Tracxn - Horticulture Startup Landscape

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Horticulture - Jan 2019
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on January 31, 2019.
Horticulture Feed Summary
4
Horticulture > Feed Summary
Companies working across the value chain of perishable produce like fruits, vegetables, flowers, and other plantation
crops.
• Inclusions: 1. Companies involved in developing technologies such as IoT
based hardware platforms, AI based platforms, digital platforms for providing
market linkages to farmers, etc.2. Companies building innovative business
models such as integrated supply chains, invoice discounting for farm
working capital, modular processing units, omni-channel platforms for
sharing economy for farmers, etc. across various the value chain of perishable
produce and plantation crops.3. Conglomerates and landmark businesses that
have been investing in in-house R&D, acquiring patents and/or acquiring
startups with intellectual property in domain related to fruits, vegetables and
other plantation crops
• Exclusions: 1. Conventional businesses such as small farming companies
without forward integration, companies with only standalone processing
units, traditional marketing / trading agribusinesses, etc.2. Manufacturers and
suppliers of conventional consumables such as generic seeds, fertilizers and
pesticides, and generic durables such as irrigation fittings, pipes, greenhouse
parts, sheds, nets, etc. required in horticulture houses and orchards
• Excludes funding information of Chinese companies Feed in Numbers
Overview
$3.7B
Funding
89
Mega
Companies
6053168
FundedCovered on
Tracxn
1
Unicorns
10
Soonicorns
12
Minicorns
79
IPO’d Cos
187
Late Stage Cos
49
74
Acquisitions
161
DeadPooled
-
Acquihired
Series A+ Cos
Tilray
(2013, Nanaimo, $50.4M)
Future Farm Tech
(1984, Vancouver)
Plenty
(2013, San Francisco, $226M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Horticulture
5
$200M - Series B
Plenty (2013, San Francisco, $226M)
$61.3M - PE
Bioline AgroSciences (1979, Little Clacton,
$61.3M)
$91M - Series B
Bowery (2014, New York City, $125M)
$55M - Series D
BrightFarms (2008, New York City, $107M)
$70M - Series C
Apeel Sciences (2012, Santa Barbara, $110M)
$54.6M - Series C
Surterra Therapeutics (2014, Atlanta, $155M)
$70M - Angel
$50.4M - Series A
Tilray (2013, Nanaimo, $50.4M)
$65M - Series C
$50M - Series B
Metrc (2011, Lakeland, $50M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Horticulture > Feed Summary > Investment Trend Summary
Seed Phyto Partners (#4), Ankur Capital (#3), Casa Verde Capital (#3)
Series A/B S2G Ventures (#7), Middleland Capital (#4), Tao Capital Partners
(#3)
Series C+ WP Global Partners (#2), Cibus Fund (#2), S2G Ventures (#1)
Incubators MassChallenge (#13), Y Combinator (#9), Startupbootcamp (#5)
Other Notable
Investors
CanopyBoulder (#9), European Union (#5), IFC (#3)
Debt Investors
Advantage Capital (#6), KKR (#2), Western Technology
Investment (#2)
Most Active InvestorsRecent Investments
334 348
313
291
171
1
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 66 86 105 129 130 11
$2.4B
$350M
$331M
$282M
$93.9M
US
Europe
India
Canada
Israel
$ Funding
$257M $207M
$421M
$646M
$1.2B
$65M
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Horticulture
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Herbal Capital 2
The Cronos Group (2013, Toronto)
Supreme Pharma (2014, Toronto)
Aspada Investments 1
Lawrencedale Agro Processing (2009, Ooty,
$20M)
Dancap 1 CannTrust (2013, Vaughan, $1.5M)
Bestseller
Foundation
1
$20M)
Calvert Investments 1
Marrone Bio Innovations (2006, Davis,
$83.3M)
Nov 2018 Blommer Acq by Fuji Oil Company for $750M
Oct 2017 Planasa Acq by Cinven for $522M
Dec 2016 Mettrum Acq by Canopy Growth for $430M
Sep 2016 Monsanto Acq by Bayer for $63B
Mar 2016 Technico Agri Sciences Acq by ITC for $1.2B
Oct 2015 Dummen Orange Acq by BC Partners for $568M
Aug 2000 OnLink Acq by Siebel Systems for $609M
Horticulture > Feed Summary > Exit Outlook Summary
Bayer 2
Monsanto (Sep 2016, $63B), Steigerwald Arzneimittelwerk
(May 2013)
Aurora Cannabis 2 Urban Cultivator (Oct 2017), Agropro (Sep 2018)
Scotts Miracle-
Gro
2
General Hydroponics (Apr 2015, $130M), PlantLink (Dec
2016)
HELIX TCS INC 2 BioTrackTHC (Feb 2018), Cannabase (Jul 2016)
BC Partners 1 Dummen Orange (Oct 2015, $568M)
Recent IPOs Top Acquisitions
NHS Industries Apr 2018
Develops and offers modular agricultural…
IPO MCap: $2.1M
Speakeasy Growers Apr 2018
Produces and supplies cannabis for medica…
IPO MCap: $5.5M
Roto-Gro Systems Oct 2017
Designer, manufacturer, and supplier of r…
IPO MCap: $11.6M
JWC Sep 2017
Produces and supplies cannabis products f…
IPO MCap: $834k
TILT Holdings Dec 2018
Technology-driven solutions for cannabis…
IPO MCap: -
Tilray Aug 2018
Produces and supplies processed cannabis…
IPO MCap: $1.3B
The Cronos Group May 2018
Vertically integrated company producing m…
IPO MCap: $215M
Wide Open Agriculture Apr 2018
Produces and markets agricultural product…
IPO MCap: -

CROP PROTECTION & NUTRITION
Inocucor (2007, Montreal, $67.3M)
$411M
January 2019Tracxn BlueBox – Horticulture
3615+ companies in the sector, 356 funded in last 5 years, $1.8B invested in last 2 Years
Most Active Investors: Phyto Partners , WP Global Partners , S2G Ventures, MassChallenge, CanopyBoulder
FARM MONITORING & MANAGEMENT
Prospera (2013, Tel Aviv, $22M)
$180M
FIELD OPERATIONS
$990M
CROP GENETICS
VoloAgri (2012, San Luis Obispo, $79M)
$341M
FINANCE
ProducePay (2014, Los Angeles, $23.5M)
$25M FARM
INFRASTRUCTURE
Illumitex (2005, Austin, $75.82M)
$544M
INTEGRATED
PRODUCTION BUSINESSES
CannabCo (2014, Brampton, $24M)
$640M FARM INPUTS
MARKET
Kheyti (2015, Hyderabad)
$20.9M PRODUCE SUPPLY
CHAIN
$20M)
$493M PROCESSING
INFRASTRUCTURE
Inspira Farms (2012, Sevenoaks, $5.1M)
$29.5M
Horticulture > Feed Summary > BlueBox
7
Cumulative funding in the market
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
For any Feedback and Query reach out to MyAnalyst@tracxn.com

Key Sub Sectors in Horticulture Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Produce Supply Chain 394 $348M 58
Field Operations 477 $385M 26
Integrated Production Businesses 379 $273M 33
Field Operations >
Indoor Farming 192 $155M 20
Farm Monitoring & Management 108 $78M 23
Crop Protection & Nutrition 118 $314M 10
Crop Genetics 217 $118M 16
Farm Infrastructure 77 $69.8M 18
Processing Infrastructure 39 $19.2M 14
Farm Infrastructure >
Greenhouses 81 $39.8M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Field Operations
Companies developing mechanized, semi-autonomous
or autonomous products and providing...
669 110 $990M
Integrated Production Businesses
Companies managing the end-to-end operations
including cultivation, harvesting, processing...
379 117 $640M
Farm Infrastructure
Companies developing infrastructure such as
greenhouses with technology applications...
721 120 $544M
Produce Supply Chain
Companies engaged in providing digital platforms for
selling fresh produce and may or...
394 105 $493M
Crop Protection & Nutrition
Companies developing agrochemicals and other
consumables for mitigation against biotic...
161 21 $411M
Crop Genetics
Companies developing genetically superior seeds
(GMO & hybrid) and also the tech platforms...
217 30 $341M
Farm Monitoring & Management
Companies developing technology and tech-enabled
products/services for remote sensing...
170 56 $180M
Horticulture > Feed Summary > Summary of Key Markets

List of Notable Companies in Horticulture
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Horticulture > Feed Summary > Notable Companies in the Sector
Public
Tilray
(2013, Nanaimo, $50.4M)*
DekelOil
(2007, Limassol, $20.8M)
Marrone Bio
Innovations
(2006, Davis, $83.3M)
The Cronos Group
(2013, Toronto)
CannTrust
(2013, Vaughan, $1.5M)
Roto-Gro Systems
(2015, Perth)
ESense-Lab
(2016, Ness Ziona)
The Hydroponics
Company
(2016, Sydney)
Speakeasy Growers
(2010, Vancouver)
Public
Indoor Harvest
(2012, Houston, $2.1M)
GTI
(2015, Chicago)
NHS Industries
(2017, Richmond)
Newstrike
(2004, Toronto)
Affinor Growers
(1996, Vancouver, $30M)
JWC
(2013, Kitchener, $18.5M)
Naturally Splendid
(2010, Pitt Meadows)
Flower One
(2003, Toronto, $7.9M)
Feronia
(1911, Kinshasa)
GrowLife
(2012, Kirkland, $167M)
Public
Lawrencedale Agro
Processing
(2009, Ooty, $20M)
Karuturi Global
(1994, Bangalore, $16M)
TerraTech
(2010, Irvine, $7.3M)
Heliospectra
(2006, Gothenburg, $4.5M)
Pimi Agro
(2004, Nazareth, $4.2M)
Grown Rogue
(2016, Medford, $4.1M)
GrowGeneration
(2008, Pueblo, $2M)
Agritek Holdings
(2014, Denver, $1.7M)
Surna
(2010, Boulder, $1.2M)
Greengro Tech
(1996, Anaheim, $875k)
Public
Future Farm Tech
(1984, Vancouver)
Maricann
(2013, Burlington)
TILT Holdings
(2018, Boston)
Village Farms
(1989, Delta)
AdVini
(1870, Saint-felix-de-lodez)
20/20 Produce
(1993, Heyburn)
AeroGarden
(2002, Boulder)
Agripure Holdings
(1993, Pathum Thani)
Authentic Teas
(2010, Vancouver)
Ekiz
(2000, Bornova)
Public
Emerald Health
Therapeutics
(2007, Vancouver)
Golden Growers
(1994, West Fargo)
Greenyard
(1987, Sint-katelijne-waver)
Isodiol
(2014, Watford)
Kakuzi
(1906, Nairobi)
Kim Loong
(1967, Johor Bahru)
Kluang Rubber
(1959, Johor Bahru)
Knox Nursery
(1962, Orlando)
Kretam
(1988, Sandakan)

