Agri-Food Tech China’s Agricultural Investment Trend 0.58 Support Service Support Service After Series D Whole Industry Whole Industry Chain Series Chain After Series C/C+ D Series B/B+ Agricultural Products Sales Series C/C+ Series B/B+ Series A/A+ Agricultural Products Series Sales A/A+ Agricultural Products Logistics Pre-A Pre-A Agricultural Products Processing Agricultural Products Logistics Angel Round Agricultural Products Agricultural Products Processing Angel Round Production Agricultural Products Production Agricultural Materials Supply Seed Agricultural Seed Materials Supply 2016 2015 2017H1 2016 2015 2017H1 Invest more in early rounds. In 2016, investment in series A/A+ accounted for In 2016, the top 3 investment areas are Agricultural Products Sales(43%), 29.6%, in Pre-A accounted for 5.8%, in angel round accounted for 24.3%, in seed Agricultural Products Logistics(20%) Agricultural Products Processing(11%), in round accounted for 6.9%. In the first half of 2017, investment in earlier rounds the first half of 2017, the proportion of investment in agricultural products before A/A+ round accounted for over 60%, but the proportion decreased processing and logistics increased significantly. significantly, the proportion of investment in series B/B+ or later rounds is rising. Source：IT Juzi, ChinaVenture, CYZone, Pintu Think Tank