A New Searchable Directory Focuses On Women Innovators In Agrifoodtech

Connie Bowen & Amy Wu

Image credit: Women in Agriculture Summit

Editor’s note: Amy Wu is the founder of From Farms to Incubators in Salinas, California, and Connie Bowen is the director of innovation and investment at AgLaunch in Memphis, Tennessee. 

Despite a global pandemic, agrifoodtech startups received $30.5 billion in investment in 2020 – a big increase from the $20.2 billion raised in 2019, according to AgFunder’s 2021 Agrifoodtech Investment Report. Previously emerging technology trends rapidly accelerated in the midst of increasing pressures on global food supply chains. These include everything from robotics and automation to fill the gap of human labor, to business models that enable producers to capture a higher percentage of dollars by selling their product directly to consumers.

Innovations and technologies are also tackling big impact issues such as food security and food waste. This is excellent news for investors, entrepreneurs, and growers who debated the viability of what was once a fledgeling sector.

But everywhere we look, the gender inequity in the distribution of opportunities and resources is painfully obvious. Looking at the 10 largest agrifoodtech financings in 2020, 100% of the founders of these 10 companies are men. Of the top 20 financings, just two are known to have women co-founders.

In 2019, only 7% of investment money that went into agrifoodtech deals went to startups founded by women, according to a 2019 report — ‘Money Where Our Mouths Are’ (MWOMA) — released by AgFunder, Karen Karp & Partners, and The Counter in collaboration with S2G Ventures. The data aren’t yet available for 2020 – but watch this space! 

The bottom line is that while the number of women founders, leaders, and innovators in the agrifoodtech sector — which extends into agbio and foodbio — continues to grow, the voices (and exposure) of women in the industry remain few and far between.

Challenge often creates opportunity and this is what a handful of women in agrifoodtech saw when they independently began collecting the names of women in the sector into a list simply because no such list existed. The women included agtech entrepreneurs, investors, and journalists who write about agrifoodtech. In 2020, they became aware of each others’ lists and decided to combine forces and merge them into a single directory.

Today, we’re launching the ‘Womxn in AgTech Directory’ – a searchable Airtable directory that lists the names and social media platforms of womxn founders and leaders in agrifoodtech in the US and internationally. This list is the result of a collaboration between women leaders in agtech including Connie Bowen (AgLaunch Initiative), Amy Wu (From Farms to Incubators), Allison Kopf (Artemis Ag), Pam Marrone (Marrone Bio Innovations), and Louisa Burwood-Taylor (AgFunder, AFN, MWOMA), and we hope that you’ll get involved, too.

Alison Kopf, the founder and CEO of Artemis Ag, says she was motivated to start a list in 2018 “because we have a stark vacancy of diverse voices on panels and events in our industry and wanted to elevate women to the table, especially when in ag — mostly corporate ag — there are already strong women voices at the top.”

“I want to see more women and black, indigenous, and other people of color starting companies in ag and in general,” she added.

Pam Marrone, the founder of Marrone Bio Innovations, a Nasdaq-listed company in the agbio space, had an Excel sheet where she’d been compiling whatever names she came across. Over the years it has evolved from handfuls to dozens.

“With more and more women jumping into agtech and starting companies, it is critical to track the progress and to network with each other and provide support and mentoring. In addition, this list can help those organizing conferences who are looking to diversify the speakers and panels,” Marrone said.

Louisa Burwood-Taylor says that, as a journalist, she wants to contribute to building a solid data set that connects agtech with gender to solutions to gender inequality. While there are articles, columns, and anecdotal evidence that shed light on this topic, unfortunately, there is a lack of statistics.

“There’s so little data to prove how or why gender biases persist, so I’m keen to create a community where more can be shared, learned, and reported to help change that,” she said. Through MWOMA, Burwood-Taylor is working on bringing more data to light to help change investor and entrepreneur behaviors.

We hope that this directory can serve as a one-stop-shop for entrepreneurs — in and outside of agtech — for growers and investors to connect with, learn from, hire, and invest in women in agtech.

We hope that conference organizers will find it and consider adding more women as speakers, that investors and VC firms will find the list and take a deep dive into the companies, and growers will connect with founders through this portal. Finally, we believe that by working as a collective we can create a paradigm shift – more women can enter this space and will be encouraged to enter this space.

The directory will be made live today on From Farms to Incubators and is visible here. Women can add (or update) their names and info through a short survey here.

Singapore's Temasek Bets on 'Skyscraper Farms' As Growth Market

Joint Venture With Bayer To Develop Seeds

To Boost Food Security In City-State

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TAKASHI NAKANO, Nikkei staff writer

September 10, 2020

SINGAPORE -- Singapore's state-backed investment group Temasek Holdings has extended its business portfolio into urban farming, a concept that will aid the city-state in its quest to become more agriculturally self-sufficient.