List of Notable Companies in Horticulture
Notable Companies in the Sector (2/2)
10
Horticulture > Feed Summary > Notable Companies in the Sector
Public
Kulim (Malaysia)
Berhad
(1933, Johor Bahru)
Neha International
(1993, Hyderabad)
Sinar Mas Agribusiness
and Food
(1962, Jakarta)
The Narborough
Plantations
(1910, London)
TSH Resources Berhad
(1979, Kuala Lumpur)
United International
Enterprises
(1982, Copenhagen)
Valens GroWorks
(2014, Kelowna)
Vilmorin & Cie
(1743, Gerzat)
Public
Wide Open Agriculture
(2015, Williamstown)
Camson Seeds
(2013, Bangalore)
Delica Foods
(1977, Tokyo)
GOZCO Plantations
(2001, Jakarta)
Hap Seng Plantations
Invictus
(2014, Vancouver)
Jaya Tiasa
(1960, Sibu)
London Sumatra
(1906, Jakarta)
TW Holdings
(2007, Perth)
Aphria
(2013, Leamington)
Public
Bonduelle
(1853, Villeneuve)
FusionPharm
(2011, Denver)
Greenyield
Harrisons Malayalam
(1844, Kochi)
Maple Leaf Green
World
(2012, Calgary)
RavenQuest BioMed
(2017, Vancouver)
Supreme Pharma
(2014, Toronto)
Tarai Foods
(1990, Delhi)
United Plantation
(1906, Teluk Intan)
Urban Barns Food
(2007, Mirabel)
Acquired
Monsanto
(1901, St. Louis)
Technico Agri Sciences
(1999, Chandigarh)
Blommer
(1939, Chicago)
OnLink
(2015, Wayne)
Dummen Orange
(2015, Hilliard)
Planasa
(1973, Navarres)
Mettrum
(2012, Bowmanville)
Mann's Fresh
Vegetables
(1939, Salinas)
Broken Coast
(2014, Vancouver)
Key Technology
(1948, Walla Walla)
Acquired
Plantasjen
(1986, Kongsvinger)
Alico
(1960, Fort Myers)
General Hydroponics
(1976, Sebastopol)

List of Notable Companies by Market in Horticulture
Notable Companies by Market (1/10)
12
Horticulture > Feed Summary > Notable Companies by Market
Crop Genetics
Crop Genetics
Grown Rogue (2016, Medford, $4.1M)
Produces and supplies cannabis seeds
Stage: Public
SoCal
Monsanto (1901, St. Louis)
Production of genetically modified seeds
Unicorn. Stage: Acquired
Berkshire Hathaway
Technico Agri Sciences (1999, Chandigarh)
Manufacturers and markets seeds of potato raised
through tissue culture
Stage: Acquired
Vilmorin & Cie (1743, Gerzat)
Production and marketing of vegetable seeds
Stage: Public
Camson Seeds (2013, Bangalore)
Produces and supplies hybrid seeds
Stage: Public
Crop Genetics
Dummen Orange (2015, Hilliard)
Selective breeding and cultivation of flowering
plants
Stage: Acquired
UBS, RBC Royal Bank
Developer of fruit coating material for protection
made from plant extracts
Soonicorn. Stage: Series C
Viking Global Investors, Andreessen Horowitz,
Upfront Ventures and 8 Other Investors
$83.3M)
Biological products for crop protection
Stage: Public
Mitsui Global, Syngenta Ventures, Saffron Hill
Ventures and 10 Other Investors
Greenyield (1937, Kuala Lumpur)
Agrochemicals and Artstone plant pots
manufacturer and supplier
Stage: Public

13
Field Operations
Field Operations
Indoor farming facilitator for Supermarkets
Soonicorn. Stage: Series D
Cox Enterprises, Catalyst Investors, WP Global
Partners and 4 Other Investors
Sundrop Farms (2009, London, $100M)
Hydroponic greenhouse farming company that
operates farms using renewable resources
Soonicorn. Stage: Funded
KKR
AeroFarms (2004, New York City, $55.7M)
Soil less cultivation systems in vertical indoor farms
AllianceBernstein, Wheatsheaf, GSR Ventures and
14 Other Investors
CannTrust (2013, Vaughan, $1.5M)
Integrated business for hydroponic cultivation and
processing of cannabis to supply medical products
Stage: Public
Meridian, Dancap
Field Operations
Greengro Tech (1996, Anaheim, $875k)
Vertical farming and other services
Stage: Public
Spread (2006, Kyoto)
Integrated business for commercial hydroponic
farming and supply of lettuce
Soonicorn. Stage: Unfunded
Future Farm Tech (1984, Vancouver)
Integrated company in vertical farming cultivation
and LED grow lights providers
Editor's Pick. Stage: Public
Yorkville Advisors
Maricann (2013, Burlington)
Integrated business for cannabis cultivation and
processing to supply medicinal products
Speakeasy Growers (2010, Vancouver)
Produces and supplies cannabis for medical
purposes
Field Operations
Village Farms (1989, Delta)
Integrated business of hydroponic cultivation and
supply of fruits and vegetables
Kluang Rubber (1959, Johor Bahru)
Produces and sells fresh oil palm fruit bunches in
Malaysia
Stage: Public
Kretam (1988, Sandakan)
Produces and supplies palm oil products
Stage: Public
Neha International (1993, Hyderabad)
Produces and supplies flowers
Stage: Public
Newstrike (2004, Toronto)
Cannabis production company
Stage: Public

14
Field Operations
Field Operations
Aphria (2013, Leamington)
Producer, supplier and distributor of medical
marijuana using greenhouse growing solutions
Stage: Acquired
WFCU Credit Union, The Delavaco Group, Front
Street Capital and 2 Other Investors
Broken Coast (2014, Vancouver)
Integrated business for soil-less cultivation and
processing of cannabis
Stage: Acquired
Maple Leaf Green World (2012, Calgary)
Cultivation of medical cannabis
Stage: Public
Mettrum (2012, Bowmanville)
Integrated business for cultivation and processing
of cannabis to supply medicinal products
Stage: Acquired
Field Operations
Greenhouse cultivation of hybrid cannabis and
production of medicinal cannabis
Stage: Public
Herbal Capital
Urban Barns Food (2007, Mirabel)
Integrated business for urban farming and supply of
produce
Stage: Public
Indoor Farming
JWC (2013, Kitchener, $18.5M)
Produces and supplies cannabis products for
medical purposes
Stage: Public
Canopy Rivers
Knox Nursery (1962, Orlando)
Produces and supplies flowers
Stage: Public
Invictus (2014, Vancouver)
Produces, distributes, and sells medical cannabis
products
Stage: Public
ATB Financial

15
Farm Infrastructure
Farm Infrastructure
LED grow lights for horticulture, industrial and
architecture
WP Global Partners, New Enterprise Associates,
Morgan Creek Capital Management and 7 Other
Investors
Affinor Growers (1996, Vancouver, $30M)
Development of vertical farming technology and
installation of farming projects
Vancity, Dutchess Capital
Surna (2010, Boulder, $1.2M)
Climate control systems for indoor agriculture with
a focus on cannabis
Stage: Public
Hydroponics
GrowLife (2012, Kirkland, $167M)
Manufactures and supplies hydroponic equipment
Chicago Venture Partners
Roto-Gro Systems (2015, Perth)
Designer, manufacturer, and supplier of rotary
hydroponic vertical farming system
Stage: Public
The Hydroponics Company (2016, Sydney)
Manufactures and supplies hydroponic
infrastructure
Stage: Public
FusionPharm (2011, Denver)
Cultivation containers made from recycling
material for soil-less or soil farming
Stage: Public
General Hydroponics (1976, Sebastopol)
Hydroponic farming system and nutrient solutions
manufacturer and supply in the USA
Stage: Acquired
Aeroponics
Indoor Harvest (2012, Houston, $2.1M)
Infrastructure designing, manufacturing, and
installation services for the indoor farming industry

16
Farm Infrastructure
Growing Kits
AeroGarden (2002, Boulder)
Manufacturer and supplier of aeroponics based
cultivation kits
Stage: Public
Scotts Miracle-Gro
Lighting
Heliospectra (2006, Gothenburg, $4.5M)
Horticulture LED lighting systems
Midroc, Industrifonden, Midroc New Technology
Greenhouses
NHS Industries (2017, Richmond)
Develops and offers modular agricultural farms for
lease
Stage: Public

