The Encounter Weekly: 12-19 November, 2021

Stay up to date with the most recent news, investments and partnerships regarding the agrifood tech industry and sustainability.

IPOs, M&As & Investments:

Over the next three years, Temasek and Singapore’s Agency for Science, Technology and Research, will pump more than $30 million into the Asia Sustainable Foods Platform.

Bits x Bites, China’s first agrifood tech VC, has completed the final close of its second fund, hitting US$100M, and exceeding its target previously announced with the first close in 2020.

Californian agtech startup Farmers Business Network (FBN) has raised $300 million in Series G funding at a valuation just shy of $4 billion.

Food technology company GrubMarket has raised $200 million in an oversubscribed Series E funding round, led by Tiger Global Management.

US food delivery provider Daily Harvest has secured a Series D funding round, valuing the company at over $1 billion.

SaladStop! Group, the first and largest healthy food chain in Asia, announced Monday the closing of a SGD12 million series B investment round, featuring some of the most prominent investors in the region.

Autonomous tractor maker Monarch raises $61 million Series B round led by Astanor Ventures. The Bay Area-based firm says the funding will go toward scaling manufacturing and sales for its self-titled electric tractor.

Plastomics, Inc., the biotechnology company helping to develop higher performing seeds for the agriculture sector via their novel chloroplast trait delivery platform, announced it completed a $7.1 million Series A funding round.

Farm produce portal Glife Technologies has raised S$11 million ($8.13 million) in Series A funding. The round was led by Heliconia Capital.

Tel Aviv-based Imagindairy, a biotech startup replacing traditional dairy products from microorganisms, announced a record $13m seed funding and that it will be in shops by 2023.

Portuguese shellfish producer Oceano Fresco raised €6.1 million ($6.9 million) in funding to support expansion plans, with sustainable oceans and aquaculture equity firm Aqua-Spark co-leading the investment.

Ula, a B2B e-commerce marketplace in Indonesia, has secured an additional US$23.1 million in funding from Tiger Global and Flipkart co-founder Binny Bansal to close its ongoing Series B investment round at US$110 million.

Wingreens Farms has raised ₹124 crore ($17 million) in a funding round led by private equity investor Investcorp. Omidyar Network India also participated in this Series C funding round.

Digivriddhi Technologies (DGV), an Indian fintech startup focused on the dairy industry, has raised $3.1 million in its pre-Series A round.

Clean Kitchen Club, a vegan restaurant and delivery chain, has been valued at £7.5m and is eyeing expansion after its successful first £1.4m funding round.

The technology startup from Bristol, Matter, has just received a €175.5k investment boost from the British Design Fund. The company’s is to mission to generate innovative solutions for the capture, harvest and recycling of microplastics.

International Flavors & Fragrances (IFF) has invested a total of $87 million in its flavours manufacturing plant in Karawang, Indonesia, as it looks to capture the growth potential of emerging markets in Asia.

Digital ag company Fieldin has acquired Midnight Robotics for an undisclosed sum. The acquisition will add a layer of autonomous driving capabilities to Fieldin’s sensor-based farm management platform, providing more efficiency when it comes to day-to-day tasks on the farm, the company said.

Brazilian meatpacker JBS is acquiring Spanish company BioTech Foods, while also creating a new research and development center in Brazil for lab meat as part of a $100 million push into the fast-growing sector.

PlantPlus Foods, a joint venture created by Archer Daniels Midland and beef processor Marfrig Global Foods, is acquiring DEW Drink Eat Well LLC, maker of Hilary's brand veggie burgers, and Sol Cuisine Ltd., a Canadian manufacturer of branded and private label plant-based products.

Plant-based brand The Planting Hope Co. has completed its IPO in Canada, selling 22.5 million shares at a price of $0.40 each. The shares are expected to begin trading on the TSX-V on November 18, under the ticker symbol “MYLK”.

Greek yogurt maker Chobani has filed for an IPO and will trade on the Nasdaq, with the equity sale expected to value the business at over $10 billion.


News & Trends:

US agricultural cooperatives CHS and Growmark have combined forces to establish a VC fund that will invest in “breakthrough technologies” that can advance the farming industry.