Venture capital investment into the food tech sector experienced its eighth consecutive quarter of decline in the third quarter of 2023, with 205 deals worth $2 billion, according to a new PitchBook report.

This is down 13.9% from the previous quarter, when 268 investments were made valued at $2.2 billion. And an over 71% decline year over year. PitchBook considers “foodtech” to be sectors, including alternative protein, bioengineered foods, discovery and review, e-commerce, food production and restaurant and retail tech.

“It’s a little bit disappointing to see deal activity continue to slide,” report author Alex Frederick, senior analyst of emerging technology at PitchBook, told TechCrunch. “However, it’s still an evolving market.”

“The IPO window remains closed, which is going to continue to challenge venture activity,” he added.

What investors say

Climate tech, overall, remains “extremely resilient” in the past two years, Meir Rabkin, founder and managing partner of climate tech venture firm Blue Vision Capital, said in an interview. He notes the resilience is with regard to company valuation — the shrinkage felt in other sectors wasn’t as prevalent in climate tech.

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