In the past week, the alternative protein space has seen more funding, including SCiFi Foods’ rebranding and backing from major venture capital investors, and Cocuus, a startup that has entered the industry with 3D-printed alternative protein technology. In agtech, Brazilian online platform Agrotools closed a $21 million financing deal, while privately held global conglomerate Cox Enterprises added indoor farming to its operations.
Food Tech Financing
Spanish startup Cocuus has secured 2.5 million euros (about $2.7 million) in financing for its 3D bioprinting technology for alternative proteins. Pre-Series A funding participants include Big Idea Ventures, Cargill, Eatable Adentures and Tech Transfer UPV.
Indian upcycled food startup Wastelink has received $100,000. Matterhorn Projects LLP, Indigram Labs Foundation, Sanjiv Rangrass and other angel investors participated in the seed round.
US-based SCiFi Foods (formerly Artemys) stood out this week with a $22 million Series A round, led by US. private venture capital firm Andreessen Horowitz. The new funding will be used to develop cell-cultured beef burgers.
FoodHack, a Swiss food tech community, raised $1 million to develop an investment platform. The company aims to enable angel investors to invest in climate-focused solutions and startups with investments of approximately $1,000 to $10,000.
Indian food tech startup Alt Co. has raised $1 million from an undisclosed lead investor. The plant-based food maker will use the fresh capital to expand its market footprint and product portfolio, which includes a dairy alternative.
Brown Foods of the United States has raised $2.36 million to develop dairy products using mammalian cell culture technology. Y Combinator, AgFunder, SRI Capital and other investors participated in the round.
Agri Tech Financing
Brazil’s Agrotools has secured $21 million to develop its digital platform for agribusinesses. AgroTools provides a range of digital solutions for agribusiness, including rural finance and insurance, supply chain, ESG investing and sales.
US agtech startup Salient Predictions has raised $5.4 million led by WireFrame Ventures. The company will use the new funding to expand the scale of its weather forecasting and analytics platform.
US-based biotech company CHONEX has raised $5.78 million in seed funding. The company’s fecal biotechnology product “StrongSoil” is specifically aimed at increasing yields and reducing input costs for farmers.
Cox Enterprises, a privately held global conglomerate in the United States, has made a strategic investment in Mucci Farms, a facility agriculture company. Mucci Farms brings a wider variety of fruits and vegetables to Cox Enterprises’ existing indoor growing business, as well as market expansion.
M&A and IPO
US. restaurant ordering platform Lunchbox has acquired NovaDine for an undisclosed amount. NovaDine’s online ordering software is specifically designed for multi-unit restaurants.
Swedish ingredients company AAK Foodservice acquires US food ingredients company ForA:Butter. The latter’s plant-based butter is made from the liquid of the chickpeas after they’ve been cooked.
General Mills invests $3 million in regenerative agriculture. General Mills is working with ESMC to expand the Eco Harvest program that rewards farmers for the beneficial consequences of using regenerative farming practices.
The Bayer Trendlines Agricultural Innovation Fund and the Trendlines Group have formed a new company called TierraSpec Ltd. The new company will focus on real-time remote measurement and verification of agricultural soil carbon sinks.
Chemicals giant DSM will merge with fragrance maker Firmenich. When the merger, valued at about $21 million, is realized, the companies will have 16,000 patents and 15 research and development centers, the companies said.
Other industry news
French dairy startup Bon Vivant has struck a deal with biotech heavyweight Abolis. The two companies will produce animal-free dairy products through precision fermentation on an industrial scale, with the goal of becoming a European leader in alternative dairy products.
American tech company Pachama has partnered with Mercado Libre, the largest e-commerce platform in Latin America, on a forest carbon capture program. The companies will use Pachama’s carbon monitoring and reporting software to help restore 3,300 hectares of land in Brazil and Mexico.
Financial services provider Virgin Money has launched a $251 million Agriculture E Fund that will support farmers in the UK to meet emissions reduction targets.
Cell-cultured meat startup SuperMeat has received a grant from the Israel Innovation Authority to use the funding to build the world’s largest open-source, high-throughput screening system for cell-cultured meat ingredients, supplements and scaffolds.
Revo Foods, best known for its 3D printed plant-based seafood, has received a $2.3 million grant from the Austrian Research Promotion Agency to help Revo Foods continue research and development.
Israeli dairy alternative company Remilk’s animal-free milk is GRAS certified (generally regarded as safe). The GRAS certification means the Israeli company can start selling its products in the United States, as required by the US. Food and Drug Administration.