17
MJ Freeway (2010, Denver, $21M)
SaaS based software for cannabis industry
Cresco Capital Partners, Batu Capital, Tao Capital
TILT Holdings (2018, Boston)
Technology-driven solutions for cannabis
businesses
Weston Capital
OnLink (2015, Wayne)
Cloud based software for golf course and turf
management
Stage: Acquired
Sierra Ventures, Scopus Ventures, Berkeley VC
International
Farm Inputs Market
Farm Inputs Market
GrowGeneration (2008, Pueblo, $2M)
Offline retailer of gardening inputs
Gotham Green Partners, Merida Capital Partners,
Navy Capital
Plantasjen (1986, Kongsvinger)
Home garden chain
Stage: Acquired
Norvestor, Apax Partners, Kartesia
Processing Infrastructure
Key Technology (1948, Walla Walla)
Manufactures and supplies food processing
equipment
Stage: Acquired
PMV, LRM

18
Ninjacart (2015, Bangalore, $48.1M)
Mobile app to connect farmers with retailer
Soonicorn. Stage: Series B
Accel Partners, Syngenta Ventures, Neoplux and 12
Other Investors
$20M)
Supply chain of vegetables under brand name LEAF
Bestseller Foundation, Aspada Investments,
Patamar Capital and 1 Other Investors
Pimi Agro (2004, Nazareth, $4.2M)
Develops STHP products to extend shelf life of fruits
and vegetables
Stage: Public
AquAgro Fund
ESense-Lab (2016, Ness Ziona)
Big data-driven phytochemical profiling technology
to produce terpene based products
Stage: Public
20/20 Produce (1993, Heyburn)
Supply chain company involved in distribution of
fruits and vegetables
Stage: Public
Agripure Holdings (1993, Pathum Thani)
Manages processing operations and supply chain of
sweet corn and fruits and vegetables
Stage: Public
Navis Capital Partners
Blommer (1939, Chicago)
Processes and supplies cocoa and chocolate
ingredients
Stage: Acquired
Ekiz (2000, Bornova)
Processor and supplier of olive oil
Stage: Public
Golden Growers (1994, West Fargo)
Processes and supplies corn-based products
Stage: Public
Greenyard (1987, Sint-katelijne-waver)
Processes and supplies fruits and vegetables
Stage: Public
Gimv, FPPI
Isodiol (2014, Watford)
Manuafctures and markets cannabis products
Stage: Public
Serruya Private Equity, jared berry
Delica Foods (1977, Tokyo)
Supply chain company delivering vegetables
Stage: Public
Mann's Fresh Vegetables (1939, Salinas)
Procures and supplies vegetables
Stage: Acquired
Tarai Foods (1990, Delhi)
Upstream processing and packaging of vegetables
Stage: Public

19
of medical cannabis to supply medical products
New World Health
Produces and supplies processed cannabis products
for medical purposes
Sula Vineyards (1999, Mumbai, $40.1M)
Manufactures and markets wine
Verlinvest, Reliance Capital, VisVires Capital and 12
Other Investors
DekelOil (2007, Limassol, $20.8M)
Manages palm plantations and produces palm oil
Stage: Public
Karuturi Global (1994, Bangalore, $16M)
Produces and markets cut roses.
Stage: Public
IL and FS Investment Managers, Jina Ventures
Flower One (2003, Toronto, $7.9M)
Producer and supplier of cannabis products
Stage: Public
TerraTech (2010, Irvine, $7.3M)
Agri-Business conglomerate
Stage: Public
Agritek Holdings (2014, Denver, $1.7M)
Integrated business for cultivation of cannabis and
supply of medical marijuana products
Stage: Public
GTI (2015, Chicago)
Manages complete value chain of cannabis from
cultivation to retail
Minicorn. Stage: Public
AdVini (1870, Saint-felix-de-lodez)
Operates own vineyards, produces and markets
wine
Stage: Public
IDIA Capital Investissement, CM-CIC Investissement
Naturally Splendid (2010, Pitt Meadows)
Produces and supplies food ingredients
Stage: Public
Planasa (1973, Navarres)
Producer and supplier of fruits and vegetables
Stage: Acquired
Authentic Teas (2010, Vancouver)
Processes and supplies herbal teas
Stage: Public
Emerald Health Therapeutics (2007,
Vancouver)
Producer and supplier of medical cannabis
products
Stage: Public

20
Kakuzi (1906, Nairobi)
Cultivation, manufacture and marketing of
horticulture crops
Stage: Public
Kim Loong (1967, Johor Bahru)
Produces, processes, and supplies palm kernel &
related products
Stage: Public
Kulim (Malaysia) Berhad (1933, Johor Bahru)
Produces and supplies palm oil
Stage: Public
Sinar Mas Agribusiness and Food (1962,
Jakarta)
Producing and supplying palm oil products
Stage: Public
Vertically integrated company producing medicinal
cannabis products
Stage: Public
Bank of Montreal, Canadian Imperial Bank of
Commerce, Altria and 3 Other Investors
The Narborough Plantations (1910, London)
Cultivation of oil palm in Malaysia
Stage: Public
TSH Resources Berhad (1979, Kuala Lumpur)
Integrated company in the cultivation, processing,
refining, and supply of palm oil
Stage: Public
United International Enterprises (1982,
Copenhagen)
Produces and process palm oil and coconuts
Stage: Public
Valens GroWorks (2014, Kelowna)
Produces and supplies cannabis extracts
Stage: Public
Ascenta Finance
Wide Open Agriculture (2015, Williamstown)
Produces and markets agricultural products
Stage: Public
GOZCO Plantations (2001, Jakarta)
Integrated company in palm oil plantation,
processing and distribution
Stage: Public
Bank Negara Indonesia
Hap Seng Plantations (2007, Kuala Lumpur)
Produces, processes and supplies palm oil
Stage: Public
Jaya Tiasa (1960, Sibu)
Produces and markets timber products and palm oil
Stage: Public
London Sumatra (1906, Jakarta)
Vertically integrated company in plantations and
processing of palm oil, rubber, tea and cocoa
Stage: Public
TW Holdings (2007, Perth)
Produces and markets wines
Stage: Acquired

21
Alico (1960, Fort Myers)
Cultivation of citrus fruits
Stage: Acquired
Arlon Group, Atlantic Merchant Capital Investors
Bonduelle (1853, Villeneuve)
Integrated business for cultivation, processing, and
supply of canned vegetables globally
Stage: Public
Feronia (1911, Kinshasa)
Palm oil and rice cultivation & processing in
Democratic Republic of Congo
Stage: Public
CDC Group, Kuramo Capital, Phatisa and 4 Other
Investors
Harrisons Malayalam (1844, Kochi)
End-to-end value chain for tea, coffer, rubber and
cocoa.
Stage: Public
RavenQuest BioMed (2017, Vancouver)
Produces and supplies medical cannabis
Stage: Public
Elysee Development
United Plantation (1906, Teluk Intan)
Integrated business for palm oil plantation and
processing to supply consumer products in
Malaysia
Stage: Public

List of Notable Companies in Horticulture in China
Notable Companies in the Sector in China
22
Horticulture > Feed Summary > Notable Companies in the Sector in China
Public
Chenguang
Biotechnology Group
(2000, Hebei, $7.2M)
TransAKT
(1996, Hong Kong)
Code Agriculture
(2010, Hong Kong)
Acquired
Le Gaga
(2004, Hong Kong, $24M)
Deadpooled
Chaoda Modern
Agriculture
(1997, Fuzhou)

Recent News in Horticulture Sector
Recent News
23
Horticulture > Feed Summary > Recent News
Jan 2019
New medicinal cannabis greenhouse project to create 75 jobs in
Shepparton, Australian Manufacturing
Jan 2019
SSG Advises Francis’ Drilling Fluids on Asset Sale to Affiliate of
Prophet Equity, Asset based lending
Jan 2019
Valens Signs Multi-Year Cannabis Extraction Agreement With
Organigram, CMOCRO
Jan 2019
Clearview Capital-backed Wilson Orchard & Vineyard Supply
Merges with OVS, Citybizlist
Jan 2019
Emerald Health Therapeutics’ Licensed Endo Product Line Gains
Boost with Entry into Whole Foods Market Stores Across US, PM360
Jan 2019
BrightFarms Expands Reach With 5 New Customers, Progressive
Grocer
Jan 2019
Chowbotics Announces Exclusive European Partnership with
Bonduelle, RoboticsTomorrow
Jan 2019
Church Brothers buys commodity veg business from Growers
Express, thepacker.com
Jan 2019
DelFrescoPure and CubicFarms team for new growing technology,
thepacker.com
Jan 2019 Pure Flavor sees snacking growth, thepacker.com
Jan 2019 Red Sun Farms plans encore to Sweetpops, thepacker.com
Jan 2019
Future Farm Plans Cannabis Development Laboratory Build Out in
Carpinteria, California, The Newswire
Jan 2019
Future Farm Plans Cannabis Development Laboratory Build Out in
Carpinteria, California, NewMediaWire
Key Recent News Key Recent News
Jan 2019
Dole Food Company Completes Sale Of Nordic Salad Business, ESM
Magazine
Jan 2019
Flower One Announces Licensing Agreement and Brand
Partnership to Bring Arizona-Based Cannabis Brand, HUXTON, to
Nevada, CNW
Jan 2019
Speakeasy Removed from BCSC Temporay Order and Files its Year
End Financials, CNW
Jan 2019
MycoTechnology raises $30m, discovers novel application area for
ClearTaste in salt reduction, FoodNavigator
Jan 2019
Cannabis software company Ample Organics acquires Last Call
Analytics, BetaKit
Jan 2019 Invictus Enters JV for Hemp Extraction to CBD, Stockhouse
Jan 2019
TILT Holdings Announces Official Closing of Standard Farms Deal,
Business Wire
Jan 2019
CannAmerica and Invictus Provide Update on Hemp and CBD Joint
Venture, PR Newswire
Jan 2019
FGV partners Korea's Samyang to set up halal ramen plant, The
Star Online
Jan 2019
Village Farms International Announces Expansion of Pure
Sunfarms' Licensed Cannabis Production Area to 825,000 Square
Feet, Further Increasing One of the Largest Production Capacities in
Canada, PR Newswire
Jan 2019
Rubicon Organics Provides Update on Health Canada Licensing, PR
Newswire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
24
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Industrial Robotics
Dec 2018
FoodTech
Dec 2018
Livestock
Dec 2018

