11 February, 2022
Stay up to date with the most recent news, investments and partnerships regarding the Agrifood Tech industry and sustainability.
IPOs, M&As & Investments:
Amsterdam-based Polestar Capital has announced the launch of Europe’s biggest circular economy fund – the Polestar Capital Circular Debt Fund (PCDF). The fund has opened at €100 million and expects to grow to €400 million within a year.
Endless West bags $60 million in new series C funding. The funds will be used to expand production capabilities by 10x to 20x to help spirits brands cut back on production costs while boosting sustainability.
Cooks Venture secures $50 million financing. The slow-growing chicken breeder will use the money to expand its genetics program and build out infrastructure as well as license its IP around regenerative agriculture to farmers over time.
Splendid Spoon, a women-owned and -operated national meal delivery service specializing in ready-made plant-based soups, bowls and smoothies, announces the close of a $12 million funding round led by Nicoya
Brasilian agriculture focused fintech startup Agroforte, closed an investment round of US$1.13 million. The funds will be used to expand its offer of credit products and solutions in conjunction with a national growth strategy.
Agtech startup Harpe Bioherbicide Solutions closed more than $3 million in financing. The funds will provide the company the resources to accelerate its R&D and strengthen its intellectual property portfolio.
Canadian startup Wyvern announced a $4.5 million seed round and entry into Y Combinator, and now it’s revealing that it has landed another $4 million in funding via Canada’s Sustainable Development Technology (SDTC) program.
Korea’s Seawith, developer of cultivated beef, has announced a ₩1 billion ($835K) investment from Mint Venture Partners. It follows previous backing from Hg Initiative, Daesung Startup Investment and Daily Partners.
Cult Food Science Corp, a Canadian company that invests in clean, lab-grown food, has diversified its portfolio with an investment in cultured chocolate manufacturer, California Cultured.
Ingredion has taken an equity stake in Israeli chickpea specialist InnovoPro. Ingredion continues to grow its plant-based portfolio with InnovoPro – developer of a proprietary extraction process to concentrate protein from the chickpea.
News & Trends:
InnovaFeed, a French biotech insect producer for animal and plant nutrition, announced Feb. 2 an agreement to supply insect protein to Archer Daniels Midland Co.’s (ADM) pet food division.
Spanish meat alternatives brand Heura has more than doubled the number of households that consume its plant-based products compared to the same period of last year.
US Secretary of Agriculture Tom Vilsack has announced that the country’s Department of Agriculture (USDA) will invest $1 billion over the next year into “climate-smart” farming.
Using proprietary genome editing technology, Brain Biotech and Formo are collaborating to produce bioidentical milk protein. The move has the potential to accelerate commercialization of alternative milk proteins.
German food tech start-up Plant B has announced that it is launching a sweet lupin-based liquid egg alternative this April. The Plant B Egg is said to be rich in protein, fibre and zinc, and is made with only seven ingredients, including lupin flour, sunflower oil and spices.
Kerry Group has launched a €6m dairy sustainability program to support the acceleration of science-backed sustainability actions and best practices across farms in Ireland.
Louis Dreyfus Company (LDC) has ramped up its sustainability journey by pledging to eliminate deforestation and converting to native vegetation from its supply chain by the end of 2025.
Zomato will continue to invest both in its core food business and in quick commerce – and updated the upper bound of our potential investments in this category to $400 million cash over the next two years.
High-income nations that shift towards plant-based eating will benefit from a “double climate dividend” of reduced greenhouse gas (GHG) emissions and enhanced carbon sequestration, according to the findings of a recent study published in Nature
Sustainability labels and classifications can positively impact consumer acceptance and raise awareness, but they are not driving more sustainable consumer behaviour yet
Lifeway Foods – a US supplier of microbiome-enhancing kefir and fermented probiotic products – has unveiled a new line of adaptogenic beverages that taps into the burgeoning consumer trends for gut health and functional mushroom ingredients.
As food waste continues to be an issue for many households and the food industry at large, this study shows which solutions consumers are most inclined to adopt to cut down on the amount of food that goes to waste in the US.
The vegan chocolate market is experiencing a 12.3 percent CAGR, expected to reach $1 billion in global sales by 2027.