Zume is one of just a few startups creating solutions for restaurants to use in-house compared with the rest of the agrifood tech sector, but could the tide by changing as high profile investors come into the space?
The fund raised capital predominantly from institutional investors including university endowments, funds of funds, insurance companies, and asset managers.
There are a number of key areas of opportunity for agrifood tech startups in Europe as the support and resources available to entrepreneurs increases slowly, write Thomas van den Boezem and Louisa Burwood-Taylor.
The round takes the startup's total funding to over $300 million after it raised $156 million last year in Series C and D funding.
Early stage investment in agrifood tech startups reached $4.4 billion in the first half of 2017, posting a 6% year-over-year increase reversing the downward trend of 2016 when agrifood tech investing dropped 17% to $6.9 billion from $8.3 billion in 2015.
According to the company, Douxmatok allows food companies to use 40% less sugar in their products while achieving the same level of sweetness, with no aftertaste.
Bayer CropScience and Ginkgo Bioworks, a startup genetically engineering microbes for the flavor, fragrance, and food industries, have partnered with hedge fund Viking Global Investors to invest $100 million in a new, as yet unnamed agtech startup.
MycoTech uses mushrooms and fungi to remove bitter tastes from food and drinks.
Biological pesticide firm Greenlight Biosciences has raised an $18 million Series D round led by led by farmland and agtech fund investor Fall Line Capital.
The company uses a blend of oats, lentils, sunflower seeds, coconut, sesame seeds and has created three flavors of yogurt with no added sugars, while eliminating the waste common in plant-based dairy alternatives such as soy milk.
Distribution of the product will focus on the US, Canada, and Argentina, where NewLeaf has been successfully piloting the product for three years.
Agrible’s suite of products for farmers largely center around the Morning Farm Report, a central dashboard which incorporates a range of data to give farmers field-level information about their farms.
The Bee Corp develops decision support software that monitors conditions inside a commercial beehive, focusing on utilizing commoditized IoT sensors and data science.
The Ireland Strategic Investment Fund (ISIF) is launching a €20 million Ireland-focused agtech fund, managed by Finistere Ventures.
The aim of the fund commitments is to support the country’s fledgling agtech startup ecosystem and give university researchers a clear reason to commercialize their work.
Agricultural biotechnology and micropropagation company Phytelligence has raised $6.95 million of a potential $16 million Series B closing August 4.
The company will soon break ground on a 117-acre property in Boynton Beach, Florida, which contains a 55-acre man-made lake where the firm will operate a “de-coupled” aquaponics system.
The startup has now raised $273.5 million in debt and equity in total, making it the best funded alternative protein startup to date.
This round was led by OS Fund, which, according to its website, “finances and supports inventors and scientists who are working on audacious breakthroughs to solve the greatest issues and opportunities facing humanity today.”
Syngenta Ventures has acquired a minority stake in Premier Crop Systems (PCS), a Des Moines, Iowa based agronomic software tool in a growth equity investment round.