods has developed an AI-powered SaaS
platform to help food businesses develop food products
• Brightseed is produces plant nutrients made by combining
ML and biology to improve quality of life
• Soylent and Feed use soy protein for its powders and ready
to-drink meals
• Mile High Labs produces CBD products such as gummies,
soft gels, and topical creams and Recess introduced a CVD
beverage brand for Millennials.
• Moon Juice uses blends of herbs and mushrooms to create
“milks”, juices, snacks, and supplements.
• Impossible Foods uses primarily soy, beet. and Beyond
Meat uses primarily pea and rice protein, canola oil, beet. to
make its alternative protein products
• Other companies like Noquo Foods produce alternative
dairy products, using nut or grain-based ingredients.
• Finally, companies like Memphis Meats and BlueNalu use
cell-based process to make (”lab-grown”) meat
Ingredient-Centric Food
AI & ML Food Product Innovation
Alternative Meat & Dairy
Businesses in this sector are using innovative ingredients to increase the flavor, taste and
nutrition of food. Examples of different companies using these products are:
Using AI and ML to enable more efficient processes within the brad sector. This market is
fragmented, and the following companies have tapped into different parts of this industry:
Food producers aiming to replicate protein either through cell cultivation from live animals
(cellular agriculture) or using plant ingredients.
Some of the key subsectors in food the next generation
food sector are meal replacements, plant-based meat
and dairy and AI & ML food product and innovation

Spotlight: Incumbents and Plant-Based Foods
Large incumbents have
started to tap into the plant-
based foods market, therefore
putting smaller entrants at risk.
For example, Tyson, one of
the largest meat producers in
the world has started
producing plant-based chicken
and fish.
Large Conglomerates
New ingredients have been
identified as forms of protein
to keep up with the world’s
growing population. For
examples, insects and fungi
are good alternatives,
relatively quick and cheap to
make, compared to mass-
market meat production.
Novel Ingredients
New technology has emerged
that go way beyond soy and
wheat by breaking down the
structural components of meat,
then turning to the plant
kingdom and using computing
to find viable replicas that can
result in a product that feel,
taste and look like meat.
Technology
The process of growing cell-
based protein has undertake
significant R&D, however the
cost per pound is still very high.
Despite the progress already
made, we are still years away
from a mass-market product.
Cost
Consumers have more access
to information about the
health impact of certain foods,
as well as the ethical and
environmental impact of
agriculture. This creates
opportunities for brands and
products embracing changing
consumer preferences.
Education
Regulations stifle the plant-
based sector. In the EU, there
have been labelling disputes
around plant-based meat and
dairy. Moreover, the meat and
dairy industry is heavily
subsidized making it more
difficult for plant-based
alternatives to compete.
Regulations
• The plant-based protein market has experienced a permanent shift – in both consumer and
corporate openness. Large and small companies are racing to meet surging demand, while
VC and CVC fuel their ability to grow.
• Big food producers are investing in plant-based protein products. Nine out of the ten largest
meat producers in the US have either bought an existing plant-based brand, launched
their own, or partnered with plant-based companies. For example, JBS launched a line of
plant-based burger called the “Incredible Burger” in 2019 and Tyson Foods has invested in
several plant-based companies since 2016. Moreover, Maple Leaf Foods, a large meat
producer in Canada, made expansion into plant-based protein their primary focus for
growth.
• There has been similar interest in plant-based offerings in the fast-food industry. In the past
year, Subway, McDonald’s, Burger King and Pizza Hut (as well as several others) have
launched plant-based dishes.
• In terms of VC investment, the first half of 2020 accounted for more than the whole of 2019.
This was primarily driven by funding of Impossible Foods ($600m) and LiveKindly ($200m).
Significant innovation and R&D has taken place in this
sector such as using animal sources to replicate plant-
based proteins, however costs, regulation and scale are
still creating obstacles for companies in this sector

