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Beyond Burgers: Unveiling the Macro Shifts Devouring Media Capital in 2023

In 2023, it was Food & Beverage (F&B) that devoured the most media capital investments, leaving everyone with a taste of surprise. 

According to the "State of Media Capital Funding 2023 in 10 Charts" review by mediaforgrowth, this hungry sector chomped down on a whopping eight deals (11% of total volume of deals), surpassing established players like Financial Services and Health Care. But before you scoff and reach for another burger, let's dissect the ingredients behind this unexpected surge and what other sectors are poised to be the next gourmet course in 2024. 

Key Takeaways for Forward-Thinking Investors and Entrepreneurs

The insights from the mediaforgrowth review offer valuable takeaways for both investors and entrepreneurs:

  • F&B is a hotbed of innovation and investment, particularly in areas like personalised nutrition and sustainable practices.
  • Leveraging TV advertising can be a strategic move for sectors seeking media capital, particularly in specific regions like Europe and the US, where it can effectively reach large audiences and build brand trust.
F&B Takes the Top Spot: A Feast for the Senses (and Investors)


From lab-grown meats defying expectations to personalised nutrition startups delivering custom vitamin blends, F&B startups are tantalising investors with innovative concepts and capturing a larger share of the media capital pie. This surge reflects a global shift in consumer behaviour towards healthy, sustainable, and personalised food choices, as well as the increased interest from VCs in F&B businesses.

Noticeable investments in this category include Koro and Nextgen.

This year’s Super Bowl saw new entries from CPG brands including, Poppi, a health-conscious $2.49/CAN soda option, which caught viewers’ interest with a bit of “soda shaming”. Alcohol Brands no longer took centre stage with only four brands advertising at the Super Bowl this year and Budweiser emerged as the standout.

Financial Services and Healthcare: Familiar Favourites with a Modern Twist


Following closely behind F&B were the Financial Services and Health Care sectors, each garnering seven media capital deals. In fintech, advancements like cross-border payments fueled by blockchain technology and international payment platforms like Wise are reshaping the financial landscape. Meanwhile, healthcare is undergoing a digital transformation, with innovations in diagnostics and telemedicine offering new ways to improve patient care.

Media Capital investment follows similar trends to VC investments. Retail tech and fintech saw equity funding increase by double-digit percentages in Q4’23 according to CB Insights, the State of Venture 2023 Report, 2024. Fintech also saw 8 new unicorns in Q4’23 — more than retail tech (3) and digital health (2) combined.

Some of the media capital investors backing fintech and healthcare startups include: TelevisaUnivision, ITV AdVentures, and Channel4Ventures.

Looking Ahead: Sectors to Savour in 2024

While F&B dominated in 2023, the review predicts a shift in focus for 2024. The Financial Services sector is expected to maintain its top spot, leveraging investment to further refine its offerings and embrace emerging technologies like artificial intelligence and robo-advisors. Travel, Sports, and Sustainability are anticipated to make a comeback, fueled by pent-up demand and growing consumer consciousness about climate change and ethical practices.

The FTX Shadow: A Cautionary Tale for Fintech

The 2022 collapse of FTX, a major cryptocurrency exchange, cast a long shadow over the broader fintech industry. While the increase in funding in Fintechs in 2023 suggests investor appetite for innovation remains strong, the FTX scandal highlighted the need for increased transparency, regulation, and consumer protection within the fintech space. The cryptocurrency market has experienced significant volatility in 2022 and 2023. In 2022, Super Bowl LVI had so many crypto advertisements that it was dubbed the "Crypto Bowl." FTX, Crypto.com, Coinbase. In 2023 and 2024, however, there were no crypto ads. 

The Power of the Screen: When TV Advertising Takes Center Stage

The review also reveals a fascinating correlation between sectors actively seeking media capital and their investment in TV advertising. In Europe, the Service sector, encompassing finance, retail, and healthcare, reigns supreme in terms of TV ad spending. In the US, the Automotive sector takes the second-largest slice of the TV advertising pie, aligning with the increasing media capital interest in the Transportation category. This suggests that building trust and brand awareness remains a critical driver for many high-growth sectors, with TV advertising offering a powerful platform to reach a broad audience.

E-commerce Marketplaces: Building a Feast for All

One sector worth noting is E-commerce marketplaces. These businesses thrive on network effects, meaning their value increases as both buyers and sellers join the platform. However, this chicken-or-egg challenge requires significant investment to attract both sides simultaneously. This is where TV advertising comes in handy. A well-crafted campaign can attract both buyers and sellers in one fell swoop, building brand awareness and trust, and jumpstarting the network effect. Additionally, marketplaces often require significant liquidity to function smoothly, and TV advertising can be a powerful tool to monetize the platform by attracting new users and transactions.

The Review: Decoding Global Investment Trends

The “State of Media Capital Funding 2023” review marks a first in the industry. It presents a comprehensive analysis of publicly disclosed global investment data spanning the past decade, drawing insights from MFG's extensive Deal Hub (home to over 522 unique startups and 591 investments). This analysis lays bare the evolution of investments, revealing shifts in preferred sectors, investor behaviour, and geographical trends.

For a deeper dive into the review and its comprehensive analysis, head over to the MFG website and download your copy today!

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