Between 2018-2022, there was a significant surge of venture capital in Agtech. The causes were many: the rise in global population and its consequences, AgTech developments themselves, the search for new investment sectors by VCs themselves, and even the pandemic all played a part. The surge brought investment to locations that hitherto had been completely outside the VC radar, notably Asia but now also Africa. Now that the surge has ebbed, along with VC investment as a whole, it is possible to begin to take stock. The evidence to date suggests that the majority of investment during the surge has flowed into downstream companies with the opportunity for rapid growth and high valuations. No global champion has yet emerged for upstream AgTech, whether in plant genetics, animal health or even novel farming systems. The impact of the surge in raising yields therefore rests on exits to or partnerships with major corporates, as they have the capacity to deliver technology at scale.