Kitchen Tech & Content

Source: Pitchbook, July 2020
*H1 2020 vs. H1 2019
1) Grand View Research, Smart Kitchens, 2019
3) The Spoon, Smart Oven Tovala, 2020
13 1120 39 39 53 54 55 46 45
Deal Count
(92)%
YoY*
• The global market for smart appliances was valued at $9.87bn in 2019 and is
anticipated to grow at a CAGR of 19.1% by 2027.1
• Kitchen Tech spending is rising across the spectrum as a result of growing trends such
as IoT and AI, rising disposable income and changing consumer lifestyle and
preferences. The Kitchen Tech sector is valued at $15.3bn in 2020 and expected to
reach $24.4bn by 2025.2 Consumers are not only looking for new and smart appliances,
but also for other digital products that integrate recipe inspiration with grocery shopping,
and food preparation with the devices needed to cook the recipe.
• Although, Kitchen Tech products have been around for many years, adoption in this
category has been slow. ‘Connected Kitchens’, which refers to smart kitchens that can
be controlled remotely using a mobile device has gotten most traction on the consumer
side. Some examples of connected kitchen devices are LG’s smart cooker, the Somabar
cocktail market and Hoover Vision smart oven.
• COVID-19 has provided significant tailwinds to this category and stay-at-home
orders have forced people to cook more. For example, the smart oven and meal kit
company, Tovala that provides scan-to-cook meals has been in high-demand during
since March and has gained an additional 20% subscribers and raised a $20m Series
A.3
• On the B2B side, commercial devices have started to gain traction, these include
automated pizza cooking and assembly, baking machines as well as hamburger flipping
robots. Businesses in sector are looking at making mundane and repetitive tasks
automated to increase efficiency in commercial kitchens.
Kitchen Tech funding, 2011-2020 (in $m)
Kitchen Tech helps consumers have a more holistic
experience by using both hardware, software and apps
to assist with food cooking and food preparation
$11m $32m $75m $107m
$397m
$200m
$254m
$334m
$1,371m
$99m
2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 2020
South-East Asia
North America
Europe

• Robotic kitchen assistants that help chefs make food
consistently over time, like flipping burgers or monitoring
cooking time (e.g. Miso Robotics, Creator)
• Full robotic/automated kitchens that can serve meals
without human interaction (e.g. Spyce)
• Vending machines that can provide fresh chef-quality
meals and snacks in seconds (e.g. Farmer’s Fridge)
• Appliances that learn to think for themselves and make
cooking less intimidating. For example, the June Oven and
Whirlpool’s Smart Oven recognizes the food and sets the
timer and temperatures and innovative D2C Kitchen goods
such as pans, utensils, knives, etc.
• Home produce growing and smart indoor farms (such as
Farmshelf and LG’s indoor garden)
• Allrecipes and Food52 are cooking communities where
consumers can share recipes
• Chicory and Whisk connect grocery shopping apps and
recipe websites
• Simple Feast provides recipes from chefs and food
experts
• Kitchen Stories and Panna are video-based recipe apps
that offer step-by-step guides for aspiring chefs
Appliances and Kitchen Goods (B2C)
Robotics (B2B/B2B2C)
Smart Content & Cooking Communities
Simplifying the cooking experience either through kitchen gadgets, track missing groceries
from your fridge and help with meal-planning.
Robots that enable more efficient processes, lower costs and consistency in commercial
kitchen production.
Online food recipe apps and websites that provide step-by-step guidance and ingredients for
cooking at home as well as help you shop for needed ingredients.
Kitchen Tech is dominated by smart food content and
appliances, as well as digital-first recipe/cooking
communities and B2B robotics for commercial kitchens

