Spanish foodtech grows in 2022

December 22, 2022 - 3 minutes
Photo/Eatable Adventures

Eatable Adventures, an agrifood accelerator, has presented the data from its annual study “The State of Foodtech in Spain 2022.” 

The report gathers information on the characterization and investment evolution of the Spanish foodtech entrepreneurial ecosystem.

The report says 2022 has been a positive year for the sector in the country. Despite the macroeconomic context, Spanish startups have been supported by investors, companies and governments, which have taken a more active role in the growth of the Spanish ecosystem. 

In 2022, Spain remains in the global top 10 ranking in terms of number of foodtech startups, whose latest census, according to the report, totals 412 startups. As for the key areas of the foodtech sector, once again this year, four major categories were identified, showing a fairly balance among them: agritech (24%); food production and transformation (34%); logistics, distribution and retail (25%); and restaurant tech (16%).

Growth of AI

Spanish startups are solvent at a technological level and have a solid level of development. The percentage of startups that decide to patent their solutions or generate utility models is growing: 32.9% of startups have patents, 56.6% have a trademark registration and 29% have a trade secret. There is significant growth in the use of artificial intelligence, with an increase of more than 12 points, compared to last year, as well as in machine learning and IoT, with an increase of 8.5 and 9.6 points, respectively. Regarding the degree of technological development (TRL) of the startups, more than 80% have market-ready solutions and 14% are still at an intermediate stage.

This year, the total investment figure is €268 million ($285 million), an increase of 9.38% compared to the previous year, not considering the investment round achieved by Glovo (€450 million/$478 million). In addition, the increase in Series A rounds stands out, growing by nearly 20%, 5 points more than in 2021. 

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The largest investments have been in startups working in foodservice/retail, but the emergence of the protein alternative stands out among investments. The top five startups leading this ranking are Cover Manager, Heura, Good News, Nova Meat and Cubiq. 

Investment Rounds

“Spain is consolidating its position as a foodtech nation with a flourishing ecosystem and great technological and intellectual solvency, which has attracted the interest of global investors and corporates throughout the year. Proof of this are the investment rounds received by some of the startups of our Spain Foodtech portfolio, such as Cocuus, Innomy or Moa Foodtech,” said José Luis Cabañero, CEO and founder at Eatable Adventures.

New call for projects for the Spain Foodtech Startups’ Program accelerator

Eatable Adventures announced the opening of the new call for projects for the Spain Foodtech Startups’ Program accelerator. This is a national program led by Eatable Adventures, in collaboration with ICEX Spain Export and Investment and CNTA (National Center for Food Technology and Safety).

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