Investments ($M) and number of rounds in Horticulture; 2011-2018
Global Funding Trends (1/2)
26
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Horticulture > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 15% # of Rounds27% $ Funding
32% # of Rounds
79% $ Funding
$282M
$101M
$257M
$207M
$421M
$646M
$1.2B
$65M
0
20
40
60
80
100
120
140
$0k
$200M
$400M
$600M
$800M
$1.B
$1.2B
$1.4B
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding Predicted $ Funding # Rounds Predicted # Rounds

13 24 39 53 63 69 50 4
7
12
21 27
34
54
67
6
5 2 6 6 8
6
13
1
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
25
11
Total # of Rounds
$6M $11M $25M $43M $59M $63M $109M $6M
$51M
$51M $85M
$144M
$198M
$482M
$719M
$55M
$225M $39M $147M $21M $163M $101M $355M $3M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
27
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Horticulture; 2011-2018
Horticulture > Investment Trends > Global Funding Trends
34
35
49
50
60
51
5
284
$2.5M
$3M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
0
50
100
150
200
250
300
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$2.5M $1.5M $1.7M $2.3M $2.1M $5M $5.6M $3M
$238M
$29M
$128M
$50M
$238M
$338M
$807M
0
2
4
6
8
10
12
14
16
18
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding Predicted $ Funding # of Rounds Predicted # Rounds
Mega Rounds
2 1 2 2 7 6 17 -
$282M
$65M
Total $ Invested

Horticulture > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Horticulture
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
Bay Area 350M 47
New York City 322M 27
Santa Barbara 210M 8
San Marcos 205M 2
Kirkland 167M 2
Atlanta 145M 9
San Luis Obispo 107M 9
London 103M 5
Bangalore 96.6M 20
Hyderabad 94M 3
Total Funding
164
73
82
67
26
6
3
6
# Rounds
$2.4B
$350M
$331M
$282M
$93.9M
$40.5M
$33.5M
$28.6M
US
Europe
India
Canada
Israel
Latam
South Africa
Kenya
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.6 $0.6 $0.7 $1.1 $1.2 $1.1
$2.5
2012 2013 2014 2015 2016 2017 2018
Horticulture > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Horticulture; 2012-2018
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$8K* $70M
$54.4K $50.4M
$797K $200M
$223K $205M
$18M
$9.7M
$3.8M
$589K
Series C+
Series B
Series A
Seed
Stage
$9.3
$3.5
$7.9
$14.0
$9.9
$28.0
$20.9
$75.0
$19.5
$36.6
$10.5
$27.2 $25.3
$35.5
$8.3
$5.4
$3.3
$5.4 $5.8 $5.0
$7.4

Note: 326 companies with undisclosed funding amount are not included
30
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
88
126
59
11
8
No. of Companies
Horticulture > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Horticulture; as of Jan 2019
Distribution of companies by Funding Range
$32M
$500M
$1.2B
$724M
$1.2B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
19%
6%
2%
2%
31
Note: Numbers in the brackets show the count of companies
Time to raise
next round
49
77
187
605
3168
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
19% 3%
(99)
3%
(98)
- 5%
(161)
76%
(2402)
31% 13%
(79)
13%
(78)
- 5%
(28)
64%
(390)
41% 11%
(21)
8%
(15)
- 4%
(8)
55%
(102)
64% 18%
(14)
9%
(7)
- 3%
(2)
34%
(26)
- 20%
(10)
6%
(3)
- 2%
(1)
22%
(11)
Horticulture > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Horticulture
Funding Funnel
14 Months
17 Months
15 Months
Investment backedBootstrapped
10
1
33
66
41
13
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Horticulture > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Horticulture; Jan 2017-Jan 2019
Notable Investments in last 24 months (1/5)
LATE STAGE
$70M - Series C Jul 2018
Viking Global Investors, Andreessen Horowitz,
Upfront Ventures, S2G Ventures
Integrated business for cultivation and processing of
medical cannabis to supply medical products
$61.3M - PE Apr 2018
Bioline AgroSciences (1979, Little Clacton,
$61.3M)
Manufacturer and distributors of biological pests
control products in crops
LFPI Group, IDIA Capital Investissement, Unigrains
$55M - Series D Jun 2018
Partners, NGEN Partners
LATE STAGE
$54.6M - Series C Oct 2018
medical cannabis to supply medical products
$40M - Series D Oct 2017
AllianceBernstein, Wheatsheaf, GSR Ventures, IKEA,
AllianceBernstein, General David Petraeus, David
Chang, Cibus Fund
$30M - Series C Sep 2017
NewLeaf Symbiotics (2012, St. Louis, $78M)
Developer of pink pigmented facultative
methylotrophs and solutions to deliver these to
crops
S2G Ventures, Yard Ventures, Lewis & Clark
Ventures, RockPort Capital, Pangaea Ventures, Open
Prairie Ventures
LATE STAGE
NewLeaf Symbiotics (2012, St. Louis, $78M)
Developer of pink pigmented facultative
methylotrophs and solutions to deliver these to
crops
Otter Capital, Lewis & Clark Ventures, RockPort
Capital, Pangaea Ventures, Open Prairie Ventures,
Monsanto
$10M - Series C Sep 2018
Cresco Capital Partners, Batu Capital
$7M - Series C Jun 2017
LED grow lights for horticulture, industrial and
architecture
WP Global Partners, New Enterprise Associates

EARLY STAGE
$200M - Series B Jul 2017
Soil-less cultivation of leafy green vegetables and
salads
Innovation Endeavors, Bezos Expeditions, Data
Collective, Finistere Ventures, DCM Ventures,
Kirenaga, SoftBank Group
$91M - Series B Dec 2018
Cultivation of leafy greens using autonomous
aeroponic system
GV, First Round Capital, GGV Capital, Almanac,
Temasek, General Catalyst Partners, Dara
Khosrowshahi
$50.4M - Series A Feb 2018
EARLY STAGE
$50M - Series B Oct 2018
Metrc (2011, Lakeland, $50M)
Offers end-to-end solutions for tracking and tracing
of cannabis plants
Casa Verde Capital, Tiger Global Management
$38.5M - Series B Jan 2018
Concentric (2014, Winnipeg, $54.4M)
Manufactures and supplies biological plant nutrients
Pontifax Agtech, TPG, Cycle Capital Management,
Closed Loop Capital, Cairn Investment Group, Capital
Growth PME
$35M - Series B Sep 2018
MycoTechnology (2013, Aurora, $81.7M)
Food processing technology platform for filtering
compounds
S2G Ventures, Bunge, Emerson Collective, Seventure
Partners, Middleland Capital, Tao Capital Partners,
Eighteen94 Capital, GreatPoint Ventures, Closed
Loop Capital, Continental Grain
EARLY STAGE
$34.7M - Series B Dec 2018
Accel Partners, Syngenta Ventures, Neoplux,
Mistletoe, Trifecta Capital, Qualcomm Ventures,
Nandan Nilekani, Jo Hirao
DNA Genetics (2003, Amsterdam, $35M)
Agricool (2015, Paris, $42M)
Containerized vertical growing system for urban
agriculture
Bpifrance, Danone Manifesto Ventures, XAnge, Kima
Ventures, Solomon Hykes, Daphni, Henri Seydoux
$26M - Series B Nov 2018
Harborside (2006, San Francisco, $26M)
Omnichannel distributor of medicinal cannabis
products
Salveo Capital, Tidal Royalty, Navy Capital

EARLY STAGE
$25M - Series A Feb 2018
Infarm (2012, Berlin, $32.5M)
Integrated company in vertical farming and supply
of produce
Balderton Capital, TriplePoint Capital, Mons Capital,
Cherry Ventures, Quadia, LocalGlobe
$24M - Series B May 2017
CannabCo (2014, Brampton, $24M)
cannabis crops to supply medicinal products
$23.5M - Series B Aug 2018
compounds
$20M - Series A Jun 2017
Cultivation of leafy greens using autonomous
aeroponic system
General Catalyst Partners, GGV Capital, GV
EARLY STAGE
$17M - Series B Jan 2019
WayCool Foods and Products (2015,
Chennai, $24.6M)
Forward integrated supply chain company
Northern Arc, LGT Impact Ventures, Caspian Impact
Investment Adviser
$15.9M - Series A Oct 2018
Front Range Biosciences (2015, Boulder,
$21M)
Develops, produces, and supplies nursery plants
Phyto Partners, WelCan Capital, Salveo Capital,
Cornerstone Angels, Altitude Investment
Management, Sand Hill Angels, HBS Alumni Angels
of Greater New York, New York Angels
$15M - Series B Jul 2017
Prospera (2013, Tel Aviv, $22M)
Technology solutions for plant health monitoring
Qualcomm Ventures, Cisco Investments, Bessemer
Venture Partners, Israel Cleantech Ventures
EARLY STAGE
$14M - Series B Oct 2018
Platform for real time tracking of produce
movement and arrangement of collateral and loans
Anterra Capital, Coventure, Social Leverage,
Moonshots Capital, FJ Labs, Greenhouse Capital,
Tribeca Angels
$7M - Series A Mar 2017
Coventure, Menlo Ventures, Arena Ventures, Red
Bear Angels, Social Leverage
$5.5M - Series B Apr 2017
Accel Partners, Qualcomm Ventures, Nandan
Nilekani, Mistletoe, M and S Capital Partners

