SPAC Watch List reveals 30 companies valued at more than $1bn

Commentary Food Delivery Grocery Delivery Alternative protein Plant-Based FoodTech

The SPAC Watch List is a comprehensive directory of those private companies making waves in the FoodTech industry, including their valuations and latest funding rounds.

There are 30 firms disrupting the food industry which are valued at over $1bn ( £720m), potentially leading to a wave of companies going public via a SPAC (Special Purpose Acquisition Vehicle).

Future Food Finance has compiled the first-ever directory of potential SPAC candidates- called the SPAC Watch List- revolutionising the food industry.

SPACs are set up with the purpose of buying a private firm to merge with and then take public on the stock market.

The directory of companies disrupting food delivery, e-commerce, AgTech, alternative proteins and other sectors reveals those companies nearing the scale needed to power a SPAC.

Four companies in the directory have a value of more than $5bn (£3.6bn) while 30 have a value of $1bn ( £720m), or higher- indicating the rude health of the FoodTech industry.

The directory also shows details of these firms’ latest funding rounds, revealing that $6.79bn (£4.94bn) has already been raised this year.

Paul Cuatrecasas, the co-founder of Future Food Finance, said: “Our directory reveals the electrifying pace the food revolution is now taking.

“In just a few years, some of the disrupters in our SPAC Watch List already have multi-billion valuations.

“Mega million funding rounds have continued apace this year, despite the pandemic. Expect a few of the larger disruptors, such as Gopuff or Nuro to hit the public markets via a SPAC sometime soon.”

The directory reveals several trends across the FoodTech landscape, including the dominance of the US, with more than half the companies headquartered across the Atlantic.

Behind the US comes China with seven companies. Across Europe, the UK is leading the way (four companies) ahead of Germany (three companies).

Broken down by sectors, food delivery and e-commerce are the sectors with the most highly valued companies, the directory shows.

For instance, the highest valued firm in the directory is US on-demand delivery service Gopuff, which is valued at $15bn (£10.92bn).

The Philadelphia-based firm, which delivers food and other products across US cities, has seen a staggering rise in its valuation, as was valued at $3.9bn (£2.82bn) only late last year.

Other highly valued US disrupters making the list include driverless delivery service Nuro, valued at $5bn (£3.6bn), which raised $500m (£364m) in March this year and Zume, the robotic pizza maker, valued at $4.6bn (£3.35m).

Outside of the US, the two highest-valued companies are the Chinese grocery app Xingsheng Selected, which is valued at $12bn (£8.73bn) and Colombian on-demand delivery start-up Rappi, which is valued at $5.25bn (£3.82bn).

But other FoodTech sectors are also represented in the directory.

Plant-based food firms include Eat Just and Meatless Farm make the list while cultured meat firm Upside Foods (previously Memphis Meats) is also included.

Perfect Day, the US firm which makes dairy produced through alternative protein fermentation, also makes it into the directory while AgTech is also represented through firms like Hazel Technologies and Ninjacart.

Other sectors to make our list include meal kit companies, food waste and cloud kitchen platforms.