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Fundings-in-Brief: Food E-commerce Startups Raise $58m, Israeli Precision Ag Player Acquires Agam, more

April 7, 2016

Online Wine Vendor Vinomofo Closes $25m Round

Vinomofo, a wine retail site, has raised $25 million in financing from Aussie investment firm Blue Sky Venture Capital to bolster rapid domestic growth and support operations in new markets. The company’s first capital raise coincides with the company’s fifth year in business and the roll out of a business ‘lite’ model offer into six new markets including; New Zealand, USA, UK, Singapore, Hong Kong and China. Launched from an Adelaide garage in 2011 by co founders Andre Eikmeier and Justin Dry, the 100 people strong operation is now based in Cremorne, Victoria. Vinomofo describes itself as a wine experience, assisting consumers with wine curation.

Vegan, Organic Food E-Commerce Service Veestro Raises $1.5m

Veestro, a company offering vegan organic prepared meals delivered to consumers’ doorsteps, has raised $1.5 million from boutique investment firm M&A Capital and Startup International. The company’s plant-based frozen meals are ready to reheat and serve upon delivery. The company reports that its sales have increased over 300 percent each year.

Social Impact Meal Delivery Service Goodfood Raises $1.1m 

Tapping in-house culinary teams to develop menus, Goodfood has closed a $1.1 million seed round led by sustainable food business investor edo Capital. The company can accommodate a variety of dietary requirements and offers meals that can be prepared at home in under 30 minutes. Delivery is also free and for each box purchased the company will donate a meal to a student at a school in one of the communities that Goodfood serves. It projects delivering roughly 75,000 meals during 2016.

Spanish E-Grocer Comprea Closes $427k Seed Round

Comprea, a Spanish grocery delivery service that allows users to select their precise delivery time, has raised $427,000 on crowdfunding platform Startupxplore from early-stage investors Plug and Play. According to the company, the round closed in roughly 50 minutes. Founded in May 2015, the company uses distributors to hand-select the optimum products for each customer and provide three different categories of goods: Supermarket, Fresh, and Eco.

Foodtech Startup Petoo Raises $1m Round

Petoo, an Indian foodtech startup providing meals to 20 locations throughout Bengaluru, has raised $1 million from early-stage investors Axilor Ventures. The latest round of funding will be used to ramp up backend operations, fund food research, and build-out the team structure. The company touts itself as providing the “best of ethnic Indian dishes” and promises delivery within minutes. Customers can also order through the Android app.

Jain Farm Fresh Foods Closes $120m Equity Deal

Jain Irrigation Systems’ subsidiary Jain Farm Fresh Foods (JFFFL) has raised $120m from funds managed by Mandala Capital, an Indian agribusiness private equity fund manager. JFFFL is a newly formed entity that will house Jain Irrigation Systems’ global food processing business, which handles mangos, bananas, guavas, strawberries, and other fruit-based pulps. Dehydrated vegetables, clarified juices, and concentrates are also on its list.


Canadian Pension to Pay $2.5bn for Minority Stake in Glencore Ag

Canada Pension Plan Investment Board, Canada’s largest pension fund, has purchased a $2.5 billion minority stake in Glencore Plc’s agriculture unit. The commodity trader and miner is aiming to lower its debt burdens. Glencore Agri is a globally integrated grain and oilseed business – primarily focused on grains, oilseeds products, rice, sugar, pulses and cotton – with activities including origination, processing, storage, logistics and marketing. The pension fund will take a 40 percent stake in Glencore’s division covering cotton, sugar, corn, wheat, barley, and biofuels. Under the deal, the entire business was valued at $6.25 billion. Last September, Citigroup Inc. valued it at $10.5 billion.

Rivulis Irrigation Acquires Agam for New Precision Ag Dept

Rivulis Irrigation has acquired Agam Advanced Agronomy, a precision farming and remote sensing service in Israel, and has established Manna Irrigation, as its software subsidiary to hold the new acquisition. Manna will develop, market and deliver irrigation-focused precision agriculture software services by combining satellite-based remote sensing, GIS and CAD technologies with deep agronomic expertise and analytic capabilities.

AGDATA Acquires Focus Technology Group, Appoints New CEO

AGDATA, a data management and analytics solutions for the agriculture and animal health industries, has acquired Focus Technology Group (FTG), a technology-based organization that provides data driven solutions and services to clients in the animal health, agricultural and specialty pet industries. Through the acquisition, AGDATA hopes to extend its reach into new markets. AGDATA has also hired Andy Zupsic as the new CEO from Sovos Compliance where he was COO. Former CEO Richard Bettison will remain with AGDATA as a Board Advisor. Vista Equity Partners is a private equity firm invested in AGDATA.

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