There was plenty of newsworthy M&A action over the past week.
US food delivery company DoorDash announced a deal to acquire Finnish counterpart Wolt in an $8.1 billion all-stock transaction; while US cloud kitchen company Reef took over the UAE’s iKcon, and farm intelligence platform Growers Edge got its hands on some FarmlandFinder assets.
Foodtech startup funding
🇧🇷 Brazilian plant-based meat company Fazenda Futuro — also known as Future Farm — scores $58 million funding. The Series C round included participation from Rage Capital, Monashees, BTG, and others, and will fuel Fazenda Futuro’s expansion into the US. (Reuters)
🇸🇪 E-commerce store Motatos gets €24 million ($27.5 million) for its food waste solution. London-based Blume Equity led the round. Also known as Matsmart, the company sells near-expiry dried goods online at a discount. (Sifted)
🇪🇬 Egypt’s Breadfast wants to build ‘Gopuff for Africa and the Middle East,’ gets $26 million backing. Vostok New Ventures and Endure Capital co-led the investment in the grocery delivery startup, with participation from JAM Fund, YC Continuity Fund, Shorooq Partners, 4DX Ventures, and Flexport. (TechCrunch)
🇸🇬 TreeDots raises $11 million to fight food waste in Asia. The Singapore-based company has developed says is the first surplus food marketplace in Asia. Amasia and East Ventures led the Series A round. (AFN)
🇬🇧 Oja bags $3.4 million to build an online supermarket for ethnic products. LocalGlobe led the investment in the London-based platform, which is initially focusing on serving the city’s African and Caribbean communities. (TechCrunch)
🇺🇸 AKUA announces $3.2 million seed round. Vibrant Ventures was lead investor. Akua will use the money to expand its kelp-based burger business. (TechCrunch)
🇺🇸 Flowaste gets £1 million ($1.35 million) for food waste analytics. Rockstart, Underdog Labs, and angel investors participated in the seed round, which will help Flowaste expand its food waste analytics platform and expand across the US. (Silicon Republic)
🇬🇧 Edinburgh lab Roslin Technologies nets £1 million ($1.35 million) for cultivated sausage development. It’s split between a grant from UK Research & Innovation and equity funding led by the British Innovation Fund. (The Scotsman)
🇺🇸 Ingredient Optimized raises undisclosed amount of Series A funding for its protein tech. Continental Grain led the round, which will go towards expanding Ingredient Optimized’s product line and consumer education. (The Spoon)
Agtech startup funding
🇺🇸 Bioenergy Devco raises $100 million from Irradiant Partners to build anaerobic digesters across North America. The US company has over 20 digester projects in development in the country. (AFN)
🇬🇧 Intelligent Growth Systems (IGS) banks $58 million to cement its place as the John Deere of vertical farming. The round was led by Swiss conglomerate COFRA, with Cleveland Avenue and DC Thomson joining. IGS provides technology to indoor farming operations [disclosure: AFN‘s parent company AgFunder is an investor in IGS.] (AFN)
🇮🇩 Eden Farm grabs $19 million in Series A funding. AppWorks and AC Ventures led the round. Eden Farm’s e-commerce platform connects farmers with Indonesian consumers, providing better margins and pricing for both. (KrAsia)
🇳🇬 EZFarming wins part of a $4 million grant from US Agency for International Development (USAID). The agritech company, which operates a financial marketplace for farmers in Nigeria, is one of 32 companies chosen by USAID to receive funding and technical assistance. (This Day)
🇮🇱 BetterSeeds closes $2 million round for gene-editing tech. The company’s platform is aimed at making CRISPR technology available for all agricultural crops. Investment bank A-Labs Finance & Advisory led the round. (Horti Daily)
🇺🇸 Biopesticide startup Robigo raises pre-seed funding to make ‘molecular vigilantes.’ Morningside Group and First Star Ventures took part in the round, which will enable the company to grow its team and extend its lab space. (AFN)
M&A, IPOs & partnerships
🇺🇸 DoorDash to buy Finnish counterpart Wolt for €7 billion ($8.1 billion). It will acquire the food and grocery delivery company in an all-stock transaction, helping it to expand its presence in Europe and beyond. (AFN)
🇦🇪🇺🇸 REEF Technology acquires UAE ghost kitchen platform iKcon. The full acquisition of iKcon gives US-based REEF an entrance into the Middle East and North Africa region. It is part of REEF’s broader global expansion strategy. (QSR Web)
🇺🇸 Growers Edge acquires assets from FarmlandFinder. The former has acquired lending and appraisal software, as well as a farmland sales website, all of which will help build out its financial software and services platform. (Successful Farming)
🇺🇸 ADM snaps up Deerland Probiotics & Enzymes to revitalize health and wellness product development. “With global demand for health and wellness products estimated at more than $775 billion, today’s investment represents a significant step forward for ADM,” said its CEO Juan Luciano. (Nutrition Insight)
Other news
🇩🇰 Rockstart closes £22 million ($29.5 million) fund for foodtech and agritech startups. The fund will back new and existing Rockstart portfolio companies up to Series B stage. (Rockstart)
🇺🇸 McDonald’s to commit $5 million to reduce agricultural emissions. In partnership with industry initiative AgMission, the burger chain will help to implement farming practices that reduce emissions. (AFN)
🇺🇸 Joyn Bio to develop engineered microbes in new greenhouse. The ag biotech company’s new facility will enable expansion into pest and disease management applications based on engineered microbial strains. (Horti Daily)
🇦🇺🇨🇳 Alt-protein company v2food partners with major Chinese food manufacturers. As part of its move into China, the Australian alt-meat company has announced strategic partnerships with food manufacturers Shuhui, Food Vending, Dong Chi, and food content service platform Douguo. (Vegconomist)
🇺🇸 Uber’s restaurant delivery business reaches profitability for first time. The company’s Uber Eats unit announced the milestone with the release of its Q3 2021 results this week. (Restaurant Dive)