EARLY STAGE
$4.9M - Series B Jul 2018
Accel Partners, Mistletoe, HR Capital Partners,
Nandan Nilekani, Rohini Nilekani
$4.3M - Series A Mar 2017
Arable (2014, Princeton, $4.4M)
IoT based farm monitoring and crop management
solution
Middleland Capital, S2G Ventures, Spark Labs,
Cantos Ventures, Chasefield Capital
Chennai, $24.6M)
Sakal Media, Chinna Pardhasaradhi, Murlidhar
Verhomal Wadhwa, Vijay Murlidhar Wadhwa,
Ramesh Mangaleswaran, CK Ranganathan, Ishwar
Subramanian
EARLY STAGE
Wingreens Farms (2011, Delhi, $5.1M)
Sourcing, production and marketing of multiple
processed and packaged foods
Sequoia Capital
$3M - Series B Apr 2017
Tao Capital Partners, Roger McNamee
$2.2M - Series B Oct 2018
Vahdam Teas (2015, Delhi, $4.3M)
Online retailer of tea sourced directly from
plantations
Fireside Ventures, Mumbai Angels
$1.4M - Series A Dec 2017
plantations
Fireside Ventures, Singapore Angel Network,
Mumbai Angels
EARLY STAGE
Series A Jul 2018
FJ Labs

SEED STAGE
$70M - Angel Jun 2018
Bill Gates
$3M - Seed Sep 2017
$21M)
Phyto Partners, Salveo Capital, Sand Hill Angels, HBS
Alumni Angels of Greater New York, New York
Angels, Anthill, CanopyBoulder, HALLEY
$2.7M - Seed Apr 2017
Chennai, $24.6M)
Aspada Investments
SEED STAGE
$1.5M - Seed Feb 2017
$21M)
New York Angels, HBS Alumni Angels of Greater
New York, Intuitive Venture Partners, Salveo Capital
$1.5M - Seed Feb 2018
Agrilyst (2015, New York City, $2.5M)
Software platform for farm data and analytics in
indoor farms
iSelectFund, Argonautic, Horizons Ventures, Onlan
Capital, Empire State Development, Compound
$784k - Seed Aug 2017
Crofarm (2016, Delhi, $2.8M)
Digital supply chain of fruits and vegetables from
farm to business
Rajan Anandan, FactorEVentures, Citadel Ventures,
LetsVenture, Yukti, Dhruv Agarwala, Krishnan
Akhileswaran, Pradeep Sarin, Pankaj Rathi, Arjun
Chitoor, Abhishek Jain
SEED STAGE
$509k - Seed Jan 2019
farm to business
Ramit Sethi, Vinay Mittal, Ashish Chand,
FactorEVentures, Pravega Ventures
$100k - Seed Apr 2017
Arable (2014, Princeton, $4.4M)
IoT based farm monitoring and crop management
solution
Thrive Agtech

Most Active Investors (VC, PE) by Stage in Horticulture; Last 5 years (Feb 2014-Jan 2019)
Most Active VC & PE Investors
37
Horticulture > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Phyto Partners(4 Investments)
LeafLink, Leaf, Front Range Biosciences
1
Ankur Capital(3 Investments)
BigHaat, Suma Agro, Agricx Lab
2
Casa Verde Capital (3 Investments)
LeafLink, Trellis, dutchie
3
Poseidon Asset Management(3
Investments)
Baker, Headset, Tradiv
4
Aspada Investments(2 Investments)
WayCool Foods and Products, Allfresh Supply Chain
Management
5
Capital Growth PME (2 Investments)
Motorleaf, Ecotierra
6
Serra Ventures(2 Investments)
Hazel Technologies, PlantLink
7
Valley Oak Investments (2 Investments)
Hazel Technologies, Farmwise
8
BBG Ventures(2 Investments)
Full Harvest, The Sill
9
Felicis Ventures(2 Investments)
Farmwise, Grove
10
EARLY STAGE
S2G Ventures(7 Investments)
Apeel Sciences, MycoTechnology, Arable
1
Middleland Capital(4 Investments)
AeroFarms, MycoTechnology, Arable
2
Tao Capital Partners (3 Investments)
Apeel Sciences, MycoTechnology, MJ Freeway
3
Aspada Investments (2 Investments)
INI Farms, Siddhi Vinayak Agri Processing
4
Omidyar Network(2 Investments)
Twiga, Safetraces
5
Qualcomm Ventures (2 Investments)
Ninjacart, Prospera
6
Salveo Capital (2 Investments)
Harborside, Headset
7
Closed Loop Capital (2 Investments)
MycoTechnology, Concentric
8
DCM Ventures(2 Investments)
Plenty
9
DOB Equity(2 Investments)
Twiga, Ten Senses Africa
10
LATE STAGE
WP Global Partners (2 Investments)
Illumitex, VoloAgri
1
Cibus Fund (2 Investments)
AeroFarms, Rootility
2
S2G Ventures
NewLeaf Symbiotics
3
Merida Capital Partners
Canndescent
4
Catalyst Investors
BrightFarms
5
Lewis & Clark Ventures
NewLeaf Symbiotics
6
Middleland Capital
Rootility
7
Quadia
Coteaux Nantais
8
Revolution
Grove Farm
9
Temasek
VoloAgri
10

Horticulture > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Horticulture; Last 5 years (Feb 2014-Jan 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
MassChallenge(13 Investments)
Freight Farms, Orange Photonics, Taste of Kenya
1
Y Combinator(9 Investments)
Click & Grow, Iron Ox, Confident Cannabis
2
Startupbootcamp(5 Investments)
Phytoponics, Sensoraide, NeoFarms
3
Thrive Agtech(4 Investments)
Arable, Tortuga AgTech, Farmwise
4
Village Capital(4 Investments)
Arable, nanoPix, Parvata Foods
5
Techstars(3 Investments)
Smallhold, Grove, EDN (Environmental Data Network)
6
Gateway(3 Investments)
Trellis, GrowX, Phenobis
7
The Trendlines Group(3 Investments)
EdenShield, Enolog Technologies, Virentes
8
Mistletoe(2 Investments)
Ninjacart, Planet Table
9
Upaya Social Ventures(2 Investments)
Krishi Star, Parvata Foods
10
OTHER NOTABLE INVESTORS
CanopyBoulder(9 Investments)
Leaf, WeGrow, Front Range Biosciences
1
European Union(5 Investments)
Infarm, RootWave, Quantis Labs
2
IFC(3 Investments)
Twiga, Malawi Mangoes, San Miguel Global
3
United States Department of
Agriculture(3 Investments)
Hazel Technologies, Sustainable Energy & Agriculture
Technology, Cermetek Microelectronics
4
Rabobank(2 Investments)
San Miguel Global, Agrícola La Venta
5
alphamundi(2 Investments)
Twiga
6
Bezos Expeditions(2 Investments)
Plenty
7
Blue Haven Initiative(2 Investments)
Twiga
8
Mumbai Angels(2 Investments)
Vahdam Teas, Truce
9
Navy Capital(2 Investments)
Harborside, GrowGeneration
10
DEBT INVESTORS
Advantage Capital(6 Investments)
Hortau, Cultiva, Waste Farmers
1
KKR(2 Investments)
Sundrop Farms, AfriFlora
2
Western Technology Investment(2
Investments)
Plenty, Northern Quinoa Production
3
TPG
Concentric
4
AllianceBernstein
AeroFarms
5
Tikehau Capital
Groupe Accueil
6
Trifecta Capital
Ninjacart
7

Horticulture > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/3)

Horticulture > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
43
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Investment Activity
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Livestock
Dec 2018
AgriTech
Nov 2018
Field Crops
Oct 2018

Horticulture > Market Details > BlueBox
January 2019Tracxn BlueBox – Horticulture

Key Sub Sectors (1/2)
46
Key Sub Sectors in Horticulture
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Field Operations
Companies developing mechanized, semi-autonomous or autonomous products and providing
services for i....
JWC (2013, Kitchener, Public)
669 110 $990M
Companies managing the end-to-end operations including cultivation, harvesting, processing
and marke....
Tilray (2013, Nanaimo, Public)
Surterra Therapeutics (2014, Atlanta,
$155M)
379 117 $640M
Farm Infrastructure
Companies developing infrastructure such as greenhouses with technology applications for
automation ....
GrowLife (2012, Kirkland, Public)
721 120 $544M
Companies engaged in providing digital platforms for selling fresh produce and may or may
not comple....
Lawrencedale Agro Processing (2009,
Ooty, Public)
394 105 $493M
Companies developing agrochemicals and other consumables for mitigation against biotic and
abiotic s....
Public)
Apeel Sciences (2012, Santa Barbara,
$110M)
161 21 $411M
Crop Genetics
Companies developing genetically superior seeds (GMO & hybrid) and also the tech platforms
enabling ....
Seedworks International (1998,
Hyderabad, Acquired)
VoloAgri (2012, San Luis Obispo, $79.2M)
217 30 $341M
Companies developing technology and tech-enabled products/services for remote sensing of
crops and s....
BioTrackTHC (2010, Fort Lauderdale,
Acquired)
Hortau (2002, San Luis Obispo, $27.4M)
170 56 $180M
Horticulture > Market Details > Key Sub Sectors

Key Sub Sectors (2/2)
47
Key Sub Sectors in Horticulture
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies developing and providing upstream and downstream produce processing
infrastructure
Key Technology (1948, Walla Walla,
Acquired)
Xtraction Services (2017, Clermont, $7.8M)
39 15 $29.5M
Finance
Companies providing working capital, crop insurance, long term credit, crowdfunding
platforms, reven....
Tokken (2016, Denver, $1.5M)
11 4 $25M
Farm Inputs Market
Companies providing digital marketplaces and omni-channel retail for purchase / renting of
farm infr....
GrowGeneration (2008, Pueblo, Public)
The Sill (2011, New York City, $7.5M)
406 26 $20.9M
Horticulture > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/2)
48
Horticulture > Market Details > Detailed Sector Taxonomy

