
Canada needs ‘larger and more engaged’ investor base for agrifoodtech: report
Despite growth, the Canada agrifoodtech sector lags behind other countries when it comes to investment, particularly the US and UK.
Despite growth, the Canada agrifoodtech sector lags behind other countries when it comes to investment, particularly the US and UK.
“A dedicated commercial facility gives us a direct path to market for all our protein products, putting us in control of our own commercial production,” says Burcon CEO Kip Underwood.
The first five investments are in novel fats producer Gavan, sweet protein maker Oobli, agtech software/digitization players Flox AI and HerdDogg, and mycelium producer Mush Foods.
Plus: Non-GMO project tackles ultra-processed foods with new labeling.
Plus: Mosa Meat and NewCulture request market authorizations for alt meat and cheese
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.