The Week in AgriFoodTech: Colossal Biosciences raises $200m, Chipotle invests in methane reduction
Plus: Syngenta launches partnership to speed up R&D for biologicals
Plus: Syngenta launches partnership to speed up R&D for biologicals
With funding for cultivated meat almost drying up in 2024 and key players warning the sector could collapse without a huge influx of public money, where does it go from here?
Plus: Ohalo teams with Florida farmers on “disease-resistant strawberries.”
The same venture capital funding models that built the likes of Google and Uber will not feed the world or save it.
“A lot of foodtech founders in this dry capital environment are beating their heads against the wall with the conviction that the wall will break before their heads do,” observes Paul Shapiro at The Better Meat Co. “That said, deals are still getting done.”
Plus…John Kempf’s Advancing Eco Agriculture nabbed a USDA rural development award.
Key areas for potential investments include bio-based crop protections, agrifintech, supply chain sectors and education.
Chile is becoming increasingly attractive to investors looking to back nature-based and/or sustainable agriculture-based solutions.
Plus: GE salmon company AquaBounty winds down its only remaining operating farm: “We’ve been working for over a year to raise capital… Unfortunately, these efforts have not generated enough cash to maintain our operating facilities.”
The company will launch Agrovision Chile to build out a premium cherry operation and continue its global expansion.
With $280 million raised across 93 deals, in 2024 to date the country ranked third in total agrifoodtech funding in Asia Pacific, due to a 58% increase in funding
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Muddy Machines will use the acquired tech to assist with the ongoing labor shortages in global agriculture, specifically with berry crops.
“We acquired the assets through an auction, so we’ve acquired the brand name, all the data sets, the customer contacts, essentially all the assets, and none of the liabilities,” says Almanac CEO Sumer Johal
In 2024 Asia-Pacific agrifoodtech startups have shown resilience against global market headwinds, securing $4.2 billion in funding and 31% of the global investment in the sector this year.
CommonGround is staying laser-focused on its farmland marketplace and its recently launched insurance business.
Israel-based agrifoodtech startups have closed just 17 funding rounds since the start of the conflict. Raising some $161 million since October 7, 2023, the total is a 72% drop on the same period the year before, and some 73% fewer deals.
“BIFT is a significant step forward in addressing the smallholder financing gap by unlocking much-needed private capital.”
While it accounts for a small fraction of global investment in the field, Africa’s agrifoodtech sector is showing mild growth in 2024, with startups raising $145 million in the first half of 2024, a 1.6% year-over-year increase vs H1, 2023.
Crude pongamia oil can be converted into biodiesel, renewable diesel, or sustainable aviation fuel, says Terviva founder and CEO Naveen Sikka.