In 2024, East Asia's agrifoodtech sector experienced a significant downturn, with overall funding dropping by 40% to a 10-year low of $1.2 billion. This decline affected startups across China, Japan, South Korea, Hong Kong, and Taiwan, according to AgFunder's 2025 Global AgriFoodTech Investment Report.
However, Japan stood out as a notable exception. Excluding China, agrifoodtech investment in East Asia showed a slight increase compared to 2023, nearly reaching the levels of 2019. Japan's agrifoodtech ecosystem demonstrated strong performance, marked by increased funding driven by a substantial biomaterials deal and growth-stage investments in restaurant technology and food delivery services. Japanese startups collectively raised close to $300 million in 2024, marking a 76% surge from the $164 million raised in 2023.
A significant contributor to Japan's investment total was biomaterials startup Spiber, which secured $65 million in a late-stage funding round. Spiber utilizes microbial fermentation to develop alternative materials to traditional plastics and leather. Other significant funding rounds included $52 million for Dinii, a mobile ordering platform, and $24 million for Peco Free, an order-ahead service.
The ag biotech sector in East Asia also saw growth, with a 29% increase as startups raised $471 million across 47 rounds. Much of this funding was concentrated in China, supported by national policies that promote biotechnology innovations in agriculture.