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The Encounter Weekly

26 November - 2 December , 2022

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

IPOs, M&As & Investments:

Israel-based Lumen closed a $62 million Series B round led by Pitango Venture Capital. The new funding will go toward supporting business growth and new research.

India’s agtech service provider DeHaat has raised $60 million in a new funding round as it looks to deepen its penetration in the country and reach break-even profitability within two years.

Verdant Robotics has raised $46.5 million in funding to scale its robotics and to accelerate wide use of its regenerative and precision ag technology.

Precision pollination platform BeeHero has completed a $42 million Series B funding round.

Monies will be used for R&D and to further increase data and insight gathering towards addressing the issue of global food security.

Idris Elba-backed plant-based meals brand Huel adds $24 million in funding. Led by Highland Europe the company is now valued at $560 million. The capital will be used for local and international expansion and new product innovation.

India’s agtech company and dairy startup Mooofarm has raised $13 million in Series A funding round led by Aavishkaar Capital. The company will utilize the fund raised to further scale its operations and increase its geographical footprint.

SK Holdings has invested 10 billion won ($7.5 million) in cell-cultured salmon meat startup WildType.

Nigerian restaurant tech platform Orda has secured a $3.4 million seed investment. The two-year-old startup raised $1.1 million in pre-seed funding this January, bringing its total funding raised this year to $4.5 million.

Oyster tech startup Oceanfarmr raises $1.45 million bridge round from global accelerator Katapult. The fresh capital will allow the aqua farming tech and finance startup to ramp up international growth.

PeakBridge’s Foodsparks backed Myconeos, a startup aiming to drive forward delivery of its new Mycoforti® fungal cultures for the dairy industry and expand the technology into the vegan cheese sector and further accelerate the exciting innovation program.

California-based climate/agtech startup Agrology, raised an undisclosed amount in Seed funding. The company intends to use the funds to grow the team and expand their reach into national and international markets.

Vegan restaurant chain Burma Burma raises $2 million in debut fundraise. The brand plans to use the capital to expand in new cities in the country, as it goes deeper into existing ones.

Indian agri-business start-up Fresh From Farm secures US$392,000 in Seed funding to support its data-driven fresh produce distribution operation. The capital will be used for HR, inventory management, capital expenditure, research and development and branding.

Cannibble signs definitive agreement to acquire Eshbal Functional Foods, an Israeli gluten-free food tech manufacturer.


Funds, Grants & Partnerships:

Globtec Investment to invest an additional $300 million in Turkey. The funds will strengthen the country’s new food and green tech industries and contribute to further CO2 reduction in the agricultural and food space.

Singapore-based impact investor Silverstrand Capital announced an additional €15 million ($15.5 million) investment in Netherlands-based aquaculture investment fund Aqua-Spark, bringing its total investment to €25m.

Israeli Agtech incubator, Nature Growth, has launched its first global fundraising campaign to create an Agtech incubator in the South of the country. The Incubator plans to raise a total of $160M which will be used to develop and nurture 80 companies.

Lunchbox and Toast announced their official partnership, leveraging a winning enterprise combination of technology backed to serve a best in-class omni-channel guest experience.

Helbiz Kitchen is bringing its ghost kitchen offerings to the United States thanks to a partnership announced with Kitchen United.


News & Trends:

ImpacFat introduced the world’s first cultivated fish fat at the Big Idea Ventures Demo Day showcase in Singapore.

Perfect Day’s alt-milk Very Dairy will be the first precision fermentation milk stocked in Asian supermarkets and will be available in three flavors: plain, chocolate, and strawberry.

Vertical farm startup Infarm will lay off more than half of its workforce, around 500 employees.

The company will consolidate its large-scale vertical farms, called “Growing Centres,” in markets most likely to achieve profitability in the near term.

India’s fresh produce food-tech venture Pluckk has clocked record revenues of $5 million in a short span of time since its launch in January 2022, making it one of the fastest growing D2C brands in the Fruits & Vegetables (FnV) category.


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