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The Encounter Weekly

24 - 29 July, 2022

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

IPOs, M&As & Investments:

Enko, the crop health company, announced $70 million in Series C funding, bringing the company's overall capital to $140 million to date. Global agrochemical company Nufarm led the round as part of an expanded partnership to bring innovative products to their core markets.

Kitchen United raises $100 million in a Series C funding round led by Kroger, Circle K & others. Thanks to the investment, the ghost kitchen operator will expand from 15 locations to more than 500 over the next five years.

Swedish carbon accounting engine Normative has raised an all-equity €31 million Series B round. The new funding will help expand supply chain measurement services.

Agtech's Arable, announced it has raised $40 million in series C financing. The company will use the new funding to advance climate resilience in agriculture by accelerating product development, delivering new services for customers and expanding its global footprint.

London-based Altruistiq has just raised about €17.6 million. The team aims to change the standard carbon reporting model into a carbon abatement model, effecting more beneficial climate action.

French biotech startup Core Biogenesis recently completed a $10.5M Series A funding round. The funds will be used to build out an industrial-scale facility dedicated to expanding production and HR.

Hawaii’s Holey Grail Donuts nabs $9 million to expand its stores in LA.

Verility Inc has closed Series A funding worth $3.5 million. The capital will be used for production and commercialization.

German FoodTech startup Root Global raised €2.5 million to help companies along the food value chain make business decisions that lead to sustainable carbon reduction and climate-friendlier consumer products.

Plant-based chain Clean Kitchen Club’s latest funding round has been topped to £2 million thanks to some of the UK’s leading entrepreneurs.

Agtech startup Soiltech Wireless has completed its seed funding round of $2.5 million to accelerate growth

Plant-based food producer Bandit, formerly known as Conscious Cultures Creamery, has raised $1.5 million in a seed funding round. The capital will be used to continue scaling up its production processes and growing its consumer base.

​​Agritech startup CropBiome has just picked up a yield of €1.3 million. Monies will be used for key hires needed for expansion.

Smart Apply raised $1.3 million seed round of funding. The capital will support growth that’s even outpacing the startup’s projections.

Growcoms has raised $1.1 million in pre-Series A funding round, led by Info Edge. The company intends to use the funding to scale up the tech platform and enhance the market reach.

Nutrition and food supplements platform GetSupp has raised Rs 9.5 crore/ $1.1 million in funding led by General Catalyst and Better Capital.

Ginkgo Bioworks has agreed to acquire Zymergen for $300 million. Both companies have worked on developing products for the food and agriculture industries but more recently moved into healthcare.

UAE-based foodtech startup ChatFood raised $3 million in a bridge round. Aside from Saudi expansion, the company will use this funding to boost product development to support more businesses.

UK ice cream brand Northern Bloc has secured a £1.2m follow-on investment to support its expansion.

Copenhagen-based Agreena has announced its acquisition of UK-based Hummingbird Technologies. It’s a move that reflects the influence that tech startups are having in fueling the green transition and sustainability across Europe.

US alt-dairy startup Perfect Day looks set to acquire India’s gelatin manufacturer Sterling Biotech which entered liquidation in 2019 after placing the winning bid at an auction.


Funds & Accelerators

Agrifood tech early-stage investment fund Radicle Growth has announced the launch of The Radicle Farm, a global farm-access platform to accelerate the development of early-stage companies developing new on-farm technologies

The Good Food Accelerator Program led by DayDayCook and Brinc will invest $10 million in 45 food tech companies working to address global food sustainability, specifically bringing game-changing tech to Asia’s food systems.


JV, Partnerships & Grants

Israel’s Food tech company SuperMeat announced that they are partnering with Switzerland's Migros, to expedite the production and distribution of cultivated meat at a commercial scale.

Food Tech ingredient company Benson Hill has signed a supplier agreement with Schnuck Markets to roll out Veri™ brand cooking oil for use in prepared foods in the grocery chain’s more than 100 stores across the Midwest.

​​Equinom, the ​​company on a mission to cultivate plant-based ingredients and independent seed company Peterson Farms Seed have announced a long-term collaboration to produce identity preserved seeds of Equinom yellow peas.

USDA awards over $70 million in grants, and increases access to local, healthy foods for kids.


News & Trends:

Diageo has announced plans to invest €200 million in a carbon-neutral brewery in Kildare, Ireland. The site will be powered using 100% renewable energy, reducing carbon emissions by up to 15,000 metric tons a year.

A vegan fungi protein bioreactor from Chicago-based company Nature’s Fynd is now in orbit aboard the SpaceX-25 to develop new ways to provide nutritious, sustainable protein for space exploration.

​​PepsiCo has closed on a $1.25 billion 10-year green bond that the company will use toward decarbonization of its operations, plastic waste reduction, regenerative agriculture, and pursuing net-positive water impact.

Chile-based FoodTech company NotCo announced the launch of NotBurger™ at retailers across the US, including Whole Foods coming at the end of August.

Brazilian plant-based food tech company Future Farm is kicking off a series of restaurant takeovers in Los Angeles to put more plant-based meat on menus.

Wageningen University and Research scientists have delved into research on developing cheese from microorganisms, improving the taste of pulses and boosting the nutritional value of fermented foods to boost food security.

​​Israeli foodtech company SavorEat has developed 3D-printed plant-based pork and turkey burgers. The new breakfast patties will join SavorEat’s existing plant-based hamburger patties.

McDonald’s has ended the expanded test of its meatless McPlant burger in the U.S without a clear indication of whether the plant-based product will make a national debut.

France’s Council of State has agreed to put its ban on the use of words like ‘steak’, ‘bacon’, ‘sausage’ or ‘Carpaccio’ to describe plant-based foods en pause.

Global companies Givaudan, Bühler, and Cargill have announced they will jointly be opening a Tropical Food Innovation Lab in Campinas, Brazil.

Singapore’s Shiok Meats and Vietnam’s Minh Phu Seafood have signed a memo of understanding to develop a combined R&D facility to help bring cultivated seafood to Asia.

Israeli food tech start-up Gavan Technologies has developed a waste-free protein extraction method that has the potential to 'enrich and enhance dairy products.


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