Detailed Sector Taxonomy (2/2)
49
Horticulture > Market Details > Detailed Sector Taxonomy

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(+2)
Companies engaged in providing digital platforms for selling fresh produce and may or may not
complement it with the offline point to point logistics
(Companies covered 394 | Funded 105 | Total Funding $493M)
$348M
(+$282M)
58
(+18)
Metrc
(2011, Lakeland, $50M)
2
(+1)
Field Operations
Companies developing mechanized, semi-autonomous or autonomous products and providing services
for irrigation, agrochemical application, scouting, grafting/picking of fruits a…
$385M
(+$266M)
26
(+8)
Plenty
3
(+3)
Companies managing the end-to-end operations including cultivation, harvesting, processing and
marketing of horticulture crops
$273M
(+$202M)
33
(+16)
Surterra Therapeutics
(2014, Atlanta, $155M)
4
(+9)
Field Operations > Indoor Farming
Companies developing technology solutions for the automation of farming processes inside the indoor
farms
$155M
(+$155M)
20
(+20)
Bowery
(2014, New York City, $125M)
5
(-1)
Companies developing technology and tech-enabled products/services for remote sensing of crops and
soil and business management software for farms
$78M
(+$13.2M)
23
(-7)
Prospera
(2013, Tel Aviv, $22M)
6
(+1)
Companies developing agrochemicals and other consumables for mitigation against biotic and abiotic
stresses of crops and improving the yield
$314M
(+$270M)
10
(+4)
Apeel Sciences
(2012, Santa Barbara, $110M)
7
(-2)
Crop Genetics
Companies developing genetically superior seeds (GMO & hybrid) and also the tech platforms enabling
the research & development
$118M
(-$19.4M)
16
(+6)
DNA Genetics
(2003, Amsterdam, $35M)
50
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets of Investment Activity (1/2)
Top Markets by Funding in Horticulture in last 2 years (January 2017 - December 2018)
Horticulture > Market Details > Top Markets of Investment Activity

Top Markets of Investment Activity (2/2)
Horticulture > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
Field Operations > Indoor Farming
Companies developing technology solutions for the automation of farming processes inside the indoor
farms
(Companies created 192 | Funded 25 | Total Funding $360M )
1 Bowery (2014, New York City, $125M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
52
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (January 2017 - December 2018)
Horticulture > Market Details > Top Markets of Early Stage Investors

Incubators Mistletoe (#2), 500 Startups (#2)
Seed Aspada Investments (#3), Casa Verde Capital (#2)
Series A/B Omidyar Network (#3), S2G Ventures (#2)
Series C+ Investisseurs & Partenaires (#1), Quadria Capital (#1)
Buds2Go Nov - 2018
Acq by CannMart for $300k
Blommer Nov - 2018
Acq by Fuji Oil Company for $750M
Mann's Fresh Vegetables
Feb - 2018
Acq by Del Monte Fresh for $361M
TECNIDEX Dec - 2017
Acq by AgroFresh
Hortifruti Nov - 2017
Acq by Partners Group
$17M - Series B
WayCool Foods and Products
(2015, Chennai, $24.6M)
$509k - Seed
$7M - Series B
MycoTechnology (2013, Aurora,
$81.7M)
$1.1M - Seed
AgroSustain (2018, Epalinges, $1.1M)
$34.7M - Series B
$2.7M - Seed
Organically Grown (1978, Portland,
$2.7M)
Jan 2019
MycoTechnology raises $30m, discovers novel application
area for ClearTaste in salt reduction, FoodNavigator
Jan 2019
Global Fruit Puree Market 2018 – Les vergers Boiron, Kerry
Group, Superior Foods Companies, SunOpta, Sicoly, Lincoln
Trail Publishing
Jan 2019
Greek online grocery e-Fresh grew 93% in 2018, Ecommerce
News
Jan 2019
Mann Packing rolls out new veggie breakfast bowls, The
Produce News
Jan 2019
Agri-tech startup WayCool raises Rs 120 crore led by LGT
Impact, Indiatimes
Jan 2019
Isodiol International Inc. Announces the Commencement of
Efforts to Curb Shareholder Dilution, Investing News
Jan 2019
Applied BioSciences Acquires Majority Stake in Cannabis
Testing Firm, GlobeNewswire
Jan 2019
Delhi-Based Agritech Firm Crofarm Raises Bridge Round of
$500K, TechStory
Jan 2019
Agri-tech firm Ninjacart raises $35 million from Accel US,
Syngenta, Agropages
Jan 2019 Kenya’s Twiga Raises Another $10M, GLOBAL AGINVESTING
Dec 2018
Health and Wellness Food Global Market Research Report |
Key Players – AgriPure Holding plc, Albert’s Organic, Aleias
Gluten Free Foods LIC, Marketwired
Dec 2018
MSM Milling nears completion of fuel switch project,
Bioenergy International
Dec 2018
Anticipation of Farm Bill Generating an Industry Frenzy for
Hemp CBD Stocks, PR Newswire
News
20
7
37
105
394
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Produce Supply Chain: Market Factsheet
53
Exits
Most Active Investors
Recent InvestmentsCompanies engaged in providing
digital platforms for selling fresh
produce and may or may not
complement it with the offline
point to point logistics
Isodiol
(2014, Watford)
ESense-Lab
(2016, Ness Ziona)
MycoTechnology
(2013, Aurora, $81.7M)
Metrc
(2011, Lakeland, $50M)
Ninjacart
(2015, Bangalore, $48.1M)
Top Companies
#1 Top Markets of Investment Activity
Horticulture > Market Details > Market: Produce Supply Chain
Companies Created 394 | Funded 105 | Total Funding $493M
0
20
40
$0k
$100M
$200M
$300M
2014 2015 2016 2017 2018
Predicted Funding YoY Funding
Rounds Predicted Rounds
YoY Funding and Rounds
Market: Produce Supply Chain

Produce Supply Chain: Top Companies
Market: Produce Supply Chain (1/3)
Analyst’s Pick
compounds
Editor's Pick. Stage: Series B
S2G Ventures, Bunge, Emerson Collective and 13
Other Investors
Accel Partners, Syngenta Ventures, Neoplux and 12
Other Investors
Chennai, $24.6M)
Minicorn. Stage: Series B
Northern Arc, LGT Impact Ventures, Caspian Impact
Investment Adviser and 14 Other Investors
Analyst’s Pick
$20M)
Supply chain of vegetables under brand name LEAF
Bestseller Foundation, Aspada Investments,
Patamar Capital, Anders Holch Povlsen
Safetraces (2013, Livermore, $18.5M)
Edible trace-ability solution for agri produce
Editor's Pick. Stage: Series A
S2G Ventures, Bunge, Spero Ventures and 5 Other
Investors
FarmTaaza (2015, Bangalore, $10.7M)
Manages supply chain of fruits and vegetables from
farm to business
IL&FS Investment Managers, Epsilon Venture
Partners, Bhaskar Vadlamani and 15 Other
Investors
Analyst’s Pick
Full Harvest (2015, San Francisco, $10.5M)
Online B2B marketplace for imperfect food produce
Spark Capital, Adam Zeplain, Jennifer Fleiss and 8
Other Investors
Jumbotail (2015, Bangalore, $10.4M)
Online B2B platform for packaged food, fruits &
vegetables
Kalaari Capital, Nexus Venture Partners
Wingreens Farms (2011, Delhi, $5.1M)
Sourcing, production and marketing of multiple
processed and packaged foods
Minicorn. Stage: Series A
Sequoia Capital, Ashvin Chadha
Planet Table (2014, Tokyo, $4.9M)
Farm to business food supplier service
Genuine Startups, Mistletoe, CyberAgent Ventures,
D4V

Analyst’s Pick
Siddhi Vinayak Agri Processing (2008,
Pune, $4.7M)
Supply chain and agri processing solutions with a
focus on potato
Aspada Investments, Lok Capital, Open Society
Foundations and 2 Other Investors
Aggrigator (2015, Palo Alto, $4.3M)
B2B ecommerce platform for agricultural
commodities
Editor's Pick. Stage: Seed
Elevate Innovation Partners
plantations
Minicorn. Stage: Series B
Fireside Ventures, Mumbai Angels, Singapore Angel
Network and 49 Other Investors
Analyst’s Pick
C2Sense (2013, Cambridge, $3.9M)
Gas sensing technology across the food value chain
Engine, Dream Incubator, Propel(x) and 6 Other
Investors
farm to business
Minicorn. Stage: Seed
Ramit Sethi, Vinay Mittal, Ashish Chand and 15
Other Investors
Allfresh Supply Chain Management (2013,
Delhi, $2M)
Supply chain for fruits
Aspada Investments
AgroSustain (2018, Epalinges, $1.1M)
Developer and supplier of organic shelf-life
enhancers
Venture Kick, Fondation pour l'innovation
technologique
Analyst’s Pick
Gobasco (2017, Delhi, $878k)
Manages supply chain of agricultural produce from
farm to business
Matrix Partners India
Agricx Lab (2016, Thane, $500k)
Online B2B listing platform for connecting cold
storage owners with bulk buyers for potato
Ankur Capital, CIIE, Nitish Kumar, Swapnil Kumar
Farmizen (2017, Bangalore, $297k)
Develops and operates digital application for
community supported farming
Venture Highway, Alok Mittal, Anuj Gupta and 5
Other Investors
Freshboxx (2016, Hubli, $115k)
E-distributor of grocery products
Jayant Humbarwadi, SquareRoot Ventures, Sandbox
Startups

