Foodics
Image credit: Foodics

The Week in Agrifoodtech: Middle East in the money as Foodics gets $170m, Red Sea Farms nets $19m

April 28, 2022

This week, UAE-based Foodics landed Series C funding to bolster its order management and fintech platform for restaurants. In neighboring Saudi Arabia, Red Sea Farms raised funds to expand its greenhouse tech that leverages saltwater to cultivate crops in harsh climates. Over in the US, Seso scored capital to connect farmers with farm workers, while cannabis tech platform Lucid Green closed its Series B round.


Foodtech startup funding

🇦🇪 Restaurant management and point-of-sale platform Foodics raises $170 million. Prosus and Sanabil Investments led the Series C round, which will support the startup’s international expansion. (Reuters

🇺🇸 Metabolic fitness platform Levels announces $38 million Series A round. Levels, which offers a suite of metabolic health services that give real-time feedback on food and health, will use the funds to expand the platform’s availability. (Levels

🇺🇸 Instant delivery startup Food Rocket secures $25 million Series A led by Circle K parent Alimentation Couche-Tard. Food Rocket will use the new funding to grow its service in the US and build its team and tech. (Food Dive)

🇬🇧 Rooser reels in $23 million to fight food waste in the fish supply chain. Index Ventures led the round with participation from Google Ventures and Point Nine Capital. (Tech.eu)

🇺🇸 Crafty raises $10 million Series A led by Tribeca Venture Partners. Crafty, which lets workplaces manage food, beverage, and other supplies for employees via a digital platform, will use the new funding to recruit talent for its tech and sales teams. (FinSMEs

🇺🇸 Nature’s Fynd awarded $4.76 million grant from the Bill & Melinda Gates Foundation. It will fund development of the company’s fungi-based protein for food security in low- and middle-income countries. (Nature’s Fynd)

Agtech startup funding

🇺🇸 CoverCress raises $26 million and strikes a deal with investor Bunge for renewable fuel. Through the partnership, CoverCress will supply its oilseed, grown as a cover crop, under contract to Bunge for processing into renewable biofuel. (St LouisInno)

🇺🇸 Seso banks $25 million Series A funding led by Index Ventures with Founders Fund. Seso’s platform connects farmers and workers by digitalizing and automating recruitment and payroll processes. (Forbes)

🇸🇦 Red Sea Farms nets $18.5 million for its greenhouse tech that utilizes saltwater. The round was co-led by Wa’ed and The Savola Group and will enable Red Sea Farms to expand globally. (Red Sea Farms)

Red Sea Farms
Image credit: Red Sea Farms

🇬🇭 Agribusiness marketplace Farmerline raises $13 million. Funding came from a $6.5 million pre-series A round and $6.4 million in debt from DEGRabobankCeniarth and others. (AFN)

🇺🇸 Cannabis supply chain tech company Lucid Green raises $10 million. Gron Ventures led the Series B round with participation by cannabis-focused investment firm Gotham Green Partners. (Lucid Green)

🇮🇳 Tractor Junction hauls in $5.7 million seed funding from AgFunder, Omnivore, and others. It says revenue from its marketplace for new and used farm vehicles grew 7x over the past two years [disclosure: AgFunder is AFN‘s parent company.] (AFN)

🇿🇦 Inseco raises $5.3 million in seed round led by Futuregrowth Asset Management. Inseco uses insects to convert waste food and other organic byproducts into proteins, oils, and fertilizer. (AFN)

🇧🇷 Decoy scores $2 million to bring biocontrols to animal ag. The Ribeirão Preto-based startup has developed a fungi-based treatment for tropical cattle ticks. SP Ventures led the seed round; the VC arm of animal health company Farmabase also participated. (AFN)

Other news

🇬🇧 The University of Exeter’s new shrimp farming initiative lands £2 million ($2.49 million) from UK Research & Innovation. The University of Reading and Rothamsted Research are also participating in the project, which aims to make the UK a leader in sustainable shrimp farming. (The Fish Site

🇺🇸 The US Department of Agriculture has committed $800 million to climate-smart infrastructure across 42 US states and territories. Investments will include funding for 165 projects that expand safe water and clean energy to disadvantaged communities in the US, Puerto Rico, and the Northern Marina Islands. (Successful Farming)

🇺🇸 Gerber introduces full range of plant-protein foods for toddlers. Plant-tastic is the brand’s first complete range of organic plant-protein pouches and snacks, and is part of Gerber’s Climate Forward Nutrition commitment. (Gerber)

🇸🇬 Singapore Army goes plant-based for Earth Day. The ‘Ultimate Brunch‘ served to soldiers is part of the army’s larger efforts around making its camps and other installations more eco-sustainable. (Mothership

🇩🇰🇳🇱 Arla Foods and DSM start on-farm pilot to reduce cattle methane. The program will test methane-reducing feed additive Bovaer on 10,000 dairy cows across Denmark, Sweden, and Germany. (Food Navigator

🇨🇳 Yum China launches first KFC Green Pioneer stores. The fired chicken outlets in Beijing and Hangzhou will “utilize advanced low-carbon technologies in their construction and daily operations” as part of the company’s aim for net-zero restaurants. (Yum China

🇺🇸 Jack in the Box partners with Miso Robotics for in-restaurant robots. The fast food chain will pilot Miso’s burger-flipping robot Flippy and drink tech platform Sippy at one of its locations. (Miso Robotics)

🇨🇦 Dairy giant Lactalis unveils Lactalis Canada NEXT Ventures. The program will foster and mentor innovators within the company developing sustainable products, processes, and technologies, starting with a focus on food waste. (Food Navigator)

🇺🇸 Chobani ends production of its Ultra-Filtered Milk after less than three months. The company said it “does not make sense” to continue operating in the dairy milk space at this time and said it was being impacted by inflation. (Food Dive)

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