I have always been fascinated by the intersection of food and technology. The foodtech industry has been growing rapidly, with new startups and companies emerging, providing unique solutions to put food on our plates. The population is rising, and there might not be enough. To save the day, I will introduce you to the top foodtech companies and startups to watch in 2024, providing insights into their technologies, funding, and growth.
Foodtech is a term used to describe the convergence of technology and food. It refers to the use of technology in the food industry to provide innovative solutions to problems related to food production, distribution, and consumption. The foodtech industry has been gaining momentum in recent years: in 2021 alone, venture capitalists invested $40 billion in foodtech startups. Experts at Emergen Research expect the industry to grow at a steady compound annual growth rate of 7 percent until 2027. If all goes well, the future of foodtech may be valued at $342 billion in just four years.
While food items may be manufactured, food is essentially a product of nature. Creating enough to eat that is not polluted by GMOs or fertilizers for mass production, while being weary of the environment, the foodtech industry has its work cut out. Foodtech has enabled the creation of new and organic food products, improved food safety and quality, and increased efficiency in food distribution. Foodtech has also observed new business models, such as online food ordering platforms like UberEats and meal kit delivery services such as EatFresh, which have disrupted the traditional food industry.
From engineering plant-based alternatives to delivering food to patients’ houses during Covid-19, companies and startups in the foodtech industry have harnessed the power of technology and artificial intelligence to create sustainable food systems, personalized nutrition solutions, deliveries, and truly futuristic culinary experiences. Without further ado, welcome to the top 40 foodtech companies in 2024!
Belgian-based Make It Mine revolutionizes food intolerance management by providing users with a seamless app to modify recipes according to their dietary restrictions. The app’s algorithm detects and replaces harmful or toxic ingredients, ensuring a safe and enjoyable cooking experience for individuals with allergies or intolerances. In addition, Make It Mine’s app continually adapts to users’ preferences, offering personalized recipes tailored to their specific dietary needs and preferences.
Lunchbox is a New York-based startup that provides a digital ordering and marketing platform for restaurants. The platform enables restaurants to offer online ordering, delivery, and pickup services while maintaining their brand identity. Lunchbox provides a unique solution to the challenges faced by restaurants in the wake of the COVID-19 pandemic, enabling them to adapt to the changing market conditions.
ZeroIN addresses the global health concern of excessive sugar consumption by offering innovative sugar substitutes for processed foods. Hailing from Canada, this food tech startup’s platform enables food manufacturers to customize sweet profiles using natural sweet fibers, effectively reducing sugar content without compromising taste or texture. With ZeroIN’s solution, consumers can enjoy healthier food options while food manufacturers meet the growing demand for low-sugar products.
Bowery Farming is a New York-based startup that uses vertical farming technology to grow fresh and pesticide-free produce. The company's indoor farming technology uses 95% less water than traditional farming methods and enables the production of fresh produce year-round. Bowery Farming's unique approach to farming has attracted significant investment, with the company raising over $167 million in funding to date.
German-based startup Planet A Foods pioneers sustainable food ingredients through precision fermentation techniques. By using fermented and plant-based ingredients, Planet A Foods produces cocoa-free alternatives. This innovation replicates the taste and texture of traditional chocolate while also significantly reducing CO2 emissions typically associated with cocoa production, contributing to environmental sustainability in the food industry.
Me-at is based in the Netherlands, and provides sustainable, climate-friendly meat alternatives. The company uses a range of plant-based proteins to create meat alternatives that look, taste, and cook like traditional meat products. Me-at, or “meet the alternative” has long-term solutions to the challenges faced by the meat industry, including the environmental impact of meat production and the growing demand for plant-based alternatives.
Huel offers a comprehensive range of plant-based food powders and meal replacement drinks, catering to those who are looking for convenient, quick, yet nutritious dietary options. Huel’s products are carefully formulated to provide essential nutrients, making them a great choice for health-conscious consumers.
FreshMenu is a Bangalore-based startup that provides a meal kit delivery service. The company offers a range of meal kits that enable customers to prepare fresh and healthy meals at home. FreshMenu's unique approach to meal delivery has attracted significant investment, with the company raising over $21 million in funding.
