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The Encounter Weekly

30 July - 5 August, 2022

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

IPOs, M&As & Investments:

Retail tech’s solution to food waste Afresh Technologies raised $115 million in new funding. With the new investment, the San Francisco-based company’s total funding has reached $148 million.

Japanese vertical farming start-up Spread has raised approx $30 million in a Series A funding round. The funding will be used to develop technologies for the company’s new automated vertical farm – Techno Farm Fukuroi.

Australian startup All G Foods just raised $25 million from Agronomics to accelerate the manufacture of its milk substitute and undercut the prices of conventional milk sold on the market.

Israel’s agrifoodtech’s company GreenOnyx has raised $18 million from strategic investors. The value of the company at the time of the fundraising was $70 million before the money.

Swiss-Italian agtech startup xFarm Technologies has raised €17 million in Series B financing to add new features to and expand the availability of its farm management information system.

Italian foodtech startup Deliversito nabs €7 million. The funding will be used to consolidate its position as Italian market leader, scale internationally and product development.

Agtech startup DataFarming is raising a $5 million Series A round on the Agrifutures growAg platform to support the development of its product suite and scale globally.

Robotics startup Ottonomy unveiled its second generation robot, the Ottobot 2.0, alongside its announcement of its $3.3 million seed funding round.

Food tech startup Clean Food Group has raised £1.65m to develop a yeast-based lab solution to replace palm oil, a substance widely used in food manufacturing and the beauty industry but is a major driver of deforestation.

DIFC-headquartered Incubayt Investments has announced their investment in, and onboarding of The Waste Lab, a Dubai-based, female-led startup.

Indonesia’s foodtech startup Greens announced that it has secured an undisclosed amount of pre-seed funding in a round led by East Ventures. The capital will be used to build an ecosystem for food decentralization in two phases.

The Savory Fund makes it’s first food & beverage investment in Chicago’s restaurant tech startup 86 repairs.

John Deere makes a minority investment in African startup Hello Tractor and will continue partnering with the company aiming to help smallholder farmers in the continent and Asia.

Aquaculture tech company Eruvaka Technologies has achieved an exit for its founders, team and primary investor Omnivore after existing investor Nutreco acquired a 93.7% stake in the company this week. The deal indicated was worth between $40 million and $50 million — is the largest recorded in Indian agritech.

Frozen vegetable company Grano has acquired Mr. Veggy, a leading provider of plant-based meats in Brazil, for an undisclosed amount, reports Estadao.

Bayer AG is acquiring a majority stake in St. Louis-based agriculture startup CoverCress Inc., a move that comes as CoverCress this year plans for a full commercial launch of its newly created cash crop.

Instacart expects to go public before year’s end, according to people familiar with the matter, earlier than many on Wall Street had e pected amid a frozen market for new listings.


Funds & Accelerators:

Food industry entrepreneurs Henry McGovern and Steven Winegar, have raised 500 million euros ($512 million) to invest in restaurants from Abu Dhabi.


JV, Partnerships & Grants:

Vermont Creamery is the latest company to join the Farm Powered Strategic Alliance founded by Vanguard Renewables, Unilever, Starbucks, and Dairy Farmers of America

Plant-based fast casual concept noomo has partnered with global foodservice manufacturer Nestlé Professional to develop a proprietary line of plant-based products to streamline operations further as the vegan burger franchise expands nationwide.

TGI Fridays is expanding its partnership with Sam Nazarian's C3 (Creating Culinary Communities), which has quickly become the fastest-growing food tech platform today.

CropX Technologies, a global leader in digital farm management solutions, announced an integration with the John Deere Operations Center

MycoTechnology and Oman Investment Authority have established a joint venture to scale up and commercialize the production of alternative protein ingredients in the country by using leftover dates.


News & Trends:

Less than a year after going public via SPAC, crop genetics company Benson Hill has released its first-ever environmental, social and governance (ESG) report.

Shanghai-based alternative protein startup 70/30 Food Tech is set to launch its ready meal products, using its in-house biomass fermented protein. The company will be the first to launch a mycelium protein product onto the Chinese market

A new insect-based diet on chicken farms is being showcased by UK supermarket chain Morrisons as the way to achieve carbon-neutral eggs by the end of 2022.

Israeli companies are leading the world in alt-protein investments and come second only to the US in funds invested in the industry as a whole, according to this week’s Good Food Institute (GFI) Israel report.

The Food Industry Association has released its “Power of Plant-Based” report, Among the survey’s insights, it finds taste and healthiness remain key drivers for plant-based purchasing decisions.


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