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The Encounter Weekly

8-14 October, 2022

Weekly Roundup: Stay up to date with the most recent Agrifood Tech news, investments and partnerships

IPOs, M&As & Investments:

US-based Soli Organic, the nation's only soil-based indoor farming company, has announced the close of a nearly $125 million Series D funding round led by global investment group CDPQ.

Zero-waste online grocer The Rounds raised $38 million in a Series A round led by Annie Kadavy at Redpoint Ventures and Andrew Chen at Andreessen Horowitz.

Colombia cloud kitchen startup Foodology raised $50 million with a roster of new investors that includes reggaeton superstar Maluma and Abu Dhabi’s Chimera Investments. The capital will be used for international expansion, first on the list: Brasil.

India-based Isthara, has raised fresh funding of $10 million led by Dubai-based Eagle Investments to expand towards tech-driven solutions in the retail-foodtech space.

Viral TikTok frozen dumplings company Xiao Chi Jie (XCJ) has raised a $10 million series A led by Imaginary Ventures. The brand is now going into retail and hopes to patch up the gap of Chinese food missing from the grocery shelves.

Alcohol-based functional fermented beverages Pulp Culture raised $7 million in a Series A funding round led by The Kale Fund. Funds will go towards eCommerce and retail growth and consolidate its existing partnerships.

Farm management solution AgriWebb raised a $6.7m Series B funding round led by Germin8 Ventures and iSelect Fund. The capital will help to roll out new features and capabilities and new partnerships and accelerate its plans to launch and expand a unified agtech ecosystem.

Estonian insect farming startup, FlyFeed, has scored $3 million in a seed round from angel investors. The funding will be used to establish operations, further develop technological solutions and construct the first industrial-sized farm in Vietnam in 2023.

Amsterdam-based startup Almacena has raised €3.5 million to continue digitizing the agricultural supply chain. The startup will now develop its digital coffee marketplace, targeting the African market.

Singapore-based food delivery software startup klikit has raised $2 million in pre-seed funding. Monies will be used to help restaurants across Southeast Asia grow through better efficiency and virtual food brands.

Agtech startup Smart Apply has raised $1.8 million in an extension of a seed round, which is now closed with a total raise of $3.1 million. The fresh funding will be used to build out its sales and marketing teams and expand its manufacturing capacity.

Sydney startup Foodini, which helps diners find restaurants that cater to their dietary needs, has raised $700,000 in pre-Seed funding led by Antler. The capital will be used to expand into more cities, first in line Melbourne.


Funds, Grants & Partnerships

Cultiv8 Funds Management and global investment manager Fidante plan to raise A$100m (€64.5m) for Australia’s first agri-tech fund.

Israel’s Redefine Meat partners with Giraudi Meats to distribute its 3D-printed “New Meat” steak cuts to restaurants and butchers throughout Europe, first in line France, then in Italy, Greece, and Sweden, followed by dozens more countries in 2023.

Meatable announces its first international expansion to Singapore in partnership with industry-leading Contract Manufacturer ESCO Aste aiming to have products ready for launch in selected restaurants in 2024.

AmplifiedAg announces the awarding of a new contract by the USDA Agricultural Research Service to supply additional integrated vertical farming research labs to support the agency's CEA research initiatives.

Alt meat brand Planted announces a new collaboration with German catering specialist HOFMANN’S for a Thai-style kebab served with rice featuring planted.kebab, made with pea protein.

Ingredion is partnering with technology company HowGood to measure the sustainability of 50 ingredients on the Illinois company’s strategic growth platform.


News & Trends:

Starbucks is currently testing a plant-based menu across three stores by offering JUST Egg and Daring plant chicken.

Indoor farming company Revol Greens is doubling its romaine lettuce production footprint by 2023, supported by its recent expansion at its Texas growing facility, making it the largest greenhouse lettuce grower in North America.

India-based startup Licious has rolled out an alternative protein brand called UnCrave, making this product the first D2C plant-based meat brand in the country.

A new method of treating mycoprotein to make it suitable for 3D printing has been developed by supplier Mycorena, who, in a research collaboration with Revo Foods is exploring its potential in vegan seafood whole cuts.


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