Chinese agrifood startups raised $5.8 billion of investment across 283 deals with 318 participating investors during 2018, according to the 2018 China AgriFood Startup Investing Report released by AgFunder in collaboration with Bits x Bites.

While Meituan-Dianping’s pre-IPO Series F round of $1.5 billion certainly contributed to the jump, a 60% year-over-year increase in the number of deals highlights that there was considerable growth in the industry besides. There was also a 60% increase in the number of investors participating in the space.

The report includes technology startups operating across the agrifood value chain as well as other non-tech startups disrupting China’s agrifood industry.

“In 2018 we’re seeing quite a fusion of innovations building on the digital ecosystem that has penetrated every aspect of Chinese lives,” said Matilda Ho, founder of Bits x Bites, the co-author of the report. “Some of these companies are creating new business models such as group buy eGrocery, others are advancing different B2B services for the expanding food delivery value chain. This shows China’s digital prowess and how quickly and nimbly Chinese entrepreneurs can adapt and compete.”

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