Spotlight: “Appliances-as-a-Platform”
Bosch, Electrolux and GE
dominate the kitchen tech
sector and provide exit
opportunities for new entrants.
For example, Electrolux
acquired the kitchen-
enablement software Drop
Kitchen to develop it’s smart
blender.
Incumbents
Products that could help us
manage our kitchen and food
supply. For example, Ovie the
smart food tracking app,
PantryOn, a new pantry
tracking system that will notify
you when your supply is low,
and Alexa smart home and
shopping assistant.
Home IoT and AI
Sustainability is a large driver
of Kitchen Tech adoption. From
sustainable home farms to
smart dishwashers that allow
for used water to be split into
safe and unsafe, leaving safe
water to be reused for things
like watering plants.
Sustainability
Nutrition and wellness apps
such as Diet ID have recently
partnered with several
restaurants to gather insights on
customers’ dietary patters and
recommend personalized meals
that align with their goals. These
types of partnerships are
expected to grow in the future.
Personalized Nutrition
With Interactive cooking hobs,
you can place your pot
anywhere on the cooking
surface and a display will
project recipes, cooking
information right on the
countertop. Grundig VUX
technology is leading the way.
Interactive Cooking Hobs
Despite the progress made, this
sector has remained in the
”nice to have” product
section. To-date, neither
businesses nor consumers
believe that there is enough of a
value-add in these products
compared to their existing
processes.
Adoption
• Smart appliances and ready-to-eat meals have become one of the biggest trends in
Foodtech in recent years, with dozens of new companies emerging and even traditional
retailers entering the space, hoping to attract time-sensitive consumers who are seeking
easy, healthy meals.
• Tovala, a meal-kit service combined with a smart oven, has recently gained some
momentum. The oven is wifi-enabled and connects to a recipe app. Users select a recipe
on the app or scan the barcode on one of the prepared meal boxes, and the oven will
automatically select the best cooking program.
• By selling hardware, Tovala mimics some of the economics of Peloton, Nespresso or
Sodastream for example. The hardware cost can be sold with a lower margin, while the
company makes most of its revenue on the subsequent/subscription sales (Tovala sells
ready-to-eat meals). Like Peloton, Tovala also obtains data and access through its app that
can send alerts and push notifications.
• Moreover, June, a connected smart oven, recently partnered with Whole Foods to
automatically cook several of its dishes in an effort to create a food supply chain directly
from its hardware in a similar way to Tovala.
Kitchen Tech has experienced significant tailwinds from
COVID-19 and shifting consumer lifestyle, but it’s still
facing certain obstacles around adoption

Regional Spotlight
4

From favorable regulations to government investments,
nations worldwide are welcoming Foodtech innovations
Source: Kerry Digest
Global Issues Accelerates Adoption
Asia, Middle
East, Africa
38%
Europe
35%North
America
21%
Estimated market share of plant-based meat in 2023 by region
Consumer preferences are increasingly
trending towards holistic wellbeing and
environmental sustainability, with a fast-
growing focus in responsible and healthy
food consumption.
In North America, the success stories of
players like Beyond Meat, Impossible
Foods, Beyond Meat, and Perfect Day
demonstrate a rising interest in plant-based
and healthy alternative protein sources.
Shifting Consumer Preferences Value of the plant-based food and beverage market
(in $bn) and market share by region in 2018
7.2
5.8
4.7
3.9 3.8
2.8
High meat-
eaters (>
100g/day)
Medium
meat-eaters
(50-100g/day)
Low meat-
eaters
(<50g/day)
Fish-eaters Vegetarians Vegans
Diet’s Greenhouse Gas Emissions (in kg of CO2)
Source: FoodSource UK; Scarborough et. al. 2014
The adoption of plant based-food is
accelerated by global issues such as
climate change and growing worldwide
population, especially in Asia.
Animal agriculture occupies nearly half of
the world’s land, and raising livestock for
food is responsible for 15% of global green
house gas emissions and consumes 25%
of the world’s fresh water. A gradual
change in meat consumption patterns is
needed to reduce global carbon emissions.
North America and Asia are rapidly adopting plant-based foods,
and Europe has committed €100bn to a green transition
8.3
14.6 13.7
2.2
21%
38% 35%
6%
North America Asia Pacific, Middle
East, Africa
Europe Rest of the world
Source: Forwardfooding, Pitchbook