American startup Jellatech revolutionizes collagen production thanks to its innovative cellular agriculture approach. By making use of this type of cutting-edge biotech, the company produces functional, animal-free collagen that can be used in various industries - including food, pharmaceuticals, and cosmetics. Jellatech’s collagen offers a cruelty-free alternative to traditional sources.
South Korea’s BEYOND HONEYCOMB disrupts the commercial kitchen industry with its advanced robotics and automation platform. Their AI-powered kitchen robots make dish preparation easy by analyzing molecular data and continuously learning cooking techniques to replicate dishes’ original taste and quality. By minimizing labor costs and human error, BEYOND HONEYCOMB’s technology revolutionizes restaurant operations while ensuring consistency and efficiency in food production.
Choco is a company dedicated to transforming the food supply chain by providing efficient order management solutions. Their user-friendly app and web tools streamline operations for chefs, owners, and sales representatives, saving time and cost while reducing food waste.
Recognizing the challenges within the food supply chain, Choco aims to address issues such as global warming, pollution, population growth, and malnutrition. By digitizing the supply chain and focusing on improving the flawed ingredient ordering process in restaurants, Choco strives to create a successful company that combines economic success with positive environmental and societal impact.
Clone addresses the evolving needs of the food delivery industry with its innovative online brand creation solution. By making use of digital platforms, the company enables food entrepreneurs to launch exclusive online brands tailored to specific consumer preferences and market trends.
Phoode is a New York-based startup that provides a platform for food content creators. The platform enables food photographers, videographers, and writers to showcase their work and connect with potential clients. Phoode's unique approach to content creation has attracted significant investment, with the company raising over $1.5 million in funding to date.
Beyond Meat is a California-based startup that provides sustainable and climate-friendly meat alternatives. The company uses a range of plant-based proteins to create meat alternatives that look, taste, and cook like traditional meat products. Beyond Meat's products have been embraced by consumers and have disrupted the traditional meat industry.
Alive Energy offers a healthier alternative to traditional energy drinks with its clean energy drink formulated from guayusa tea leaves. Unlike conventional energy drinks, Alive Energy’s product provides a smoother caffeine release and additional health benefits, thanks to guayusa’s high L-theanine content. With its antioxidant-rich and mood-enhancing properties, Alive Energy’s clean energy drink offers consumers a refreshing and nourishing beverage option.
Snackpass is a Connecticut-based startup that provides a social ordering and rewards platform for restaurants. The platform enables customers to order food from local restaurants and earn rewards for their purchases. Snackpass's unique approach to social ordering has attracted significant investment, with the company raising over $22 million in funding to date.
Misfits Market is a Pennsylvania-based startup that provides a subscription service for "ugly" produce. The company sources produce that would otherwise go to waste and deliver it to customers at a discounted price. Misfits Market's unique approach to produce delivery has attracted significant investment, with the company raising over $40 million in funding to date.
With innovative meat and diary alternatives, Indonesian startup OFF FOODS marks its spot in the plant-based food market. Their vegetable protein-based meat substitutes and oat-based milk offer consumers sustainable and cruelty-free alternatives to traditional animal-based products. OFF FOODS’ products are not only friendly for the environment but also provide the same taste and texture as their animal-derived counterparts - an attractive choice for conscious consumers seeking ethical and nutritious food.
Sweden’s Simply NoWaste addresses food waste by upcycling nutritional byproducts and residues from food production processes. Their flagship product is called KADO and it is a nutritious fruit drink made from upcycled avocado seeds, offering consumers a new and unique beverage option that is both creative and curious. By repurposing food waste into new edible products, Simply NoWaste promotes food circularity and contributes to reducing waste in the food industry, aligning with the growing demand for sustainable and eco-friendly food solutions.
Quicklly is a Chicago-based startup that provides an online food ordering platform for Indian restaurants. The platform enables customers to order food from local Indian restaurants and have it delivered to their doorstep. Quicklly's unique approach to online ordering has attracted significant investment, with the company raising over $1.5 million in funding to date.
TurtleTree is a Singapore-based startup that provides sustainable and ethical milk production. The company uses cellular agriculture technology to produce milk without the need for cows. TurtleTree's unique approach to milk production has attracted significant investment, with the company raising over $9 million in funding to date.