Analyst’s Pick
Parvata Foods (2014, Howrah, $50k)
Supply chain for farmers in North East
Upaya Social Ventures, Village Capital, CIIE
Cannabase (2013, Denver)
Online platform for cannabis products wholesale
Editor's Pick. Stage: Acquired
Limakilo (2016, Jakarta)
Farm to home marketplace for groceries directly
from farmers
East Ventures, Mandiri Capital Indonesia
Ninayo (2015, Vaxjo)
Africa's online trading platform for agriculture
Editor's Pick. Stage: Funded
Science
Organofresh Solutions (2017, Chandigarh)
B2B wholesaler of fruits and vegetables
Editor's Pick. Stage: Unfunded

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
57
Produce Supply Chain: Leaderboard
Better than Market Average
Market: Produce Supply Chain
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 LeafLink 2015
New York
City
Series A $14M 3 - - - - 969 - - 5 - - 166 21%
5.0
Vahdam
Teas
2015 Delhi Series B $4.3M 3 - - - - 1.9k - - 5 - - 285 18%
5.0 Twiga 2014 Nairobi Series B $30.4M 5 4 - - 4 1.8k - - 7 - - 658 62%
4.9
MycoTechno
logy
2013 Aurora Series B $81.7M 9 - - - - 352 - - 8 - - 16 5%
4.9 Ninjacart 2015 Bangalore Series B $48.1M 5 - 4 3 5 477 30k 265 11 216 441% - -
4.8 Full Harvest 2015
San
Francisco
Series A $10.5M 2 - - - - 514 - - 2 - - 117 29%
4.4 Farmizen 2017 Bangalore Seed $297k 1 - 4 - 4 263 30k 243 2 181 292% 93 55%
4.4 Harborside 2006
San
Francisco
Series B $26M 1 - - - 3 29k - - 5 - - 302 1%
4.3 Isodiol 2014 Watford Public - 8 3 - - 4 2k - - 92 - - 223 13%
4.3 Jumbotail 2015 Bangalore Series A $10.4M 2 5 - - - 5 - - 1 - - 2 67%
4.3 Metrc 2011 Lakeland Series B $50M 1 - - - 3 346 - - 1 - - 48 16%
4.2
WayCool
Foods and
Products
2015 Chennai Series B $24.6M 6 5 - - - - - - 4 - - - -
4.1
Green Dot
Labs
2013 Boulder Series A $3.3M 1 4 - - 4 711 - - 1 - - 109 18%

Incubators Thrive Agtech (#1), Y Combinator (#1)
Seed Norfund (#2), 1776 (#1)
Series A/B Bezos Expeditions (#2), DCM Ventures (#2)
Series C+
Merida Capital Partners (#1), Altitude Investment
Management (#1)
Growers Express Jan - 2019
Acq by Prophet Equity
Nangiloc Colignan Farms
Nov - 2018
Acq by Costa Group
Tahoe Hydroponics Aug - 2018
Acq by Golden Leaf Holdings for $40.2M
PharmaCielo Apr - 2018
Acq by Varshney Capital
Speakeasy Growers Apr - 2018
IPO'd on CNSX
Series A
80 Acres Farms (2015, Cincinnati)
$13M - Series C
Canndescent (2015, Santa Barbara,
$29.5M)
$55M - Series D
BrightFarms (2008, New York City,
$107M)
$5.8M - Series A
PharmaCielo (2014, Toronto, $15.5M)
$3M - Seed
Edete Precision Agriculture
Technologies (2016, Haifa, $3M)
$1.4M - Seed
Peas and Love (2015, Woluwe-saint-
lambert, $1.4M)
Jan 2019
New medicinal cannabis greenhouse project to create 75
jobs in Shepparton, Australian Manufacturing
Jan 2019
SSG Advises Francis’ Drilling Fluids on Asset Sale to Affiliate
of Prophet Equity, Asset based lending
Jan 2019
BrightFarms Expands Reach With 5 New Customers,
Progressive Grocer
Jan 2019
Future Farm Plans Cannabis Development Laboratory Build
Out in Carpinteria, California, The Newswire
Jan 2019
Future Farm Plans Cannabis Development Laboratory Build
Out in Carpinteria, California, NewMediaWire
Jan 2019
Speakeasy Removed from BCSC Temporay Order and Files
its Year End Financials, CNW
Jan 2019
Village Farms International Announces Expansion of Pure
Sunfarms' Licensed Cannabis Production Area to 825,000
Square Feet, Further Increasing One of the Largest
Production Capacities in Canada, PR Newswire
Jan 2019
Supreme Cannabis' 7ACRES Facility Approved for Additional
Production Capacity, CMOCRO
Jan 2019
The Klein Law Firm Reminds Investors of Class Actions on
Behalf of Shareholders of NSANY, APHA, CURO and IMMU,
GlobeNewswire
Jan 2019
Green Growth launches second hostile bid for pot producer
Aphria, Reuters
Jan 2019
The Supreme Cannabis Company Inc. (TSX.V: FIRE) (OTC:
SPRWF) (FRA: 53S1) Focuses on Growing High-Quality
Cannabis at its 7ACRES Facility, NetworkNewsWire
Jan 2019
Canopy Growth Extends Coverage to U.K. & Poland,
Stockhouse
News
21
10
21
85
477
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Field Operations: Market Factsheet
58
Exits
Recent InvestmentsCompanies developing
mechanized, semi-autonomous or
autonomous products and
providing services for irrigation,
agrochemical application,
scouting, grafting/picking of fruits
and vegetables
Speakeasy Growers
(2010, Vancouver)
CannTrust
(2013, Vaughan, $1.5M)
Aphria
(2013, Leamington)
Plenty
BrightFarms
(2008, New York City, $107M)
Top Companies
Horticulture > Market Details > Market: Field Operations
0
10
20
$0k
$100M
$200M
$300M
2014 2015 2016 2017 2018
Market: Field Operations

Field Operations: Top Companies
Market: Field Operations (1/2)
Analyst’s Pick
Sundrop Farms (2009, London, $100M)
Hydroponic greenhouse farming company that
operates farms using renewable resources
Soonicorn. Stage: Funded
KKR
AllianceBernstein, Wheatsheaf, GSR Ventures and
14 Other Investors
Infarm (2012, Berlin, $32.5M)
Integrated company in vertical farming and supply
of produce
Balderton Capital, TriplePoint Capital, Mons Capital
and 8 Other Investors
Analyst’s Pick
Canndescent (2015, Santa Barbara, $29.5M)
of cannabis to supply medicinal products to
patients
Editor's Pick. Stage: Series C
Altitude Investment Management, Merida Capital
Partners, Floret Ventures, Altitude Partners
PharmaCielo (2014, Toronto, $15.5M)
Controlled environment cultivation of medicinal
cannabis and production of cannabis oil and other
products
Editor's Pick. Stage: Acquired
Cormark Securities, GMP Securities
Tortuga AgTech (2016, Denver, $5.1M)
Integrated business for cultivation in soil-based
automated greenhouses and supply of produce
Root Ventures, Susa Ventures, AME Cloud Ventures
and 5 Other Investors
Analyst’s Pick
Edete Precision Agriculture
Technologies (2016, Haifa, $3M)
Develops systems for pollen extraction, storage and
precision mechanical pollination
Israel Innovation Authority
GreenIQ (2013, Petah Tikva, $450k)
Developer of smart sprinkler system
Entree Capital
Spread (2006, Kyoto)
Integrated business for commercial hydroponic
farming and supply of lettuce
Soonicorn. Stage: Unfunded
Integrated company in vertical farming cultivation
and LED grow lights providers
Yorkville Advisors

Field Operations: Top Companies
Market: Field Operations (2/2)
Analyst’s Pick
Innovatus (2014, Shizuoka)
Cultivation of varieties of lettuce in indoor vertical
farm
Integrated business for cannabis cultivation and
processing to supply medicinal products
Seedling (2016, Philadelphia)
Integrated business for closed-loop vertical farming
and energy generation operations
Produces and supplies cannabis for medical
purposes
Village Farms (1989, Delta)
Integrated business of hydroponic cultivation and
supply of fruits and vegetables

61
Field Operations: Leaderboard
Market: Field Operations
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 AeroFarms 2004
New York
City
Series D $55.7M 5 - - - - 10k - - 7 - - 1.2k 13%
4.8 BrightFarms 2008
New York
City
Series D $107M 5 - - - - 5.6k - - 11 - - 72 1%
4.8 CannTrust 2013 Vaughan Public $1.5M 5 - - - - 9.9k - - 54 - - 3.4k 53%
4.7 Canndescent 2015
Santa
Barbara
Series C $29.5M 3 - - - - 941 - - 3 - - 280 42%
4.3
Greengro
Tech
1996 Anaheim Public $875k 1 - - - - 10k - - 20 - - 420 4%
4.3
Speakeasy
Growers
2010 Vancouver Public - 3 - - - 4 2.7k - - 23 - - 1.8k 204%
4.3 Newstrike 2004 Toronto Public - 2 - - - - 1.6k - - 39 - - 319 26%
4.1
Village
Farms
1989 Delta Public - 1 - - - - 3k - - 36 - - 191 7%
4.1
Sundrop
Farms
2009 London Funded $100M 1 - - - - 2k - - 2 - - 29 2%
4.1
Future Farm
Tech
1984 Vancouver Public - 4 - - - 4 265 - - 87 - - 68 35%
4.1
Supreme
Pharma
2014 Toronto Public - 7 - - - - 145 - - 51 - - 70 93%
3.9 PureSinse 2014 Brampton Seed $50k 1 - - - - 1.2k - - 8 - - 288 35%
3.9 Plenty 2013
San
Francisco
Series B $226M 3 - - - - - - - 7 - - - -