Source: Wells Fargo Securities
1) FoodTech Canada
2) Breakthrough Institute – Federal Support for alternative protein for economic recovery and climate mitigation
3) FoodTech Canada
4) FDA Administration Website
• In June 2020, the Government of Canada and Merit, a Winnipeg startup producing plant protein,
have announced a federal financing of c. $100 million to support the company’s plant. The plant will
be the first in the world to produce food-grade canola protein for human consumption1
• Since the COVID-19 pandemic the US Department of Agriculture (USDA) offered to guarantee up
to $200 million in loans for alternative protein companies
• The US federal government estimates that innovations and price reductions in alternative proteins
could cut US greenhouse gas emissions related to livestock production by at least 20%2
• Protein Industries Canada, an industry-led consortium, is leveraging the largest funding boost in
recent Canadian agriculture history to generate an estimated $645 million in new commercial
activity and add $11 billion to Canada's GDP through innovation in plant-based proteins for export3
US and Canadian governments are supporting alternative protein R&D
Estimated plant-based meat market size in the US (in $m)
Policies and regulations in North America across the Foodtech ecosystem
• Several U.S. cities have passed regulations limiting the commissions that third-party delivery
services can charge restaurants by imposing delivery fee caps. San Francisco, Seattle, and
Washington, D.C. have capped delivery fees at 15% and New York has implemented a 20% cap.
These measures are implemented to protect restaurants and to increase customer choice of
restaurants to choose from on delivery apps and services4
• Many U.S. states have bans or restrictions that censor the use of meat and dairy words on
plant-based foods, including Arkansas, Louisiana, and Missouri, in order to better transparency
and reduce the risk of consumer deception by plant-based foods
880 1,159 1,527 2,012 2,650
3,491
4,599
6,059
7,981
10,514
13,850
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
+31% CAGR
The United States is a key innovator and producer of plant-
based meats, a rapidly growing sector which offers significant
promise for reducing agriculture’s high carbon emissions
Governments in North America are actively supporting
Foodtech to both reduce carbon emissions and drive
economic recovery after COVID-19

236
396
748
2013 2018 2023
UK
32%
Germany
16%Italy
13%
France
10%
Netherlands
8%
Sweden
6%
Other
15%
+11%
+14%
The UK government’s commitment to innovation through tax
incentives and funding to Foodtech entrepreneurs has
cemented UK’s lead in the European Foodtech market
Political efforts and incentives in Europe are aligned
towards developing a green and sustainable future
through Foodtech
• As part of the European Green Deal, the Commission, the executive branch of the EU, has
pledged €100 billion from 2021-2027 for the green transition, including investments in plant-
based and alternative proteins
• From 2022, an extra climate tax on meat will apply as part of European Commission’s
upcoming ‘Farm to Fork’ strategy2. The revenues of this reform estimated at €32.2 billion per
year by 2030, would be used primarily to help farmers to invest in more sustainable agricultural
practices and encourage the transition to a plant-based food system. It could also be used to lower
VAT and consumer subsidies on vegetables and fruits
• Under the plan, the cost of beef and veal would increase by 47 cents/ 100 grams, while pork would
increase by 36 cents and chicken by 17 cents. This would lead to a reduction in chicken, pork,
and beef consumption by 30%, 57% and 67% respectively by 20303
• Under Horizon Europe, the EU proposes to spend €10 billion on R&I on food, bioeconomy,
natural resources, agriculture, fisheries, aquaculture and the environment as well as the use of
digital technologies and nature-based solutions for agri-food
• The EU is preparing for Horizon 2020, an additional call for proposals for Green Deal priorities in
2020 for a total of around €1 billion
• The InvestEU Fund fosters investment in the agro-food sector by de-risking corporate investments
and facilitating access to finance for SMEs and mid-cap companies, through EU budget guarantees
Foodtech is a vital part of the European Commission’s Green Deal strategy
Source: Euromonitor, Rabobank 20191
1) Rabobank – The European Market for Meat Substitutes
2) Forbes – EU urged to put climate tax on meat
3) Farm to Fork Strategy – The EU Commission
EU meat substitute market share by country UK’s meat substitute market size (in millions €)
Total:
€1.25 bn

