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Image credit: Odeko

The Week in AgriFoodTech: Canopy raises $60m to help forests, CropX nets $30m for farm management

April 20, 2023

This week, non-profit organization Canopy raised funds to help restore forests and farm management platform CropX landed $30 million. Restaurant tech platform Odeko secured $53 million, while a new CRISPR-based research project kicked off and one Southeast Asia nation green-lighted production of non-browning bananas.

Image credit: Odeko

Foodtech funding

🇺🇸 Restaurant tech provider Odeko raises $53 million Series D led by existing investor B Capital. The funding will go into strengthening the Odeko platform’s technology. (Finsmes

🇫🇮 Dutch aquaculture investor Aqua-Spark leads €11M ($12 million) Series A for EniferBio. The latter plans to boost production of its ‘Pekilo’ mycoprotein powder. (GreenQueen)

🇸🇪 Plant-based seafood startup Hooked Foods secures SEK 10 million ($967,000). Hooked is also planning a crowdfunding raise in the near future. (Breakit)

Image credit: Ÿnsect

Agtech funding

🇫🇷 Insect farming startup Ÿnsect has secured €160 million ($175 million) in fundingThe France-based company is not disclosing investors to the round at this time. (AFN)

🇺🇸 The Audacious Project raises $70 million from donors for CRISPR research project. The project involves collaboration between three University of California campuses. (Feed Navigator)

🇨🇦 The Audacious Project has also pumped $60 million into non-profit org Canopy. The latter will use the funding for carbon-related solutions for forestry. (GreenBiz)

🇮🇱 Farm management systems provider CropX nets $30 million Series C led by Aliaxis SA. Funding will in part support the startup’s acquisition goals of companies with complementary tech and reach. (Jerusalem Post)

🇬🇧 Carbon procurement and intelligence platform Abatable raises $13.5 million from Azora Capital. Abatable will use the funding for its  acquisition of nature-based carbon credits provider Ecosphere+. (ESG Today)

🇻🇳 Tepbac reels in $2.25 million pre-Series A round for shrimp farming management platform. Aqua-Spark, AgFunder and Son-Tech Investment participated in the round. (AFN) [Disclosure: AFN’s parent company is AgFunder.]

🇧🇪 Green agrochemicals producer Minagro nets €1.2 million ($1.3 million) round led by management. The funding will support Minagro’s market validation process and strengthen its R&D assets. (Finsmes)

Image credit: Syngenta

M&A, IPOs & partnerships

🇮🇳 Coca-Cola India acquires 15% stake in Hashtag Loyalty, a parent to the food ordering platform Thrive. The move will help Coca-Cola increase its reach in India, leveraging Thrive’s network of over 12,000 restaurants. (Deal Street Asia)

🇺🇸 Biotech company Ginkgo Bioworks announces research partnership with Syngenta Seeds. Research will inform future developments in seed traits and growing more resilient crops. (CropLife)

Funds, grants & accelerators

🇬🇧 Flybox raises more than £1 million ($1.2 million) in grants fromInnovate UK & the European Union. The grant is part of a £1.8 million ($2.2 million) round for Flybox’ insect farming system. (EIN Presswire

🇺🇸 USDA awards animal health startup Native Microbials $1.4 million. The grant will support Native Microbials’ methane-reducing project. (World Bio Market Insights)

Other news

🇨🇳 Green Monday & Ecobuyer among 10 receiving China’s first vegan food standardization certificate. Certification bodies say this will boost consumer trust for vegan options which include alternative proteins. (Green Queen)

🇺🇸 Mars-owned Kind Snacks launches the Kind Almond Acres Initiative. The three-year pilot will focus on how to source almonds from regenerative sources. (Food Business News)

🇩🇪 Beck’s developing world’s first beer made with AI. The company says it used AI to generate the recipe, name and logo of the new Beck’s Autonomous brew. (Food Dive)

🇵🇭 The Philippines government green-lights production of non-browning bananas. Biotech company Tropic developed the bananas, and also plans to introduce a disease-resistant version of the fruit. (Tropic)

🇮🇩 eGrocery startup Sayurbox lays off employees in its B2C division. The startup says both its B2C and B2B divisions will continue offering next and same-day delivery services. (Tech in Asia)

🇺🇸 Kellogg halts production of its plant-based ‘Incogmeato’ burger. The burger reportedly did not gain as much popularity as other brands in the market like. (Food Dive)

🇬🇧 NextGen Foods brand TiNDLE accelerates UK retail rollout with Morrisons and Mighty Plants. The move comes amidst a reported increase in demand for plant-based chicken in the UK. (PR Newswire)

🇺🇸 Pivot Bio replaces synthetic nitrogen on nearly 1 million acres through N-OVATOR pilot program. The program will open to all Pivot Bio customers in 2023. (AFN)

🇮🇱 Cultivated meat startup Aleph Farms launches the Aleph Cuts brand. The Petit Steak will be the first product to be launched under the brand, in Singapore and Israel, later in the year. (Vegconomist)

🇺🇸 Ayana Bio launches its first ingredients (lemon balm and echinacea) made via plant cell culture. The company says the approach can provide a consistent supply of botanicals without the supply chain headaches. (AFN)

🇩🇪 Vertical farming company Infarm closes operations in Copenhagen, Denmark. This is the latest closure in a series that also includes operations in the UK, France, the Netherlands, Japan and Frankfurt, Germany. (AFN)

🇸🇬 Singapore-based startup Ai Palette announces generative AI too. The company says it’s new tool will help create new product concepts based on insights from its core trendspotting platform. (AFN) [Disclosure: AFN’s parent company, AgFunder, is an investor in Ai Palette.]

🇺🇸 Upside Foods announces new cultivated meat products including chicken sausages, sandwiches and dumplings. The company also announced “a breakthrough chicken cell line” that could cut production costs. (PR Newswire)

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