Temasek and German pharmaceutical major Bayer established Unfold, a 50-50 joint venture, last month. The company will develop and market seeds for vertical farming both in Singapore and at its California headquarters.

Singapore produces less than 10% of the food it consumes. The government plans to raise the ratio to 30% by 2030.

Vertical farming, officials believe, is crucial to attaining that goal. The technique grows agroponic layers of crops under artificial light inside skyscrapers. Because the plants are not dependent on weather, the method is expected to generate large yields in a relatively quickly.

"Temasek is recognized as one of the leading investors in the food and agriculture segment," said Jurgen Eckhardt, head of Leaps by Bayer -- an investment arm of Bayer. "They have investments in, and relationships with, a range of vertical farming companies."

Bayer will provide plant genetic data to Unfold, which will first develop new varieties of lettuce, spinach and tomatoes, among other crops. The company will sell seeds to food producers.

Temasek will introduce companies to the technology and expertise at Unfold and other investment targets. Temasek holds a stake in Sustenir Agriculture, a Singaporean urban farming company, providing a channel for Sustenir to cultivate Unfold's high-yield seeds.

Vertical farming is projected to grow into a $12.77 billion market in 2026, according to Allied Market Research, up from $2.23 billion in 2018.

Temasek invested 3 billion euros ($3.7 billion) into Bayer in 2018 -- funding which helped Bayer complete the acquisition of U.S. seed producer Monsanto.

The company anticipates further investments in the agricultural sector.

"Whether it's in the area of an alternative protein, aquaculture, or crop science, it's an area that requires actually more capital," said Temasek International CEO Dilhan Pillay Sandrasegara. "So far it's done well for us and we're still keen to invest more in it."

Temasek has expanded its portfolio of life sciences and agribusiness investments. Allocation in the domains stood at 8% at the end of March, or five points higher than five years earlier. The size of the holdings is about $17 billion.

The coronavirus pandemic has heightened concerns over food security. Thailand and other trading partners temporarily imposed restrictions on exports. The Singaporean government doled out 30 million Singapore dollars ($22 million) in subsidies this April to help companies produce more eggs, leafy vegetables and fish.

"In Singapore, with less than 0.8% arable land, vertical farming innovation is critical," said Unfold CEO John Purcell.

This year, Temasek has invested in startups that develop meat and fish substitutes, as well as plant-based milk. GIC, another Singaporean state investor, in May picked up shares in Apeel Sciences, a U.S. company that developed an artificial peel for fruits and vegetables to extend shelf life.

The less-than-stellar portfolio performance has also factored in Temasek's investments into agribusiness. For the year ended March, the company reported a return of minus 2.3%, the first negative result in four years. Declining stock values of domestic companies such as the banking group DBS Group Holdings and the conglomerate Sembcorp Industries were behind the setback.

When Singapore Airlines sought to raise up to S$15 billion in rescue funds this March, Temasek was the first to indicate it would sign on in light of its status as a major investor in the carrier. Saddled with its role as a financial provider of last resort, the state investment group's ability to reap returns from investments in agriculture and other growth sectors will sway its performance.

Temasek has also stepped up investment in advanced medical fields such as biopharmaceuticals in the past year, with stakes in 10 companies revealed in 2020 so far.

Vertex Venture Holdings, a Temasek unit that oversees a fund specializing in the medical field, has invested in more than 20 healthcare-related startups, including American drug developer Elevation Oncology in July.

"COVID-19 has shone a light on the importance of continued R&D investment," said Lori Hu, managing director of Vertex Ventures HC. "It has revealed critical unmet needs in the health care industry. We continue to actively look at new deals."

Leveraging its broad network, Vertex took a stake in Israeli telemedicine platform operator Datos Health in April and invested in India's IVF Access Hospitals, which specializes in infertility treatments, two months later.

Through its investments in the medical field, Temasek is also involved in the global race to develop coronavirus treatments. It was part of a group of investors to pour $250 million into Germany's BioNTech, which is jointly developing a COVID-19 vaccine candidate with Pfizer. South Korean drugmaker Celltrion, in which Temasek holds a roughly 10% stake, has brought a diagnostic kit to market in the U.S. last month.

Investments in biopharmaceutical developers carry high risks, but the payoff can be large when a treatment successfully reaches the market. Holdings in unlisted companies accounted for 48% of Temasek's portfolio as of March-end, up six points from a year earlier.

Lead photo: Courtesy of Unfold - Vertical farms use hydroponics to grow crops inside buildings.