The food and agriculture technology market was badly hit by the venture capital downturn in 2023, raising $15.6 billion in funding, a 49% year-over-year decline. That drop was more than the broader venture capital, which fell 38% in 2023.

In 2023, agrifoodtech represented just 5.5% of all venture capital sector dollars, down from 6.7% in 2022 and 7.6% in 2021. Funding to all categories declined except for two: Bioenergy & Biomaterials and Farm Robotics, Mechanization & Equipment.