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The Encounter Weekly

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

January 6-13, 2023

IPOs, M&As & Investments:

Autonomous vehicle software firm Oxbotica has raised $140M in a Series C funding round. They will also use the funds to deploy its autonomous operating system in domains with urgent needs and potential to scale, like agriculture, energy, and goods delivery.

Canada-based alternative protein third-party producer No Meat Factory took in $42 million in new Series B capital to build a bigger manufacturing facility in the U.S. No Meat Factory has now raised $60 million to date

Google-backed Bengaluru-based agritech firm Cropin Technologies has raised $13.7 million. The company will use the fresh infusion to expand its agriculture cloud platform, and also help expand its presence in new regions and industries.

French algae-based products company Algama has raised a €13 million Series A round. The funding in this round will be used to accelerate the commercialization of innovations, R&D, and the setup of a new 10,000m2 biorefinery in Liege, Belgium.

German food-tech startup Project Eaden has announced a €10.1 million seed funding round for its novel fiber technology used to create plant-based steak. The financing will further the development of its proprietary bio-fiber technology.

Halifax-based startup ReelData AI has closed an $8 million series-A funding round and plans to use the capital to bring its data and automation offering to more land-based aquaculture ventures.

Supplement manufacturer Biohm Health has announced a $7.5 million cash infusion that the company says will help it to further develop the use of artificial intelligence in its product formulations.

Switzerland-based Open Forest Protocol (OFP), has raised $4.1M in a pre-seed round of funding from multiple VCs and angel investors. The capital will be used to continue to build and ship the system’s core infrastructure and accelerate the onboarding of projects.

Nigerian agritech startup Releaf has received $3.3 million in an oversubscribed pre-Series A round. The funding will support the launch of two new technologies: Kraken II and SITE.

At One Ventures has led a $6 million seed round to commercialize Terramera’s subsidiary enrichAg soil testing and analysis platform.

Maine-based seaweed company Ocean’s Balance raised a Seed Plus equity round from 3 prominent investors. Monies will enable them to scale its regenerative sea farming and processing operations as well as ramp up its fast-growing other businesses.

Incite Foodtech, a Malaysia-based food tech venture, has agreed to acquire Eatcosys, a homegrown retail technology solutions provider, to create ASEAN’S retail tech ecosystem.

Funds, Grants & Partnerships

Albertsons Companies implements Afresh Technologies' predictive ordering and inventory management system to reduce food waste and allow the grocer to enhance its forecasting and improve inventory management of fresh produce.

AgBiome, the developer of novel biological and trait products from the Earth’s microbial communities, has announced the next step in its partnership with Summit Agro Mexico, granting them exclusive distribution rights of Howler® fungicide for Mexico.

Alternative asset manager Gresham House has launched the 'Irish Strategic Forestry Fund,' a €200mln new fund to enable Irish and international investors to create new forests, making a significant contribution to Ireland's Climate Action Plan.

Bill & Melinda Gates Agricultural Innovations has awarded a grant of $34 million to the Realizing Increased Photosynthetic Efficiency project. In its 10-year history, RIPE has demonstrated large increases in crop productivity in replicated field trials on the university farm.

In a bid to connect grocers with local fresh food producers, tech providers iTradeNetwork and Big Wheelbarrow are teaming up to help food retailers procure fresh products from small- and mid-sized producers across North America.

FrieslandCampina signed a strategic partnership with biotech company Triplebar Bio to develop and scale the production of cell-based proteins using precision fermentation.

The Israel Innovation Authority granted a little over $8M to the launch of a Black Soldier Fly consortium, which aims to kill three birds with one stone: the advancement of BSF farming could make a huge impact in circular economy and alternative protein production.

News & Trends:

Sustainable food systems are essential for building resilience against future shocks, improving global health and nutrition, achieving net-zero carbon emissions, protecting nature and biodiversity, empowering communities, and building inclusive and resilient economies. Here are four key priorities

According to a market research report, the global vegan fast-food market will grow from today’s $ 19 billion to $28 billion by 2033. This growth is likely due to increased knowledge about the benefits of a vegan diet.

Alphabet, the parent company of Google, publicly launched Mineral, an agtech business it’s been incubating in stealth within its so-called “moonshot factory” X since 2017.

Alt-protein producer Vgarden launches its “clean” canned plant-based tuna for both retail and food service

A study published in the journal Nature Food outlining key production metrics at cultivated meat co Believer Meats, “shatters” some of the assumptions made in a high-profile article in The Counter, which argued that cell-cultured meat faced “intractable” problems at food scale.

Agritech forces gain ground across Africa. How the latest collaborations between African farmers and IT leaders are strengthening agricultural sectors and economies despite ongoing difficulties.

With headline-dominating layoffs, the last quarter of 2022 wasn’t all too rosy for the tech world, but cell-cultivated meat and insect-focused endeavors stood out as the winners of the quarter, while indoor agriculture companies sailed in stormier waters.

The EU is committed to the Sustainable Development Goal to halve food waste by 2030. But, with food labeling often cited as a waste driver, are restrictive regulatory requirements impeding this effort?

The American Farm Bureau Federation and machinery manufacturer Deere & Co signed a memorandum of understanding that ensures farmers have the right to repair their own farm equipment or go to an independent technician.

Food tech startup Aqua Cultured Foods announces it has begun building out a new facility to enable them to scale production of whole-cut plant-based seafood. The company is also holding tasting events with strategic partners as it prepares to introduce its products.

AeroFarms announced the expansion of its Community Farm program to bring year-round access to fresh and nutritious leafy greens to local settings like schools, corporate cafeterias, and community centers.

The Novel Farming Systems category in Asia-Pacific (APAC) is a critical one when thinking about overall food security for the region. Asian startups in the category raised a total of $91 million in 2021, according to AgFunder’s first-ever Asia-Pacific AgriFoodtech Investment Report

Cell ag investment platform CULT Food Science announces CULT Foods division. The new division will work with affiliate companies to commercialize cell-based food products

A GEA-commissioned survey of 1,000 chefs in eleven countries has revealed the confidence of professional cooks in alternative proteins. Forty-three percent believe that the proportion of meals prepared with alternative proteins will reach between 26% and 50% by 2040, and 23% believe alternative proteins could be used more by 2040 than traditional ones.


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