Incubators
Seed Aavishkaar (#1), Warehouse TERRADA (#1)
Series A/B S2G Ventures (#1), Advantage Capital (#1)
Series C+ Avrio Capital (#1), CDC Group (#1)
Mono Azul Sep - 2018
Acq by Grupo PRIMA
Agropro Sep - 2018
Acq by Aurora Cannabis
HemPoland Aug - 2018
Acq by The Green Organic Dutchman
Tilray Aug - 2018
IPO'd on NASDAQ
FloraCal Farms Jul - 2018
Acquired
$12M - Series A
Point3 Farma (2018, Colorado City,
$12M)
$2.9M - Series A
Next Frontier Biosciences (2014,
Boulder, $5.2M)
$165k - Seed
Lazy Gator's Hemp Farm (2017,
Kinston, $165k)
$54.6M - Series C
Surterra Therapeutics (2014,
Atlanta, $155M)
$5.8M - PE
Coteaux Nantais (1943, Vertou,
$5.8M)
$7.7M - Series A
Flower One (2003, Toronto, $7.9M)
Jan 2019
Valens Signs Multi-Year Cannabis Extraction Agreement
With Organigram, CMOCRO
Jan 2019
Emerald Health Therapeutics’ Licensed Endo Product Line
Gains Boost with Entry into Whole Foods Market Stores
Across US, PM360
Jan 2019
Chowbotics Announces Exclusive European Partnership with
Bonduelle, RoboticsTomorrow
Jan 2019
Dole Food Company Completes Sale Of Nordic Salad
Business, ESM Magazine
Jan 2019
Flower One Announces Licensing Agreement and Brand
Partnership to Bring Arizona-Based Cannabis Brand,
HUXTON, to Nevada, CNW
Jan 2019
FGV partners Korea's Samyang to set up halal ramen
plant, The Star Online
Jan 2019
Rubicon Organics Provides Update on Health Canada
Licensing, PR Newswire
Jan 2019 Altria Aims to Start 2019 Strong, Citybizlist
Jan 2019
How to win at marketing in 2019: Human-centered design
led by AI, VentureBeat
Jan 2019 Naturally Splendid Issues Shares for Services, The Newswire
Jan 2019
Naturally Splendid Provides 2018 Year in Review and 2019
Outlook, GlobeNewswire
Jan 2019
Marijuana Company of America Inc. (MCOA) Begins Clone
Production Earlier, Aiming for Extended Growing Season,
NetworkNewsWire
Jan 2019
Mackie maintains Buy recommendation, $4.50 price target
on Valens GroWorks, Proactive Investors
News
45
20
46
117
379
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Integrated Production Businesses: Market Factsheet
62
Exits
Recent InvestmentsCompanies managing the end-to-
end operations including
cultivation, harvesting, processing
and marketing of horticulture
crops
Tilray
(2013, Nanaimo, $50.4M)
The Cronos Group
(2013, Toronto)
Alico
(1960, Fort Myers)
Surterra Therapeutics
(2014, Atlanta, $155M)
Sula Vineyards
(1999, Mumbai, $40.1M)
Top Companies
Horticulture > Market Details > Market: Integrated Production Businesses
0
10
20
$0k
$100M
$200M
$300M
2014 2015 2016 2017 2018
Market: Integrated Production Businesses

Integrated Production Businesses: Top Companies
Analyst’s Pick
of medical cannabis to supply medical products
New World Health
Sula Vineyards (1999, Mumbai, $40.1M)
Manufactures and markets wine
Verlinvest, Reliance Capital, VisVires Capital and 12
Other Investors
Vireo Health (2014, Minneapolis, $17.3M)
Manufacturer and distributor of cannabis-derived
medicines
CGOC
Analyst’s Pick
GTI (2015, Chicago)
Manages complete value chain of cannabis from
cultivation to retail
Minicorn. Stage: Public
Dream Greens (2004, Newark)
Produces and supplies leafy greens

64
Integrated Production Businesses: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0
Surterra
Therapeutics
2014 Atlanta Series C $155M 4 - - - - 2.3k - - 10 - - 1.2k 110%
4.7 TerraTech 2010 Irvine Public $7.3M 5 - - - - 4.5k - - 33 - - 237 6%
4.5 GTI 2015 Chicago Public - 3 - - - 5 2.5k - - 23 - - 1.2k 98%
4.3
Rubicon
Organics
2014 Vancouver Series A $10.8M 2 - - - 4 516 - - 9 - - 149 41%
4.3
The Cronos
Group
2013 Toronto Public - 2 - - - 4 7.6k - - 86 - - 4k 110%
4.3 DekelOil 2007 Limassol Public $20.8M 3 - - - 4 157 - - 15 - - 30 24%
4.2
Valens
GroWorks
2014 Kelowna Public - 5 - - - 4 1.2k - - 41 - - 518 80%
4.2
RavenQuest
BioMed
2017 Vancouver Public - 7 - - - 4 1.4k - - 23 - - 308 30%
3.9
Sula
Vineyards
1999 Mumbai Series B $40.1M 5 - - - 5 - - - 10 - - - -
3.9 Vireo Health 2014
Minneapoli
s
Series A $17.3M 3 - - - - 470 - - 1 - - 109 30%
3.8 Tilray 2013 Nanaimo Public $50.4M 2 - - - 3 10 - - 63 - - 8 400%
3.8
MYM
Nutraceutica
ls
2014 Vancouver Funded - 1 4 - - 4 827 - - 27 - - 160 24%

Horticulture > Market Details > Market: Indoor Farming
Market: Indoor Farming

Horticulture > Market Details > Market: Farm Monitoring & Management
Market: Farm Monitoring & Management

Market: Farm Monitoring & Management (1/2)

Market: Farm Monitoring & Management (2/2)

Market: Farm Monitoring & Management

Horticulture > Market Details > Market: Crop Protection & Nutrition
Market: Crop Protection & Nutrition

Horticulture > Market Details > Market: Crop Genetics
Market: Crop Genetics

Horticulture > Market Details > Market: Farm Infrastructure
Market: Farm Infrastructure

Horticulture > Market Details > Market: Processing Infrastructure
Companies Created 39 | Funded 15 | Total Funding $29.5M
Market: Processing Infrastructure

Horticulture > Market Details > Market: Greenhouses
Market: Greenhouses

Market: Greenhouses

Horticulture > Market Details > Market: Hydroponics
Market: Hydroponics

Market: Hydroponics

Horticulture > Market Details > Market: Lighting
Market: Lighting

Market: Lighting

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
96
Notable Acquisitions
Top Acquirers

Public companies (1/10)
98
Performance indicators of public companies in Horticulture
IPO Date Company
IPO
Mcap
Exchange
Ticker
Dec 2018
TILT Holdings (2018, Boston)
Technology-driven solutions for cannabis businesses
CNSX:TILT
Aug 2018
Tilray (2013, Nanaimo)
Produces and supplies processed cannabis products for medical
purposes
$1.3B NASDAQ:TLRY
May 2018
Vertically integrated company producing medicinal cannabis
products
$215M CRON
Apr 2018
Wide Open Agriculture (2015, Williamstown)
Produces and markets agricultural products
ASX:WOA
Apr 2018
NHS Industries (2017, Richmond)
Develops and offers modular agricultural farms for lease
$2.1M CNSX:NHS
Apr 2018
Produces and supplies cannabis for medical purposes
$5.5M CNSX:EASY
Oct 2017
Roto-Gro Systems (2015, Perth)
Designer, manufacturer, and supplier of rotary hydroponic vertical
farming system
$11.6M ASX:RGI
Sep 2017
JWC (2013, Kitchener)
Produces and supplies cannabis products for medical purposes
$834k CVE:JWCA
Aug 2017
CannTrust (2013, Vaughan)
Integrated business for hydroponic cultivation and processing of
cannabis to supply medical products
$113M CNSX:TRST
Horticulture > Exit Outlook > Public Companies

99
IPO Date Company
IPO
Mcap
Exchange
Ticker
Jun 2017
Isodiol (2014, Watford)
Manuafctures and markets cannabis products
CNSX:ISOL
Jun 2017
Greenhouse cultivation of hybrid cannabis and production of
medicinal cannabis
CVE:FIRE
Apr 2017
Integrated business for cannabis cultivation and processing to supply
medicinal products
CNSX:WAYL
Apr 2017
The Hydroponics Company (2016, Sydney)
Manufactures and supplies hydroponic infrastructure
$7.1M ASX:THC
Mar 2017
Invictus (2014, Vancouver)
Produces, distributes, and sells medical cannabis products
CVE:IMH
Feb 2017
ESense-Lab (2016, Ness Ziona)
Big data-driven phytochemical profiling technology to produce
terpene based products
$9.5M ASX:ESE
Feb 2017
Kakuzi (1906, Nairobi)
Cultivation, manufacture and marketing of horticulture crops
LON:KAKU
Feb 2017
Integrated company in vertical farming cultivation and LED grow
lights providers
CNSX:FFT

100
IPO Date Company
IPO
Mcap
Exchange
Ticker
Dec 2016
Grown Rogue (2016, Medford)
CNSX:GRIN
Sep 2016
Camson Seeds (2013, Bangalore)
Produces and supplies hybrid seeds
BOM:540071
Mar 2015
Aphria (2013, Leamington)
Producer, supplier and distributor of medical marijuana using
greenhouse growing solutions
NYSE:APHA
Feb 2015
Indoor Harvest (2012, Houston)
Infrastructure designing, manufacturing, and installation services for
the indoor farming industry
$4.4M OTCBB:INDQ
Aug 2013
Marrone Bio Innovations (2006, Davis)
Biological products for crop protection
$219M NASDAQ:MBII
Mar 2013
DekelOil (2007, Limassol)
Manages palm plantations and produces palm oil
$394M LON:DKL
Sep 2011
GrowLife (2012, Kirkland)
Manufactures and supplies hydroponic equipment
OTC:PHOT
May 2011
Naturally Splendid (2010, Pitt Meadows)
Produces and supplies food ingredients
$418k CVE:NSP
Oct 2010
Le Gaga (2004, Hong Kong)
Greenhouse cultivation of vegetables
$436M NASDAQ:GAGA

Tracxn - Horticulture Startup Landscape

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