• Asia will likely be the first geography where cultivated meat will launch on a large-scale basis.
There is a strong possibility that the first regulatory approval will come from Asia as the rapidly
growing middle class and resources consumption are strong catalysts boosting the Foodtech
ecosystem and accelerating policy adoption
• Singapore is emerging as a leading hub in the Foodtech ecosystem as the Singaporean
government is taking several measures to support new alternative protein startups, as well as
working with them on developing regulatory frameworks, particularly on cellular agriculture
As the Asian population is expected to reach 5bn by 2050, a
change in meat consumption patterns is inevitable.
Government support in Asia is focused on alternative proteins
and plant based foods
Asia is poised to dominate the global alternative
protein market by 2050 as population growth, resource
consumption and climate change issues drive significant
government support
Foodtech-focused accelerators programs in Asia
Foodtech regulatory environment in Asia
1) Green Queen media - The Asia Alternative Protein Report 2020
• The Chinese government signed a $300m trade agreement with Israel to partner with Israeli
cultivated meat companies, reflecting the authorities' focus on reducing its citizens’ conventional
meat consumption
• The Singaporean government is actively supporting alternative protein industry: it has set up
an ambitious “30 by 30 goal”, backed by up to $101m in funding, to produce 30% of Singapore’s
food domestically by 20301
• Singapore government backed Impossible Foods, a producer of plant-based substitutes for
meat products, as well as plant-based egg maker JUST
• Real Tech Fund, a Japanese government fund, led the seed funding of Japan's Integriculture in
May 2018 to build a commercial cellular agriculture plant
• Beyond government support, the Asian ecosystem is highly supportive of its early stage Foodtech
startups. Asia offers a large number of notable Foodtech-focused accelerator programs such
as Brinc Food which is Asia’s first dedicated alternative protein accelerator program. These
accelerator programs offer strong networks, R&D resources, and access to partnerships with large-
scale distribution conglomerates
Asian funding drives Foodtech innovation

5Partnering with White
Star Capital

A Global Technology Investment Platform
3 Continents
With a presence in
North America,
Western Europe and
Asia, we invest in
early-stage
technology
companies with
global ambitions
I18N
We leverage our
experience founding
and scaling
businesses to
support the
internationalisation
of our start-ups
Track Record
Our current funds
have close to $300m
under management
and a portfolio of 25+
core companies
which have raised
over $1bn+
Team
An ideal balance
between
entrepreneurial and
operational
experience with
financial and M&A
experience
Introduction to White Star Capital
White Star Capital is a global fund investing in Series A and B.
Our footprint is global: we have 8 offices in New York, Paris, London, Montreal,
Toronto, Tokyo, Hong Kong and Singapore.
We are partnering with exceptional entrepreneurs with global ambitions and leverage
our extensive experience and international network to help them scale their business
internationally. Our investments across the world include Dollar Shave Club,
Butternut Box, Dahmakan, and Freshly.
Global Presence and Portfolio
Physical Hubs Core Hubs
France, Germany, ROEUnited States
UK and Nordics
SEA, South Korea
& Japan
Canada