Goldbelly is a New York-based startup that provides a platform for ordering food from iconic restaurants and food shops across the United States. The platform enables customers to access food from all over the country, providing a unique solution to the challenges faced by the restaurant industry in the wake of the COVID-19 pandemic. Goldbelly's unique approach to food delivery has attracted significant investment, with the company raising over $33 million in funding to date.
Notpla is a London-based startup that provides sustainable packaging solutions for the food industry. The company uses seaweed-based materials to create packaging that is biodegradable and compostable. Notpla's unique approach to sustainable packaging has attracted significant investment, with the company raising over $8 million in funding.
Elite Sweets is a Michigan-based startup that provides a range of healthy and delicious desserts. The company's products are made with all-natural ingredients and are free from gluten, dairy, and soy. Elite Sweets' unique approach to dessert production has attracted significant investment, with the company raising over $1 million in funding to date.
Local kitchens is a California-based startup that provides commercial kitchen space for food entrepreneurs. The company's kitchens are fully equipped, enabling entrepreneurs to launch and scale their food businesses. Local kitchens' unique approach to kitchen space has attracted significant investment, with the company raising over $6 million in funding to date.
Flink is a Berlin-based startup that provides a 10-minute grocery delivery service. The company sources fresh produce and household essentials from local suppliers and delivers them to customers within 10 minutes. Flink's unique approach to grocery delivery has attracted significant investment, with the company raising over $52 million in funding to date.
“Take the stress out of your mealtime”. Based in Berlin, Hello Fresh introduces a unique meal delivery service, eliminating the hassle of meal planning and grocery shopping. Customers enjoy the convenience of receiving pre-portioned, fresh ingredients alongside step-by-step recipes right at their doorstep. With a wide range of customizable meal plan preferences and over 30 delectable weekly recipes crafted by their expert chefs, Hello Fresh offers flexibility and culinary delight. Customers can easily skip a week or cancel their subscriptions to accommodate changing needs.
From London, In the world of plant-based cuisine, Ready Burger emerges as a game-changer, offering affordable and delicious plant-based burgers. Operating exclusively online through their website and various online platforms, this innovative food store has quickly gained traction since its launch in July 2021. With a focus on sustainability and convenience, Ready Burger is redefining the way we enjoy plant-based meals.
Onvi is a mobile Order & Pay solution for the restaurant and bar industry. Armed with a remarkable seed funding of $15.8M, Onvi empowers establishments to create customized online menus, enabling customers to conveniently order and pay without the hassle of app downloads. Headquartered in London, the platform offers efficient order management and processing solutions, leading to an astounding 1,106% surge in transactions compared to July 2020. Onvi is redefining the way we dine and interact with food establishments.
Based in Australia, Beer Cartel operates an online store that sells beer, beer glasses, and beer gifts. The company also offers monthly subscription packages. Beer Cartel sells over 1000 craft beers through their platform.
Founded in Seville, Spain, CoverManager emerges as a leading hospitality management platform catering to upscale restaurants, beachclubs and F&B Hotels. With an impressive Series A funding of $55.1M, CoverManager handles various crucial aspects, including reservations, cancellations, waitlists, and online and dine-in food orders. Currently serving over 10000 businesses in 45 countries, this innovative platform boasts an esteemed clientele of 133 Michelin Star restaurants. Per Pitchbook projections, CoverManager anticipates a remarkable 134% year-on-year revenue increase in 2021, solidifying its position as a driving force in the industry.
Yummy Bazaar is a premier shopping destination that offers a curated selection of gourmet food from around the world, prioritizing authenticity, quality, and exceptional customer service. With a focus on bringing true and authentic tastes, Yummy Bazaar sources locally produced food from various regions, ensuring a genuine culinary experience. Their commitment to food curation and selection results in a diverse and delicious product assortment. Furthermore, Yummy Bazaar goes above and beyond to provide exceptional customer service, guaranteeing timely deliveries and expertly packed items to ensure products arrive in excellent condition. Their dedicated support team can readily address any inquiries, comments, or concerns.
Located in Pittsburgh, California, Harvie Farm emerges as a dynamic online platform bridging the gap between consumers and local farms. With a mission to empower small-scale producers, Harvie Farm connects customers with over 250 farms and artisans across the United States. Through its user-friendly website, Harvie Farm facilitates seamless online orders and ensures the convenient home delivery of fresh, sustainable goods. Experience the joy of supporting local agriculture and savor the flavors of the land with Harvie Farm.
