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The Agtech Unicorn Index, which tracks venture-backed startups in the sector worth over $1 billion, recorded a 20% decline in 2023, according to the Morningstar Unicorn Market Monitor Q4 2023 update. Advertisement"There are more software companies that have sprouted over the past decade, but it traditionally requires fairly technical knowledge about plants and biology." London’s vertical farming unicorn InFarm also struggled and shuttered in Europe . Indeed, PitchBook’s Frederick anticipates agtech will outperform the broader VC ecosystem in the near term due to issues around food security, per PitchBook’s Agtech Q4 2023 report. More broadly, the number of companies hitting unicorn status was at its lowest level since 2017, with 81 new unicorns entering the Morningstar PitchBook Global Unicorn Index in 2023.
Persons: , Alex Frederick, Frederick, Po Bronson, Bronson, PitchBook’s Frederick, agtech, ” Frederick Organizations: Service, Business, Morningstar, US, Farmers Business Network Locations: cybersecurity, Europe, Ukraine, India, California, Spain
Instacart stock subdued as debut enthusiasm loses steam
  + stars: | 2023-09-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Cheney Orr/File Photo Acquire Licensing RightsSept 20 (Reuters) - Grocery delivery app Instacart's stock (CART.O) fell nearly 5% in premarket trading on Wednesday, on course to join other new stock market entrants in failing to keep up with their strong gains on debut. Shares of San Francisco-based Instacart ended 12% higher in their Nasdaq debut on Tuesday, failing to hold onto an intraday gain of as much as 43%. The company's initial public offering on Monday had given it a valuation of nearly $9.9 billion. In August, it announced interest from PepsiCo (PEP.O), which has agreed to buy $175 million in preferred convertible stock. Reporting by Savyata Mishra and Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Eric Cohn, Cheney Orr, Instacart, Alex Frederick, Frederick, Instacart's, Andrew Lipsman, Savyata Mishra, Niket, Devika Organizations: Safeway, REUTERS, Investors, San, Nasdaq, Walmart, Amazon, PitchBook, PepsiCo, Insider Intelligence, Thomson Locations: Tucson , Arizona, U.S, San Francisco, Bengaluru
Morten Toft Bech, the founder of a startup that makes plant-based meat alternatives, brought the animals in protest. Meat lobbies argue that plant-based products have stolen the concept of meat without matching its taste and nutrition standards, tarnishing the integrity and cultural importance of meat. It tends to argue that plant-based meat alternatives shouldn't be allowed to use meaty terms at all because, put simply, they aren't meat. Meat bodies want startups to come up with new terms for plant-based food that imitates meat. Both meat organizations and plant-based companies told Insider they encouraged a healthy, balanced diet.
One analyst described the goal as being a "one-stop shop" for grocery technology. Instacart is getting ready to go public, making new sources of revenue more important than ever for the grocery delivery startup. On Monday, the company rolled out an upgraded version of its smart shopping carts, Caper Cart. InstacartSubscriptionsNow called Instacart+, Instacart's subscription service costs about $10 per month or $99 per year. The startup makes checkout technology for both online and in-store use, including a smart shopping cart with scanning technology.
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