C O M PA N Y D E S C R I P T I O N
Freshly is a ready-made meal delivery service focused on making healthy eating easier than ever by
delivering high-quality, professionally-prepared and affordable meals.
I N V E S T M E N T R AT I O N A L E
There are numerous trends that attribute to the expected strong growth of Freshly’s total addressable
market. First, there is an growing demand for convenience, as well as rising health awareness, both lie
at the core of Freshly’s value proposition.
Consumers are seeking convenient options for food delivery, and online sales are projected to grow at
a far greater pace than the rest of the industry, with a CAGR of 22.6% between 2017 and 2020,
compared to a 1.6% CAGR for the food industry, underlying the customer appetite for convenience.
Packaged Facts, Meal Kit Delivery Services in the US, 2nd Edition.
Consumers are increasingly looking for health and wellness, safety, social impact, experience, and
transparency as key drivers to purchase organic and natural foods (in addition to price, taste, and
convenience). Moreover, younger generations, versus the older, view organic and natural food as
healthier and tastier.
2015
STAGE INVESTED TOTAL RAISEDWSC INVESTED IN
Series Seed $111m
HQ: New York, USA
Michael Wystrach
CEO / Founder
Carter Camstock
CPO / Founder
O U R O U T L O O K O N S I M I L A R F O O D T E C H O P P O R T U N I T I E S
Low online penetration in the food market allows significant room for expansion with an increased
demand for convenience. We, therefore, expect the growth of Freshly and other industry players TAM
to be above market average.
White Star Capital Portfolio
Companies

Butternut Box is a direct to consumer pet wellness brand. The London based company delivers fresh
meals, tailored for every dog and delivered straight to their customers’ door.
Over the last few years, a wave of disruption has impacted the consumer-packaged goods industry via
Vertically Native Digital Brands (VNDBs). By leveraging their direct relationship with their user base,
these companies are able to build a highly engaged user base, iterate on their products faster, and
benefit from improved margins.
As a category, pet food matches these two very strongly. The humanization of pets leads to the
willingness to pay a premium to ensure that your pet has the best possible nutrition, yet is a bulky,
recurring purchase that is highly inconvenient.
While dog food in the UK is currently a $2.7bn market, we believe there are several avenues the
company will be able to take to reach the fund returner potential, such as cat food, internationalization,
and additional products and services in the “Butternut Box Experience”. The pet care market in Europe
is of $26bn, and the founders’ vision is to go after this wider market.
2018
Series A $52m
HQ: London, United Kingdom
The brand must either provide the same level of quality at a lower price (such as Dollar Shave Club),
or be able to provide a premium service with a strong brand / emotional hook at the same or slightly
above market price (such as Honest Company).
For subscription services, it must be servicing a fixed recurring need rather than a want, where
convenience becomes a key selling point (for example Freshly).
Companies
Kevin Glynn
CEO / Founder
David Nolan
CEO / Founder

Dahmakan uses best-in-class cooking automation and logistics management to provide affordable
freshly prepared meals at scale for the 500m middle class people in Southeast Asia.
Dahmakan has successfully proven its ability to produce a range of good tasting, low-cost meals
delivered direct-to-consumer through its unique high-volume food production and logistics model. This
allows them to provide meals that are at a lower cost than traditional restaurants or competing cloud
kitchen models, making delivered meals an affordable, everyday food option for the mass market.
Dahmakan’s in-house technology particularly around order prediction, meal preparation, and delivery
logistics is a competitive advantage that allows it greater efficiency and differentiates it from other
generic cloud kitchen models.
Despite already being a $5.7bn market, online food delivery in South-East Asia remains highly
underpenetrated (<10% vs 30%+ in developed markets) and is expected to grow strongly to a
US$20bn market by 2025E, with further growth potential beyond 2025E as well.
2019
Series B $27m
HQ: Kuala Lumpur, Malaysia
Jonathan Weins
CEO / Founder
Jessica Yui Ke Li
COO / Founder
Need to differentiate versus other online healthy foods as consumers become more health
consciousness in Asia.
Ability to replicate the same model in new markets in Southeast Asia due to different cuisine/food prep
methodologies, driver/delivery dynamics, or cultural preferences.
Companies

Other White Star Capital Sector
Deep Dives
We actively publish detailed reports on different sectors
within the VC ecosystem
Industrial Technology
Sector Report
Fintech
Sector Report
Wellbeing
Sector Report
Communication and
Collaboration Sector
Report
Digital Health
Sector Report

Explore the 2020 FoodTech Sector

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