With substantial funding of $62.9 million, Sharebite makes online food ordering a breeze. But here's the exciting part—they go beyond just ordering. With Sharebite's unique platform, you can discover what dishes are trending among your friends and neighbors, adding a social twist to your dining experience. What's even more incredible is that for every meal ordered through Sharebite, they donate a meal to someone in need, driven by their noble mission to alleviate world hunger. So, by simply satisfying your own cravings, you're making a positive impact on the world.
As one of the biggest food tech companies, Uber Eats is headquartered in California. While issues of plastic packaging and unfair tipping for delivery partners prevail, Uber Eats is functional all over the globe. In 2022, the number of active restaurant partners on the platform has exceeded 825,000. Last year, Uber Eats generated almost $11 billion in revenue worldwide.
WNWN Food Labs, headquartered in London, takes a win-win approach to chocolate production. By utilizing their proprietary precision fermentation technology, they develop delicious and scalable chocolate alternatives that eliminate the harmful impacts of the cacao industry, such as deforestation and child labor. With a focus on ethics and sustainability, WNWN Food Labs crafts a diverse range of resilient and locally-sourced chocolate alternatives, using ingredients like barley.
Revyve, a pioneering company, revolutionizes the food industry by upcycling yeast from the side streams of major breweries. Through their proprietary process, they transform this yeast into sustainable proteins and fibers with exceptional functional properties. These innovative ingredients serve as animal-based replacements, reducing the need for E-numbers. By circularly sourcing feedstock from long-term partners like AB InBev, Revyve avoids the need to cultivate additional biomass.
CarobWay seeks to unlock the full potential of the carob fruit on a global scale. By combining agricultural and food technology, they address supply gaps and introduce new applications for this superfood. CarobWay offers alternatives to synthetic sweeteners, functional proteins, and wellness products, catering to diverse market needs. Carob is a sustainable crop that requires minimal water and does not need post-harvest cold storage, making it an ideal ingredient for dairy products and other applications.
Based in Paris, Hyperplan is a SaaS company with a mission to support the food industry in navigating the challenges of volatile agricultural supply. Their advanced technology leverages satellite and meteorological data to enable food players to make well-informed decisions for their commercial and industrial operations. With Hyperplan's solutions, businesses can optimize economic efficiency, reduce CO2 intensity, and minimize food loss. Their goal is to enhance the overall success and sustainability of the food industry.
Prose Foods reimagines ingredient sourcing and food production through a combination of protein science, machine learning tools, and culinary expertise. They are at the forefront of molecular farming, a promising technology that utilizes plants as hosts to produce real animal proteins. Prose Foods has developed a platform powered by computational biology, enabling the discovery and expression of these proteins within plants. Led by an esteemed researcher from Stanford, the company is pushing the boundaries of sustainable and ethical food production.
As we’ve seen from some of the best foodtech companies, the industry is driving remarkable transformations within the food sector. As we delve into 2024, it's essential to watch the top 40 foodtech companies and startups spearheading this movement. At a time when the world population is skyrocketing and the planet is suffering, finding greener food solutions is of utmost importance. These enterprises are reshaping the landscape with groundbreaking technologies, sustainable solutions, and novel business models.
One of the pivotal ways foodtech is reshaping the industry is through integrating data and artificial intelligence. Foodtech companies are optimizing various aspects of the food ecosystem by harnessing the power of data analytics and AI. For instance, data analysis enables farmers to maximize crop yields and minimize waste, while AI-powered marketing tools enable businesses to reach and engage their customers with precision and effectiveness. Another exciting frontier lies in creating sustainable and environmentally friendly food products. Startups like Beyond Meat, Prose Foods, and Sunday are revolutionizing the concept of meat alternatives by utilizing plant-based proteins that offer a more sustainable alternative to traditional meat. Through their innovative approaches, they are addressing the environmental impact of meat production. Similarly, companies such as TurtleTree are pioneering cellular agriculture techniques to produce milk without the need for traditional dairy farming, thereby reducing the ecological footprint associated with milk production.
As the startup foodtech industry continues to flourish, these companies are pushing boundaries, challenging norms, and offering glimpses into a future where technology, culinary, and sustainability intertwine. By keeping an eye on these players, we can witness firsthand the revolution taking place within the food industry.
